Bankruptcy - Curse Or Blessing? It's Up to You
By Ed Dugan
By the time people are faced with bankruptcy it's usually too late for them to have a choice. Their lawyer will tell them what to expect and how to go about the process but that doesn't deal with the personal aspects and the changes it will make in their lives. Having gone through the ordeal I've come to the conclusion that almost everything associated with bankruptcy has been a blessing in disguise. We declared bankruptcy after a hurricane destroyed our only source of income. One day it was there and the next it was gone, with no insurance to cover the loss. To say the least, it was a learning experience.
If you are considering bankruptcy, and today you have a lot of company, let me try to dispel some of the myths surrounding the procedure. Not legal myths, personal myths. First, stop thinking it is some kind of disgrace to go bankrupt. It is a standard legal procedure that millions of people have used to get out from under a mountain of debt when fate has turned against them. If you are like most people, a lot if not all of your debt is from credit cards. The people holding that debt are the same friendly people that the government is considering moving against because of their insensitive business practices. The credit card lobby is the reason the bankruptcy laws were changed in their favor several years ago. After more than 30 years of making my payments on time I never gave a second thought to reversing course on these people. Incidentally, if you do declare bankruptcy, I can guarantee that two weeks after you do so you will start receiving offers for yet another credit card! With a very low limit and a whale of a credit rate.
Second, stop worrying about your credit rating for the next 5-7 years - it's tanked and will stay there. Long after the bankruptcy has faded from your mind, those banks and credit card companies will not have forgotten it. In retrospect, having bad credit, (actually after bankruptcy you have no credit), could be the best thing that ever happened to you. You won't have to agonize anymore about whether to buy something you can't afford. If you don't have the cash you simply can't buy it! Now that may seem to be a rather harsh way to live but your grandparents managed just fine with the philosophy of only buying what they had the money to pay for. No money, no purchase. Another phrase for that, and you had better get used to it, is living within your means. I can tell you from experience, it will strengthen your character, teach your children a valuable lesson and make you feel superior in every way.
The most important aspect I got from bankruptcy is a new respect for real money. Before, when I looked at something I was considering buying I saw only plastic. Plastic gave me the power to have instant gratification with no worries about the future. Now, when I see something I like I see real dollars attached to it and I know if I want to buy it those real dollars are going to leave my wallet forever and will need to be replaced rather quickly.
The very first thing a person needs to do after bankruptcy is formulate a realistic monthly budget. Boy, will that ever wake you up! Maybe, for the first time in your adult life, you begin to grasp the limitations of living within your means. Talk about bringing life down to its basics, you may for the first time see the importance of a utility bill, repairs and maintenance of your car, how much you are spending on eating out, even the cost of lunch every day. If you are single, dating takes on an entirely new perspective. If you have a family you have the duty to sit down with them and explain the realities of your new life. If you have teenage kids you have my deepest sympathy.
When I talk about a new budget I don't mean cutting a little here and a little there. You have to scrutinize every dollar you are spending and take a new look at things you thought were essential but really aren't. Country club and other memberships need to go. Keep the fitness center membership however. Be ruthless about discarding expenses that are not absolutely essential to survival. You can always add them back in but not until you are certain you have taken your budget down to the minimum. Consider things you would never consider before. Moving to a cheaper house our apartment, for instance. If you are right side up on your car loan think about selling it and buying a car with no payments. Once you get to the bare minimum of expenditures it takes for you and your family to survive and you find a little slack then, and only then, can you make an intelligent decision about whether an extra expenditure is worth it. At that point you will get a lesson on what's important and what isn't.
One thing I can almost guarantee, a short time after bankruptcy you will begin to appreciate the little pleasures that life has to offer. Instead of spending $40 going to the movies try a $10 picnic in the park. Instead of eating out two or three times a week learn how to cook a really good meal at home, with leftovers for a lunch later on in the week. Instead of flying to Cancun for a vacation, try a series of short day trips to interesting places you have been ignoring. In other words, economize, but don't do it grudgingly do it with a positive attitude. The truth is, you have no choice because you have no credit so chill out a little and take it as it comes. You might be surprised how easy that is.
Speaking of saving money, I have written an award-winning cookbook called Help-I Gotta Cook! (Cookbook of the Year for 2007) that will teach you how to cook delicious, healthy meals the first day you own it. I even have a chapter on tailgating and picnics so you can move into your new lifestyle immediately. If you want to learn more about it and me, check out my website http://www.ineedtocook.com
================================================
The Cost of Filing Bankruptcy - Is it Free?
