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Archive for the ‘bankruptcy’ Category

How To Deal With Personal Bankruptcy

20 Feb

Personal bankruptcy can be a tough challenge for many of us. Although it sounds scary, sometimes it can be a solution for your personal finance problems. In order to make sure you handle it well, many people make use of the services of bankruptcy trustees or financial counselors.

A financial counselor knows the financial legislation, and they could lead you out of trouble with their advice, so you can avoid going bankrupt. In some situations, it is better to go for personal bankruptcy, as this would free you from all your creditors and allow you to have a fresh start. But it is very hard, at least it would be for me, to assess the situation and decide which is the best solution for my case. I would seek for financial advice from an expert, in order to make sure I don’t do some foolish thing.

If you are looking for an Ottawa bankruptcy trustee, you can try the services of Raymond Chabot, which is the largest network of bankruptcy trustees and financial counselors in Ottawa and Quebec. Their website offers an interesting tool, Rapid Diagnosis, which, in less than 2 minutes will assess your situation and will give you a rapid diagnosis of your financial status.

Another useful tool which you can make use of online, on Raymond Chabot’s website, is the Online Budget tool. This would allow you to easily administer your financial situation. Besides, it is free.

Article kindly brought to you by Raymond Chabot. 

 
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Surviving Bankruptcy: Qualifying for Credit and Loans

03 Dec

By R. Lawrence Anderson

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When many people think about surviving bankruptcy, they are usually worried about whether or not they will be able to qualify for credit and loans in the future.

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So how does one go about surviving bankruptcy? First, you need to put together a game plan – then focus on working that plan.

For example, let’s say that qualifying for credit and loans is one of your concerns when it comes to surviving bankruptcy – and by the way, it’s a valid concern.

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So what would your “surviving bankruptcy” game plan look like when it comes to qualifying for credit and loans? Here are three steps you could follow:

Surviving Bankruptcy Step #1: Rebuild your credit

Rebuilding your credit as soon as possible is critical when it comes to surviving bankruptcy. Why? Because rebuilding your credit history can increase your credit score. This in turn can mean the difference between qualifying or being declined for a loan. Second, if you increase your credit score enough it could help you get a lower interest rate – as a result, you could end up saving $100s or even $1,000s in extra interest.

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Surviving Bankruptcy Step #2: Know how the credit approval process works

This is another key part of your surviving bankruptcy game plan. You need to know what lenders look for when evaluating a credit application, and how to use that information to your advantage. I cover this in detail in After Bankruptcy Credit Solutions. Timing is also critical – a lot of people who have had a bankruptcy get this wrong when applying for a loan.

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Surviving Bankruptcy Step #3: Know how to apply for credit

If you’ve followed steps 1 and 2, then you’re ready for step three. One key part in step 3 is knowing which lenders to apply with. If you don’t, you could end up being in for disappointing results – which can make surviving bankruptcy unnecessarily difficult. Also, once you do find the right lender you want to reduce your interest expenses – there are specific steps you can take that can save you up to $100s or even $1,000s of dollars. There is not enough room to cover them here, but I do go through them in After Bankruptcy Credit Solutions.

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So now you know some steps you can take when it comes to surviving bankruptcy as far as credit and loans are concerned. Of course, much will depend on your personal financial situation, age of your bankruptcy, credit score, etc. But hopefully, you can use them as a starting point when it comes to credit and loans after bankruptcy.

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=============================================================

Copyright � 2006 Innovative Solutions Publishing, Inc. All rights reserved.

DISCLAIMER:

This information is designed to provide only a general overview of the subject matter herein.

This information is provided with the understanding that neither the publisher nor author is engaged in rendering legal, accounting or other professional advice. If legal or other expert assistance is required, the services of a professional should be sought.

Neither the publisher nor author shall be liable for any loss or damages, including but not limited to special, consequential, incidental or other damages, caused by the information contained herein.

