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Chapter 13 Payments and Personal Bankruptcy

December 31st, 2009 by boragud

Chapter 13 payments are used when debt is restructured through bankruptcy. Debtors must abide by the repayment plan for two to five years. During the restructured debt period, debtors are prohibited from incurring new debt unless approved through the court.

Chapter 13 payments are usually paid to a bankruptcy Trustee and dispersed to creditors on a monthly basis. Occasionally, chapter 13 payment plans are setup through payroll deduction. Automatic payroll payments are usually reserved for debtors who have been employed with the same company for three or more years. Should the debtor quit or be terminated by the employer, bankruptcy payments will be revised through the court.

Many people turn to chapter 13 bankruptcy to avoid foreclosure. While filing personal bankruptcy can temporarily stop lenders from commencing with foreclosure action, if debtors do not adhere to their chapter 13 payments repayment plan, they will eventually lose their house.

One thing homeowners often fail to understand is they must be financially able to pay regular monthly home loan payments in addition to chapter 13 payments. Individuals struggling to make ends meet find that bankruptcy repayment plans create a heavier debt load which can cause them to fail out of bankruptcy.

When debtors fail out of bankruptcy, creditors are legally entitled to petition the court seeking bankruptcy dismissal. Depending on the circumstances, bankruptcy judges can elect to allow borrowers to file for Chapter 7 or dismiss the case.

Chapter 7 is referred to as ‘liquidation bankruptcy’ because debtors must liquidate assets to repay creditor debts. Debtors are not allowed to remain in their home and must sell the property or give the house back to the bank using deed in lieu of foreclosure.

Bankruptcy is a debt reduction option available to all U.S. citizens. However, certain eligibility requirements must be met. Chapter 13 eligibility requirements state debtors cannot owe more than $307,675 in unsecured debts or $922,975 in unsecured debts.

Congress enacted the Bankruptcy Abuse Prevention and Consumer Protection Act in 2005. BAPCPA requires debtors to obtain credit counseling through a U.S. Trustee Program approved agency within 180 days of submitting bankruptcy petitions.

To determine the amount of debt to be repaid through chapter 13 payments, debtors must undergo the ‘means’ test; a financial tool that measures debtor’s income against their states’ median income. If debtor’s earn as much or greater than median income, they are required to file chapter 13 bankruptcy. When debtors earn less, they might be allowed to file chapter 7.

Once bankruptcy petitions are filed, debtors are required to provide a credit counseling certificate, chapter 13 repayment plan, proof of income, detailed financial statement, and recent years’ tax returns.

Chapter 13 provides debtors with the opportunity to restructure debt and regain control over finances. However, personal bankruptcy stays on credit reports for ten years; making it difficult to obtain credit of any kind.

Before making a final decision to obtain bankruptcy protection, take time to investigate bankruptcy alternatives such as budgeting, credit counseling, debt settlement or debt consolidation. Oftentimes, these debt reduction options help debtors achieve the same result without incurring substantial credit damage.

Simon Volkov is a real estate investor residing in southern California. He specializes in buying real estate from individuals facing foreclosure or bankruptcy. He has published hundreds of articles on topics such as personal money management, bankruptcy and chapter 13 payments via his website at www.SimonVolkov.com.

Article Source:http://www.articlesbase.com/personal-finance-articles/chapter-13-payments-and-personal-bankruptcy-1646615.html

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Money Stretching Secrets Of Rags To Riches People – 3 Most Frequently Asked Questions

December 31st, 2009 by boragud

Since the publishing of my book money stretching secrets over 5 years ago many people have been helped and rewarded from following the powerful tips. But despite the how to stretch your money information contained in the pages, some people still need extra clarity on many of the ideas.  I get many letters and emails asking valuable questions that can help others who would like to know the money stretching secrets of rags to riches people.

I’ll share them with you from time to time. In this tight economic climate this information can be a life line to millions of people if they read and use the information. Here’s the top 3 most frequently asked questions  I received in the month of November 2009. The questions have been edited slightly for brevity and clarity.

