Subscribe: Bankruptcy Articles
http://the-bankruptcy-articles.blogspot.com/rss.xml
Preview: Bankruptcy Articles

Bankruptcy Articles





Last Build Date: Wed, 18 Oct 2017 19:20:20 +0000

 



Bankruptcy: What You Need to Know

Mon, 13 Sep 2010 08:00:00 +0000

Personal bankruptcy is a legal way to give people with overwhelming debt a fresh financial start. Many people do not realize that there are five types of bankruptcy options available under the U.S. Bankruptcy Code; however, for most consumers there are really only two viable options; Chapter 7 and Chapter 13 bankruptcy.Chapter 7, bankruptcy is entitled Liquidation: In a Chapter 7 bankruptcy, a court-supervised procedure occurs during which a court-appointed trustee collects the assets of the debtor's estate, converts them to cash for repayment, and makes all necessary distributions to the debtor's creditors; however this is all done within the debtor's right to retain certain exempt property. Traditionally, there is little or no nonexempt property in a chapter 7 bankruptcy. Due to this fact, there may not be an actual liquidation of the debtor's assets. In this case, it is called a "no-asset bankruptcy." It is important to realize that a creditor that is trying to collect on an unsecured claim will only get a distribution from the bankruptcy estate if the case is an "asset bankruptcy" and the creditor can provide proof of their claim with the bankruptcy court. In almost all chapter 7 bankruptcies, the debtor will be grated a discharge that releases them of personal liability for most dischargeable debts. The entire process normally takes just a few months from the time the bankruptcy petition is filed.Chapter 13, bankruptcy is entitled Adjustment of Debts of an Individual with Regular Income: A chapter 13 bankruptcy is traditionally used for people who have a regular source of income or a full-time job. For many people, chapter 13 is preferable to chapter 7 because it allows the debtor to keep some assets. A chapter 13 bankruptcy allows the debtor to repay creditors over time. This time traditionally varies from three to five years. This type of repayment proposal takes place at a confirmation hearing. During this confirmation hearing, the court will either approve or disapprove the debtor's repayment plan. This decision largely depends on whether the repayment plan meets the Bankruptcy Code's requirements for confirmation. In a Chapter 13 bankruptcy the debtor is usually able to remain in control of their possession and property while making payments to creditors; however, payments are made via a court trustee. Unlike chapter 7 bankruptcy, the debtor does not receive an immediate discharge of their debts. Under chapter 13 bankruptcy, the debtor must complete the repayment plan before the discharge is granted; however, the debtor is protected from lawsuits, garnishments, and other creditor action while the plan is in effect.It is important to remain cognizant of the fact that not all debts are discharged under bankruptcy. The debts that are able to be discharged will vary under each chapter of the Bankruptcy Code. However, the most common types of non-dischargeable debts are tax claims, debts that are not presented by the debtor to the court while filing for bankruptcy, debts for spousal or child support or alimony, debts to governmental units for fines and penalties owed to government entities, debts for personal injury caused by the debtor's operation of a motor vehicle while driving intoxicated, debts for willful and malicious injuries to person or property, debts for government funded or guaranteed educational loans, and debts for certain condominium or cooperative housing fees.In order to file for bankruptcy, you must file a petition in federal bankruptcy court. You must file a statement of assets and liabilities as well as schedules listing of your creditors. Once you have finished filing bankruptcy, your creditors can no longer take action against you to collect discharged debts.Negative Aspects of BankruptcyIn chapter 13 bankruptcies, you may end up paying back 50% or more of your current debts. Additionally, if you miss a regularly scheduled payment at anytime during your chapter 13 bankruptcy repayment plan, you could end up in violation of the court and forced to repay all the debt!One of the most difficult[...]



The Serious Business of Bankruptcy

Sun, 05 Oct 2008 04:16:00 +0000

The federal government makes available a way for those who are struggling under the weight of impossible debt to have a new start by freeing them of their financial burden. A bankruptcy isn't easy, but can make it possible to live a normal life again, freed of the heavy burden of crushing debt. When you are facing what seems like an intractable fiscal problem, filing bankruptcy might be the answer.