================================================================

About the Author: R. Lawrence Anderson is author of After Bankruptcy Credit Solutions, which shows individuals how to qualify for credit and loans after bankruptcy – a valuable resource for anyone concerned about surviving bankruptcy when it comes to credit and loans.

 
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Bankruptcy Law and How to Get Your Credit Back

02 Dec

By Finn Jensen

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Personal Bankruptcy what is it? Personal Bankruptcy is legal procedures that enables a debtor to for the time being or lastingly avoid paying some of their personal debt unpaid. The US Congress enacted the existing bankruptcy code in 1978, and newly amended it in the spring of 2005.The objective of the legislation is to give relief and structure to those people of society who have gotten themselves so deep into debt they can not possibly pay back. Currently there are 2 forms of bankruptcy that are available for individuals: chapter 13 & chapter 7.

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Will you be able to get credit again? Undoubtedly, the banks have become better at working with people who have filed for personal bankruptcy. You can get a new kind of protected credit card, where a deposit is made to cover the line of credit. This card is the start of the process of credit restoration. Within a couple of years, the banks will start giving you credit again.

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What about my creditors? You might worry about your creditors harassing you, and if they will ever get off your back. They will! By law all activities against a debtor must end when bankruptcy papers have been filed with the government.

Will anybody know that I filed? Very few people will know that you have filed for Bankruptcy. The file goes into the public record. Credit bureaus will keep a documentation of your filing for 10 years.

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Changes made to the bankruptcy laws? The “Bankruptcy Abuse Prevention and Consumer Protection Act of 2005″ was passed by congress in spring of 2005 and will be effective on October 17th, 2005. The purpose of the act was to force people who have enough money to make some of the payments on their debt make those payments instead than steer clear of the debt all together. The major changes are:

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Tests are performed to identify the ability of the debtor to pay their debts. The tests are: Is the family earning higher than the average income for their state? If yes, does the family have enough income to pay some or all of their debts?

Debtors wishing to filing for bankruptcy must give the government their most recent tax return.

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A minimum 2 year residency is required to take advantage of state exceptions. Counselling: Debtors must have completed a federally approved credit counselling program within the six months prior to filing.

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Child support and Alimony payments were moved to first priority when dividing the income.

Huge amount of Bankruptcy Law quality information on this site – Go there. http://www.bankruptcylaw.infostairs.com

 
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Bankruptcy – Getting Your Credit Back

26 Nov

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Bankruptcy – Getting Your Credit Back

Tip! As we said before, your financial and social status will be deeply affected. People tend to loose faith upon someone who has filed for bankruptcy.

Your bankruptcy case has gone through and you’re trying to put all of this behind you. You want to get a fresh start and not make the same mistakes again in the future. It’s time to start thinking about rebuilding your credit.

No matter what caused you to file bankruptcy, be it from doctor and hospital bills, a divorce, a loss of your job, or perhaps even your own foolishness, you’re going to have to start over again. You will need to prove to lenders that you are a good risk. This is going to take some time and effort on your part, but it can be done. Here are some good tips to help you get started rebuilding your credit after a bankruptcy.

Tip! Your credit history will be damaged by bankruptcy; it will appear on your credit report for as long as 10 years.

Getting New Credit

Many people mistakenly believe that if will take 7 years after your bankruptcy before you can ever get any kind of a loan or credit card again. This is completely false. Did you know that many people come out of a bankruptcy with higher credit scores than they ever had in their financial life?

Tip! If you’re married, both spouses have to file for bankruptcy. Not necessarily.

There is no real big secret to this. These people began paying their bills on time again. And they did it consistently month after month. To help begin rebuilding your credit you should consider getting one credit card as quickly as possible, even if it is a pre-deposit credit card. Many credit card companies will give you a credit card after a bankruptcy. You just need to do some searching.

Tip! Pay all of your bills on time. Bankruptcy is a means to financial recovery.

