Before You File Bankruptcy – Read This!

no-money-2070384_640There are only a few financially related words that bring more terror than ‘bankruptcy.’ There is a good reason for this, too. Having to declare bankruptcy is a serious situation and it should never be the first thing you turn to when it comes to dealing with financial issues or debt.

For some people, though, declaring bankruptcy can provide them with a solution to quite major debt issues. To make it incredibly simple, you can file for bankruptcy when you find yourself in a position where you owe much more than what you can afford to pay.

This is a complicated process and not too many people find this an option that is feasible. It is also something that you should not pursue until after learning what happens when you file and exhausting all of your other options. Let’s take a closer look at some of the things you should do before you decide to file for bankruptcy.

Tax Debt

If you are in a position where you owe the IRS money and you cannot pay, you might want to look into a tax debt relief program. The worst thing that you can ever do is to ignore it. You need to be in communication with the IRS so that you can get the debt resolved. You might come to find that you qualify for an IRS installment agreement that will allow for you to make payments to get the debt paid off.

Credit Counseling

Before you decide that your only option is to file for bankruptcy, you should have a counseling session with one of the many credit counseling organizations that are available. This session shouldn’t take more than an hour. During that time, there will be an evaluation of your financial situation and a discussion regarding any available alternatives to filing for bankruptcy. You can have this counseling session either in person, on the phone, or online.

If you cannot pay for one of these sessions the credit counseling organization must provide it for free. If this is the case, you need to ask for a fee waiver before you have your session. If you don’t ask for this before your session, you might end up having to pay for it… it is usually about $50. This can vary though depending on the kinds of services you receive, where you live, and a few other factors. After you have had your session, you need to get a certificate from the counseling organization as proof that you did indeed receive credit counseling.

Dealing with Creditors

When you get into a situation where you are falling behind with your payments on your bills, and your phone won’t stop ringing with calls from debt collectors and your creditors, there is still hope. You probably really don’t want to talk to them, but if you do, you might come to find that they might be willing to work out a solution with you. If you are wondering how you will ever pay off a debt, you might want to consider negotiating with the creditors or debt collectors. Debt collectors will buy your debt from your creditors for literally pennies on the dollar.

This is important because it gives the collector and you wiggle room to negotiate on the repayment of it. Your creditors might also be willing to negotiate with a lower interest rate, longer repayment terms, or something else as opposed to just having to write off your debt as a loss. It really is in their best interest to work with you.

Consider Your Actions that Might End Up with Future Payments

If you are expecting to get money, but you don’t have it yet, these funds can be considered a portion of your bankruptcy estate. When you decide to file for Chapter 7, your bankruptcy trustee has the right and obligation to take these funds and use them to pay any unsecured creditors you might have. Examples of these kinds of funds can include a tax return that has been filed but not yet received, an inheritance that is to be paid in the future, or agreeing to get a bonus at work in the future. If you are expecting to get payments in the future, talk it over with your bankruptcy attorney.

Is Online Gaming Really a Good Way to Make Money?

keyboard-453795_640Online gaming has exploded in popularity over the past few years and when it is linked to the risk and excitement of winning money it can be an extremely enjoyable experience. If you’re on a strong run of good luck it can often feel like having a second job or a second income, but is online gaming really a good way to make money?

As with all forms of gambling there is the unpredictable chance of both losing and winning, so even he most seasoned gambler with a well thought out strategy cannot guarantee victory. In order to make any profit and at any sort of regularity you need to be fully aware of the rules and regulations of what it is you’re playing, whether it’s roulette and the different selection odds or online poker with the chance to win huge pots of cash.

The gambling industry is slowly becoming saturated with brand new offers, bonuses and boosts giving the customer that extra chance, that extra reward or that extra incentive and Betsafe is one of the best. These offers and free bonuses can make the opportunity to make money online gaming that much easier and can even give you the chance to do so without laying out any real capital of your own funds.

There are hundreds of options to choose from when online gaming including the classic Vegas games such as roulette, blackjack and digital one-armed bandits. Each has their own different odds and winning percentages so you won’t be without winning opportunities. Online betting, bingo and casino now takes up 29% of the gambling market share in the UK and with huge yearly turnovers for bookmakers it makes it very unlikely that you would be able to consistently come out on the winning side. Of course with online gaming, in order to win any money, you first have to lay down your own investment to the process. So if you do lose you aren’t just not winning the prize you’re also going home with a lighter wallet.

