Before filing for Nevada bankruptcy, people must find out what bankruptcy means and what consequences there will be.
The Nevada bankruptcy system has the following definition for bankruptcy: it is a business or person’s legally declared inability to pay off their debts. Although the Nevada bankruptcy court may be considered as a last legal resort, sometimes it is necessary and can also mean the only way out for a person or business. This means that by filing for Nevada bankruptcy, someone can continue living his financial life whenever there’s a financial setback of any kind.
Facing your life after filing for Nevada bankruptcy is not an easy task. It always gets a lot harder before getting any easier. We, as a professional bankruptcy counseling company, always suggest people think twice before making this final decision.
Angela Anderson, former client of Personal Bankruptcy Avoidance, had to file for Nevada bankruptcy 4 years ago. We went through the bankruptcy process with her and also gave her advice on how to recover after the process ended.
Angela Anderson:
How does Nevada bankruptcy work?
Martin Rogers:
Nevada bankruptcy as a federal court process has 2 different kinds of proceedings: liquidation known as number 7 or by reorganization known as numbers 11, 12 and 13.
The first one, number 7, is the most recognized Nevada bankruptcy proceeding.
This process is used to get rid of all or part of an accumulated debt and to give the person a relief from financial breakdown.
A professional counselor will guide you through the process and will help you explore other options before filing for bankruptcy because sometimes debt relief programs can make a difference.
Angela Anderson:
If I file for Nevada bankruptcy, can I save my house?
Martin Rogers:
While Nevada bankruptcy is designed for specific purposes such as withdrawing from the program at any time during the collection process and stopping all harassment activity from letters to collection calls almost immediately; you can save your house by following some basic rules. First, a debtor has to receive 180 days of counseling from a non-profit credit counseling company before filing Nevada bankruptcy. Even though collection companies may have stopped contacting the client, they can still continue the collection process and can even serve the debtor with foreclosure papers. Meaning that you could end up losing your house even if you follow the procedure and hire your own lawyer. The Nevada bankruptcy trick lies in the timing of filing for bankruptcy be very careful and plan your filing.
Angela Anderson:
Is there a legal way to avoid Nevada bankruptcy?
Martin Rogers:
Of course. On my previous articles, I have stated the importance of thinking filing Nevada bankruptcy or any other bankruptcy system through. People need to see beyond all this and start looking for new debt relief options.
In conclusion, it is up to the debtors or the future clients to educate and brace themselves for worse-case scenarios. The Nevada bankruptcy system may be easy to grasp, but it is important to keep the consequences in mind. Applying in the Personal Bankruptcy Avoidance program is an excellent way of facing your debt problems once and for all. The program can also be used as training ground to avoid similar situations in the future. It surely will teach homeowners how to protect themselves under the new bankruptcy law. Most Americans do not have health or disability insurance and are vulnerable to work layoffs because of a stagnant economy.
We have different articles of interesting topics and current and former clients’ experiences with our programs. Take a look at the different situations on debt related topics such as the Nevada bankruptcy process and learn how to keep yourself a debt free person.
Avoid Nevada bankruptcy and become debt free once more. If at the end of this process you do not feel filing for bankruptcy is inevitable, remember to seek professional counseling.
Check these links to learn more:
http://www.personal-bankruptcy-avoidance.com/Bankruptcy/NV-Nevada/Bankruptcy-NV-Nevada.shtml
http://www.personal-bankruptcy-avoidance.com/Bankruptcy/NV-Nevada/Bankruptcy-NV-Nevada-form.shtml
Martin Rogers is a contributing writer to http://www.personal-bankruptcy-avoidance.com and is currently writing some special articles to guide business on how to manage debt and avoid bankruptcy. For Free information on the Nevada Bankruptcy Information, call toll-free 1-877-850-3328
http://www.buzzle.com/articles/nevada-bankruptcy-following-rules.html
Saturday, August 25, 2007
Business Bankruptcy, Saving Your Company
Business bankruptcy is a situation in which a business organization has more liabilities than assets and is no longer capable of meeting its financial obligations. Any type of business can file for business bankruptcy.
Business bankruptcy can provide relief to the business owners who are overwhelmed with credit problems and cannot find any other way out of debt. However, business owners must also face the fact of losing one’s business and damaging one’s credit standing and endure embarrassment is a possibility. There is not much stigma attached to Business Bankruptcy because it is, in fact, used by many businesses to restructure their companies.
Though Business Bankruptcy may seem different from personal bankruptcy, they both target the same goal: a way out when all possible solutions fail to alleviate the current situation.
When a business or a company is on the verge of forfeiting payments on a debt, it is the sign for an owner or manager to know that the time has come to file for business bankruptcy.
Are there any differences between the different business bankruptcy types?
There are 2 main types of business bankruptcy: chapter 7 and chapter 13, but the latter has more advantages than the former because it is federal bankruptcy, and the law does not require the liquidation of the business itself. As an alternative, the company will have to fulfill paying the debt according to the agreement with the creditors. The company has the chance to recover from the debts and can make profits again. But any decision-making has to be pre- approved by the federal court as the business bankruptcy law stipulates.
Brandon O'Brien is the current manager of a company that filed for bankruptcy after following our professional advice and is currently following making his compulsory payments. Business bankruptcy has helped him regain the company’s financial control and has given him a new way of dealing with the debt problems the company has carried for many years and has not yet solved them.
Brandon O'Brien:
What should I do after filing for Chapter 11 Business Bankruptcy?
James Banks:
Chapter 11 Business Bankruptcy allows the company to keep its assets. Nevertheless it is recommended some bonds be liquidated in order to pay off part of the debt. The amount can be reduced, and the payment will not be too high; allowing the company to generate profit after all. Regardless of what method you use to reduce the debt, the manager of the company has to regularly report to the federal court any decision made in the company.
Brandon O'Brien:
So, after filing for Business Bankruptcy, do the lawyers take care of everything?
James Banks:
Do not believe that by filing for Business Bankruptcy your financial situation will be resolved. You, as the manager will have to make sure that the company has enough cash to endure the whole filing process, and we recommend that you follow a plan in order to avoid any type of delay during the case.
One way to take care of creditors once and for all is to put them all together and set up a plan to start the repayment process. The debt will be reduced, and the creditors will see you are in the process of paying them. This creates trust and understanding as to why you file for bankruptcy.
Remember, filing for Business Bankruptcy is a serious decision, and one that should only be considered when all other options have been tried. It would be wise to seek advice from a financial and legal professional before making any sudden decisions.
We have different articles of interesting topics and current and former clients’ experiences with our programs. Take a look at topics related to Business Bankruptcy, situations in which people can fall into and how to keep yourself a debt free person.
http://www.buzzle.com/articles/business-bankruptcy-saving-company.html
Business bankruptcy can provide relief to the business owners who are overwhelmed with credit problems and cannot find any other way out of debt. However, business owners must also face the fact of losing one’s business and damaging one’s credit standing and endure embarrassment is a possibility. There is not much stigma attached to Business Bankruptcy because it is, in fact, used by many businesses to restructure their companies.
Though Business Bankruptcy may seem different from personal bankruptcy, they both target the same goal: a way out when all possible solutions fail to alleviate the current situation.
When a business or a company is on the verge of forfeiting payments on a debt, it is the sign for an owner or manager to know that the time has come to file for business bankruptcy.
Are there any differences between the different business bankruptcy types?
There are 2 main types of business bankruptcy: chapter 7 and chapter 13, but the latter has more advantages than the former because it is federal bankruptcy, and the law does not require the liquidation of the business itself. As an alternative, the company will have to fulfill paying the debt according to the agreement with the creditors. The company has the chance to recover from the debts and can make profits again. But any decision-making has to be pre- approved by the federal court as the business bankruptcy law stipulates.
Brandon O'Brien is the current manager of a company that filed for bankruptcy after following our professional advice and is currently following making his compulsory payments. Business bankruptcy has helped him regain the company’s financial control and has given him a new way of dealing with the debt problems the company has carried for many years and has not yet solved them.
Brandon O'Brien:
What should I do after filing for Chapter 11 Business Bankruptcy?
James Banks:
Chapter 11 Business Bankruptcy allows the company to keep its assets. Nevertheless it is recommended some bonds be liquidated in order to pay off part of the debt. The amount can be reduced, and the payment will not be too high; allowing the company to generate profit after all. Regardless of what method you use to reduce the debt, the manager of the company has to regularly report to the federal court any decision made in the company.
Brandon O'Brien:
So, after filing for Business Bankruptcy, do the lawyers take care of everything?
James Banks:
Do not believe that by filing for Business Bankruptcy your financial situation will be resolved. You, as the manager will have to make sure that the company has enough cash to endure the whole filing process, and we recommend that you follow a plan in order to avoid any type of delay during the case.