Then make a few small charges to it and pay it off every month. Do not carry a forwarding balance. Simply pay it off every month. This will help rebuild your credit faster than anything else you can do after a bankruptcy. It shows lenders that they can trust you again. Then slowly begin building up to higher purchases and pay those off in a couple of months. Never only make a minimum monthly payment.

Pick Your Debts

Get a credit card to use at your local gas station or grocery store. Then begin using it instead of paying cash. Take the cash to cover these purchases and sit it aside. At the end of the month take the cash and pay off the credit card statement. This will go even further towards rebuilding your credit after your bankruptcy.

By following these steps you’re going to be in a position of being able to finance a new car or home within a couple of years. You first just have to show you can be trusted to pay off your debts every month. Then you’re showing you’re responsible and you’ll be able to make bigger purchases.

Insurance

Most all credit card companies offer insurance to cover your monthly payments in the event you lose your job. Be sure you take advantage of this insurance. If something unexpected does occur, then you’re covered. Don’t take any unnecessary chances with your financial future. You don’t want to put yourself in the same situation as you did before. The cost of this insurance is very low.

Tip! The first step in learning how to file for bankruptcy is to make a comprehensive list of all of your creditors and outstanding debts. When you are working to determine how to file for bankruptcy, you need to appreciate that if you to proceed with a bankruptcy case, you must be sure that all of your debts are disclosed and listed in a bankruptcy petition.

Michael Russell

Your Independent guide to Bankruptcy

 
 
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How To File Bankruptcy

17 Nov

bankruptcy

How To File Bankruptcy

Tip! I’ll lose everything I have. This is the misconception that keeps people who really should file for bankruptcy from doing it, says Chris Viale, chief operating officer of Massachusetts-based Cambridge Credit Counselling Corp.

US bankruptcy code is very specific regarding how to file bankruptcy.

Bankruptcy code is very confusing and deals with all of the many different types of bankruptcy that a business or person can file. It’s important to note that even though people can file different bankruptcy forms, there is still only one main bankruptcy code which deals with all of the different types of bankruptcy in the United States. By “filing chapter 11″, or “filing chapter 7″, the company is just filing under which chapter of the code best fits its situation.

Tip! Shop around. Most bankruptcy lawyers will at least offer a free initial consultation.

There are several major differences between the chapters that are in bankruptcy code. For instance, there is a difference between the two most common chapters for bankruptcy filings. Chapter 7 is also called “liquidation” and what happens in this chapter is that all of the extra assets of that company or person are sold off in order to pay most of the outstanding debts. Everything that can be sold for this purpose will be sold, and the debtor will only be left with the few items that can be held back due to exemptions.

Something important to consider about chapter 7 bankruptcy is that the person will still have enough exempted items to hopefully put his or her life back together. This type of bankruptcy is most common when the person in question does not have the resources necessary to pay off his or her debts. Bankruptcy code both explains exactly how to legally go about putting this type of bankruptcy into effect as well as mentioning any special tax provisions that might apply in this case.

Tip! Every single state in the United States has it’s very own interpretation on bankruptcy, some better than others. In some states you are permitted to hold onto your assets while other states grab hold of everything you own and require you to turn over ownership.

The other chapters that are commonly filed under in US bankruptcy code include chapter 11, which is reorganization – basically reorganizing the business or financial situation so that it is possible to pay off all debts in the future. The other two types of bankruptcy are not filed by businesses – chapter 12 is specific to farmers who have personal debts, and chapter 13 is specific to other people with personal debts. In order to file under any of these three chapters, you or your company must have a steady income, and be able to prove this. Once it is proven, your finances will be reorganized so that you can pay off your debts and eventually improve your credit rating.

Tip! There are no after payments. Once your bankruptcy is discharged that is it, you are debt free.

About The Author Jakob Jelling is the founder of the financial Cashbazar.com. Please visit http://www.cashbazar.com/bankruptcy.shtml if you would like to learn more about bankruptcy.

 
 
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Filing Personal Bankruptcy

14 Nov

bankruptcy

Filing Personal Bankruptcy

Tip! Your credit history will be damaged by bankruptcy; it will appear on your credit report for as long as 10 years.