Winning is the end goal for online gaming and the prize of finishing with more money to your name is an incredibly attractive proposition. Every now and then you might win big or you might even sustain a relatively long period of time winning smaller amounts but it only becomes truly worth it when you make a continuous profit over the capital that you’ve laid out. This is definitely possible and many people have been able to make it work as long as you are gambling sensibly and within your means. If you’re only gambling what you can afford to then online gaming is definitely a good way to make money, it may not be the most risk averse, but the odds and potential returns can be immense. The temptation of winning can often lead to you making incorrect or extremely risky decisions with your money, so it’s important to keep it simple and avoid the lure of high odds.

4 Tips for Working for Creating a Debt Management Plan

calculator-1516869_640It can be hard to stay on a financial budget at all times. There are so many temptations in life and things that you may want to purchase. This is typically the reason some individuals are simply on a budget. Getting items that you don’t necessarily need, but want can land you in a lot of debt. It may be that your debt management plan doesn’t go as planned and this is when you may need to rely on other professionals to see you through this time and offer some tips that will help you get on the right financial track. Being aware of things you can do to alleviate your debt is sure to be ideal.

Tip #1: Discuss effective methods

When you rely on a debt collection agency to help you get your life back on track when your financial status is way out of control, you will get some benefits. This is by far the best way for you to get your life back and work to have a better control of your money in the process.

Listed below are some things this agency can assist with:

  1. Creating a budget that you will stick to at all times and even some tips for allowing you to do so.
  2. Looking at the amount of your income versus the debt you have to can allow this agency to put a budget in place. You will need to make more than you spend for optimal results
  3. Providing you with detailed information on how to stay on better track with your money is only one of the things an agency of this type can achieve for you.

Tip #2: Practice caution

You will want to avoid jumping into any type of spending habit that simply is over the amount of money you make. This can quickly get you in debt, and this is the last thing you will ultimately want to do.

Be sure to avoid taking a plunge into debt and getting things that you simply don’t have to have. One way to do this is to write down all of the things you purchase each day and keep a list. Doing so will allow you to know where your money went and may decrease the chance of you spending as much.

Tip #3: Reduce credit cards

You will want to limit the number of credit cards you keep in your possession. This is one of the ideal ways to prevent buying too many things that will directly land you in lots of debt.

Consider just having one or two credit cards on hand, and this can decrease the chance that you may feel pressured to use many others. This is by far the best way to help you keep spending down and your debt in check in the process.

Studies do show the average household does carry $6,500 worth of debt. This is a substantial amount, but many people have much higher numbers than these to worry about each year.

Taking time to learn things you can do that will help reduce the amount of debt you do have is one of the best things you can do. This will take the right amount of time and effort on your part, but it can be done with the right attitude and professionals that are willing to help you. Get started today, and you’ll be glad you did when you have your finances under better control for a less stressful life and a larger bank account. There is nothing like having financial peace to allow you to face each day with a better mood and place in life to be!

5 Truths About Bank Loans You Need to Know

document-428331_640Did you know most millennials are drowning in debt?  The cause is a combination of student loans and a changing a job market and the effect has been chilling and some have wondered if millennials will ever be able to get out of debt.   A good part of getting out of debt is being able to earn more and spend less.  But another aspect is knowing how to manage debt.  This includes understanding bank loans – even the things the banks won’t tell you.  As such, here are five truths about bank loans you need to know.

  • Debt-to-Income

We all reach a point in our lives when it is time to settle down.  Maybe some of your friends are already doing this – getting married, having kids, buying houses.  But here is what you need to know about mortgages; almost all of them are written following the same rules.

There is a simple reason for this as most lenders sell their mortgages to get back the funds to make more loans.  This is called the secondary market and to a large extent, the rules of the secondary market dictate the acceptable parameters for mortgages.