There are any number of reasons why you may find yourself deeply in debt. Some of the most common are losing a job, hospital bills and spending beyond your means, usually with the "assistance" of credit cards. Filing bankruptcy doesn't mean that you are an irresponsible person, simply that circumstances beyond your control have led to an unmanageable level of debt.

Being deeply in debt can be utterly miserable. You begin to fear opening your mailbox and become anxious every time the phone rings. It seems that no matter much you pay on your credit cards, it just isn't enough and the balance keeps growing. Your credit suffers and it seems like there is no way out.

By filing bankruptcy, you gain a chance to get a fresh start by reducing or eliminating your debts. With out of control debt, it becomes impossible even to lead a normal life. However, something which bankruptcy will not permit you to do is to avoid paying debts which you are capable of paying.

This means that some of your money and perhaps property will be handed over to your creditors in a fashion considered fair by the U.S. Bankruptcy Court. The court will decide what you may keep and what will be sold to help settle your debts. You might also have to pay off debts with cash on hand if your liquid assets are over a certain predetermined amount.

Bankruptcies are sorted into types known as chapters. These different chapters are designed to address different situations which are varied enough to justify a different approach. The most common types filed are chapter 7 and chapter 13 bankruptcies.

Chapter 7 bankruptcy is called a "straight bankruptcy" and results in all debt which cannot be settles through the sale of your assets being written off. Chapter 133 bankruptcy, by contrast organizes your debts into a payment plan which fits your situation. In either case, the calls and mail stop flooding in and you can breathe easier. Once you notify a court that you intend to file for bankruptcy protection, the calls will stop, as will other collection efforts including legal actions, evictions, foreclosures and repossessions - the relief is almost instant.

Other bankruptcy chapters are target for specific needs, such as chapter 11 for businesses and chapter 12 for farmers. These are aimed to eliminate certain types of debt.

Filing bankruptcy can be complex and is a serious business, You should always work with an attorney who specializes in bankruptcies if you are considering this move.

Need More Free Information On Foreclosure Go To Forclosure Warriors.com Copyright 2008 All Rights Reserved. Or Find Our Foreclosure Guide At Brys Web Guides.com




Bankruptcy Not an Option? - Here Are Other Alternatives

Sun, 05 Oct 2008 04:15:00 +0000

Millions of people have been shut out of the bankruptcy courts since the laws were changed in 2005. Bankruptcy filings in 2006 were one-third of the number filed in 2005. Filings have been on the rise again in 2008 because of the horrible economic conditions we are seeing, but if not for the law change, we would probably approach twice the number that filed in 2005.The laws were changed primarily to help the banks avoid huge losses that were right around the corner. The lobbyists pushed the concept that many people were abusing the system though the reality was far different. The smart people in Washington and on Wall Street foresaw the bursting of the housing bubble as well as the drunken use of credit cards by people in trouble. The law change was seen as an answer for preventing a banking collapse. But as we have witnessed in recent weeks, the collapse was unavoidable.The irony is that the law change may actually have contributed to hasten the collapse. A record number of people are simply walking away from their obligations rather than consider alternatives. The hope of the establishment was that more people would be pushed into Chapter 13 Bankruptcy to reorganize their debt. This has not happened because the problems people are facing are so severe, that reorganizing is often not practical and with so many people owing more on their home than it is worth, it is not desirable.In reality, Chapter 13 Bankruptcy has never been a good deal for consumers. The vast majority of people that consider this option are doing so to save a home from foreclosure. Most Chapter 13 Bankruptcies fail because the terms set forth by the court are not practical. A Chapter 13 plan requires the debtor to pay back a portion of the arrears owed on the mortgage each month onto of the regular mortgage payment. Since the regular mortgage payment proved to be too much in the first place, any amount above that is impossible.What are better alternatives for consumers in trouble?First, if the problem is unsecured debt, debt settlement is probably the way to go. It doesn't make any sense to depend on Chapter 13 Bankruptcy for unsecured debt when you can work out just as favorable a deal outside of the court. And by doing it on your own, you don't have to answer to anyone.Second, if you are in trouble on a mortgage, try communicating with the lender. Don't kid yourself, the bank knows the deal. They are far more likely to negotiate terms that make sense now than ever before.Third, if all else fails, just walk away. This is obviously the least desirable strategy but if you find yourself unable to put food on your table or depressed to the point of being unhappy all the time, simply stop making the payments. If you own a home, stay put until they force you out. You may be able to live rent free for a long time. And who knows, if things improve down the road it's never too late to pick up negotiations to fix the mess.In the end, the only winners in this new Bankruptcy world are the lawyers who now collect heftier fees. Even the banks have become losers in this new scenario. Don't be surprised if you hear talk of changing the laws once again in the near future.Bob Lovinger has been helping consumers and business owners with financial challenges for the past twenty years. His companies have consulted with well over ten thousand households during that time span. He is the author and creator of 'The Financial Life System' book and system.Free eBooks and reports are available for immediate download at http://www.TheFinanceRebel.com[...]



