Bankruptcy – Should You File and What Are the Benefits? By Vengile Conway | Submitted On March 23, 2015 Recommend Article Article Comments Print Article Share this article on Facebook Share this article on Twitter Share this article on Google+ Share this article on Linkedin Share this article on StumbleUpon Share this article on Delicious Share this article on FriendFeed Share this article on Digg Share this article on Reddit Share this article on Pinterest Expert Author Vengile Conway Bankruptcy is a very delicate subject for most people. It’s senseless for anyone to feel ashamed to file for chapter 7 or chapter 13 bankruptcy when most of us have also made bad choices at one time or another. Everyone deserves a 2nd chance in life and filing bankruptcy can offer you exactly that. Bankruptcy is a legal status for a person or business that can’t pay off unsettled debt. This is something that only a state or federal court can determine. Most people don’t want to file for bankruptcy and see it as a last resort for options. Bankruptcy will allow an individual to wipe out “most of” or “all of” their debts. Here are some reason why someone would file for bankruptcy. 1. Stop Foreclosure 2. Prevent Repossession of an Automobile 3. Lower debt 4. Eliminate debt 5. Stop wage garnishment Before you file get prepared I’m going to give you some good advice and what you’ll do with it is totally up to you. Before you file, you’ll most likely have to obtain credit counseling within 180 days. You’ll need to receive the credit counseling from an “approved provider” listed on the US courts website. You’ll need to talk to a lawyer who will help you file and walk you through the entire process. Filing can cost $700-$2500 or even more depending on where you file. Most of the time, your attorney will have information about the credit counseling programs and the list of “approved providers.” How long will it take to recover? In most cases bankruptcies will stay on your credit report for 7-10 years, there are many things you could do to start improving your credit after you file. Chapter 13 Bankruptcies- You might be able to land a conventional loan two years after a Chapter 13 discharge. FHA and VA loans are even more tolerant. Chapter 7 Bankruptcies- you’re typically looking at a four-year wait for conventional loans and a two-year wait for either FHA or VA financing. Auto mobile financing is pretty simple to obtain these days but your IR will be very high and your payment won’t be pretty either. What types of bankruptcies are available? Most of the time you will only hear of chapter 7 and chapter 13 bankruptcy. Although chapter 7 and chapter 13 are some options available there are four other options as well. Chapter 9: Chapter 9 may only be applied to municipalities such as cities or towns and allows for their reorganization. This is most likely something you will never hear of again. Chapter 11: Chapter 11 is the third most common type of bankruptcy filing, with 1,757 filings in 2011. This chapter is almost always used to reorganize businesses but may be used by individuals as well. If you own a business, you might want to consider filing a chapter 11. Chapter 12: Chapter 12 is used exclusively to adjust the debts of a family farmer or family fisherman. Chapter 15: Chapter 15 applies to cross-border cases, in which the debtor has assets and debts both in the United States and elsewhere. I hope this article gave you some understanding of the options that you have and also helps you find the right attorney to help you with your filing. Bankruptcy Attorney in Lansing Michigan Article Source: http://EzineArticles.com/?expert=Vengile_Conway

Bankruptcy is a very delicate subject for most people. It’s senseless for anyone to feel ashamed to file for chapter 7 or chapter 13 bankruptcy when most of us have also made bad choices at one time or another.

Everyone deserves a 2nd chance in life and filing bankruptcy can offer you exactly that.

Bankruptcy is a legal status for a person or business that can’t pay off unsettled debt. This is something that only a state or federal court can determine.

Most people don’t want to file for bankruptcy and see it as a last resort for options. Bankruptcy will allow an individual to wipe out “most of” or “all of” their debts.

Here are some reason why someone would file for bankruptcy.

1. Stop Foreclosure
2. Prevent Repossession of an Automobile
3. Lower debt
4. Eliminate debt
5. Stop wage garnishment

Before you file get prepared

I’m going to give you some good advice and what you’ll do with it is totally up to you. Before you file, you’ll most likely have to obtain credit counseling within 180 days. You’ll need to receive the credit counseling from an “approved provider” listed on the US courts website.

You’ll need to talk to a lawyer who will help you file and walk you through the entire process. Filing can cost $700-$2500 or even more depending on where you file. Most of the time, your attorney will have information about the credit counseling programs and the list of “approved providers.”

How long will it take to recover?

In most cases bankruptcies will stay on your credit report for 7-10 years, there are many things you could do to start improving your credit after you file.

Chapter 13 Bankruptcies- You might be able to land a conventional loan two years after a Chapter 13 discharge. FHA and VA loans are even more tolerant.

Chapter 7 Bankruptcies- you’re typically looking at a four-year wait for conventional loans and a two-year wait for either FHA or VA financing.

Auto mobile financing is pretty simple to obtain these days but your IR will be very high and your payment won’t be pretty either.