In terms of getting loan approval, one of the biggest things you need to know about is called the debt-to-income ratio.  This is how much total debt (including those pesky student loans) you have compared to your income.  While the max debt-to-income ratio is 45%, most banks won’t write mortgages above 42%.   Granted there are some exceptions, but they are few and far between.

  • Be Prepared

Rate locks usually apply to home mortgages but they can also be used for other loans as well.  Truth be told a 30-day rate lock is not a long time as there are several steps in the process of buying a home which need to happen before you can close.

As such, you want to be prepared by having all your documentation ready.  This will help you get the final approval from your bank without any delays, ensuring that you won’t have to pay any additional fees to keep that low rate locked in.

  • Not the Only Game in Town

The banks are scared to death of this and the entire industry is currently undergoing a massive wave of disruption – just ask any college buddy who is working at one.  While periods of disruption are never smooth, it also creates an opportunity for you as banks are NOT the only option.

Today you can choose from peer-to-peer lenders, alternative finance companies, and even sources private capital.  As such, it pays to shop around.  Don’t just talk to the banks in your area, but go online and how other people getting the loans they need.  Take a look at pros and cons of getting a conventional bank loan vs a working capital loan and then decide which one is right for you.

It doesn’t matter if the loan is for a new home or if you need to get additional financing for your business.  Shop around and see what is the best fit for you.  Remember banks are not the only game in town.

  • You Need Equity

Building on the third truth, the rules are changing.  This is especially relevant if you are looking at a car loan or a loan for your business.  While banks tend to focus on what is known as the loan-to-value ratio, newer entrants have a different way of looking at things.  For them, they are looking more at your ability to repay than the overall loan-to-value, sure they do take it into account, but it is not the key criteria for their decision-making process.

  • Fees Are Negotiable

Most banks loathe to admit this, but their fees are negotiable.  Why do they hate to admit this?  It is because the fees are a significant part of how they make money on loans.  As such, you should not only look at the interest rate, but also the fees which go into calculating your Annual Percentage Rate (APR).

Depending on the loan and its size, many of these fees are negotiable and getting a break can save you hundreds or thousands of dollars per year.  Don’t be afraid to ask, the fees are negotiable.

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Before You File Bankruptcy – Read This!

no-money-2070384_640There are only a few financially related words that bring more terror than ‘bankruptcy.’ There is a good reason for this, too. Having to declare bankruptcy is a serious situation and it should never be the first thing you turn to when it comes to dealing with financial issues or debt.

For some people, though, declaring bankruptcy can provide them with a solution to quite major debt issues. To make it incredibly simple, you can file for bankruptcy when you find yourself in a position where you owe much more than what you can afford to pay.

This is a complicated process and not too many people find this an option that is feasible. It is also something that you should not pursue until after learning what happens when you file and exhausting all of your other options. Let’s take a closer look at some of the things you should do before you decide to file for bankruptcy.

Tax Debt

If you are in a position where you owe the IRS money and you cannot pay, you might want to look into a tax debt relief program. The worst thing that you can ever do is to ignore it. You need to be in communication with the IRS so that you can get the debt resolved. You might come to find that you qualify for an IRS installment agreement that will allow for you to make payments to get the debt paid off.

Credit Counseling

Before you decide that your only option is to file for bankruptcy, you should have a counseling session with one of the many credit counseling organizations that are available. This session shouldn’t take more than an hour. During that time, there will be an evaluation of your financial situation and a discussion regarding any available alternatives to filing for bankruptcy. You can have this counseling session either in person, on the phone, or online.

If you cannot pay for one of these sessions the credit counseling organization must provide it for free. If this is the case, you need to ask for a fee waiver before you have your session. If you don’t ask for this before your session, you might end up having to pay for it… it is usually about $50. This can vary though depending on the kinds of services you receive, where you live, and a few other factors. After you have had your session, you need to get a certificate from the counseling organization as proof that you did indeed receive credit counseling.

Dealing with Creditors

When you get into a situation where you are falling behind with your payments on your bills, and your phone won’t stop ringing with calls from debt collectors and your creditors, there is still hope. You probably really don’t want to talk to them, but if you do, you might come to find that they might be willing to work out a solution with you. If you are wondering how you will ever pay off a debt, you might want to consider negotiating with the creditors or debt collectors. Debt collectors will buy your debt from your creditors for literally pennies on the dollar.

