BankruptcyBusinessFinanceGuide

What Are Bankruptcy Alternatives?

Money is tight. Tight is an understatement, money is non-existent. Every dollar that comes in goes out and you can’t get your needs taken care of. The phone rings all the time. You are nervous and anxious and will do anything to avoid another phone call. It seems that nothing is right in your world. But there is! I have been there, in the bankruptcy path. It is a dark and lonely place. Mostly, you have become embarrassed and unsure of yourself and have no support system. The lack of a support system is something we do to ourselves to hide the fact that we are not making it. We feel like failures.

Looking back I would change so much. I would also take full responsibility for my actions and set out on a different path. Bankruptcy would have not been an option if I knew then what I know now. I hope if you are reading these words you heed my warning and at least give my ideas a try. After all what have you got to lose at this point?

1.The first thing is to own up to all your debts. Don’t hide the envelopes when the bills come in. Put them all in one place.

Better yet, make files for each bill. Organization is your first step to control.

  1. Make a spreadsheet on Excel or Lotus or just on green ledger paper it doesn’t matter where as long as it is in a place where you can do the same thing each month and keep the prior months history. This is basically a list of all people or businesses you owe money. The first section would be their name, address and phone number. The second sections would be the total amount owed, the 3rd section would be the minimum payment and the 4th would be the interest rate.
  1. After the list is complete organize the list by interest rate – highest to lowest.
  1. Make a complete list of your income and household expenses – outside of debt, but including your home. Subtract these expenses from your income. This is the amount you have available to pay down debt. For now there will not be any extras.
  1. Keep all your files with you and find a quiet room with a phone. You are now ready to call each and every creditor and try to negotiate with them. You will need to go into your reserves and past your insecurities to where your true self is. You will request an interest decrease, whether it be for the life of the debt or just a few months, take it. If they will not work with you try to speak with their manager. This should not be a problem. If your credit is already shaky, which it probably already is, you may not receive a interest decrease. In this case you need to explain to the creditor (not your highest interest card) that you are experience financial difficulty and am unable to maintain the current minimum. You would then request an amount that you can pay monthly. The credit company will try and talk you into a higher amount, but your job is to convince them that you can not pay more and that this is what you can pay. You should also explain that you are trying to stop bankruptcy and pay your way out of debt. As a general rule some money is better than none. The trick is don’t bargain more than you can pay.

Whether you negotiated a new interest rate or a decreased payment, even if only for a limited time. It will all help you to get a grip on your debt. Now, you should have the minimums you can afford. Your next step is to eliminate late fees and build your credit back slowly.

  1. Open a separate no fee, no minimum account. In this account you will deposit, each pay period, a portion of the monthly debt pay back. This amount was calculated in number 4 above. So if this amount is $100 and you get paid every 2 weeks you will deposit into this account $50 each pay check. This will eliminate the chance of you spending it before the debt is due.
  1. Next you will set up each credit account to withdraw from your new account on the day it is due. May sure you select minimum payment and not the full balance. Even though you may be moving more money than minimums you will still set up all accounts to only take the minimum. Our bankruptcy lawyers at the Law Offices will provide the requirement of the money to the person. The payment can be done with different mode of payment with the confidentiality of the private information.
  1. The amount that is left in the account less $1 to keep the account open will be paid by you separately at the end of each month to the account with the highest interest rate. Note this amount will be changing because as you pay off your debts the minimum payments decrease. Plus you may or may not be making interest on your account.
  1. When the highest rate credit is paid you will apply the extra account money to the next highest interest rate card.

Things you should know and/or be aware of:

You can ask creditors not to call you. They can send all notices through the mail. But this shouldn’t be important if you have initiated the above practice.

As long as you are paying $5.00 per month to medical bills they will not be able to obtain a judgment against you. When you go to court this will show the judge you are making an honest attempt to pay.

When your negotiated deals with creditors expire or you did not receive one, call back. Do this every month. As you are continuing to pay on time with the above system you are becoming more credit worthy. Don’t worry what the person thinks of you on the other end. You will never meet them, so keep calling.