The Nitty Gritty of Bankruptcy

Sun, 05 Oct 2008 03:50:00 +0000

Ever consider bankruptcy as the answer to all of your financial woes? After reading this article, hopefully you will have a more balanced opinion on the advantages and disadvantages of declaring bankruptcy.Bankruptcy happens involuntarily or voluntarily; either a creditor (owed $2,000 or more) takes a court order against you or you sign up and declare yourself bankrupt with the Insolvency Trustees Services Australia (ITSA) or a registered trustee. Bankruptcy is an option for protection from creditors for someone who cannot pay outstanding debts and cannot reach an agreement with creditors to repay through a flexible repayment plan or be discharged from all debt obligations. Usually those considering bankruptcy lack the resources to pay off creditors while meeting basic living expenses and have no sellable assets to repay creditors.One can opt for bankruptcy voluntarily by lodging the following documentation: a debtor's petition, a Statement of Affairs, and an acknowledgment that basically says that one is aware of the circumstances, effects, and consequences of bankruptcy.However, opting for bankruptcy is a major financial decision that should not be taken lightly. Other options may be more suitable than bankruptcy and it is crucial that one considers all of the alternatives to bankruptcy before binding oneself to its lifetime ramifications. There may be other ways to get protection from creditors.Declaring bankruptcy does not protect the bankrupt from being hassled by secured creditors such as banks, although it does protect the bankrupt from unsecured creditors such as major credit cards. For example, the credit card lender cannot legally ask for repayment while a secured creditor can simply take away assets that were covered by their security. Case in point, a bank can repossess a bankrupt's home if the bankrupt misses a mortgage payment.Alongside having to repay secured creditors, other creditors and payments which have to be paid despite declaring bankruptcy are: court fines and penalties , child support, fees relating to fraudulent proceedings, and HECS/HELP obligations.Bankruptcy also negatively impacts one's employment opportunities, ownership, earnings, and credit file. Certain industries are off limits for a bankrupt. A bankrupt employed in a restricted industry will have to look for another job in another industry and perhaps acquire a new set of vocational skills and certifications. Also, a bankrupt cannot be a company director without court approval.A bankrupt is forced to live on a smaller income because of mandatory payments to a Bankruptcy Trustee if earnings are over a certain amount, which is determined by the government.A bankrupt cannot own whatever he or she wants. A bankrupt can only own "necessary" household property and clothes, money or property bought with compensation payments, tools that meet a predetermined value, and a vehicle that meets a predetermined value. Check the ITSA website for current thresholds, restrictions, and updates at www.itsa.gov.au.While a bankrupt can apply for and obtain credit, the credit line available for borrowing is limited to a predetermined value. One also has to ask for permission in order to borrow more than that predetermined value.For seven years, a bankrupt's name and personal information will be all over various credit reference agencies' databases. After seven years, that information will be removed. Conversely, a bankrupt's name and personal information will stay recorded on the National Personal Insolvency Index, a public record which is accessible by any person or organization that is willing to pay a fee. Having name and personal information in a permanent record makes it harder to obtain financing options.For all of the aforementioned reasons, it is important to consider one's circumstances and investigate all the options, weighing them against the benefits and consequences of bankruptcy.New changes in the law also give more power to the government or the Bankruptcy Trust[...]