This is important because it gives the collector and you wiggle room to negotiate on the repayment of it. Your creditors might also be willing to negotiate with a lower interest rate, longer repayment terms, or something else as opposed to just having to write off your debt as a loss. It really is in their best interest to work with you.

Consider Your Actions that Might End Up with Future Payments

If you are expecting to get money, but you don’t have it yet, these funds can be considered a portion of your bankruptcy estate. When you decide to file for Chapter 7, your bankruptcy trustee has the right and obligation to take these funds and use them to pay any unsecured creditors you might have. Examples of these kinds of funds can include a tax return that has been filed but not yet received, an inheritance that is to be paid in the future, or agreeing to get a bonus at work in the future. If you are expecting to get payments in the future, talk it over with your bankruptcy attorney.

Is Online Gaming Really a Good Way to Make Money?

keyboard-453795_640Online gaming has exploded in popularity over the past few years and when it is linked to the risk and excitement of winning money it can be an extremely enjoyable experience. If you’re on a strong run of good luck it can often feel like having a second job or a second income, but is online gaming really a good way to make money?

As with all forms of gambling there is the unpredictable chance of both losing and winning, so even he most seasoned gambler with a well thought out strategy cannot guarantee victory. In order to make any profit and at any sort of regularity you need to be fully aware of the rules and regulations of what it is you’re playing, whether it’s roulette and the different selection odds or online poker with the chance to win huge pots of cash.

The gambling industry is slowly becoming saturated with brand new offers, bonuses and boosts giving the customer that extra chance, that extra reward or that extra incentive and Betsafe is one of the best. These offers and free bonuses can make the opportunity to make money online gaming that much easier and can even give you the chance to do so without laying out any real capital of your own funds.

There are hundreds of options to choose from when online gaming including the classic Vegas games such as roulette, blackjack and digital one-armed bandits. Each has their own different odds and winning percentages so you won’t be without winning opportunities. Online betting, bingo and casino now takes up 29% of the gambling market share in the UK and with huge yearly turnovers for bookmakers it makes it very unlikely that you would be able to consistently come out on the winning side. Of course with online gaming, in order to win any money, you first have to lay down your own investment to the process. So if you do lose you aren’t just not winning the prize you’re also going home with a lighter wallet.

Winning is the end goal for online gaming and the prize of finishing with more money to your name is an incredibly attractive proposition. Every now and then you might win big or you might even sustain a relatively long period of time winning smaller amounts but it only becomes truly worth it when you make a continuous profit over the capital that you’ve laid out. This is definitely possible and many people have been able to make it work as long as you are gambling sensibly and within your means. If you’re only gambling what you can afford to then online gaming is definitely a good way to make money, it may not be the most risk averse, but the odds and potential returns can be immense. The temptation of winning can often lead to you making incorrect or extremely risky decisions with your money, so it’s important to keep it simple and avoid the lure of high odds.

4 Tips for Working for Creating a Debt Management Plan

calculator-1516869_640It can be hard to stay on a financial budget at all times. There are so many temptations in life and things that you may want to purchase. This is typically the reason some individuals are simply on a budget. Getting items that you don’t necessarily need, but want can land you in a lot of debt. It may be that your debt management plan doesn’t go as planned and this is when you may need to rely on other professionals to see you through this time and offer some tips that will help you get on the right financial track. Being aware of things you can do to alleviate your debt is sure to be ideal.

Tip #1: Discuss effective methods

When you rely on a debt collection agency to help you get your life back on track when your financial status is way out of control, you will get some benefits. This is by far the best way for you to get your life back and work to have a better control of your money in the process.

Listed below are some things this agency can assist with:

  1. Creating a budget that you will stick to at all times and even some tips for allowing you to do so.
  2. Looking at the amount of your income versus the debt you have to can allow this agency to put a budget in place. You will need to make more than you spend for optimal results
  3. Providing you with detailed information on how to stay on better track with your money is only one of the things an agency of this type can achieve for you.

Tip #2: Practice caution

You will want to avoid jumping into any type of spending habit that simply is over the amount of money you make. This can quickly get you in debt, and this is the last thing you will ultimately want to do.

