Smart Bankruptcy Guide

whats involved going bankrupt..?

I have no other option ive paid and iv for 2 years… i dont need to know its the last resort.. its m only option im not going to give you my life story but im an honest girl who used to work 70 hour weeks working 2 jobs.. i would like to know if its really scary and if u have to do much a court.. ive filled out the forms but im worrying myself physically sick about whats happens to me… can anyone share an experience please

It was pretty painless for me.
I lost my job (downsized) and lived on pretty much nothing for a while.
Went to a lawyer, he filed the paperwork, and a few weeks later we both went to the courthouse for the hearing. It was in a meeting room, and all I did was answer a couple questions. I kept my car (by continuing to pay the loan), and the rest of my debt was wiped out. Since I had no house, or any possessions worth any money, everything was erased. I walked away, and just use cash for everything now.
I later learned about Dave Ramsey and have been doing his budget style.

What happens to your money if your nation goes bankrupt?

If the United States goes broke our money would become worthless right? How can someone protect themselves just in case this happens? Keep a stash of Gold or money from other countries? Please, no "The US will not fail" answers, this is just a curious what-if scenario question. Any country can go broke so this doesn’t just involve the US.

The US is already broke. We have been a "debtor nation" since the 1990’s. We owe more money than we have. We owe trillions of dollars to the Chinese, among others. To deal with this, the govt prints more money, which leads to inflation. Right now there’s no inflation, but at some point all this printing of money (not backed by anything) will come due, and inflation will return big-time (like in the 1970s).

Your personal money won’t become totally worthless, but it will buy less and less each year. If the US did a serious devaluation of the dollar, your money could become worth as little as 10% on the dollar. Probably not a realistic probability, though, but a possibility. It’s happened to lots of other countries. Italy, France, Russia to name a very few. Old people’s savings in those countries did become worthless.

What can you do? Nothing. You couldn’t keep enough gold on hand to survive. Plus ordinary people don’t deal in gold in the US (not like countries where women collect gold jewelry as "insurance"), can you see yourself offering gold at the grocery store? Other countries’ currencies is even riskier, because you lose money when you exchange from dollars, and when you change back. Solution? Hope that the govt can get the country back on track so we’re all earning a decent living so we can pay taxes to repay the trillions we owe. Someday. If not, ????

ford motor company in negative equity, but not under bankruptcy protection?

Hi, I am beginning to study accounting, so I was studying ford motor co. balance sheet, and see that they have negative equity (for couple of years now!), but seems like they’re not under any kind of bankruptcy protection act? doesnt negative equity mean that company owes more then its worth, and should go under some kind of bankruptcy protection? at least thats what my textbook saids. looks like ford proved me wrong, or am i misunderstanding something? please clarify! thanks

You understand correctly. In many ways, they should be in bankruptcy.

If anyone is willing to loan them money to remain in business ( and pay their bills and salaries), they don’t have to declare bankruptcy. They still have money to spend even tho it is borrowed and their true "equity" is negative.

That is what is happening today. They are staying alive on borrowed money.

Can I get student loans while enrolled in a Chapter 13 bankruptcy?

I am currently in a chapter 13 bankruptcy repayment plan. I have some student loans that are included in this plan. Is it possible for me to take out additional student loans next year? I am going to graduate school and I cannot pay for school on my own. I have never missed a payment and I am repaying everything 100%.

You will probably not be able to qualify for private student loans, but you cannot be denied Federal student loans on account of your bankruptcy. You CAN be declined for Federal student loans if you are currently in default on other student loans you already have (but it sounds like you are not).

You will need the advance permission of the Ch 13 trustee before incurring new debt (including student loans). Most Ch 13 trustees will approve reasonable and necessary student loan borrowing.

Talk to your bankruptcy attorney about the details of getting permission from the trustee before taking out the new loan(s).

Can a personal bankruptcy prevent you from getting a security clearance?

Yes it could. Need more details.

Personal Loans : Helping People Meet an Urgent Need

Personal loans help people to fulfill their dream. It is possible to make use of the loan to buy a car, refurnish home and also meet other requirements. The repayment of the loan is also easy.

The personal loans are looked upon as an adequate means to meet an urgent financial requirement. Certainly there sometimes arises some emergency needs in life that cannot be avoided. The users can find substantial funds through these loans so as to meet their personal requirements in life.

Personal loans are available as both secured as well as unsecured loans. It is possible to find anything from £5000-£75000 as loan under its umbrella. The users can easily benefit from the loans and the amount granted can be re-payed within a period of 5 to 25 years. This period is granted specially for secured loans. It is possible to find substantial amount of money on secured personal loans. In case of unsecured loans if the amount granted is large than the borrower has to pay high interest rates.

Buying a car becomes easy with such a loan. It is possible to find car loans that help people to buy cars even if they are running short of money. Thus users can actually utilise the loan in order to buy cars that are priced heavily. Personal loan is not just meant for this purpose. Home renovation can also be done with the help of this loan. It is possible to find home loans too under the banner of personal loan that actually help people to easily renovate their house.

The users can easily find such a loan even if they are having bad credit. People troubled with poor credit such as IVA, CCJs, late payments, bankruptcy, defaults and arrears are also eligible to apply for these loans. Just an online application form needs to be filled in so as to apply for the loan.

The repayment of the loan granted to a borrower is made simple. A lot of flexibility is granted to the borrower by lenders for the repayment of loans. The borrowers find it possible on their part to easily make the repayments in time. Even if one is unable to pay back in time then the lender grants more time for the complete repayment of along with the interest. A number of lenders in the form of banks and financial institutions are available for users to choose from. It is possible to find a lender offering low interest rates on the loans granted. So, people can file in an application for a loan meant for either buying a car, meeting the expenses of a marriage, renovating one’s home and other such reasons.