One way to take care of creditors once and for all is to put them all together and set up a plan to start the repayment process. The debt will be reduced, and the creditors will see you are in the process of paying them. This creates trust and understanding as to why you file for bankruptcy.
Remember, filing for Business Bankruptcy is a serious decision, and one that should only be considered when all other options have been tried. It would be wise to seek advice from a financial and legal professional before making any sudden decisions.
We have different articles of interesting topics and current and former clients’ experiences with our programs. Take a look at topics related to Business Bankruptcy, situations in which people can fall into and how to keep yourself a debt free person.
http://www.buzzle.com/articles/business-bankruptcy-saving-company.html
How to Refinance a Car After Bankruptcy
OK, you've filed bankruptcy. Your credit isn't great, but you need to buy a car.So you go to the local car dealership and believe the salesman when he says...
"Buy this car today at this high interest rate and we'll refinance you in 12 months at the lowest interest rate possible."
Recovering from bankruptcy is easier than you thought! Time to celebrate, right?
WRONG!
Don't Believe Everything a Car Salesman Tells You
Every day car dealers repeat the "refinance in 12 months" lie to bankrupt people to push them to purchase cars at extremely high interest rates. You may have financed a car through a high-interest lender knowing that it's not the best choice. But you probably thought it was your only option at the time and you justified it by thinking you could refinance to a lower interest rate later.
But, when you try to refinance the car months later, you find out the car dealer lied to you.
Best Way to Refinance a Car After Bankruptcy
The first thing you need to determine is whether you qualify to refinance, or if you're better off just selling or trading-in your car. So let's start with how much your car is worth.
The biggest mistake most people make when determining the true value of their car is they base their research on the private party value. You need either the trade-in or dealer retail value.
Here's how to get the value of your car...
Step #1: Go to Edmunds.com. I think Edmunds is one of the best all around automobile sites on the web.
Step #2: When you get on the front page, click on "What's your car worth?" It's written in small type and a little tough to find, but it'll be somewhere on the main page. Or you can go straight to the Used Car Appraiser.
Step #3: Follow the steps and click on the make, model and year of your car.
Step #4: Fill in the vehicle details and any optional equipment your car has.
You'll see three different values for your car: Trade-In, Private Party and Dealer Retail. The two values you need to pay attention to are Trade-In and Dealer Retail.
Some lenders base their refinancing on the trade-in value and others on the retail value. Ideally, you want to find a lender that uses the retail value, as it's always higher.
Now that you know the true value of your car, the next step is to call and get your loan payoff from your lender. Loan payoff is what you still owe on the car.Getting a hold of your lender may be tricky. If you've defaulted on the loan, your auto lender may cut off all communication with you. So, if you're having a tough time getting through to your lender, ask for the collections department. They're your best bet for getting through to a live person.
Ask what the payoff on your car is. If you're leasing the car, be sure to add the total remaining payments, residual amount and any early termination fees the lender requires so you get the true payoff amount.
Now subtract the value of your car from the payoff amount.
Do you owe less than the car is worth? If so, great...you'll have more choices and options.
What to do if you owe more than your car is worth
If you owe more on your car than it's worth (commonly referred to as being "upside down") you need to dig a little deeper.Now that you know what your car is worth and how much you still owe on it, it's time to start calling lenders.
Credit unions and banks are the best sources for refinancing your car. Car manufacturers rarely refinance—unless it's for a luxury car. Just make sure the lender you use reports to all three credit reporting agencies. I talk about the importance of reporting to all three agencies in Life After Bankruptcy Issue #12.
The four most important questions to ask lenders when you're about to refinance your car
The four big questions to ask each lender are:
1. "Do you refinance based on the trade-in or dealer retail value of the car?"
2. "What percentage over retail/trade-in value will you lend?"
3. "Which credit reporting agency do you use?"
4. "What FICO credit score do I need to be approved for refinancing?"
Keep in mind that lenders who refinance usually will lend no more than 125% of the trade-in or retail value. The average amount a lender will refinance is 110%. This means that if you're upside down on more than 10% of the value of your car, you're going to have to come up with the difference before the lender gives you the loan.
If you want to figure out how much you'll need to borrow from a lender to refinance, download the free Auto Refinance Worksheet™ and I'll walk you through the calculation process.If you're not in a position to refinance right now, you have another alternative—trade in your current car for another one with a manufacturer's rebate.
The Power of Manufacturer Rebates
A lot of new car manufacturers offer huge rebates to move new cars out the door. There's a big incentive for a dealer to sell a new car.You need to locate the highest rebate offer you can find and work toward trading-in your car to eliminate any upside down situation.
Before you go to a new car dealer, go to www.edmunds.com and look up the rebate and interest rate on every new car and truck a manufacturer offers. This way, if the car salesman isn't being fair with you (as far as rebates and interest rates are concerned) you'll know.
Just go to Edmunds.com and click on "New Cars" and then on "Incentives & Rebates" and you'll get all the information you need.
Some Car Manufacturers Offer Rebates Up to $6,000
It's not a good situation to be upside down on a high-interest car loan that you need to refinance. However, you can get around it by purchasing a new car with a large rebate. You just use the rebate to offset the amount you owe on your old car.
And if you find a car with a higher rebate (highly recommended), you're in even better shape. If the rebate is high enough, it can eliminate your negative equity and you can use any remaining amount as part—or maybe even all—of your down payment.
So, if you're $6,000 or less upside down, you can still come out smelling like a rose if you play your cards right.
Ask the car salesman this magic question...
In addition, don't be afraid to ask the car salesman this important question: "What car or truck on your lot do you need to sell immediately?"
If you're in a negative equity situation (meaning you owe more than the car or truck is worth) you need every advantage you can get your hands on. Ask the auto dealer to sell you the oldest car in their inventory.
Car dealers are willing to take a loss on vehicles they're having a tough time selling because it costs them more to keep these cars on the lot compared to selling them right away at a slight loss. This could mean another $500 to $3,000 discount for you!
You still need a high enough score to qualify
Just like every other major purchase you make on credit, you need to meet a minimum FICO score requirement in order to qualify for a loan from the lender...especially if the lender is a bank or credit union.
For instance, on new cars one manufacturer requires a FICO score of:
680 and above to get a 125% loan
650 to 679 to get a 115% loan
620 to 649 to get a 110% loan
And a FICO score below 620 gets you only a 100% loan
Any loan over 100% will go toward paying off what you owe on the car you're trading in.
Bottom line: the higher your FICO credit scores are—the more options you'll have and better terms you'll receive. That's why we're always preaching to increase your credit scores.
Stephen Snyder is the founder of the After Bankruptcy Foundation a non-profit organization that provides free bankruptcy recovery information. He has helped thousands of people get a car loan after bankruptcy by showing them how to increase their credit score.
http://www.buzzle.com/articles/how-to-refinance-a-car-after-bankruptcy.html
"Buy this car today at this high interest rate and we'll refinance you in 12 months at the lowest interest rate possible."
Recovering from bankruptcy is easier than you thought! Time to celebrate, right?
WRONG!
Don't Believe Everything a Car Salesman Tells You
Every day car dealers repeat the "refinance in 12 months" lie to bankrupt people to push them to purchase cars at extremely high interest rates. You may have financed a car through a high-interest lender knowing that it's not the best choice. But you probably thought it was your only option at the time and you justified it by thinking you could refinance to a lower interest rate later.
But, when you try to refinance the car months later, you find out the car dealer lied to you.
Best Way to Refinance a Car After Bankruptcy
The first thing you need to determine is whether you qualify to refinance, or if you're better off just selling or trading-in your car. So let's start with how much your car is worth.
The biggest mistake most people make when determining the true value of their car is they base their research on the private party value. You need either the trade-in or dealer retail value.
Here's how to get the value of your car...
Step #1: Go to Edmunds.com. I think Edmunds is one of the best all around automobile sites on the web.
Step #2: When you get on the front page, click on "What's your car worth?" It's written in small type and a little tough to find, but it'll be somewhere on the main page. Or you can go straight to the Used Car Appraiser.
Step #3: Follow the steps and click on the make, model and year of your car.
Step #4: Fill in the vehicle details and any optional equipment your car has.
You'll see three different values for your car: Trade-In, Private Party and Dealer Retail. The two values you need to pay attention to are Trade-In and Dealer Retail.
Some lenders base their refinancing on the trade-in value and others on the retail value. Ideally, you want to find a lender that uses the retail value, as it's always higher.
Now that you know the true value of your car, the next step is to call and get your loan payoff from your lender. Loan payoff is what you still owe on the car.Getting a hold of your lender may be tricky. If you've defaulted on the loan, your auto lender may cut off all communication with you. So, if you're having a tough time getting through to your lender, ask for the collections department. They're your best bet for getting through to a live person.