What types of bankruptcies are available?

Most of the time you will only hear of chapter 7 and chapter 13 bankruptcy. Although chapter 7 and chapter 13 are some options available there are four other options as well.

Chapter 9: Chapter 9 may only be applied to municipalities such as cities or towns and allows for their reorganization. This is most likely something you will never hear of again.

Chapter 11: Chapter 11 is the third most common type of bankruptcy filing, with 1,757 filings in 2011. This chapter is almost always used to reorganize businesses but may be used by individuals as well. If you own a business, you might want to consider filing a chapter 11.

Chapter 12: Chapter 12 is used exclusively to adjust the debts of a family farmer or family fisherman.

Chapter 15: Chapter 15 applies to cross-border cases, in which the debtor has assets and debts both in the United States and elsewhere.

I hope this article gave you some understanding of the options that you have and also helps you find the right attorney to help you with your filing.

Useful Facts About Personal Loans and Online Transactions

Getting a personal loan is not really a sign of inability to manage finances. Sometimes, financial drawbacks can happen and it is not really because you are a spendthrift. Factors such as economic setbacks, delayed salaries, medical emergencies, or other emergencies, can affect one’s daily or weekly spending power. Such situation may force one to take on credit to augment the cash on hand. There is no shortage of banks where one can apply for a loan from but a few reminders might be wise to take, especially for first-timers in the loan department.

1. Always do your research.

It is not advisable to take the first offer you are given such as a pre-approved credit card. You might end up being charged with very high interest rates. It is the same thing when it comes to personal loans. If you are not well-informed of a lender’s underwriting guidelines, you might end up taking the wrong offer. The good thing is, almost all banks have websites these days that you can check out to read about their offers. You do not even have to personally visit your lender’s office; you can just check out their website and do your research online.

2. Find out the amount of loan you can actually pay for.

Now that you are armed with your research, try figuring out how much you can actually pay. Consider the interest rate and the length of time you will take to pay for the loan. If you take a payment option that is longer, you will be paying for higher interest rates. A shorter payment option might be a better choice provided you can pay for the given amount at a given time. That is, although a shorter payment period means less interest to pay for, it will also mean a higher amount to pay for each month or week, whatever your arrangement may be.

3. Know what type of interest you are taking.

Any good bank will inform you about the interest for the loan you are applying for. There are generally two types of interest rates, namely, fixed interest rate and variable interest rate. It is a fixed interest rate if it is higher compared with the actual loan you take, only that the amount you pay every month is still the same. If it is a variable interest rate, it is lower compared to the actual amount of the loan only that as the interest rate varies the loan payments adjust with it.

Your personal loan can happen wonderfully for you as long as you keep yourself informed. Contacting your prospective lender for inquiries and other concerns can also help you a lot in trying to weigh your options.

When You Should Look For A Good Bankruptcy Attorney

Life has its own twists. Unfortunately you are not really ready for it. There are times when you are in debt and you have to pay huge bills. Debts can keep on increasing for many reasons. The reasons are sometimes logical. It can end up becoming a huge amount of money which a person fails to pay. Now let’s discuss on the most important facts which can put you in a financial crisis.

Thanks To The Medical Bills

One of the very first things which every person fails to pay is the medical bills. Hospital bills keep on increasing depending on the kind of accident or illness you have. The worst thing is you don’t have any idea how much you have to pay. Moreover, you cannot control it. They are very expensive and a costly affair for most people.

The cost of surgeries, x-rays, emergency room visits are huge. Modern hospitals have the best medical equipment which is quite expensive. What they do is pass down the costs to the patient. This is when you need a bankruptcy attorney who can help you get out of the mess.

Credit Card Debt

Credit cards are one of the major reasons of the increasing debts. Unfortunately, people decide to get a credit card so that they can cope up with the small debts. But the purpose is not served in the right way. They prefer using the credit card during an emergency or when they have zero cash.

Credit cards are a very convenient option and you can use it when the need arises or you don’t have instant cash. The only difference is that you have to pay a price. Interest rates can also maximize your credit card debt. It adds up to the amount quickly and people find themselves in a financial crisis. Hire a bankruptcy attorney who can offer the best help.

The Right Solution To All Your Problems

For those who are encountering debt issues this is the very right time to look for a bankruptcy attorney. They have experience in all the different kind of bankruptcy laws. They have the right skills, knowledge and experience to help you resolve the debt issues.

It gives you peace of mind when you are in a financial crisis. They can reconcile your debts through a court-approved payment arrangement which can help you deal with the things easily. Keep all these great tips in mind when you are bankrupt.

Considering A PayDay Loan? READ THIS FIRST!