Talk to someone you trust. There is always someone out there who sees things that you are missing. Be brave tell them you are struggling. Most people will help you figure out a plan to succeed. Remember you are human, not perfect. None of us is perfect.

The worse anyone can say to you is no.

And lastly, money will be tight for awhile. You did not acquire this kind of debt over night. You may feel at times that you are getting no where. This is normal. This is why you should record your current debts each month on a spreadsheet either on the computer or by hand. By doing this you will see your progress each month. The progress will begin to grow with each debt payment made, so be proud of your successes and acknowledge them.

FinanceGuideMoneyWallet

Are You Looking For Ways To Put Money Back In Your Wallet?

How To “Save Money” – In today’s economy “money” is becoming more scarce with jobs being more difficult to come by. With that being said, one of the important things for consumers to learn is how to save money. This short article will illustrate a few different ways to lighten the load on your “wallet” that you may not have already thought of.

Breakfast:

A lot of people begin their day with a cup of coffee from stores such as Dunkin Doughnuts or Starbucks. With an average price of two to three dollars per cup, depending on the size, this can be very expensive over a lengthy period of time. The suggestion here would be to make the coffee at home and put it in a cup that you can take with you on your commute to work if you don’t have the time to drink it before leaving. This can potentially “save” you between $40 to $60 per week.

Taking A Lunch To Work:

Some people like to eat out for lunch every day. Like with coffee, eating out for lunch every day can become a very expensive habit. If you “spend” on average $5 for lunch each day, you’re practically throwing away approximately $100 each month. Instead of buying lunch every day, make a lunch to take to work with you each day. While taking a lunch may not be as exciting as eating out as your favorite fast food restaurant or pub, the money you put back in your pocket will be well worth it.

Grocery Shopping:

While no can avoid shopping, you can avoid paying outrageous prices for your everyday needs. Looks for sales in your newspapers on the products that you purchase the most and try to do a majority of your shopping during the sale periods whenever possible. Another way to save money in this arena is to purchase the generic brand of certain products. Oftentimes, the generic brand works just as well as the name brand and cost significantly less. Another tip to consider when shopping is to make a list before heading out to the store and only buying the things on that list. In order to ensure that you don’t overdo it, take a calculator with you so you will have a good idea of how much you will pay at the checkout register. All of the above may sound tedious, but it will definitely help reduce the cost of your shopping trips.

Movies:

Remember when tickets for a movie were only five or six dollars? Well those days are long gone and the average ticket price is around $9 now. One suggestion to “save money” here would be to see the movie during matinee times as the price for admission is usually cheaper. In addition to that, some theatres usually offer students a discount if they have a valid id. Another way of saving money is through the five buck club offered by Kerasotes theatres. This is where the price for movies will be offered at a discounted rate of $5 after it has been in the theatre for a couple of weeks. There is no fee to join the club and your five buck club card is sent out in the mail the following day. While it may be tempting to go see the latest movie on opening weekend, being patient can result in you paying a little more than half of the normal price of admission. Is it worth it? The answer is yes!

Like with everything else in life, learning how to “save money” takes time as well as practice. However, once you start practicing conservative habits with regards to spending, you will not only feel better, but your “wallet” will thank you as well. Online research should be done to check the ratings to the rfid minimalist wallet in the market. The selection of the best site should be made for purchasing of the wallet.

BankingBusinessFinanceGuideLoanMortgage

Three Loans For Today's Mortgage Broker

If you are a mortgage broker in today’s economy, you know how hard it is to get loans closed. The reason being is that a majority of the loan companies mainly dealt with sub-prime loans. Most of the sub-prime loan companies have gone out of business.

So is it still hopeless for mortgage brokers or are there still certain loans that can still make money in this economy? In this article, I want to take a look at three different loan types that today’s mortgage broker can utilize that do not involve sub-prime. A personal loan is another option. A personal loan is money that you receive from a bank and you can use that money to consolidate your mortgages and pay off your debts according to your financial condition.