Ask what the payoff on your car is. If you're leasing the car, be sure to add the total remaining payments, residual amount and any early termination fees the lender requires so you get the true payoff amount.
Now subtract the value of your car from the payoff amount.
Do you owe less than the car is worth? If so, great...you'll have more choices and options.
What to do if you owe more than your car is worth
If you owe more on your car than it's worth (commonly referred to as being "upside down") you need to dig a little deeper.Now that you know what your car is worth and how much you still owe on it, it's time to start calling lenders.
Credit unions and banks are the best sources for refinancing your car. Car manufacturers rarely refinance—unless it's for a luxury car. Just make sure the lender you use reports to all three credit reporting agencies. I talk about the importance of reporting to all three agencies in Life After Bankruptcy Issue #12.
The four most important questions to ask lenders when you're about to refinance your car
The four big questions to ask each lender are:
1. "Do you refinance based on the trade-in or dealer retail value of the car?"
2. "What percentage over retail/trade-in value will you lend?"
3. "Which credit reporting agency do you use?"
4. "What FICO credit score do I need to be approved for refinancing?"
Keep in mind that lenders who refinance usually will lend no more than 125% of the trade-in or retail value. The average amount a lender will refinance is 110%. This means that if you're upside down on more than 10% of the value of your car, you're going to have to come up with the difference before the lender gives you the loan.
If you want to figure out how much you'll need to borrow from a lender to refinance, download the free Auto Refinance Worksheet™ and I'll walk you through the calculation process.If you're not in a position to refinance right now, you have another alternative—trade in your current car for another one with a manufacturer's rebate.
The Power of Manufacturer Rebates
A lot of new car manufacturers offer huge rebates to move new cars out the door. There's a big incentive for a dealer to sell a new car.You need to locate the highest rebate offer you can find and work toward trading-in your car to eliminate any upside down situation.
Before you go to a new car dealer, go to www.edmunds.com and look up the rebate and interest rate on every new car and truck a manufacturer offers. This way, if the car salesman isn't being fair with you (as far as rebates and interest rates are concerned) you'll know.
Just go to Edmunds.com and click on "New Cars" and then on "Incentives & Rebates" and you'll get all the information you need.
Some Car Manufacturers Offer Rebates Up to $6,000
It's not a good situation to be upside down on a high-interest car loan that you need to refinance. However, you can get around it by purchasing a new car with a large rebate. You just use the rebate to offset the amount you owe on your old car.
And if you find a car with a higher rebate (highly recommended), you're in even better shape. If the rebate is high enough, it can eliminate your negative equity and you can use any remaining amount as part—or maybe even all—of your down payment.
So, if you're $6,000 or less upside down, you can still come out smelling like a rose if you play your cards right.
Ask the car salesman this magic question...
In addition, don't be afraid to ask the car salesman this important question: "What car or truck on your lot do you need to sell immediately?"
If you're in a negative equity situation (meaning you owe more than the car or truck is worth) you need every advantage you can get your hands on. Ask the auto dealer to sell you the oldest car in their inventory.
Car dealers are willing to take a loss on vehicles they're having a tough time selling because it costs them more to keep these cars on the lot compared to selling them right away at a slight loss. This could mean another $500 to $3,000 discount for you!
You still need a high enough score to qualify
Just like every other major purchase you make on credit, you need to meet a minimum FICO score requirement in order to qualify for a loan from the lender...especially if the lender is a bank or credit union.
For instance, on new cars one manufacturer requires a FICO score of:
680 and above to get a 125% loan
650 to 679 to get a 115% loan
620 to 649 to get a 110% loan
And a FICO score below 620 gets you only a 100% loan
Any loan over 100% will go toward paying off what you owe on the car you're trading in.
Bottom line: the higher your FICO credit scores are—the more options you'll have and better terms you'll receive. That's why we're always preaching to increase your credit scores.
Stephen Snyder is the founder of the After Bankruptcy Foundation a non-profit organization that provides free bankruptcy recovery information. He has helped thousands of people get a car loan after bankruptcy by showing them how to increase their credit score.
http://www.buzzle.com/articles/how-to-refinance-a-car-after-bankruptcy.html
Kill and Tell: Victim's Family Win Right to Publish Oj's Version of a Night of Murder
If I Did It, Here's How It Happened had always seemed a rather unwieldy title for the story of one of the most notorious murders in modern American history. Confessions of a Double Murderer, however, is a different matter.
OJ Simpson's controversial account of how he would have killed his wife Nicole Brown-Simpson and her friend Ron Goldman is finally to be published, following a court order issued last month. But the proposed publication will not benefit Simpson, his family or any of those involved in the original, aborted project.
Instead the rights to the book have been acquired by Goldman's family from a court-appointed trustee.
"Ron Goldman LLC will own Simpson's name, likeness, signature and story and will hawk it to satisfy this terrible judgment. Justice has arrived in Miami," the family's lawyer, David Cook, told the Associated Press.
"The contract and the rights are going to be circulated among every major publisher, literary agent, movie and TV producer and entertainment lawyer in the United States," Mr Cook added.
A bankruptcy court last month awarded the Goldman family ownership of the copyright to the manuscript to prevent Simpson profiting from its sale. Goldman's family argued that any proceeds from the book should go towards a $33.5m (£16.5m) court award against the former actor and American football star. The award was granted by a jury which found he was responsible for both killings in a civil case brought after his acquittal for the 1994 murders. Simpson has avoided paying the award by declaring bankruptcy.
Disputed
But an attorney for Simpson disputed the extent to which the Goldmans can exploit his image. "The bankruptcy trustee does not have the right to sell Simpson's name, likeness, image and the like," attorney Yale Galanter said.
In court hearings last month bankruptcy judge Jay Cristol ruled that Simpson stood to gain from publication of the book. The judge ruled that a company set up by Simpson's daughter to oversee publication of the book was designed to channel money to him. Simpson had always insisted that any profits from the publication of the book would go to his children.
News of the book ignited a media firestorm at the end of last year that led to the demise of the imprint that was to publish it and a crisis that rocked Rupert Murdoch's News Corp. Regan Books, which was reported to have agreed to pay Simpson $800,000 for the book, was part of the HarperCollins publishing group which in turn is owned by News Corp. Publication of the book was to have been preceded by a TV interview conducted by the imprint's head Judith Regan and broadcast on the Fox News cable channel in the US, which is also owned by News Corp.
But in the wake of an outcry over the sensationalist content of the book and the possibility that Simpson would profit from its publication, both book and interview were cancelled by Mr Murdoch. Regan was dismissed from the imprint and it was shut down after she allegedly made anti-Semitic comments.
In a deposition given in the bankruptcy case last month, Simpson's oldest daughter Arnelle shed light on the background to the project. She said the book had been her idea, conceived with a friend called Raffles Van Exel, who was a vocal supporter of Michael Jackson during his trial. Simpson convinced her father to take part in the project and set up a company, Lorraine Brooke Associates, to sell the rights.
"This company was an effort to begin to do something for herself, not to fund Mr Simpson's legal fees," an attorney for Arnelle Simpson told ABC News. "Even though HarperCollins canceled the publishing deal with LBA, plenty of other publishing companies are interested in buying those rights." However shortly before a court-ordered sale of the rights to the book in April, LBA filed for bankruptcy.
In last month's ruling, Judge Cristol said that LBA was set up "to perpetuate fraud". He ruled that there was a money trail showing that $630,000 (£315,000) paid by HarperCollins to LBA was then transferred to Simpson, who used it to pay tax and other expenses.
In exchange for the rights to the book, the Goldman family must pay the bankruptcy trustee 10% of the first $4m in gross proceeds plus a proportion of all profits.
One chapter of the unpublished book deals with the Simpson's version of the killings. Titled The Night in Question it describes how Brown-Simpson fell outside her home, hitting her head. As Simpson and Goldman confront each other, Simpson writes: "Then something went horribly wrong, and I know what happened, but I can't tell you exactly how."
http://www.buzzle.com/articles/143832.html
OJ Simpson's controversial account of how he would have killed his wife Nicole Brown-Simpson and her friend Ron Goldman is finally to be published, following a court order issued last month. But the proposed publication will not benefit Simpson, his family or any of those involved in the original, aborted project.
Instead the rights to the book have been acquired by Goldman's family from a court-appointed trustee.
"Ron Goldman LLC will own Simpson's name, likeness, signature and story and will hawk it to satisfy this terrible judgment. Justice has arrived in Miami," the family's lawyer, David Cook, told the Associated Press.
"The contract and the rights are going to be circulated among every major publisher, literary agent, movie and TV producer and entertainment lawyer in the United States," Mr Cook added.