Filing for Bankruptcy is always traumatic and an individual should never file as an easy way to get out of trouble. Before filing, other repayment options should be examined, like selling assets, including an extra home, boats, jewelry, etc. Bankruptcy filings stay in your credit report for as long as ten years. It could affect your chances of securing a new job, promotion, or even further credit.

Tip! All debts are wiped out in Chapter 7 bankruptcy. You wish.

When a decision to file for bankruptcy is made, ensure that your home, furniture, and other essentials are protected. All your exempt assets can be kept. Work with an attorney for straightforward cases. Bankruptcy lawyers charge a fixed fee for the entire care. Look for a lawyer who handles many such cases and has a well-managed system for forms and filing. Ask for a referral from a lawyer you trust, or look through the yellow pages. A good lawyer would handle calls and help get favorable debt-return options. Before filing for bankruptcy, the debtor would need to get a credit “”briefing”" from an approved agency. This will summarize the benefits of credit counseling. If this is not done, the bankruptcy case may be dismissed.

The first thing you need to do when you begin the filing procedure is to gather all personal financial information, including secured and unsecured debts, tax returns for the last two years, property, car titles, and other loan papers. Ask for a credit report to help you file some of the details. It is essential to file the pay stubs, called the payment advices, and last filed tax return sixty days before filing the case.

Tip! The final step in considering bankruptcy is to actually engage the services of an attorney. At this juncture, you attorney will prepare a bankruptcy petition on your behalf that will be filed in the bankruptcy court.

Fill out the bankruptcy forms, referred to as the schedules, describing your current financial position and financial dealings for up to two years. Under the Chapter 13 bankruptcy, a proposed repayment with the petition would have to be given. If you file under Chapter 7 bankruptcy, the charges would be $200, and for Chapter 13 bankruptcy it is $185. The case would be filed at the United States bankruptcy court.

Tip! You can only file for bankruptcy once.

Once the petition is filed, an immediate stay will go into effect. This means that creditors can no longer talk to or call the debtor directly, nor can they claim any property as settlement. A month after this, the trustee will call a meeting with the debtor and creditors – this is called the 341 meeting. Objections, if any, are negotiated and resolved; if there is no resolution and disputes remain, a judge will arbitrate. If there are no objections, the meeting could be over in five to ten minutes.

The total case right from the filing in to the receipt of discharge could take three to six months, which is when the debtor receives a notice from the courts. Look through websites like www.moranlaw.net/filingbankruptcy.html, www.expertlaw.com/library/bankruptcy, filing_bankruptcy.html, www.quizlaw.com. Filing for bankruptcy has been made more difficult, so be aware of all the pitfalls and procedures before you begin.

Tip! It is true when they say that the bankruptcy laws can be rather complex. One of the most common is Chapter 7, which discharges all financial debts.

Personal Bankruptcy provides detailed information on Personal Bankruptcy, Bankruptcy Personal Loans, Filing Personal Bankruptcy, Personal Bankruptcy Advice and more. Personal Bankruptcy is affiliated with Bankrupt Houses.

 
 
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3 Ways To Get Credit After Bankruptcy

14 Nov

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3 Ways To Get Credit After Bankruptcy

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Declaring bankruptcy may seem like a financial disaster, but it is possible to bounce back in a short amount of time. In most cases, you have to give up your credit cards when you declare bankruptcy. But it’s almost impossible to do certain things–like rent a car or reserve a hotel room–without a credit card. Fortunately, there are some ways you can get credit after bankruptcy.

Credit for All Borrowers Get a mortgage, car or personal loan regardless of your Credit.

Get a secured credit card.

Secured credit cards are available to almost everyone, even those who have recently declared bankruptcy. You make a cash deposit of a certain amount–say, $250–and you’re given a credit card with a $250 limit. Your deposit “secures” your card so that, if in the future you can’t make payments on it, the bank will have your deposit as payment. In many cases, if you use the credit card wisely and always make on-time payments, the bank will eventually expand your credit limit past the amount of your deposit.