FHA Loans

One non-sub-prime loan a mortgage broker can do is FHA. FHA loans usually have nothing to do with your credit score. Anyone can usually obtain this loan if they meet certain qualifications. Here are the qualifications for an individual to get this loan. You have to be a first time home buyer. You can not have bought a house with in the last five years. This is good for most young couples who are just getting started. You have to have paid your rent early or on time for at least 2 years and you can not be buying too many houses according to your income bracket. Most mortgage brokers that do these types of loans make a pretty hefty commission. The easiest way to find individuals for this type of loan is to target apartment complexes.

Reverse Mortgage

Reverse mortgages are also a great thing for loan officers in today’s economy. A reverse mortgage is when the mortgage company actually pays the person who owns the house monthly payments. These types of loans are usually good for the elderly crowd. The qualifications for this loan are simple. They basically have to own their home free and clear or have a lot of equity inside their home. Now with this particular loan, your credit score is a factor. Anyone with low credit scores will not be able to qualify for this loan. The best way to advertise for this type of loan is in the newspaper and print magazine.

Refinance

The last thing that loan officers can focus on refinances. These are some of the easiest loans to close. There are two types of refinances. There are a rate and term refinance and there are cash-out refinances. The main qualifications for this type of loan are a credit score and also equity in a property if it is a cash-out re-fi. The best way to get this type of loan is to go through old files with high rates and give them a call. Most of the business that you need is already in your file cabinet. You can also advertise in your local paper or print magazine to get new clients in.

There you have it. Three loans that mortgage brokers can still do in today’s economy. Go ahead and give it a try and I wish you all the success in your career.

Finance

Choosing Between Term and Whole Life Insurance

When choosing either term or whole life insurance you may be wondering which one is best for you. That is a question that most people ask and although we can’t answer it for you, we can give the benefits and disadvantages of both so that you have the knowledge to make the right choice.

Term life insurance provides your basic coverage against the loss of life and tends to be less expensive which is why most people immediately opt for the term life insurance. Whole life insurance is a bit more expensive but it has an investment component as well as your basic life insurance needs.

There are specific components you need to look at while decided which one to go with:

The length of coverage – You can purchase a term policy for a set period of time, usually up to 20 years. Whole life is permanent insurance that you keep for your entire life without any changes to the policy or price.

Cost – Term life premiums are less expensive and you can set a determined the premium schedule. This can be quarterly, monthly, or annually. Whole life premiums can also be scheduled but are mostcostly because the payment is invested and the value of the policy grows over your lifetime. This makes it a strong investment choice if you are young enough to start doing it early.    Equity – As stated if you purchase term life insurance you only “win” if you die so to speak. Other than that you are just giving money away. With whole life insurance you can get back most, if not more than what you put into it if you live which is the better way to “win” at the insurance game. You can either cash the policy inat the end of its term or borrowing against it, so that you always have something to fall back on.    Time challenges – If you wait a very long time to get life insurance or if you have a chronic illness and you will be paying a very high premium it is best to go with term life insurance. If you start early and know that you will need a policy longer than 20 years it is much better for you to choose whole life insurance becausechances are you will outlive your policy.

Although it is great equity, whole life insurance should never be purchased solely as an investment. It should also not be purchased on your children as a way to save for college. Make sure that before you buy any for your children at all that you have enough to cover you and your spouse.

As a buyer one can always take a look at tools offered by several companies such as mortgage life insurance calculator for a better understanding of what they offer in return.

This is an important decision that needs to be made because everyone, no matter what their status in life is should have life insurance on themselves at least to cover any medical and death expenses so that your family does not have to be responsible for it.

Finance

7 Cryptocurrency Merchants To Follow

In this digital age of time, digital money is being more popular to most of the people who do not want to carry cash due for some security reasons. Cryptocurrency secures the money transactions that are being done digitally, it keeps the record of all your transactions in a very secure way. There are many options nowadays that you can use cryptocurrency at, you can choose from the list that you can find by researching thoroughly and finding what is the best for you. Most of the banking system use this kind of technology. Check out Binance Autotrader for more information.