A bankruptcy court last month awarded the Goldman family ownership of the copyright to the manuscript to prevent Simpson profiting from its sale. Goldman's family argued that any proceeds from the book should go towards a $33.5m (£16.5m) court award against the former actor and American football star. The award was granted by a jury which found he was responsible for both killings in a civil case brought after his acquittal for the 1994 murders. Simpson has avoided paying the award by declaring bankruptcy.
Disputed
But an attorney for Simpson disputed the extent to which the Goldmans can exploit his image. "The bankruptcy trustee does not have the right to sell Simpson's name, likeness, image and the like," attorney Yale Galanter said.
In court hearings last month bankruptcy judge Jay Cristol ruled that Simpson stood to gain from publication of the book. The judge ruled that a company set up by Simpson's daughter to oversee publication of the book was designed to channel money to him. Simpson had always insisted that any profits from the publication of the book would go to his children.
News of the book ignited a media firestorm at the end of last year that led to the demise of the imprint that was to publish it and a crisis that rocked Rupert Murdoch's News Corp. Regan Books, which was reported to have agreed to pay Simpson $800,000 for the book, was part of the HarperCollins publishing group which in turn is owned by News Corp. Publication of the book was to have been preceded by a TV interview conducted by the imprint's head Judith Regan and broadcast on the Fox News cable channel in the US, which is also owned by News Corp.
But in the wake of an outcry over the sensationalist content of the book and the possibility that Simpson would profit from its publication, both book and interview were cancelled by Mr Murdoch. Regan was dismissed from the imprint and it was shut down after she allegedly made anti-Semitic comments.
In a deposition given in the bankruptcy case last month, Simpson's oldest daughter Arnelle shed light on the background to the project. She said the book had been her idea, conceived with a friend called Raffles Van Exel, who was a vocal supporter of Michael Jackson during his trial. Simpson convinced her father to take part in the project and set up a company, Lorraine Brooke Associates, to sell the rights.
"This company was an effort to begin to do something for herself, not to fund Mr Simpson's legal fees," an attorney for Arnelle Simpson told ABC News. "Even though HarperCollins canceled the publishing deal with LBA, plenty of other publishing companies are interested in buying those rights." However shortly before a court-ordered sale of the rights to the book in April, LBA filed for bankruptcy.
In last month's ruling, Judge Cristol said that LBA was set up "to perpetuate fraud". He ruled that there was a money trail showing that $630,000 (£315,000) paid by HarperCollins to LBA was then transferred to Simpson, who used it to pay tax and other expenses.
In exchange for the rights to the book, the Goldman family must pay the bankruptcy trustee 10% of the first $4m in gross proceeds plus a proportion of all profits.
One chapter of the unpublished book deals with the Simpson's version of the killings. Titled The Night in Question it describes how Brown-Simpson fell outside her home, hitting her head. As Simpson and Goldman confront each other, Simpson writes: "Then something went horribly wrong, and I know what happened, but I can't tell you exactly how."
http://www.buzzle.com/articles/143832.html
How Do You Learn What You Need To Know About Bankruptcy Law?
Federal rules and regulations are the backbone of the United States bankruptcy law, but states have the option to exclude or add their own guidelines. These rules that can be set by the states typically involve the assets that are exempt from liquidation when the courts evaluate a person's financial status. In some cases, the debtor's home must be sold in order to repay creditors whereas other states do not require this. Other state variations involve the dischargeable status of certain debts, but the federal guidelines take precedence in those cases.
Florida bankruptcy law heavily favors debtors in regards to the property that they can retain. In fact, Florida has a reputation for being one of the most liberal states in the country for debtors to petition for a discharge of debts. The state government has elected to opt out of the federal regulations concerning the debtor's lawfully retainable property. According to Florida bankruptcy proceedings, you can keep more of your personal property during a bankruptcy than in any other state. As a result, many people who plan to file often move to Florida with their assets in order to take advantage of the state's lenient bankruptcy law.
To see a contrast in the how the bankruptcy law changes from state to state, look at the exemptions that the Maryland law allows. Maryland is stricter in regard to the debtor's assets that must be liquidated in a bankruptcy. For instance, a debtor who files bankruptcy in Maryland is only entitled to keep $500 worth of household goods and furnishings as well as $3,000 of cash in their bank accounts. Also according to Maryland bankruptcy law, debtors can only retain up to $2,500 worth of personal property and the rest must be sold or liquidated so the proceeds can go towards paying the creditors.
Different states have varying guidelines regarding bankruptcy law, but each category has specific regulations, too. In a Chapter 7 bankruptcy, for instance, you can have many of your debts completely discharged so you can get a fresh financial start. On the other hand, Chapter 13 bankruptcy requires you to enter into a repayment agreement that the courts will oversee and make provisions to help you pay off your creditors in a timely manner. Rules also vary as to how much of your property you are allowed to retain when going through a bankruptcy.
Federal bankruptcy law regulations have the final word on any bankruptcy filed in the United States. The guidelines of individual states are meant to allow some leeway in the laws that govern the rights of a debtor to their property. The guidelines in some states are particularly advantageous to the debtor, but other states seem to benefit the creditors. Recent changes to the federal code also favor the rights of the creditors and they try to discourage debtors from filing for a discharge.
Terje Brooks Ellingsen likes to give advice to his readers on personal finance loan as well as provide other personal finance information
http://www.buzzle.com/articles/how-do-you-learn-what-you-need-to-know-about-bankruptcy-law.html
Florida bankruptcy law heavily favors debtors in regards to the property that they can retain. In fact, Florida has a reputation for being one of the most liberal states in the country for debtors to petition for a discharge of debts. The state government has elected to opt out of the federal regulations concerning the debtor's lawfully retainable property. According to Florida bankruptcy proceedings, you can keep more of your personal property during a bankruptcy than in any other state. As a result, many people who plan to file often move to Florida with their assets in order to take advantage of the state's lenient bankruptcy law.
To see a contrast in the how the bankruptcy law changes from state to state, look at the exemptions that the Maryland law allows. Maryland is stricter in regard to the debtor's assets that must be liquidated in a bankruptcy. For instance, a debtor who files bankruptcy in Maryland is only entitled to keep $500 worth of household goods and furnishings as well as $3,000 of cash in their bank accounts. Also according to Maryland bankruptcy law, debtors can only retain up to $2,500 worth of personal property and the rest must be sold or liquidated so the proceeds can go towards paying the creditors.
Different states have varying guidelines regarding bankruptcy law, but each category has specific regulations, too. In a Chapter 7 bankruptcy, for instance, you can have many of your debts completely discharged so you can get a fresh financial start. On the other hand, Chapter 13 bankruptcy requires you to enter into a repayment agreement that the courts will oversee and make provisions to help you pay off your creditors in a timely manner. Rules also vary as to how much of your property you are allowed to retain when going through a bankruptcy.
Federal bankruptcy law regulations have the final word on any bankruptcy filed in the United States. The guidelines of individual states are meant to allow some leeway in the laws that govern the rights of a debtor to their property. The guidelines in some states are particularly advantageous to the debtor, but other states seem to benefit the creditors. Recent changes to the federal code also favor the rights of the creditors and they try to discourage debtors from filing for a discharge.
Terje Brooks Ellingsen likes to give advice to his readers on personal finance loan as well as provide other personal finance information
http://www.buzzle.com/articles/how-do-you-learn-what-you-need-to-know-about-bankruptcy-law.html
What You REALLY Need to Know Before Marrying Someone with a Bankruptcy
"Do you take this man to be your lawfully wedded husband...for better and for worse...regardless of his credit scores?"
OK, so maybe that's not exactly how most marriage vows go. But, how important are your potential spouse's credit scores in the grand scheme of things? The first thing you need to understand when you marry someone with a previous bankruptcy appearing on their credit reports is that their bankruptcy and other bad credit will never merge with yours.
So, don't panic—you won't wake up one day and find their bankruptcy appearing on your credit reports. Credit reporting just doesn't work that way. You are two separate individuals with unique Social Security numbers, credit reports and credit scores.
All three of the credit reporting agencies in the United States store credit files on individuals—not couples. Never the two shall meet...unless, of course, you have accounts that are in both of your names. In that case they WILL show up on both of your credit reports and they WILL affect both of your FICO credit scores.
When you're applying for credit with your spouse, you need to pay attention to a few key things:
1. What it means to become a co-borrower
2. How and when to apply for credit together (also known as "joint credit")
3. When it makes sense to add your spouse as an authorized user on one or more of your credit card accounts
Marriages...bankruptcies...and mortgages...
