There is usually one big problem when people file for bankruptcy, it’s the lack of information heading into the proceedings. Usually, the person who is admitting surrender comes in with an attitude that the professional will teach them everything they need to know. Yes, this is as true as anything, but that doesn’t mean those filing can do whatever they like. There must be protocol followed well before filing.
For instance, those filing should be clear and confident in their decision. This isn’t a fly by night idea. Filing for bankruptcy will affect the financial well being of that person for years to come. This should be a decision made with complete certainty and only after much time for reflection. It’s important to look at the situation from all angles and make sure that it’s the only course of action.
Once the decision has been made the next thing to do is to get your financial picture in order as you go through the process. Many people look at the window of time before they enter in to bankruptcy as a time to free spend. This is never the time to free spend, or make rash decisions about your money. Many people will run up a credit card thinking that they have immunity, but that’s not the case at all. Filing for bankruptcy doesn’t mean that all debts will be expunged and all property saved. Filing just means you are asking for a level of help that you have never had before.
There are things you need to keep in mind when it comes to bankruptcy filings. Just be practical and do the right thing and you’ll be on the road to financial recovery.
It’s amazing that someone in the midst of the biggest financial meltdown of their life can still find a way to be wholly dishonest. Many men and women who file for bankruptcy every year find a way to get themselves into a whole new set of trouble by complicating the bankruptcy proceedings with lying. It sounds unbelievable that there would be people out there who would still choose to hid the truth. The problem is that financial rock bottom means that there is a large number of people who have spent so time running from their problems that they get used to not owning up.
When you meet with a bankruptcy specialist, you must be willing to tell them everything you know about your financial situation. This means that you need to take time to do some prep work. What the prep work entails is setting out a list of debts. Everyone from family to creditors should be on the list. If you owe $5 or $500 you need to be upfront with them.
You want to make sure you have all current statements as well as statements for the last six months. The current statement is the most important, but the last six months will allow them to paint a better picture of the situation.
Another thing to consider is telling your advisor of anything that might be on the horizon. That is the kind of communication that will help you out in the end. You have to make sure you both are on the same page. Filing is tough and it’s even harder when you aren’t telling the whole truth. Do the right thing and be honest.
Saving money is never an easy thing to do. People try every day with a host of different results. The issue for most is knowing where to start. How do you take a lifestyle and start trimming the fat in order to save money? The truth of the matter is that you must do so little by little. It’s like a wall that cannot come down with one big swing. You must chip away at it, little by little, and it will fall in time.
The first piece to chip away at is any utility bill that you can think of. Of course you need these in your life, but that doesn’t mean that you have to pay what you are paying for them. In many cases there are ways to lower your bills. Sure, many times it’s not for more than five to ten dollars over the course of the year, but that’s neither here nor there. The key for you is to let all of that add up over time.
Something else to consider is renegotiating your insurance policy. Many people attempt to do this online, but you are better off going to talk to someone who does it for a living. They are going to be able to tell you all the ins and outs of your policy and how you can go about saving money. It’s a very helpful idea and one that you should take advantage of.
Saving money is never easy, but that doesn’t make it any less necessary. Making the right decisions for you and your financial well being now can save you a lot of stress in the long run.
Well before you get to a point of filing for bankruptcy, you get to a point where you have to face the realization that you are in serious financial trouble. You know that you are getting very close to being in the danger zone of bankruptcy. This means that you are going to have to cripple your financial future if you are not careful. So, before you go ahead and give up on everything you have worked so hard for, here are some things you can do to help this from turning into a disaster.
When you realize that your life is going out of control you need to start facing the person in the mirror. This means that every bill that comes into the house matters and it needs to be addressed with urgency. Grab all the recent statements up and move forward with your plan of attack. You need to know just how much you are in the whole before you are willing to make a plan. Once you know you can see how much you can help yourself.
Something to consider, and this is not untrue, is that there are a number places that can help you make sense of your situation and give you the kind of direction that you need in order to figure your way back to stability. Now, this doesn’t mean they will solve problems for you. You’ll need to show great will and strength of character in order to battle your money demons but once you do that you should be well on your way to financial recovery. You have to face the problem head on if you ever want it to go away.
The art of saving money is not anything easy to learn. There are plenty of little nuances and in order to save as much as you can there are times when you have to get creative. If you have been staring at the recession and wondering what you were going to do to save money then you have no need to fear, there is a very simple method for dealing with this. Here are some tips to help you save money and keep you out of harm’s way financially.