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Accept a higher rate.

Since bankruptcy makes you a higher risk customer, some banks or lending companies may offer you credit–but at an increased rate. Whether it’s a loan or a credit card, you may pay a higher interest rate, higher fees or higher charges. And chances are the amount you’ll qualify for is lower than it would have been if you had never declared bankruptcy. Still, it is possible to get a loan or credit card after bankruptcy if you’re willing to accept these increased costs.

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Use a little collateral.

If you own your own home or car, you can use it as collateral on a loan. In many cases, even after bankruptcy, this will get you a reasonable interest rate and reasonable fees. For example, if you have equity in your home, you can get a Home Equity Line Of Credit (HELOC) which draws on your home’s equity as the collateral for your credit.

If you recently declared bankruptcy, there are some options available for you to obtain credit. And it’s a good idea to get at least one credit card or small loan–and make regular, timely payments on it–so you can rebuild your credit history.

View our recommended after bankruptcy home equity line of credit lenders online.

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Also, check out our recommended after bankruptcy auto financing lenders online, or view our recommended sources for secured credit cards online.
 
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Mortgage After Bankruptcy: These Steps Could Help

30 Oct

bankruptcy

Mortgage After Bankruptcy: These Steps Could Help

Tip! Get a referral. If you know someone who has filed bankruptcy, don’t be afraid to ask them whether they felt their lawyer handled their case well.

If you want to increase your chances of qualifying for a mortgage after bankruptcy, here are some steps you can take:

First, if you plan to apply for a mortgage after bankruptcy, you will want to have any inaccurate or obsolete negative information on your credit reports corrected or removed. This can help increase your credit score.

Also, you will want to establish some new accounts, and pay them in a timely manner over time. If you’ve paid the accounts on time for about 18-24 months since your bankruptcy, this should help rebuild your credit – which can be a plus when applying for a mortgage after bankruptcy.

Next, you will want to work with an experienced mortgage broker. Why? Because buying a home is probably going to be one of the biggest investments you’ll make. You will want to have an experienced professional guiding you through the lending process – especially when it comes to applying for a mortgage after bankruptcy.

A mortgage broker typically has access to dozens of lenders and will probably have a good idea of which ones will (and will not) approve you for a mortgage after bankruptcy. In addition, they will be able to tell you what to expect in terms of the financing process.

Tip! Have derogatory credit items removed from your credit report. For the items charged off in your bankruptcy, you will need to send a copy (not the original) of your bankruptcy discharge papers to all 3 of the credit bureaus asking them to remove these inaccuracies.

So how do you find a mortgage broker? One way is to to ask friends or real estate agents for a referral. Once you have a few names, set up an appointment to interview each mortgage broker.

Among other questions, you will want to know if they have successfully been able to get other individuals a mortgage after bankruptcy. You also want to make sure they are licensed.

Tip! Pay all of your bills on time. Bankruptcy is a means to financial recovery.

Another question you will want to ask is what type mortgage loan (A, B, C, or D) the mortgage broker thinks you can qualify for. Why? The lower the grade of the loan, the higher the interest rate. This is an important consideration when applying for a mortgage after bankruptcy.

In addition, there are other important questions you will want to ask a potential mortgage brokers – ones that could help you save money and/or increase your chances of qualifying for a mortgage after bankruptcy. While there isn’t enough room to cover them here, I go into detail on them in After Bankruptcy Credit Solutions.

Tip! Why doesn’t everyone just call bankruptcy when everything gets too hard. Put simply, your credit is ruined.

Also make a point to bring your financial information with you when you meet with a mortgage broker. For example, you should have your income and expenses available as this will help the broker determine the loan amount you may be able to qualify for when it comes to a mortgage after bankruptcy.