1. Based On Your Research What’s the Number One Trait of People Who Rise From Rags to Riches?
The key ingredient average people who rise from rags to riches have isn’t the ability to pick the right lottery ticket, choose the winning race horse or even play the best poker hand.  In this tight economy the people who rise the fastest are those who are able to negotiate the best. Contrary to popular belief, you don’t have to be a genius, a millionaire or a wheeler dealer to negotiate confidently or effectively. In fact, more retailers, businesses and companies (even government agencies) are more willing to negotiate now than ever before. But you have to ask. You’ll soon discover in a tight economy almost everything is negotiable. If you have a special skill, knowledge or talent, you don’t necessarily need cash, credit or connections. You can negotiate your way to better prices, services or products. You can negotiate your way to lower interest rates, or even negotiate your way out of debt.  Many rags to riches people are doing it everyday.

2. What’s The Biggest Money Stretching Mistake People Make?
I’ve noticed 5 key mistakes people make with their money, and surprisingly it’s not just the ones with little money. I see these same mistakes at every economic level. But the number one mistake people make is having a “got to have  it now” attitude . This one mistake cost the average  person hundreds maybe thousands of dollars a year. People who have a “got to have it now” attitude always pay the highest prices, get the least service and the lowest value for the dollar they spend.  The best deals go to people who have the patience to negotiate, wait or even walk away if they have to.

3. What Do Rags To Riches People Do That Most People Don’t Do?
They do many things average people neglect doing, but the one secret action they do hands down most people don’t do is apply discipline when it comes to spending money. For example, they have the ability to delay gratification. They avoid the “got to have it now attitude” discussed in question number two above. They plan their purchases, research and compare prices and negotiate for the best combination of price, service and value for the money.

Discover 500 More Secrets of Rags To Riches People At ShoppersCoach.com

Article Source:http://www.articlesbase.com/personal-finance-articles/money-stretching-secrets-of-rags-to-riches-people-3-most-frequently-asked-questions-1648405.html

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How Cutting Small Costs Can Make a Big Difference

December 30th, 2009 by boragud

By now, many people have established a personal or household budget to ride out the recession. However, while countless people have been cutting out larger expenses – such as holidays or significant purchases like that of a car – many don’t realize that one of the biggest culprits can be found in smaller, everyday expenses.

These types of expenses seem to go unnoticed, because they are relatively insignificant when considered individually. By adding them up, you could be surprised with what you find.

For example, do you usually stop at a coffee shop in the mornings? If so, you could be putting more into that ready-made coffee than you think. For instance a £2.50 cup of coffee might not seem like much; but if you stop by a coffee shop on an average of five times a week, your expenditure is up to £12.50 – which is £50 a month, and a whopping £600 a year. It’s an expense that most people don’t calculate, simply because it seems insignificant at the time it’s made.

Cutting out even a portion of your coffee shop visits can make a big difference to your finances over the course of a year, or even a month. Consider alternatives like taking your own coffee to work in a travel mug, or perhaps keeping a bag of your favourite coffee at work, so you can brew some in the coffee maker. Eating out is another culprit. If you start talking your own lunch in to work rather than eating out everyday, you’re bound to save some cash – not to mention, probably eat healthier.

Another daily cost that might not seem like much is parking fees. Perhaps you park in a paid garage every day for work, or during visits to the gym. Whatever the case, parking fees can add up. Opt for free street parking whenever possible, even if it means walking a few blocks to get to where you’re going. Taking the bus is another option, as it’s likely to significantly cut your expenditure – not only in parking fees, but also in petrol.

Finally, daily calls on the telephone can seem insignificant, as you’re often charged on a per-minute basis. But it could be a different story once you receive your phone bill. To ensure you don’t let the minutes – and pennies – pile up, consider downloading a software application that enables you to make calls over the internet – which are usually cheaper than calls made on your phone.

Such applications also offer competitive rates for making calls from your phone, once again via the internet. You can even purchase credit for your calls to a specific country – for example, to make cheap calls to France – which means you can keep better track of how much you spend on your calls.

Ultimately, keeping an eye on ‘smaller’ everyday expenses can make a huge difference to your overall finances. Make a few minor adjustments to your budget, and start saving more during the economic crisis.

Adam Singleton writes for a digital marketing agency. This article has been commissioned by a client of said agency. This article is not designed to promote, but should be considered professional content.

Article Source:http://www.articlesbase.com/personal-finance-articles/how-cutting-small-costs-can-make-a-big-difference-1645347.html

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