By Alexander Miller
Some people have the misconception that filing bankruptcy does not cost anything, which is not true. Depending upon the state you are living in, the legal processes in this regard may vary. You may have to pay different types of fees. The court may waive some of those fees, but there are a couple of fees that cannot be waived. It means filing your petition to be declared as bankrupt can never be completely free. Following is a brief rundown on the various costs associated with the process.
Court Fees
The court fee does not always remain the same. In the last few years, it has kept increasing with every passing year. Therefore, make sure that you have the updated information on how much amount is charged by the court in your state for filing bankruptcy. The good news is that the court usually waives this amount for those who have a low income. You will have to use the form EX160A in order to apply for such fee exemption. However, if you are not sure whether you qualify for such exemption, you are recommended to get things clarified by contacting the concerned staff at the court. The staff will get you the true picture.
The Fee Charged By The Official Receiver
The Official Receiver's fee is the largest amount of fee involved in this process. Regardless of whether you have a low income or are entitled to certain income benefits, this amount can never be waived. You will have to pay the fee at the time of filing your petition at the court. The Official Receiver is the person that the court appoints to liquidate all your assists in order to get the money needed to pay off your creditors. This way, he/she actually acts as your trustee. In other words, when it comes to filing bankruptcy, you will have to pay to someone who is going to dispose off your assets. You will no longer need to deal with your lenders directly - the Official Receiver will do it on your behalf.
Additional Costs
Depending upon your specific case and the state you belong to, there can be some additional costs as well. In general, you will be liable to pay a small amount of fee in case the affidavit has been submitted in the high court. However, you will not be charged any amount apart from the Official Receiver's fee and court fees if the affidavit has been submitted in the County court.
If you are filing bankruptcy as partners in a business, all the partners will be liable to pay the costs individually. Likewise, if you are filing the petition as a married couple, both of you will have to pay the fees.
The legal processes involved in filing bankruptcy can be very complex in nature. That is the reason why you are strongly recommended to hire an experienced bankruptcy attorney to defend your case in the court in the most efficient manner.
By Ed Dugan
By the time people are faced with bankruptcy it's usually too late for them to have a choice. Their lawyer will tell them what to expect and how to go about the process but that doesn't deal with the personal aspects and the changes it will make in their lives. Having gone through the ordeal I've come to the conclusion that almost everything associated with bankruptcy has been a blessing in disguise. We declared bankruptcy after a hurricane destroyed our only source of income. One day it was there and the next it was gone, with no insurance to cover the loss. To say the least, it was a learning experience.
If you are considering bankruptcy, and today you have a lot of company, let me try to dispel some of the myths surrounding the procedure. Not legal myths, personal myths. First, stop thinking it is some kind of disgrace to go bankrupt. It is a standard legal procedure that millions of people have used to get out from under a mountain of debt when fate has turned against them. If you are like most people, a lot if not all of your debt is from credit cards. The people holding that debt are the same friendly people that the government is considering moving against because of their insensitive business practices. The credit card lobby is the reason the bankruptcy laws were changed in their favor several years ago. After more than 30 years of making my payments on time I never gave a second thought to reversing course on these people. Incidentally, if you do declare bankruptcy, I can guarantee that two weeks after you do so you will start receiving offers for yet another credit card! With a very low limit and a whale of a credit rate.
Second, stop worrying about your credit rating for the next 5-7 years - it's tanked and will stay there. Long after the bankruptcy has faded from your mind, those banks and credit card companies will not have forgotten it. In retrospect, having bad credit, (actually after bankruptcy you have no credit), could be the best thing that ever happened to you. You won't have to agonize anymore about whether to buy something you can't afford. If you don't have the cash you simply can't buy it! Now that may seem to be a rather harsh way to live but your grandparents managed just fine with the philosophy of only buying what they had the money to pay for. No money, no purchase. Another phrase for that, and you had better get used to it, is living within your means. I can tell you from experience, it will strengthen your character, teach your children a valuable lesson and make you feel superior in every way.
The most important aspect I got from bankruptcy is a new respect for real money. Before, when I looked at something I was considering buying I saw only plastic. Plastic gave me the power to have instant gratification with no worries about the future. Now, when I see something I like I see real dollars attached to it and I know if I want to buy it those real dollars are going to leave my wallet forever and will need to be replaced rather quickly.