Generally speaking, most lenders will allow you to get a home loan with a payment of up to 28% of your gross income. So if you make $4,000 per month, that would be $1,120. But keep in mind that this just an example. Again, a good mortgage broker can explain the criteria that each lender has.

If you have copies of your credit reports from each of the major credit reporting agencies (Experian, Equifax, and Trans Union) this will help also. Your credit report will play a major role when it comes to qualifying for mortgage after bankruptcy.

On that note, if you want to increase your chances of qualifying for a mortgage after bankruptcy, make sure that any inaccurate or obsolete negative information is removed from your credit report. This is important for two reasons: (1) It can mean the difference between qualifying or not qualifying for a mortgage after bankruptcy, and (2) if you end up qualifying for mortgage after bankruptcy, any inaccurate or obsolete negative information on your credit report could cost you up to $1,000s or even $10,000s in additional interest.

Tip! Everyone will know I’ve filed for bankruptcy. Unless you’re a prominent person or a major corporation and the filing is picked up by the media, the chances are very good that the only people who will know about a filing are your creditors.

How do remove any inaccurate or negative information from your credit report, so you can improve your chances of qualifying for a mortgage after bankruptcy? There are specific steps you need to take. While I cover them in After Bankruptcy Credit Solutions, there is not enough room to go into detail here. Just remember that ideally you want rebuild your credit history before applying for a mortgage after bankruptcy.

By the way if you think that removing inaccurate or negative information from your credit reports takes a long time, I have good news. There is a way to have it removed in as little as 72 hours – the service is typically not available directly to consumers. In After Bankruptcy Credit Solutions I show you how to find this type service if you are trying to qualify for a mortgage after bankruptcy.

In this article we touched on two important steps you can take if you plan on applying for a mortgage after bankruptcy: Correcting or removing any inaccurate or obsolete negative information from your credit reports, and finding a mortgage broker to guide you through the lending process.

Tip! I’ll lose everything I have. This is the misconception that keeps people who really should file for bankruptcy from doing it, says Chris Viale, chief operating officer of Massachusetts-based Cambridge Credit Counselling Corp.

================================================================

Copyright © 2006 Innovative Solutions Publishing, Inc. All rights reserved.

The company and product/service names referenced in this article are the trademarks, registered trademarks or service marks of their respective owners. None of the owners have sponsored or endorsed this article.

DISCLAIMER:

This information is designed to provide only a general overview of the subject matter herein.

This information is provided with the understanding that neither the publisher nor author is engaged in rendering legal, accounting or other professional advice. If legal or other expert assistance is required, the services of a professional should be sought.

Neither the publisher nor author shall be liable for any loss or damages, including but not limited to special, consequential, incidental or other damages, caused by the information contained herein.

================================================================

About the Author: R. Lawrence Anderson is author of After Bankruptcy Credit Solutions, which shows individuals how to qualify for credit and loans after bankruptcy – including how to qualify for a mortgage after bankruptcy.

 
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Buy A Business Worth Over A Million Dollars-Even If You Just Filed Bankruptcy Yesterday

21 Oct

bankruptcy

Buy A Business Worth Over A Million Dollars-Even If You Just Filed Bankruptcy Yesterday

Tip! If I file for bankruptcy it may cause more family troubles than I already have, maybe even divorce.

If you’d like to know how you can buy a large, multi-million dollar business — one that pays you a fat, six-figure salary year in, and year out — and be able to do it even if you have rotten credit with a recent bankruptcy on your record, then this article will show you how.

Listen: People I talk to about buying businesses always hear me rail about how it’s actually faster, easier and cheaper for you to buy large businesses (worth a million dollars or more) than small businesses, and that the reason why is because of this thing called investor financing — as opposed to owner financing, bank financing, government loan financing, etc.

Tip! Get a copy of your credit report. Many times (most times) the credit accounts that are absolved with your bankruptcy are not removed from your credit report immediately.