It's a mistake to assume too much when you apply for a mortgage or new car loan. The most common assumption is that if a person with a bankruptcy is added to the loan application as a co-borrower, the credit will automatically be more expensive. It might be. But then again...it might not be. The best way to tackle this situation is to know all of your options. You start by knowing how to structure the deal.
How do you do this?
Simple, each of you should fill out individual credit applications.Now, the lender can review your credit scores and advise you if you're better off submitting an individual or joint credit application to the lender.
The mortgage or auto lender should compare all your options and advise you of the pros and cons accordingly. If they don't take time to compare...take it as a sign that they don't have your best interest at heart and get a second opinion.If you do like what the lender has to say—then take his advice and do what he recommends.
However, if you don't like what the lender has to say—then you have two choices:
1. Wait six months and work hard to increase your credit scores...then re-apply.
2. Take what you can get, even if it's a high interest rate—but use this only as your very last resort. (If then.)
There were many times my wife and I wanted something...and could have gotten it immediately (but at a higher cost). Instead, we would always wait until we qualified for the lowest interest rates and best terms. At times it hurt. And we had plenty of arguments about waiting. But in the end, we both agreed it was for the best. It's amazing how much money just one or two extra percentage points on your interest rate can add to the cost of something over time.
Stephen Snyder is the founder of the After Bankruptcy Foundation a non-profit organization that provides free personal bankruptcy recovery advice. He has also helped thousands of people through the challenges of bankruptcy and marriage.
http://www.buzzle.com/articles/what-you-really-need-to-know-before-marrying-someone-with-a-bankruptcy.html
OK, so maybe that's not exactly how most marriage vows go. But, how important are your potential spouse's credit scores in the grand scheme of things? The first thing you need to understand when you marry someone with a previous bankruptcy appearing on their credit reports is that their bankruptcy and other bad credit will never merge with yours.
So, don't panic—you won't wake up one day and find their bankruptcy appearing on your credit reports. Credit reporting just doesn't work that way. You are two separate individuals with unique Social Security numbers, credit reports and credit scores.
All three of the credit reporting agencies in the United States store credit files on individuals—not couples. Never the two shall meet...unless, of course, you have accounts that are in both of your names. In that case they WILL show up on both of your credit reports and they WILL affect both of your FICO credit scores.
When you're applying for credit with your spouse, you need to pay attention to a few key things:
1. What it means to become a co-borrower
2. How and when to apply for credit together (also known as "joint credit")
3. When it makes sense to add your spouse as an authorized user on one or more of your credit card accounts
Marriages...bankruptcies...and mortgages...
It's a mistake to assume too much when you apply for a mortgage or new car loan. The most common assumption is that if a person with a bankruptcy is added to the loan application as a co-borrower, the credit will automatically be more expensive. It might be. But then again...it might not be. The best way to tackle this situation is to know all of your options. You start by knowing how to structure the deal.
How do you do this?
Simple, each of you should fill out individual credit applications.Now, the lender can review your credit scores and advise you if you're better off submitting an individual or joint credit application to the lender.
The mortgage or auto lender should compare all your options and advise you of the pros and cons accordingly. If they don't take time to compare...take it as a sign that they don't have your best interest at heart and get a second opinion.If you do like what the lender has to say—then take his advice and do what he recommends.
However, if you don't like what the lender has to say—then you have two choices:
1. Wait six months and work hard to increase your credit scores...then re-apply.
2. Take what you can get, even if it's a high interest rate—but use this only as your very last resort. (If then.)
There were many times my wife and I wanted something...and could have gotten it immediately (but at a higher cost). Instead, we would always wait until we qualified for the lowest interest rates and best terms. At times it hurt. And we had plenty of arguments about waiting. But in the end, we both agreed it was for the best. It's amazing how much money just one or two extra percentage points on your interest rate can add to the cost of something over time.
Stephen Snyder is the founder of the After Bankruptcy Foundation a non-profit organization that provides free personal bankruptcy recovery advice. He has also helped thousands of people through the challenges of bankruptcy and marriage.
http://www.buzzle.com/articles/what-you-really-need-to-know-before-marrying-someone-with-a-bankruptcy.html
Warning to Happily Married Couples with Joint Accounts
Credit held jointly can haunt you...especially after a divorce. With the divorce rate as high as it is (about 43% of all first marriages end within 15 years according to a study by the National Center for Health Statistics) be sure of your long-term relationship before you eagerly enter into a loan together.
What most divorced couples find out after it's too late is that both borrowers on a joint account are responsible for the loan—regardless of what the judge says—until the loan is either paid off or refinanced in one person's name. And if your ex-spouse is more than 30 days late paying the bill, your credit reports will also be affected negatively and your credit scores will plummet.
I've seen it happen hundreds of times. A couple gets divorced, the judge says the husband is responsible for paying off the credit cards and loans, and the wife goes home happy, thinking she's off the hook (or vice versa). Then, a few months later, after the ex-husband fails to make payments or defaults on some loans, the ex-wife's credit scores sink. And keep sinking.
What I'm trying to say is that a mean-spirited spouse can continue to ruin your credit for many years after a divorce by making late payments (or not making them at all) on any credit held jointly. And if you cannot afford to pick up the slack...things will be rough.
So remember, just because a judge says it's so—doesn't make it so. You have to be proactive and get your name off of all joint accounts...or volunteer to be responsible for all joint accounts to ensure they get paid on time.
For some real world advice...read a collection we've compiled from divorced Life After Bankruptcy readers to give you a balanced perspective. Go here to download the report. Of course, I'm not trying to promote divorce. I want to show you how to protect your credit.
How the spouse with good credit can speed up the recovery of the spouse with bad credit
OK, let's say that you have really low credit scores and your spouse has great credit scores. The best way for you to increase your scores is to have your spouse add you as an authorized user to their credit card accounts.
As an authorized user—you'll get a new credit card with your name on it—but the primary card holder will still be responsible to pay the amount owed, regardless of who charges on it. But here's the interesting part. Most lenders will report the entire credit history of the account on the authorized user's credit reports.
So, you instantly get a good credit history added to your credit reports!
But, don't pick just any card to be an authorized user on. You should choose the accounts wisely. I would select the oldest accounts, with the highest credit limits, that have the lowest balances. Another word of caution...
Just remember, if you're the primary cardholder and any of your authorized users go on a shopping spree, then fly the coop—you're still responsible for the balance owed.
"...But my husband charged my account to the hilt and left me..."
Doesn't matter.
"...But my husband lied to me, stole my children, and left in the middle of the night without me..."
Lenders don't care.
"...But my wife was having an affair with the pool boy and maxed all of my credit cards that she was an authorized user on..."
Tough luck.
You get the idea. Lenders don't care what's going on in your personal life. All they care about is that the balance gets paid. So, if you have good credit, please think twice about sharing it. And if you're going to become the authorized user of your spouse's credit card, make sure everything's going OK at home first and that there are no surprises around the corner.
Sometimes it's just about your FICO credit scores...putting your best foot forward
When applying for credit cards your scores are either high enough to qualify or they aren't. For example, when you apply for a department store credit card, there's no negotiating. You're either approved or not. The decision is based on one of your FICO credit scores. So put your best foot forward at the beginning. The person who has the highest FICO credit scores should apply for credit.
Michele and I do this all the time. When it's time to apply for new credit it's all about who has the highest FICO score from the credit reporting agency the lender uses to make a lending decision. Sometimes my scores are higher. Sometimes hers are higher. It doesn't matter to us whose scores they use, we just want to qualify for the best terms.
In fact, the "putting your best foot forward" strategy isn't always exclusive to credit cards—it works with any lender that makes lending decisions based primarily on FICO credit scores.
For example, the car I'm driving right now was originally financed by one of my wife, Michele's FICO scores. When I decided to keep it a little longer, my scores were high enough to get the best terms—so I refinanced using my scores.
You can purchase your credit scores to determine who should be applying for unsecured credit cards right now. Preferably whoever has 700+ scores. Once approved, you can add your spouse to the account as an authorized user.
"By the power vested in me...I now pronounce you...finished reading this article."
Stephen Snyder is the founder of the After Bankruptcy Foundation a non-profit organization that helps people recover after bankruptcy. He has helped thousands of people obtain a credit card after bankruptcy with a fair interest rate.
http://www.buzzle.com/articles/warning-to-happily-married-couples-with-joint-accounts.html
What most divorced couples find out after it's too late is that both borrowers on a joint account are responsible for the loan—regardless of what the judge says—until the loan is either paid off or refinanced in one person's name. And if your ex-spouse is more than 30 days late paying the bill, your credit reports will also be affected negatively and your credit scores will plummet.
I've seen it happen hundreds of times. A couple gets divorced, the judge says the husband is responsible for paying off the credit cards and loans, and the wife goes home happy, thinking she's off the hook (or vice versa). Then, a few months later, after the ex-husband fails to make payments or defaults on some loans, the ex-wife's credit scores sink. And keep sinking.