Five Bankruptcy Myths You Should Not Believe

Sun, 05 Oct 2008 03:50:00 +0000

If you are considering bankruptcy, but have serious misgivings that are preventing you from making a decision to proceed, prepare to be enlightened. Here is a list of the top five big bankruptcy myths.Myth #1 - Everyone will know I've filed for bankruptcy.Don't be offended, but almost nobody will know (or care) that you have filed for bankruptcy. Unless you're a big shot in your town or someone the media likes to highlight from time to time, it is very unlikely that anyone other than your creditors and perhaps a few close friends and family members will know you have filed.Yes it is true that bankruptcy is a public legal proceeding, but the fact is there is no single place that you can find an up-to-date list of people who have recently filed for bankruptcy. The number of people filing for bankruptcy is so high that very few publications have the manpower or motivation to assemble and update this information.Myth #2 - When you file a Chapter 7 bankruptcy all your debts are wiped out.This is simply not true. Certain types of debts such as child support, alimony, government-issued or government-guaranteed student loans, and debts incurred as the result of fraud will not be forgiven. Also most judges will not discharge legal judgement amounts you've been assessed as the result of someone suing you.Myth #3 - Everything I own will be taken away from me.This is a major misconception that frightens many people from filing bankruptcy. They assume they will be thrown out on the street with no house, no car and no money in the bank. But this is not the case. If it was, almost nobody would file for bankruptcy.Actual bankruptcy laws vary from state to state, but every state has exemptions that protect certain kinds of assets. These include your house, your car (up to a certain value), household goods and clothing and money in qualified retirement plans. In many cases a person will pass right through bankruptcy and essentially keep everything they have. That includes their mortgage and car loans as long as they keep on making the regular payments.Myth #4 - I'll never get credit again.Believe it or not, it won't be long before those eager beaver credit card companies will be sending you offers again. In fact there are companies that target high risk borrowers and people who've had credit problems. They charge exorbitant interest rates but that is the price you pay for needing credit in such circumstances.For this very reason most people are advised not to start running up bills again, and should most certainly stay away from acquiring a number of high interest rate credit cards. While it is true that most people who need a car loan will be able to find someone prepared to give them one, the rate will be very high. That is why it is best if you are thinking of buying a house or car to get these set up before you file and while your credit score still looks presentable.After bankruptcy, those loans will be tough to get and the higher interest rate will have a significant effect on your payments. Also, if you have a credit card with a zero balance on the day you file for bankruptcy, you don't have to list it as a creditor since you don't owe any money on it. That means you might be able to keep that card even after the bankruptcy.Myth #5 - When you're married, both spouses have to file for bankruptcy.Not necessarily. It depends whether one or both spouses are liable for the debt. Usually if both spouses are liable the creditor will try to get payment out of either or both. And if one spouse files, the other one is still vulnerable to being required to pay the whole amount.On the other hand if a significant amount of debt is in the name of one spouse only, the other spouse is not liable for that debt and is probably not advised to file for bankruptcy. This would typically be the case when one spouse has suffered losses from a business which the other spouse has no involvement in.Contact the bankruptcy lawyers at LegalHelpers.com. [...]



Filing Bankruptcy - New Bankruptcy Laws Create Confusion For Consumers

Sun, 05 Oct 2008 03:49:00 +0000

Many Americans are filing bankruptcy in hopes of eliminating debts or saving their home from foreclosure. While it is true bankruptcy can offer a fresh financial start, undergoing the process is no easy task. New bankruptcy laws, enacted in 2005, have made filing bankruptcy complicated and confusing.