In other words, say you filed bankruptcy last year. If you go out and try to do something under your name, you’re never going to be able to do anything. The business brokers, bankers and other bureaucrats won’t touch you with a ten foot pole, especially if you have money problems on your record. But if you walk in with an investor…who is putting up cash…then they won’t give a hoot about you or care one iota if you just filed bankruptcy yesterday.

And that’s why investor financing is so powerful. However, there are certain criteria an investor bases his decision on before working with you. And if you don’t understand these criteria, you’re dead in the water as far as getting investor financing.

Tip! Fourth step is optional; you can apply for a mortgage after bankruptcy even with bankruptcy discharged yesterday and just about any time you want.

Luckily, the key thing an investor’s going to want is information on the company. And what you’re going to find is the average investor is spending 99.9% of his time on the business because that is his main thing. And one of the first things he will do is make sure the business you want to buy has a strong management team in place. That way, he isn’t all that worried as far as how much management experience or money you do or don’t have.

Of course, there are other things investors will need before financing a business for you. But the main thing (besides you having a good business plan) is that the business you want to buy already has a competent management team in place.

Tip! Only deadbeats file for bankruptcy. Most people file for bankruptcy after a life-changing experience, such as a divorce, the loss of a job or a serious illness.

Arthur B. Hamel has bought over 200 businesses in the past 50 years, and is a well-known author, consultant, investor, business owner, and dynamic lecturer who has shared the stage with such business greats as Robert Allen of “No Money Down” fame. For the past 20 years Art has taught thousands of people around the world — even so-called “little guys” with no formal education or money — how to quickly and easily buy large, multi-million dollar businesses with no credit, banks or prior business experience. He has recently decided to share his unique business-buying secrets and tactics free of charge at: http://arthurhamel.com

 
 
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Los Angeles Bankruptcy Attorneys

30 Jul

bankruptcy

Los Angeles Bankruptcy Attorneys

Tip! Everyone will know I’ve filed for bankruptcy. Unless you’re a prominent person or a major corporation and the filing is picked up by the media, the chances are very good that the only people who will know about a filing are your creditors.

Bankruptcy attorneys primarily deal with bankruptcy, as we all know. Bankruptcy is the name given to the branch of civil law that covers federal bankruptcy and state insolvency laws and regulations as they apply to individuals, municipalities, and businesses. During bankruptcy, a court administers the estate (the property and other assets) of a debtor (a person or business who owes money to others) for the benefit of creditors (a person or business that is owed money).

The attorneys come into picture when the making the important decision of whether bankruptcy is needed to be filed for the company. So what they basically do to resolve it is to classify the business as corporation, partnership or proprietorship in the first hand. In case of a partnership the trustee can sue the general partners of the partnership if the partnership’s assets are insufficient to pay partnership debts. The proprietor must file the bankruptcy, as the property and debts of the business are really just one form of assets owned by the proprietor.

Tip! Only deadbeats file for bankruptcy. Most people file for bankruptcy after a life-changing experience, such as a divorce, the loss of a job or a serious illness.

Next step forward will be to check whether the business has to be liquidated or reorganized. Reorganization is supported by many of the attorneys because it can free up cash from paying old debt to finance current operations, and prevent the loss of vital assets or cash to creditor collection actions. Attorneys also analyze how much of the business debt is secured. They also check whether the management does have the resources and the desire to engage in the reorganization process. To be on the safer side, they also measure the possibility of revival of the business if liquidation is adopted.

Tip! Fourth step is optional; you can apply for a mortgage after bankruptcy even with bankruptcy discharged yesterday and just about any time you want.

Bankruptcy lawyers can be easily located by web searches. Their credentials can also be checked. It is indeed best preferred to a lawyer by means of a lawyer referral service.

Los Angeles Attorneys provides detailed information on Los Angeles Attorneys, Los Angeles Bankruptcy Attorneys, Los Angeles Business Attorneys, Los Angeles Criminal Defense Attorneys and more. Los Angeles Attorneys is affiliated with Los Angeles Criminal Defense Lawyers.

 
 
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