What I'm trying to say is that a mean-spirited spouse can continue to ruin your credit for many years after a divorce by making late payments (or not making them at all) on any credit held jointly. And if you cannot afford to pick up the slack...things will be rough.
So remember, just because a judge says it's so—doesn't make it so. You have to be proactive and get your name off of all joint accounts...or volunteer to be responsible for all joint accounts to ensure they get paid on time.
For some real world advice...read a collection we've compiled from divorced Life After Bankruptcy readers to give you a balanced perspective. Go here to download the report. Of course, I'm not trying to promote divorce. I want to show you how to protect your credit.
How the spouse with good credit can speed up the recovery of the spouse with bad credit
OK, let's say that you have really low credit scores and your spouse has great credit scores. The best way for you to increase your scores is to have your spouse add you as an authorized user to their credit card accounts.
As an authorized user—you'll get a new credit card with your name on it—but the primary card holder will still be responsible to pay the amount owed, regardless of who charges on it. But here's the interesting part. Most lenders will report the entire credit history of the account on the authorized user's credit reports.
So, you instantly get a good credit history added to your credit reports!
But, don't pick just any card to be an authorized user on. You should choose the accounts wisely. I would select the oldest accounts, with the highest credit limits, that have the lowest balances. Another word of caution...
Just remember, if you're the primary cardholder and any of your authorized users go on a shopping spree, then fly the coop—you're still responsible for the balance owed.
"...But my husband charged my account to the hilt and left me..."
Doesn't matter.
"...But my husband lied to me, stole my children, and left in the middle of the night without me..."
Lenders don't care.
"...But my wife was having an affair with the pool boy and maxed all of my credit cards that she was an authorized user on..."
Tough luck.
You get the idea. Lenders don't care what's going on in your personal life. All they care about is that the balance gets paid. So, if you have good credit, please think twice about sharing it. And if you're going to become the authorized user of your spouse's credit card, make sure everything's going OK at home first and that there are no surprises around the corner.
Sometimes it's just about your FICO credit scores...putting your best foot forward
When applying for credit cards your scores are either high enough to qualify or they aren't. For example, when you apply for a department store credit card, there's no negotiating. You're either approved or not. The decision is based on one of your FICO credit scores. So put your best foot forward at the beginning. The person who has the highest FICO credit scores should apply for credit.
Michele and I do this all the time. When it's time to apply for new credit it's all about who has the highest FICO score from the credit reporting agency the lender uses to make a lending decision. Sometimes my scores are higher. Sometimes hers are higher. It doesn't matter to us whose scores they use, we just want to qualify for the best terms.
In fact, the "putting your best foot forward" strategy isn't always exclusive to credit cards—it works with any lender that makes lending decisions based primarily on FICO credit scores.
For example, the car I'm driving right now was originally financed by one of my wife, Michele's FICO scores. When I decided to keep it a little longer, my scores were high enough to get the best terms—so I refinanced using my scores.
You can purchase your credit scores to determine who should be applying for unsecured credit cards right now. Preferably whoever has 700+ scores. Once approved, you can add your spouse to the account as an authorized user.
"By the power vested in me...I now pronounce you...finished reading this article."
Stephen Snyder is the founder of the After Bankruptcy Foundation a non-profit organization that helps people recover after bankruptcy. He has helped thousands of people obtain a credit card after bankruptcy with a fair interest rate.
http://www.buzzle.com/articles/warning-to-happily-married-couples-with-joint-accounts.html
Bankruptcy Questions and Answers
With the amount of debt that the average American acquires, bankruptcy is in the cards for many. Here are some common questions and answers for those considering filing.
What government branch oversees bankruptcy in the United States?
There is a branch within the Department of Justice called the US Trustee Program.
Who can file for bankruptcy?
It depends on the country. In the United States, individuals, corporations or partnerships may file. In the UK, partnerships are not permitted to file for bankruptcy.
Will creditors continue to contact me concerning my debt?
A court appointed trustee will meet with the involved parties and review finances and assets. Debt that is outstanding will be managed by a new payment plan or debt forgiveness. In either case, as much debt will be repaid as possible.
Once a bankruptcy is filed, creditors are required by law to cease any attempts to collect what they are owed (such as legal actions, harassing phone calls, etc.) The only exception to this is in cases of secured debts, where the debtors are allowed to continue to try to collect on either the debt or the collateral used to secure it. (An example would be a car loan, where the lender can still repossess the car or seek the remaining payments.)
Why would someone file for bankruptcy?
If someone is overwhelmed with debt, unemployed, or otherwise unable to bring themselves to financial stability through their own means, this is when an individual files for bankruptcy. Companies often file bankruptcy if there is a great deficit after investing. Sometimes a far lower amount of return comes from the business than anticipated, and filing for bankruptcy is one way to start over.
Will filing bankruptcy show up on my credit report?
Absolutely! A bankruptcy filing is a matter of public record. Information about the bankruptcy is reported to major credit bureaus and can remain on the filer’s credit history for up to 6 or 7 years. If you are seeking a new line of credit, it is possible if you find a willing lender.
Will my bankruptcy affect my spouse?
That depends on whether or not the debts are shared. If there are loans with both names, or if there is property to be sold with both names on the deed, then bankruptcy will include both people. If debts are separate, it is possible that the bankruptcy will not affect the spouse.
How do you file for bankruptcy?
The first step is to decide what type of bankruptcy you will file. You may need to file a Chapter 7 or a Chapter 13 bankruptcy. A Chapter 7 bankruptcy includes the liquidation, or sale, of all you assets and allows for a fresh start. If you are unemployed, and have a significant lack of finances, you will probably file a Chapter 7. A Chapter 13 bankruptcy is for those who have a regular income, and would like the opportunity to eventually pay off their debts with better terms of interest.
The next step is to find an experienced bankruptcy lawyer. This is a legal process, and you will need professional legal advice. It is also a good idea to do your own research prior to your visit with a trusted lawyer.
Once your case is in the hands of professionals, the slow process has begun, and you will probably have several meetings with lawyers and creditors. It will take time, so be patient.
http://www.buzzle.com/articles/bankruptcy-questions-and-answers.html
What government branch oversees bankruptcy in the United States?
There is a branch within the Department of Justice called the US Trustee Program.
Who can file for bankruptcy?
It depends on the country. In the United States, individuals, corporations or partnerships may file. In the UK, partnerships are not permitted to file for bankruptcy.
Will creditors continue to contact me concerning my debt?
A court appointed trustee will meet with the involved parties and review finances and assets. Debt that is outstanding will be managed by a new payment plan or debt forgiveness. In either case, as much debt will be repaid as possible.
Once a bankruptcy is filed, creditors are required by law to cease any attempts to collect what they are owed (such as legal actions, harassing phone calls, etc.) The only exception to this is in cases of secured debts, where the debtors are allowed to continue to try to collect on either the debt or the collateral used to secure it. (An example would be a car loan, where the lender can still repossess the car or seek the remaining payments.)
Why would someone file for bankruptcy?
If someone is overwhelmed with debt, unemployed, or otherwise unable to bring themselves to financial stability through their own means, this is when an individual files for bankruptcy. Companies often file bankruptcy if there is a great deficit after investing. Sometimes a far lower amount of return comes from the business than anticipated, and filing for bankruptcy is one way to start over.
Will filing bankruptcy show up on my credit report?
Absolutely! A bankruptcy filing is a matter of public record. Information about the bankruptcy is reported to major credit bureaus and can remain on the filer’s credit history for up to 6 or 7 years. If you are seeking a new line of credit, it is possible if you find a willing lender.
Will my bankruptcy affect my spouse?
That depends on whether or not the debts are shared. If there are loans with both names, or if there is property to be sold with both names on the deed, then bankruptcy will include both people. If debts are separate, it is possible that the bankruptcy will not affect the spouse.
How do you file for bankruptcy?
The first step is to decide what type of bankruptcy you will file. You may need to file a Chapter 7 or a Chapter 13 bankruptcy. A Chapter 7 bankruptcy includes the liquidation, or sale, of all you assets and allows for a fresh start. If you are unemployed, and have a significant lack of finances, you will probably file a Chapter 7. A Chapter 13 bankruptcy is for those who have a regular income, and would like the opportunity to eventually pay off their debts with better terms of interest.
The next step is to find an experienced bankruptcy lawyer. This is a legal process, and you will need professional legal advice. It is also a good idea to do your own research prior to your visit with a trusted lawyer.