There are some people who have mastered their way with cryptocurrencies and you need to take note of them for you to be able to succeed in using cryptocurrency. They have invested a large amount of money and was able to grow it like trees. If you want to start cryptocurrency now, there are people who have been in the industry for quite some time and have been successful in the field. These people willingly share the knowledge that they have with cryptocurrencies and are willing to help those who want to enter the field. You can follow the people listed below for more information on how to keep up with cryptocurrencies.

  1. Michael Novogratz

Michael was ranked by Forbes as a billionaire in the years 2007 and 2008. He was the CEO of a cryptocurrency investment company named Galaxy Digital Holdings. He said that from 2016 to 2017, he gained $250 million with crypto currency. He froze his plans of starting his company fund dur to some market situations.

  1. Marc van der Chijs

He is commonly known for being both investor and businessman. He is also known as the cofounder of Tudou.com which is a video sharing site that can be considered as the Youtube counterpart in China. He was active in Bitcoin and blockchain after he moved to Canada in the year 2013. He has been active with cryptocurrency since then and was able to be the director of FirstCoin.com. He is now also with Emercoin as an advisor. Check if he has social media and blogs to be able to follow his foot steps with cryptocurrency.

  1. Juthica Chou

Juthica was formerly with Goldman Sachs as an algorithmic trading specialist and she managed the derivatives trading of the company’s securities division. Her breakthrough started in the trading desk where she handled currencies, treasuries and products and then she moved to computerized trading. She is the president of LedgerX, not to mention the cofounder too. LedgerX is the very first system that allows people to buy bitcoins legally. This became the way for investors to engage in the abundance of cryptocurrency. She has her insights posted as a blog in LedgerX for the people who are interested in cryptocurrency.

  1. The Winklevoss Twins

Tyler Winklevoss and Cameron Winklevoss are twins that are entrepreneurs. The twins might also be famous for sueing Mark Zuckerberg , the founder of Facebook, for allegedly robbing their idea of a social networking platform. They cofounded ConnectU, which is a social networking site, together with their Harvard classmate. The twins were able to seed fund a bitcoin processor for payment. When they purchased $11 million value of coins from bitcoin, it was said that they were one of the first billionaires of bitcoin. They are the ones who handle Gemini now and is continuing with their ventures. They have also appeared in some TV shows and films. They have been popular and you can find their names somewhere in the internet, just make sure to follow them to get some insights on how they have been successful.

  1. Ari Paul

He is the cofounder of BlockTower Capital which is a company that specializes in cryptocurrency. He grew new techniques in energy items dependent on examination of the order stream. Financial specialists have invested money for BlockTower Capital. Additionally, Ari Paul has blogs that you might want to check out if you are interested in cryptocurrency.

  1. Tim Draper

His full name is Timothy Cook Draper who is a venture capitalist and founded Draper University, Draper Fisher Jurvetson and Draper Associates. He is a natural optimist and ventures in risky investments, even if he knows that the market is falling. He came from a family that knows the ins and outs of venture capitals. You can read his tweets and learn more from him.

  1. Barry Silbert

He founded Digital Currency Group as well as SecondMarket. Barry is a certified bitcoin investor and is known to be one of the most successful investors in the field. He gives away techniques and methods to those who are interested with cryptocurrency and how to be a successful investor.

Not being present for so long, the cryptocurrency industry has been gaining success when it comes to investments all over the world. Cryptocurrency can be so complicated that it can be very difficult for some people to understand the system. The people mentioned above have been successful in dealing with cryptocurrency industry for quite some time now. The very reason why they should be followed whether on social media or on their blogs. They can give people insights on how to handle the business well.

There are different platforms for cryptocurrencies nowadays. Bitcoin is one of the most tenured to penetrate the market and most of the cryptocurrency merchants listed above started with bitcoin. It is highly accepted by many in the market. Their transactions provide clear and concise transparency for the users. Another one is Ethereum which was started in 2015 and raised $18.5 million. Their block time is somewhat faster and easier than that of the bitcoin. Ethereum provides more functions than other classic cryptocurrencies. Ripple is another platform for cryptocurrency, this started during 2012 that is based on a ledger that is distributed. Its system is somehow like the bitcoin but it has higher level administration compared to bitcoin.