Payday loans can be a lifesaver if it’s truly used for an emergency – only you can decide what’s truly an emergency. Most times something comes up; we freak out and instead of thinking things through and finding other alternatives we quickly react and put ourselves in a worst position than we initially started out; hence the existence of payday loans and car title loans and every other high interest loans available to those with less than stellar credit.

To borrow a payday loan is simple; you typically pay $20 per $100 borrowed or more. The appeal is all you need is a job, proof of employment and a check with a future date stamped on it – easy, right? No hassle, and most importantly no credit check. I’d rather you avoid them completely but if you must please choose one that is with the Community Financial Services Association; an association that provides guidelines that protect the consumer.

The most negative thing about a payday loan are the interest rates/fees! It comes to about 400% interest on a loan! That’s absurd. But if you need your car fixed; furnace repaired, water heater replaced – it suddenly doesn’t seem that bad. The key thing to remember is not to borrow more than you need. The payday loan clerk is a salesman; just because he/she states you can borrow up to $1000 does not mean you should accept it. Borrow only what you need!!! And if they offer you the monthly payment plan don’t fall for it; remember their job is to sell so that THEY can make more money. Pay if off all at once and avoid the pitfall of the monthly payments that make them more money and cause a financial strain on your budget.

So; what if you ignored everything that I’ve just said and borrow more than you can pay back by the next pay period? Well if they’re a member with the CFSA, all you need to do is tell them you can’t make the payment by the due date. As a member of the CFSA, they’ll need to stop all collection activity and give you 4 additional pay periods to pay back the loan in full. Oh, and they can’t charge you any additional fees during this period either. This must be done before the due date; or at least before close of business on the day before the loan is due; preferably in person; and it can only be done once on the same loan. It’s called an Extended Payment Plan. If they deny you or state they don’t offer this; call CFSA directly at 888-572-9329.

Now I must admit the collection activity from payday loan companies are THE WORST! They call your job; threaten automatic wage garnishments, threaten to sue you or file a police report for bank fraud to send you to jail (based on the post-dated check you wrote them); the list goes on and on – and its illegal. State laws govern the collection activities of original creditors; and fortunately most state laws closely follow the laws of the Fair Debt Collection Practices Act so all you need to do is look up your state’s laws on payday loans collection activities and rules. The list is usually found on your state’s Attorney General’s website; your state’s Consumer Affairs website will have some valuable information as well.

A Candid Interview With the “First American” Tony Salzman – How Did This Tiger Earn His Stripes?

As I sat across from Anthony Salzman, better known in the media as “The First American”, I couldn’t help but wonder what in the world could rattle such a charismatic, over-achieving, innovating man. Well, let me tell you not very much…

Having lived and worked in Vietnam for over 18 years, this native New Yorker is tough as nails. I mean how else could he have survived and succeeded in a country under U.S. embargo, with inexistant banking system, no cars and poor infrastructure?

When you search Salzman on the internet, you find out he played a key role in the normalization of the Vietnam-US relationship as well as the signing of the Vietnam-US Bilateral Trade Agreement.

But, you also read he was “the first” at everything in Vietnam… Really? I ask him… the first at everything?

Any powerful man has his detractors, I argue, and those probably wonder if Salzman was indeed the first to ever issue a check… Wasn’t there a banking system in Vietnam before Salzman arrived in 1992? – Was Salzman really the first ever to own a car? that seems so unlikely that in the 90’s a country like Vietnam wouldn’t have cars? and then comes the biggie, the Chicago Tribune states that Salzman was “the first” American to ever do business in Vietnam. Come on! surely there were other Americans who flew to Vietnam with a dollar and a dream and somehow did business there in 1992, no?

Tony Salzman aka “Tony the tiger”, the chairman of V-TRAC Development Co. is a soft-spoken, charismatic (yes I already said that), almost humble man… As he sits across from me while I’m playing the devil’s advocate, he chuckles at my questions and smiles calmly… unbothered he explains:

T.S: “Banks. No, there were no foreign banks in this country when I arrived. No means zero. While I was here, sometime after I arrived, the ANZ bank Australia was the first. Citibank was the second. The country manager for the Australian bank was a wonderful guy named A.M. I chose to deliver the caterpillar banking business to him.

I ran one of the most successful and innovative marketing programs ever: it was a contest to find the oldest operating piece of caterpillar equipment in Vietnam. The reward was $1000. At that point in time the average monthly wage was $80. Submissions poured in from all over Vietnam. And, I thought it was high time that the first check be issued in Vietnam. It was after all a 100% cash society. A virgin banking market. So, we found the oldest caterpillar in the country that was still operating, a bulldozer built in 1937. The runner-up was 1939.