Once your case is in the hands of professionals, the slow process has begun, and you will probably have several meetings with lawyers and creditors. It will take time, so be patient.
http://www.buzzle.com/articles/bankruptcy-questions-and-answers.html
Florida Mortgage Loans- Can I Qualify for A Mortgage After A Bankruptcy?
You’ve had a hard financial past and you had to declare bankruptcy. Everyone you’ve talked to said you won’t be able to purchase a home for several years. Understandably, this depresses you because you declared bankruptcy to make a new start. Instead, It seems like this will make your life more difficult than it was previously....or maybe not.
Fortunately, a bankruptcy doesn’t have to mean that you’ll be renting for the foreseeable future. There are many mortgage lenders in the industry now who will work with people who have recent bankruptcies-even very recent ones.
However, most lenders will tell you to wait at least two years from the time your bankruptcy is discharged to attempt to purchase a home. After that amount of time, your options are almost endless, even without a down payment.
Before finding a lender, make sure your debts are being paid on time consistently and your credit reports are accurately reflecting your current situation. You will also want to consider your budget and how much of a house you can afford. For example, you won’t want to pay more than 36% of your monthly income on a mortgage payment, insurance and any other home incidentals.
When you meet with a lender to pre-qualify, be up front. Don’t try to hide that you’ve had a bankruptcy. That way your lender will be able to tailor a mortgage to fit your credit history and needs. Also be sure to boast about your renewed commitment to keeping a clean credit record.
Also, your lender will be able to recommend loan programs that work closely with recent bankruptcy cases. FHA loans, for example, have been known to have a soft spot for people with recent credit troubles. These types of loans do have exceptions and your lender will know about limitations for your area.
The most important thing to remember in light of a bankruptcy is that things will get better. Your bankruptcy will make it a little more difficult to obtain financing, but the current economy continues to make it easier for people with bad credit pasts to bounce bank.
A bankruptcy doesn’t have to be a death sentence. You will be able to buy a great home in just a matter of time. It will be worth the time and effort in the end!
Please feel free to visit my site, you'll find a lot of great and useful information about financing or refinancing your property. Simply click on the link below or copy and paste it into your browsers address bar:
http://www.buzzle.com/articles/florida-mortgage-loans-can-i-qualify-for-a-mortgage-after-a-bankruptcy.html
Fortunately, a bankruptcy doesn’t have to mean that you’ll be renting for the foreseeable future. There are many mortgage lenders in the industry now who will work with people who have recent bankruptcies-even very recent ones.
However, most lenders will tell you to wait at least two years from the time your bankruptcy is discharged to attempt to purchase a home. After that amount of time, your options are almost endless, even without a down payment.
Before finding a lender, make sure your debts are being paid on time consistently and your credit reports are accurately reflecting your current situation. You will also want to consider your budget and how much of a house you can afford. For example, you won’t want to pay more than 36% of your monthly income on a mortgage payment, insurance and any other home incidentals.
When you meet with a lender to pre-qualify, be up front. Don’t try to hide that you’ve had a bankruptcy. That way your lender will be able to tailor a mortgage to fit your credit history and needs. Also be sure to boast about your renewed commitment to keeping a clean credit record.
Also, your lender will be able to recommend loan programs that work closely with recent bankruptcy cases. FHA loans, for example, have been known to have a soft spot for people with recent credit troubles. These types of loans do have exceptions and your lender will know about limitations for your area.
The most important thing to remember in light of a bankruptcy is that things will get better. Your bankruptcy will make it a little more difficult to obtain financing, but the current economy continues to make it easier for people with bad credit pasts to bounce bank.
A bankruptcy doesn’t have to be a death sentence. You will be able to buy a great home in just a matter of time. It will be worth the time and effort in the end!
Please feel free to visit my site, you'll find a lot of great and useful information about financing or refinancing your property. Simply click on the link below or copy and paste it into your browsers address bar:
http://www.buzzle.com/articles/florida-mortgage-loans-can-i-qualify-for-a-mortgage-after-a-bankruptcy.html
Bankruptcy Home Equity Loan Choices
Many who file for bankruptcy use home equity in their settlement arrangement. Bankruptcy does not remove any liens on a home such as a mortgage. But if there is more home equity built up than is required to cover the loan, it is an asset that can be tapped into for needed cash in accordance with the rules of the type of bankruptcy a person has filed.
Bankruptcy is a legal proceeding where a debtor declares an inability to pay debts as they become due. Since the Bankruptcy Abuse Protection and Consumer Protection Act of 2005, personal bankruptcy filings for the year ending June 30, 2006, fell 9.46 percent to 1,453,008.
The two most popular bankruptcy options are:
Chapter 7 - Its purpose is to achieve a fair distribution of the debtor’s available non-exempt property. Unsecured debts not reaffirmed are discharged, providing a fresh financial start.
Chapter 13 - Available only to someone with regular income whose debts do not exceed specific amounts. It is used to budget future earnings under a plan to pay unsecured creditors.
In a chapter 7 bankruptcy, every state has its own laws regarding the type and amount of property a person can keep. Under chapter 13, a person does not have to surrender any property.
"It’s important to have competent counsel advise you," says Ted Janger of The American Bankruptcy Institute; "both about the choices among chapters and about how best to make sure that bankruptcy operates to solve your financial difficulties, rather than just as a hiatus."
Bankruptcy negatively impacts your credit in the short and medium term because it remains as a black mark on your credit report for up to ten years. However, some creditors offer new loans to bankruptcy debtors because they cannot file bankruptcy again for many years.
To view a Bankruptcy Checklist from The American Bankruptcy Institute, or to see if a bankruptcy home equity loan makes sense in your particular situation, you can complete the no-obligation loan request at Bad Credit Mortgage Refinancing Now.
http://www.buzzle.com/articles/bankruptcy-home-equity-loan-choices.html
Bankruptcy is a legal proceeding where a debtor declares an inability to pay debts as they become due. Since the Bankruptcy Abuse Protection and Consumer Protection Act of 2005, personal bankruptcy filings for the year ending June 30, 2006, fell 9.46 percent to 1,453,008.
The two most popular bankruptcy options are:
Chapter 7 - Its purpose is to achieve a fair distribution of the debtor’s available non-exempt property. Unsecured debts not reaffirmed are discharged, providing a fresh financial start.
Chapter 13 - Available only to someone with regular income whose debts do not exceed specific amounts. It is used to budget future earnings under a plan to pay unsecured creditors.
In a chapter 7 bankruptcy, every state has its own laws regarding the type and amount of property a person can keep. Under chapter 13, a person does not have to surrender any property.
"It’s important to have competent counsel advise you," says Ted Janger of The American Bankruptcy Institute; "both about the choices among chapters and about how best to make sure that bankruptcy operates to solve your financial difficulties, rather than just as a hiatus."
Bankruptcy negatively impacts your credit in the short and medium term because it remains as a black mark on your credit report for up to ten years. However, some creditors offer new loans to bankruptcy debtors because they cannot file bankruptcy again for many years.
To view a Bankruptcy Checklist from The American Bankruptcy Institute, or to see if a bankruptcy home equity loan makes sense in your particular situation, you can complete the no-obligation loan request at Bad Credit Mortgage Refinancing Now.
http://www.buzzle.com/articles/bankruptcy-home-equity-loan-choices.html
First Steps to Take After You've Filed Bankruptcy
The first order of business...eliminate the problem that led you to file in the first place. Unlike the government—who can print more money when they get in a bind—we don't have that luxury to get out of our dilemma.
This first step to bankruptcy recovery can be tough for most people. It was tough for me and my wife, Michelle. We had to come to the realization that the way we managed money didn't work.
I wanted all the toys and luxuries everyone else had, even though we couldn't afford them. But of course, this didn't prevent me from buying expensive items we really didn't need.
This got us into financial problems. Michele and I eventually agreed I was the problem. When our Jeep Grand Cherokee and furniture were repossessed, it was my wake-up call. I still remember helping the repossessors load our new furniture in their truck—and Michele crying on the front porch.
Obviously, we were doing something wrong with our money.
Instead of asking someone else to fix our finances for us, Michele and I were determined to manage our money wisely—in order to create a foundation to build on.
So we started with common sense. We asked friends and family who were good with money how they managed their finances.
We quickly learned that we couldn't have luxuries and money while we were rebuilding our credit. We needed to choose one.
Here are some of the steps Michele and I took to recover from bankruptcy:
Began paying our bills early...worst-case, on time
We stopped paying our bills late. We drew a line in the sand and said..."No more! All bills from this point on will be paid early...worst-case, on time." It was amazing how much we saved in late fees and overdrafts...not to mention the satisfaction of being responsible. Initially it wasn't easy. But the short-term sacrifices were worth long-term financial stability.
This is easier today than it was for us many years ago. Today you can take advantage of online bill-pay or automatic bill-pay.