The very first thing a person needs to do after bankruptcy is formulate a realistic monthly budget. Boy, will that ever wake you up! Maybe, for the first time in your adult life, you begin to grasp the limitations of living within your means. Talk about bringing life down to its basics, you may for the first time see the importance of a utility bill, repairs and maintenance of your car, how much you are spending on eating out, even the cost of lunch every day. If you are single, dating takes on an entirely new perspective. If you have a family you have the duty to sit down with them and explain the realities of your new life. If you have teenage kids you have my deepest sympathy.
When I talk about a new budget I don't mean cutting a little here and a little there. You have to scrutinize every dollar you are spending and take a new look at things you thought were essential but really aren't. Country club and other memberships need to go. Keep the fitness center membership however. Be ruthless about discarding expenses that are not absolutely essential to survival. You can always add them back in but not until you are certain you have taken your budget down to the minimum. Consider things you would never consider before. Moving to a cheaper house our apartment, for instance. If you are right side up on your car loan think about selling it and buying a car with no payments. Once you get to the bare minimum of expenditures it takes for you and your family to survive and you find a little slack then, and only then, can you make an intelligent decision about whether an extra expenditure is worth it. At that point you will get a lesson on what's important and what isn't.
One thing I can almost guarantee, a short time after bankruptcy you will begin to appreciate the little pleasures that life has to offer. Instead of spending $40 going to the movies try a $10 picnic in the park. Instead of eating out two or three times a week learn how to cook a really good meal at home, with leftovers for a lunch later on in the week. Instead of flying to Cancun for a vacation, try a series of short day trips to interesting places you have been ignoring. In other words, economize, but don't do it grudgingly do it with a positive attitude. The truth is, you have no choice because you have no credit so chill out a little and take it as it comes. You might be surprised how easy that is.
Speaking of saving money, I have written an award-winning cookbook called Help-I Gotta Cook! (Cookbook of the Year for 2007) that will teach you how to cook delicious, healthy meals the first day you own it. I even have a chapter on tailgating and picnics so you can move into your new lifestyle immediately. If you want to learn more about it and me, check out my website http://www.ineedtocook.com
================================================
The Cost of Filing Bankruptcy - Is it Free?
By Alexander Miller
Some people have the misconception that filing bankruptcy does not cost anything, which is not true. Depending upon the state you are living in, the legal processes in this regard may vary. You may have to pay different types of fees. The court may waive some of those fees, but there are a couple of fees that cannot be waived. It means filing your petition to be declared as bankrupt can never be completely free. Following is a brief rundown on the various costs associated with the process.
Court Fees
The court fee does not always remain the same. In the last few years, it has kept increasing with every passing year. Therefore, make sure that you have the updated information on how much amount is charged by the court in your state for filing bankruptcy. The good news is that the court usually waives this amount for those who have a low income. You will have to use the form EX160A in order to apply for such fee exemption. However, if you are not sure whether you qualify for such exemption, you are recommended to get things clarified by contacting the concerned staff at the court. The staff will get you the true picture.
The Fee Charged By The Official Receiver
The Official Receiver's fee is the largest amount of fee involved in this process. Regardless of whether you have a low income or are entitled to certain income benefits, this amount can never be waived. You will have to pay the fee at the time of filing your petition at the court. The Official Receiver is the person that the court appoints to liquidate all your assists in order to get the money needed to pay off your creditors. This way, he/she actually acts as your trustee. In other words, when it comes to filing bankruptcy, you will have to pay to someone who is going to dispose off your assets. You will no longer need to deal with your lenders directly - the Official Receiver will do it on your behalf.
Additional Costs
Depending upon your specific case and the state you belong to, there can be some additional costs as well. In general, you will be liable to pay a small amount of fee in case the affidavit has been submitted in the high court. However, you will not be charged any amount apart from the Official Receiver's fee and court fees if the affidavit has been submitted in the County court.
If you are filing bankruptcy as partners in a business, all the partners will be liable to pay the costs individually. Likewise, if you are filing the petition as a married couple, both of you will have to pay the fees.
The legal processes involved in filing bankruptcy can be very complex in nature. That is the reason why you are strongly recommended to hire an experienced bankruptcy attorney to defend your case in the court in the most efficient manner.
Tips Menembus Harga Pasar Handphone