For most people filing bankruptcy requires legal assistance. When possible, it is a good idea to interview three or four bankruptcy lawyers. Most law firms offer complimentary consultations to review financial information and provide advice. Filing bankruptcy can be an emotionally-charged experience, so it is important to work with a lawyer whose personality is complimentary to yours.

Prior to or during the bankruptcy process, debtors are required to undergo credit counseling. The Bankruptcy Abuse Prevention and Consumer Protection Act requires consumers to obtain counseling through a U.S. Trustee Program agency. Credit counseling must take place a maximum of 180 days prior to filing.

Debtors must also undergo the "means" test to determine if they are eligible to file for personal bankruptcy protection. A provision of BAPCPA requires consumers must pay a portion of their debts if possible. The means test is used to determine how much debt will be repaid.

In cases where debtors fall significantly below the median income level of their state, they may be allowed to file Chapter 7 bankruptcy. Chapter 7 involves liquidation of assets and discharge of debts. Otherwise, debtors will be required to file Chapter 13 bankruptcy and repay debts over an extended period of time.

In order to file bankruptcy, debtors must petition the bankruptcy court in the judicial district where they reside. A creditor meeting will be arranged and a repayment plan submitted to the court. BAPCPA requires debtors to pay a substantial amount of disposable income toward repayment of debts. If the debtor is unable to adhere to the repayment plan, they will fail out of bankruptcy and lose protection of the court. Failing out of bankruptcy means creditors can proceed with collection actions including initiating foreclosure.

When homeowners file bankruptcy to stop foreclosure, it is crucial they understand the consequences of failing out of bankruptcy. Mortgage lenders can commence the foreclosure process where it left off when bankruptcy was filed. In many instances, homeowners are only days away from eviction when they file. If they fail out of bankruptcy, the lender can foreclose in a matter of days.

Filing bankruptcy has far-reaching effects and should only be considered when all other debt elimination plans have failed. These might include debt settlement, debt consolidation or credit counseling. Take time to become educated about bankruptcy and fully understand the pros and cons. Look for alternatives that can yield the same results without being as detrimental to your credit.

Simon Volkov is a private investor who offers solutions to people facing bankruptcy and foreclosure. His website offers a comprehensive article library on debt consolidation, credit counseling, bankruptcy alternatives and money management. Learn more by visiting http://www.SimonVolkov.com