Avoided finance companies
It's easy to get loans or credit after bankruptcy from a finance company. And some (misinformed) people will actually tell you this is good. Credit from a finance company is not good. Not only is it very expensive, having finance companies appear on your credit reports lowers your FICO credit scores (which makes everything else more expensive).
Finance companies are the lenders of last resort. You have to stay away from them at all costs...unless you don't mind paying 25% interest and working with lenders who are friends with the Mafia.
Just said, "No," to co-signers
Bankrupt people often think, "The only way I can get new credit is to have a co-signer." Whether that's from a parent, brother, sister, relative, friend...whatever...you don't need that kind of help reestablishing credit.
Bottom line: you don't want to have co-signers for several reasons.
First, it's not a wise thing to do. It even says not to co-sign in the Bible. You put the co-signer's credit on the line if something goes wrong. If you don't make the payment, guess who they come after? Yup—the co-signer. Can you say, "Friendship over," or, "Relationship strained?"
In addition, having co-signers appear on your credit reports weakens your position with future lenders. When a new lender sees you've had a co-signer, they'll consider you a greater risk and they may ask for a co-signer for their loan as well. In other words, once you get a co-signer for one loan, you start a vicious cycle that is hard to break.
The word "no" meant nothing
You must understand...most of the lenders you come into contact with after bankruptcy have no interest in helping you recover. You're going to hear the word "no" a lot.
You've got to get in your head that the word "no" means absolutely nothing. So if a car dealer tells you, "There's no way you'll be able to get financed, you shouldn't believe him. If a mortgage broker laughs at your goal of owning your first home instead of renting...laugh right back at her.
Discovered the power of asking open-ended questions
When a lender tells you, "No,"...don't stop there! You'd be missing out on the best part of the experience. You need to ask some very important questions, like...
"What would you do if you were me?"
"Since you can't help me, where would you go if you needed to get financed?"
Asking open-ended questions like these helps you find the people you should've been talking to in the first place. That's how we found the car dealer that financed our first car after bankruptcy with very little money down (and that was a post-dated check) at 2.9% interest.
Of course, now I think that's a so-so deal.
All you need to do is know where to go...be prepared...know which cars have the best incentives...and know what questions to ask. Most importantly, always be ready to walk away from the deal, no matter how much you want that new car.
Establish the right kind of accounts.
Overall I encourage people to rebuild their credit after bankruptcy by establishing these types of accounts:
1. Checking and savings accounts at a bank or credit union
2. A few secured bank cards
3. One or two retail credit cards (just don't go crazy)
4. A few secured bank loans.
5. A car financed through a bank, credit union, or captive lender (that reports to all three national credit reporting agencies).
6. A home mortgage.
7. A refinanced mortgage.
8. A home equity loan (not a home equity line of credit).
9. Real estate investment: Your current home becomes your first investment property and you shop for a new home.
Obviously this doesn't happen all at once. And the order changes depending on what you need. This is pretty much the order in which we did things after our bankruptcy.
Notice I don't have any finance company or Crapital One accounts listed above. Sometimes knowing what accounts to avoid is as important as knowing which accounts to establish.
You'll also notice I don't have a personal loan listed above. I spent too much time looking for loans after I went bankrupt. I figured if I could just get a big enough loan, I'd pay off all my debts. Of course, it didn't occur to me that I'd still need to pay off the loan. Duh!
It's like a disease. (Hi, I'm Stephen, and I'm a loanaholic.)
Stephen Snyder is the founder of the After Bankruptcy Foundation a non-profit organization that provides free bankruptcy information and recovery steps. Stephen also writes a free weekly newsletter on bankruptcy recovery.
http://www.buzzle.com/articles/first-steps-to-take-after-youve-filed-bankruptcy.html
This first step to bankruptcy recovery can be tough for most people. It was tough for me and my wife, Michelle. We had to come to the realization that the way we managed money didn't work.
I wanted all the toys and luxuries everyone else had, even though we couldn't afford them. But of course, this didn't prevent me from buying expensive items we really didn't need.
This got us into financial problems. Michele and I eventually agreed I was the problem. When our Jeep Grand Cherokee and furniture were repossessed, it was my wake-up call. I still remember helping the repossessors load our new furniture in their truck—and Michele crying on the front porch.
Obviously, we were doing something wrong with our money.
Instead of asking someone else to fix our finances for us, Michele and I were determined to manage our money wisely—in order to create a foundation to build on.
So we started with common sense. We asked friends and family who were good with money how they managed their finances.
We quickly learned that we couldn't have luxuries and money while we were rebuilding our credit. We needed to choose one.
Here are some of the steps Michele and I took to recover from bankruptcy:
Began paying our bills early...worst-case, on time
We stopped paying our bills late. We drew a line in the sand and said..."No more! All bills from this point on will be paid early...worst-case, on time." It was amazing how much we saved in late fees and overdrafts...not to mention the satisfaction of being responsible. Initially it wasn't easy. But the short-term sacrifices were worth long-term financial stability.
This is easier today than it was for us many years ago. Today you can take advantage of online bill-pay or automatic bill-pay.
Avoided finance companies
It's easy to get loans or credit after bankruptcy from a finance company. And some (misinformed) people will actually tell you this is good. Credit from a finance company is not good. Not only is it very expensive, having finance companies appear on your credit reports lowers your FICO credit scores (which makes everything else more expensive).
Finance companies are the lenders of last resort. You have to stay away from them at all costs...unless you don't mind paying 25% interest and working with lenders who are friends with the Mafia.
Just said, "No," to co-signers
Bankrupt people often think, "The only way I can get new credit is to have a co-signer." Whether that's from a parent, brother, sister, relative, friend...whatever...you don't need that kind of help reestablishing credit.
Bottom line: you don't want to have co-signers for several reasons.
First, it's not a wise thing to do. It even says not to co-sign in the Bible. You put the co-signer's credit on the line if something goes wrong. If you don't make the payment, guess who they come after? Yup—the co-signer. Can you say, "Friendship over," or, "Relationship strained?"
In addition, having co-signers appear on your credit reports weakens your position with future lenders. When a new lender sees you've had a co-signer, they'll consider you a greater risk and they may ask for a co-signer for their loan as well. In other words, once you get a co-signer for one loan, you start a vicious cycle that is hard to break.
The word "no" meant nothing
You must understand...most of the lenders you come into contact with after bankruptcy have no interest in helping you recover. You're going to hear the word "no" a lot.
You've got to get in your head that the word "no" means absolutely nothing. So if a car dealer tells you, "There's no way you'll be able to get financed, you shouldn't believe him. If a mortgage broker laughs at your goal of owning your first home instead of renting...laugh right back at her.
Discovered the power of asking open-ended questions
When a lender tells you, "No,"...don't stop there! You'd be missing out on the best part of the experience. You need to ask some very important questions, like...
"What would you do if you were me?"
"Since you can't help me, where would you go if you needed to get financed?"
Asking open-ended questions like these helps you find the people you should've been talking to in the first place. That's how we found the car dealer that financed our first car after bankruptcy with very little money down (and that was a post-dated check) at 2.9% interest.
Of course, now I think that's a so-so deal.
All you need to do is know where to go...be prepared...know which cars have the best incentives...and know what questions to ask. Most importantly, always be ready to walk away from the deal, no matter how much you want that new car.
Establish the right kind of accounts.
Overall I encourage people to rebuild their credit after bankruptcy by establishing these types of accounts:
1. Checking and savings accounts at a bank or credit union
2. A few secured bank cards
3. One or two retail credit cards (just don't go crazy)
4. A few secured bank loans.
5. A car financed through a bank, credit union, or captive lender (that reports to all three national credit reporting agencies).
6. A home mortgage.
7. A refinanced mortgage.
8. A home equity loan (not a home equity line of credit).
9. Real estate investment: Your current home becomes your first investment property and you shop for a new home.
Obviously this doesn't happen all at once. And the order changes depending on what you need. This is pretty much the order in which we did things after our bankruptcy.
Notice I don't have any finance company or Crapital One accounts listed above. Sometimes knowing what accounts to avoid is as important as knowing which accounts to establish.
You'll also notice I don't have a personal loan listed above. I spent too much time looking for loans after I went bankrupt. I figured if I could just get a big enough loan, I'd pay off all my debts. Of course, it didn't occur to me that I'd still need to pay off the loan. Duh!
It's like a disease. (Hi, I'm Stephen, and I'm a loanaholic.)
Stephen Snyder is the founder of the After Bankruptcy Foundation a non-profit organization that provides free bankruptcy information and recovery steps. Stephen also writes a free weekly newsletter on bankruptcy recovery.
http://www.buzzle.com/articles/first-steps-to-take-after-youve-filed-bankruptcy.html
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