Be sure to avoid taking a plunge into debt and getting things that you simply don’t have to have. One way to do this is to write down all of the things you purchase each day and keep a list. Doing so will allow you to know where your money went and may decrease the chance of you spending as much.

Tip #3: Reduce credit cards

You will want to limit the number of credit cards you keep in your possession. This is one of the ideal ways to prevent buying too many things that will directly land you in lots of debt.

Consider just having one or two credit cards on hand, and this can decrease the chance that you may feel pressured to use many others. This is by far the best way to help you keep spending down and your debt in check in the process.

Studies do show the average household does carry $6,500 worth of debt. This is a substantial amount, but many people have much higher numbers than these to worry about each year.

Taking time to learn things you can do that will help reduce the amount of debt you do have is one of the best things you can do. This will take the right amount of time and effort on your part, but it can be done with the right attitude and professionals that are willing to help you. Get started today, and you’ll be glad you did when you have your finances under better control for a less stressful life and a larger bank account. There is nothing like having financial peace to allow you to face each day with a better mood and place in life to be!

5 Truths About Bank Loans You Need to Know

document-428331_640Did you know most millennials are drowning in debt?  The cause is a combination of student loans and a changing a job market and the effect has been chilling and some have wondered if millennials will ever be able to get out of debt.   A good part of getting out of debt is being able to earn more and spend less.  But another aspect is knowing how to manage debt.  This includes understanding bank loans – even the things the banks won’t tell you.  As such, here are five truths about bank loans you need to know.

  • Debt-to-Income

We all reach a point in our lives when it is time to settle down.  Maybe some of your friends are already doing this – getting married, having kids, buying houses.  But here is what you need to know about mortgages; almost all of them are written following the same rules.

There is a simple reason for this as most lenders sell their mortgages to get back the funds to make more loans.  This is called the secondary market and to a large extent, the rules of the secondary market dictate the acceptable parameters for mortgages.

In terms of getting loan approval, one of the biggest things you need to know about is called the debt-to-income ratio.  This is how much total debt (including those pesky student loans) you have compared to your income.  While the max debt-to-income ratio is 45%, most banks won’t write mortgages above 42%.   Granted there are some exceptions, but they are few and far between.

  • Be Prepared

Rate locks usually apply to home mortgages but they can also be used for other loans as well.  Truth be told a 30-day rate lock is not a long time as there are several steps in the process of buying a home which need to happen before you can close.

As such, you want to be prepared by having all your documentation ready.  This will help you get the final approval from your bank without any delays, ensuring that you won’t have to pay any additional fees to keep that low rate locked in.

  • Not the Only Game in Town

The banks are scared to death of this and the entire industry is currently undergoing a massive wave of disruption – just ask any college buddy who is working at one.  While periods of disruption are never smooth, it also creates an opportunity for you as banks are NOT the only option.

Today you can choose from peer-to-peer lenders, alternative finance companies, and even sources private capital.  As such, it pays to shop around.  Don’t just talk to the banks in your area, but go online and how other people getting the loans they need.  Take a look at pros and cons of getting a conventional bank loan vs a working capital loan and then decide which one is right for you.

It doesn’t matter if the loan is for a new home or if you need to get additional financing for your business.  Shop around and see what is the best fit for you.  Remember banks are not the only game in town.

  • You Need Equity

Building on the third truth, the rules are changing.  This is especially relevant if you are looking at a car loan or a loan for your business.  While banks tend to focus on what is known as the loan-to-value ratio, newer entrants have a different way of looking at things.  For them, they are looking more at your ability to repay than the overall loan-to-value, sure they do take it into account, but it is not the key criteria for their decision-making process.

  • Fees Are Negotiable

Most banks loathe to admit this, but their fees are negotiable.  Why do they hate to admit this?  It is because the fees are a significant part of how they make money on loans.  As such, you should not only look at the interest rate, but also the fees which go into calculating your Annual Percentage Rate (APR).

Depending on the loan and its size, many of these fees are negotiable and getting a break can save you hundreds or thousands of dollars per year.  Don’t be afraid to ask, the fees are negotiable.