Do Not Be Deceived by False-Misleading-Deceitful Or Bad Information

Sun, 05 Oct 2008 03:48:00 +0000

Once in a while, my reader contact me through email or by phone informing me that they have seen my article title or some of the contents of my particular articles on some sites but credited to another author. They even send me links and snap shot of a page where the title or content appear. As a result, I investigate and inform the site Admin. Some of the site Admin.s think they are smarter than I am.What do they do: They remove the content or delete the entire page and respond to me by saying "I must be mistaking", "it is a great concern, but there is no such thing" or combination of other words that represent similar meaning.These people do not know that I sue companies and win or settle based upon facts and records not unfounded allegations.As a result, I dedicated a portion of my storage for such users, abusers, cheater and deceivers.However, as I was going back and forth with one of these admins who has some of my illegal contents I stumbled upon an article which is titled "How To Remove A Bankruptcy From Your Credit Report" by some author let's say M.C.I read the first few lines of the article, which was providing very much deceiving information. I don't like to use other people's content (even for the purpose of using it as an example. But I have no choice since I am using it as an example of unlawful attempts and very concerned for readers' finances and want to make certain you do not commit a crime in the process of repairing your credit. In the first few sentences, it says:' "The First Steps: Go over your credit report very carefully. If you live at an address other then the address where you filed, have it removed. Debts are often tied to addresses.Then, dispute and remove every account showing as "included in bankruptcy". This shouldn't be hard since creditors have very little incentive to verify the information. Why would they? They can't get paid on it." by M.C.Allow me to analyze this a bit for you. Although this is not the entire article, but the first step is clearly noted and I have a snap shot of it saved for raining day.Here are the problems with the first step:Why you may say it is illegal? Here are just a few (based upon reading the first few lines)a. A person cannot remove accurate information without the knowledge of the ones reporting the information (specially creditors the debt is owed to). Changing the address or false claim that the address was not mine is one of those... Then you must file an affidavit and submit it to the creditors who will investigate and if they find otherwise, they may prosecute you. When you dispute with the Credit Bureaus, the bureaus will turn your dispute to the creditors for investigation as their "NORMAL 30 days investigation process."b. The credit information is NOT addressed dependent, but SSN and other important and relevant information dependent. Some people change address faster than you and I change shirt. If someone wants to claim that "I did not live at such address" and disputes a line items (a derogatory) based upon that fact; and later is found that he/she did, that person would be investigated by the federal authorities and prosecuted in federal court (especially these day that fraud is very high). That is if creditors complain to the authority.c. Removing a true bankruptcy record without the authorization of a bankruptcy court is federal offense.d. These days, creditors database updates the bureaus database electronically and the accurate information will soon be placed back on (after removal).e. With the new system in place with Equifax and TransUnion (Experian is always a couple of steps behind), the man- handling (human/CS interventions) of information is getting more and more limited... (This is a FACT). I speak with the executive offices of these two companies very regularly.I only read the first few lines of this author's content therefore, I am commenting on what I read, however, t[...]



Bankruptcy is Not the Only Solution

Sun, 05 Oct 2008 03:48:00 +0000

If you, like thousands of other North Americans, find yourself swimming in debt month after month with no end in sight, you are probably weighing your alternatives. Bankruptcy may be one of the options you've been looking at, but it should certainly be the last one you consider. A bankruptcy will stay on your record for a minimum of 6 years. This means you may be required to sell some of your assets, and it will be extremely difficult to get credit cards or loans for at least the next 6 years after you file for bankruptcy.

If you are beyond debt consolidation, but you have a regular income and are able to pay a portion of your bills every month, then you have an alternative of which many financially strapped individuals are not aware: a consumer proposal. A consumer proposal is basically a debt negotiation with your creditors. You propose paying a lesser amount instead of filing for bankruptcy.

Martin Lander, Owner of CARFCO - Car and Truck Repair Financing had this to say when asked about consumer proposals, "It really surprises me how many people don't know that this is an option. Often when people can't make payments on their loans, they think their only option is to file for bankruptcy. What they don't know, or don't consider is that many creditors would negotiate a lower payment if it would avoid the customer filing for bankruptcy. If a customer does file for bankruptcy, very often the creditors end up with little or nothing to show, so they will usually be quite willing to negotiate a settlement."

Some of the benefits of a consumer proposal are:

** Less damage to your credit rating.

** Interest stops accruing at the time of filing.

** You only pay a portion of the total amount you owe (sometimes as little as 20%).

** You won't lose your assets.

** Wage garnishment and any other collection activities are stopped at the time of filing.

If you have decided that a consumer proposal is the best course of action for you, your next steps should be to seek the help of a licensed trustee, who will prepare your proposal and send it out to your creditors. Your creditors will then vote on whether or not to accept your proposal. If 75% or more of your creditors vote in favour of your proposal, it will be approved, if not, the trustee will call a meeting of creditors to negotiate new terms.

Bankruptcy should certainly be a very last resort, especially when this option is available and has so many benefits. A consumer proposal is not only better than bankruptcy for you, it is also better for your creditors.