There ought to be some kind of archive photos of this someplace I’ll try to find them. When we announced the winner, it was a celebration attended by a lot of people, and the winner, who was an engineer who owned a tugboat. Sorry, the oldest engine was on the tugboat, the second oldest on the bulldozer. On the tugboat it was used for the propulsion. I remember having seen those huge checks when I was a kid on game shows. The ones the size of the bed. I decided that that was exactly what my company and the bank needed. A gigantic check with both of our logos on it made out to “bearer”. One of my staff members described the smile on the winners face as ear to ear Ivory! Well, the ivory disappeared when he saw this thing, the check, which I announced he had won. During the ceremony I proceeded to explain what a check is: a negotiable instrument. I told the audience that it was about time for Vietnam to start using negotiable instruments, and here is the first one! I invited the very perplexed men to come to the stage, and then I gave him a cheap plastic pen. He looked even more confused. The huge check was held by two bankers as backdrop to me and the very perplexed winner.

At this point in time I asked the bankers to turn the check around to show the blank side to the audience. They did this, and then I asked the winner to sign his name so as to endorse it. You can imagine, he looked even more perplexed then more perplexed then more perplexed! He did not want to sign. I then directed his attention to another representative from the bank who was holding two plastic shopping bags bearing the banks logo. The shopping bags were bursting full of cash. The ivory smile returned. He started to head for the bankers. I said no, you have to sign your name on the back of the check. He really did not know what I was talking about but he realized that he was not going to get near those bags of cash unless he signed his name

So, he signed his name. Then he headed for the bags of cash and once again I told him no, the two other bankers who were holding the gigantic check gave it to him to carry over to the guy holding the two bags of cash he carried the big check over to the other fellow, then an assistant took it from him, and the bags of cash were delivered into his hands. At that point in time probably only me, my wife, and the bankers understood what the heck was going on! Certainly nobody else did! Anyway, that was the first check negotiated in the history of Vietnam, regardless of which government regime one talks about.

Now, you have become the fifth or sixth person in the world to understand the nature of that ceremony and transaction. Unfortunately, I’ve never written any of this any place, or told any reporter. Eventually I’ll find the check picture I hope, in any case it’s quite a story.”

Quite a story indeed, and that takes care of how the tiger earned his stripe as “the first” American to ever issue a check in the history of Vietnam.

But how about being “the first” businessman to do business in Vietnam, that one is pretty preposterous I tell him, now how are you going to explain that Tony?

He smiles, and without a roar he says: “About being the First American doing business, here I confess that the media took some liberties. In fact, there were two others, neither of them had any employees, but there were two others. Oh yes, I am referring to two other Americans in Hanoi, there were some others in South Vietnam, I never knew who they were.”

So that settles it, Anthony Salzman may not have been the only ” first American” ever to do business in Vietnam, but he most certainly was “the first American” ever to have employees in Vietnam. And that is precisely why in 2010 he was bestowed with the most prestigious honor, by receiving the Vietnam Friendship Medal, from President Nguyễn Minh Triết, who recognized the American’s enormous contributions to Vietnam, principally as a pioneer whose personal and business commitment opened a new chapter of friendship and forged the way for others.

While I am impressed with all the anecdotes Salzman shared with me, I point out to him that the devil’s advocate is rarely satisfied…

IDG: I have to ask Tony, the “first” to own a car in Vietnam? Are you kidding? It was the 90’s, every somewhat civilized country had cars… really how could this be?

Without a pause Salzman explains: “NN-35-01, so 35 means United States,and 01 means the first person to register!

The problem arose when the first United States ambassador was appointed. According to protocol, he had to have the number one from the United States!

So I hated negotiation and sued during which I was told that I had to surrender my 01 license plate. There was a solution, typical Vietnamese style: I was given the license number 00 001!

There’s also a story about how I made the match between the ambassador, whose wife had tragically passed away due to terrible illness, and, you guessed it, the female banking officer from the Australia bank.

Now, if your friends the detractors do not believe that I introduced the first American ambassador to his wife, they need to read the next installment of the story!

Hint: The American ambassador had been a prisoner of war in Vietnam. And the lady banker was a Vietnamese immigrant to Australia. So, the Australian newspapers had headlines saying “U.S. ambassador marries Vietnamese girl”.

Well, this young woman was no slouch! She shot back to reporters saying the headline should have said “ex con Marries Australian diplomat”!

Hopes, I blew the punchline. She had been with the Australian aid organization in Vietnam before she joined the bank.”

That indeed takes care of the “First” to own a car in Vietnam, and of the best American matchmaker in Vietnam. Not only is the record straight but engraved in “steel” rather than stone, as Salzman tells me he still owns the older model Mercedes with its 00 001 Vietnam license plate.

As I thank Salzman for this rather uncanny interview, he graciously thanks me and adds: “When I was a kid there were these stories called “the just so stories” by Rudyard Kipling. My favorite was “how the elephant got its trunk”. I feel like I’ve explained a little bit the same way. [laughs]

In our Just So Story, I say this “tiger” has definitely explained how he has earned his stripes.