Changing lightbulbs and moving to more energy efficient products is a way to do something that is good. You can save hundreds of dollars a year on energy costs. Don’t get caught up in the fact that you aren’t saving millions. The truth of the matter is that it’s about slowly, but surely, getting your financial picture healthy again. Another thing to think about as you move forward is the money you are spending on gas. A lot of people don’t even consider different ways to work. Just taking public transportation could save you half the money in spend on gas each and every year.
Something you should consider is losing your low deductible. It will save you when it comes to the monthly premiums. Now, if you have a history of accidents then you might want to think twice about putting yourself in that position, but otherwise you’ll want to go ahead and do it because you don’t need that kind of deductible.
Saving money is a good practice and one that comes from saving a little bit at a time. All you have to do is get creative.
Ok, so you are aware that your financial future is in peril. You have been spending like you are dying tomorrow. You have little to show for it, and even less to be proud about. You are ducking collectors at every turn and now you are trying to find your way out. The key to your financial recovery has everything to do with savings. It’s the life blood of a future that is happy and ready to be done right. Here are some ways that you can save that you haven’t tried yet.
The first is bringing your lunch to work. Don’t become part of the “nickel and dime” culture. This is a cross section of people who make more than enough to live within their means, but instead whittle money away on small purchases. You have to be aware of doing that to yourself. If you can figure out how to stop it then you could be ready for whatever comes around. Taking your lunch, even two or three days a week could save you twenty to thirty a week just by making this simple adjustment.
If you are heading to the grocery store than you want to make sure you are doing it when you are in a hurry. This matters because it gives you far less time to think than you would have otherwise. You just go in and you get what is on your list. Everything you do is done with a purpose in mind. This is a simple change and one that can keep you from traveling outside your budget. If it helps you save at all then it is worth doing.
As more people are filing for bankruptcy than ever before, you know the importance of saving money. Many people are bringing in less money are than they are spending and it’s a big reason why so many are going into the red for good. If you find yourself thinking about bankruptcy than you need to make big changes and do it quickly. Of course these changes can be as simple as making the right phone calls to the right people. Here are some tips to lower your spending in a heartbeat.
Switching to generic brand food will save you money. There are stores out there that are comprised entirely of generic food. Even if that isn’t something you are interested in all you have to do is get yourself a cart full of the generic foods at your local high end grocery store. It will still save you money compared to the brand foods.
Something else to consider is calling your local utility providers, such as your phone bill and your electric bill and asking them if you can get on a cheaper plan or if there is anything you are doing to reduce the amount of charges you are getting every month. Often these companies have saver plans and helpful options for the budget conscious person. If you are interested in that you could save quite a bit of money over the course of the year.
These two simple steps can yield big savings, and the best part is that they don’t have to be implemented over time. They can be done today. You should save yourself from the trap of bankruptcy by taking your money matters into your own hand. Don’t be a fool when it comes to your own financial future.
(Reuters) - The Federal Reserve will likely nod to renewed weakness in the U.S. economy in a post-meeting policy statement on Wednesday, but don’t expect policymakers to do anything about it any time soon.
That’s in part because underlying inflation, considered too low in the period preceding the launch of the central bank’s most recent round of bond purchases, has been rising.
Vice President Joe Biden will take another trip to Capitol Hill Wednesday for his second budget negotiating session of the week.
The Biden group met for several hours Tuesday before Biden headed to Chicago for an early evening speech.
The Biden group will meet at 2 p.m. Wednesday. It is also expected to meet Thursday and possibly Friday.
August isn’t just the deadline for the Treasury’s “extraordinary measures”: it’s also the month when these firms will likely request another multi-billion dollar cash infusion
A lot is written these days about the debt ceiling fight. Lots of articles also continue to bemoan the bailout of mortgage financiers Fannie Mae and Freddie Mac. Yet these two pet topics of economic and business commentators tend not to intersect. But they could in a few months. Every quarter, Fannie and Freddie go to the Treasury with their latest need for a cash infusion. Their next scheduled request will be in August — the same month when the Treasury’s “extraordinary measures” are set to dry up. Will Fannie and Freddie make the situation even more difficult for the Treasury if the debt ceiling isn’t raised by that time?