Molly Wider is a Loan Officer at BHM Financial Group. To find out more about car repair financing and car-title loans, visit http://www.bhmfinancial.com




Finding Answers to Your Bankruptcy Questions

Sun, 05 Oct 2008 03:47:00 +0000

In today's very tough economic times, the process of filing bankruptcy may have crossed your mind. This is not a decision to be made lightly and should be considered only as a last resort because bankruptcy is going to have multiple long term negative effects on you, not the least of which is that it will be prominently shown on your credit report for the next 7 to 10 years.So where do you go to get your bankruptcy questions answered? Obviously you are doing research on the Internet which is a great place to start. But there are many facets to bankruptcy that you need to understand before you can make an intelligent decision as to whether to pursue filing or not. With the recent sweeping changes in bankruptcy law, it is no longer something you can or should do on a whim or if you are simply tired of paying your bills every month.First of all, what bankruptcy alternatives to you have? You probably have more than you realize, many of which are listed at our web site. Have you considered debt consolidation? Not a debt consolidation LOAN because another loan is just about the last thing you need right now, but using a debt consolidation service. You may also have options for debt settlement which has allowed many consumers to avoid bankruptcy.You need to realize that with the new bankruptcy laws, one of the things that will be done is to prepare a very detailed financial statement on where you are financially at this point in time. This will be presented to the federal bankruptcy judge, who will examine it and make a determination as to whether or not you will even be allowed to file. Yes that's right, you may not even be approved to file if this financial information is not presented in the right format or in the right light.This aspect is where you should consider using a qualified bankruptcy lawyer to help you with this process. They can analyze your situation since they are very familiar with the laws and especially how those laws apply in your state. They can recommend options and alternatives, and if bankruptcy is indeed your best option, they know how to present your financial information in the right light so that it can be approved to file. You should not be concerned about the lawyer's fees, since the vast majority of people have found that using a lawyer saves them much more in time, money, and assets that more than offset those fees. Contrary to the way it worked in the past, bankruptcy is no longer a do-it-yourself process.Have you analyzed your outstanding debt to determine what types of debt are there? If not, you should, because there are certain types of debt that cannot be discharged by any chapter of bankruptcy. So if your debt is composed of a large percentage of this type of debt, filing bankruptcy is not going to do you any good whatsoever.At this point in time, you undoubtedly have a number of bankruptcy questions that need and deserve answers. You need to know what your options are and the best way to proceed because doing nothing is absolutely the worst possible action.For more insights and additional information so you can get answers to your Bankruptcy Questions as well as finding resources and getting a free bankruptcy evaluation from a qualified bankruptcy lawyer in your area, please visit our web site at http://www.bankruptcy-data.com[...]



What Does Body Language Have to Do With the Dow And the Financial Crisis?

Sun, 05 Oct 2008 03:46:00 +0000

I am writing this less than 24 hours after the Dow fell a record 777 points, setting an all time record. The news is flooded with a grim, dark and rather pessimistic view of what we can expect as a result of this financial situation. I'll keep my political views to myself-it's better that way. I'm not an economist or financial guru. All I could offer is a very weak opinion about what "they" should do in Washington. No, politics is not my area of expertise. However, my area of expertise does in fact offer a powerful feeling of relief for those who may currently feel like the world is tumbling down around them.More than once in my life I had the opportunity to help bring a high level executive back from the brink of mental and emotional meltdown. If there is one thing I know to be true, it's that the "meltdown" is never the result of what is going on around us; it's the result of what is going on within us, and this my friends, is almost exclusively controlled by the way we are using our physical body and our nonverbal communication.For decades now, much has been written about taking control of our thoughts, or, thinking "positive" for a more enjoyable and productive life, and as you know, that advice is not without merit. However, you probably also know, that when you are caught up and the seemingly inescapable grip of anxiety, worry and fear, moving a mountain seems to be a more feasible activity than controlling your thoughts. This is precisely why body language is so critically important. While a racing mind may prevent us from running our own mind, we can always, yes, always, control the way we are using our physical body- and when we do, we get an immediate and instantaneous shift in how we are feeling. Interestingly enough, there is also a rapid shift in our thoughts. In short, the body doesn't follow the mind as quickly as our mind follows our body.Clearly, this article cannot encompass all of the nearly unlimited ways in which we can access powerful peak performance states even while chaos surrounds us. However, what I'm going to share with you here, has the ability to change the way you experience life the instant you use it; it does not require weeks or months of practice before it starts working.When you are experiencing stressful feelings, you are in what is referred to as foveal vision. Foveal vision simply means that your focus or line of sight is reduced to a narrow band of what is directly in front of you. Many refer to this as tunnel vision, and that accurately describes what happens; when in foveal, or tunnel vision, we are not aware of any options that exist, and focus only on the possible consequences of what we are worrying about.You've no doubt heard of peripheral vision, but what you may not have known was that when we intentionally switch to peripheral vision, we automatically trigger our parasympathetic nervous system. This is the part of our nervous system that initiates a return to calm, relaxed, and centered feelings. I think you'll agree, even in the most trying of times, you can consciously control what you are doing with your eyes. When you do, seemingly magical things happen.So, right now, as you are reading this, I'd like you to take a moment, and while you keep eyes and head directed at this article, allow your awareness to shift so that you are aware of what exists off to your left, to your far right, up above you, and down below you. Simply become aware of the spaces all around you, as far out as you can comfortably go. Then, just comfortably remain with your awareness here for 20 seconds or so. You may be surprised to discover that after just a few seconds, you will effortlessly and automatically take a deep breath. This is a sign your parasympathetic nervous system is responding.This can be done as often each day as you like- the more the bett[...]



Settle Your Tax Debt With Bankruptcy - Avoid 5 Common Traps

Sun, 05 Oct 2008 03:45:00 +0000

Can't Pay! You can make Debt Vanish with a Bankruptcy! Is this true? No, it's not. If you file for Bankruptcy, your debt can grow! Penalties and interest don't stop accruing in the time it takes for a Bankruptcy to be approved. So watch out. Don't fall into this trap.

5 Common Bankruptcy Traps: Why Bankruptcy doesn't work for Tax Debt.

1. Having Money and Assets

If you have plenty of money in the bank to satisfy your debt, your money will be seized to satisfy your debt. You're not escaping the IRS if you have money to pay them. No matter what you try to do.

2. Filed Before?

If you filed under Chapters 7, 11, 12, or 13 and paid your unsecured creditors less than 70% of what you owed them, you cannot get another discharge.

3. Is it Fair?

You may try to file Bankruptcy although you can afford to pay the IRS in monthly installments. Your case for bankruptcy will be thoroughly examined. And if they find you have enough income to pay for your basic needs AND your debts, they won't allow the bankruptcy. Your Bankruptcy will be dismissed on Issues of Fairness and your IRS Debt will remain.

4. Secured Creditors

If a creditor has a right to take specific property to satisfy a debt, that creditor is secured. That means Tax Liens survive Bankruptcy. You either pay after Bankruptcy, or the IRS can repossess your property.

5. Fraudulent Transfers

People try to be slick. They often transfer money out of their account before Bankruptcy to improve their odds of it being discharged. You won't get away with it! The Bankruptcy code deems all transfers of money or property to friends, relatives, or business associates within one year of filing for Bankruptcy as fraudulent transfers. The Bankruptcy court can then seize property from the person who received it, and use it to pay your IRS Debt!

No Easy Way Out: If your financial situation is desperate, the IRS has a solution for you. You might qualify for a Hardship Plan. The Hardship plan would stop the IRS's relentless collections efforts for a few months, giving you time to get your finances in order. It won't be easy to convince the IRS you need the Hardship Plan. But you're better off trying any of the IRS's options then resorting to Bankruptcy.

Now You Have The Smoking Gun...Use it!

Richard Close was an IRS-Hitman. He was a revenue officer who took out anyone that owed the IRS money. He left that behind and now helps thousands of Americans beat Uncle Sam and save thousands of dollars. The IRS-Hitman can help you with your tax debt problems. He has partnered with Tax Defense Network to offer free advice and tips to get you tax debt settled one and for all with the IRS. Visit at: http://www.irs-offer-in-compromise-hq.com or http://www.taxdefensenetwork.com or call 1-888-248-9058.