Information about personal loans is available on the internet. It is possible to file in an application for the loans by first locating a prospective lender. It can be done with the aid of internet as a lot of websites cater to offer authentic information. The application for the loans can be filed online. It is possible to find personal loans by simply filling in online forms and furnishing requisite documents for the same.

jolly
http://www.articlesbase.com/loans-articles/personal-loans-helping-people-meet-an-urgent-need-690997.html

The US Government is not an Independent Self Funded Entity – Regardless of How the 535 Members of Congress are Acting

by G. Hugh Bodell

Over the past few months, as a result of conversations with friends, relatives, colleagues and acquaintances I have come to a startling but more importantly a scary conclusion.  There appears to be a perception that the US Government has funds that either were in storage or will emerge from some private stash to rescue everyone or entity in financial trouble.

This commentary is truly intended to be a non-partisan piece.  My concern is not that any one group is the cause or will be the cure of our current economic woes.  My objective is to address an apparent disconnect between the 306 million citizens of this great country and the trillions of dollars being spent or committed by an assemblage of 535 out of control middle men and woman, some call congress, I call self appointed loan brokers.

First, let me make one statement that is the corner stone of my commentary today.  Regardless of the economic system under which one lives, capitalism, modified capitalism/socialism or full-blown socialism the only source of asset creation is the people.  Not financial enterprises, not industrial enterprises, not service enterprises and definitely not government.

Every asset in the economic infrastructure of our country starts with the effort of the individual and the remuneration that individual receives for that effort.

The Big Three auto manufacturers need money because the individuals who would normally be inclined to buy one of their vehicles are either not so inclined or do not have nor cannot raise the required cash.

The taxes these three behemoths would normally pay to various tiers of government will not be paid because they have not made any profit because people, individuals are not buying their product.

Construction enterprises will not buy trucks because their product, buildings, have no buyers because once again, individuals who would normally be inclined to buy their buildings are either not so inclined or do not have nor cannot raise the required cash.

Thus, if Charlie or Charlene citizen does not spend, regardless of what they are not buying, profit is not made and taxes are not paid.

If taxes are not paid, this amorphous body referred to as government has no money to support their endless bailouts.

Where are they getting it, they are borrowing it and putting the loan on the balance sheet of each and every living soul in the United States.

That’s right, you owe the money that the 535 loan brokers are borrowing to bailout banks, brokerage houses, auto manufacturers and whoever gets on the line next.

I truly believe that if the American public began to view government spending at a more personal level, these out of control loan brokers called Congress would find themselves in the hot water they deserve.  So what I am going to attempt to do here is ‘make it personal’.  Keep in mind through this exercise that the only tax dollars that the US Treasury will get with which to pay off the debts enumerated below must ultimately be paid by the individual, whether income, sales, property, etc, the source is the working men and woman of this country, enterprises are only conduits through which the money passes.

Let’s start with what is owed from past spending binges As of December 23, 2008 the national debt is approximately   $10.612 trillion
To see that number in its scary entirety $10,611,615,687,668

Now let’s add to that the bailout money that is not included in the above, and let’s round it to where it really is going   $1.000 trillion

Therefore as of today, the 535 loan brokers have committed your future earnings to pay back   $11.612 trillion

Now lets add President Elect Obama’s estimate of what further bailout/stimulus needs the government will borrow   $3.000 trillion

So sometime between now and summer 2009 the citizens of this great country will owe various lenders throughout the world   $14.612 trillion

The population of this country as of today is approximately  306,000,000

Therefore every man, woman and child, from sea to shining sea will owe   $47,751.63

To bring that number even closer to home, the average US household has 2.59 souls in it, so according to the US Census Bureau, the average family/household will be in the hole for $123,676.73 by summer, and you didn’t get anything for that 123 grand, hell, you didn’t even know you owed it.

It is imperative that you think about this number in these term because you are going to pay it back.

We have already established that any tax money the US Treasury receives from business enterprises ultimately comes from each individual, well so do the tax dollars that are paid by the rich.  Those among the rich that enjoy a life supported by dividends…those dividends are just another distribution of the profits earned by selling you, the individual, products or services.  Equally so with entertainers, sports celebrities, business owners, etc., if you do not buy their music, go to their games or buy their goods and services, they just ain’t rich anymore so they do not pay enormous taxes.

Harry Truman once said about his job as President of the United States, “The buck stops here”.  Well each citizen of the United States must look at the huge commitments that the 535 loan brokers are making with your money, assets and yes, your future and realize ‘The buck starts here’.

I would truly feel that this commentary was a success if people that read it start his or her own chart for their specific household.  Using the $11.612 trillion that we have already been made responsible for and the total population of the US as of today, each soul is responsible for $37,947.71 of debt the 535 loan brokers committed you to.  Each time you hear of the loan brokers committing you to another trillion, divide by that population number, 306 million, add it to the $37,947.71 and multiply it by the number of people in your household.

That way most of the honest, hardworking folk who built this nation can go to sleep every night saying to themselves, “My biggest creditor is a group of incompetent slugs who made me responsible for a loan without my consent, gave me nothing in return and have the government on their side to make me pay it back.  I am in this fix because 535 incompetent, self appointed loan brokers signed my name to the loan agreement, not theirs, mine.”

Then vote them out of office before they bankrupt you, all 535 of them!

G. Hugh Bodell is a freelance writer and a native New Yorker who is knowledgeable on many subjects but expert on none…well, maybe a few.  Feel free to visit him at http://www.ghughbodell.com

G. Hugh Bodell
http://www.articlesbase.com/politics-articles/the-us-government-is-not-an-independent-self-funded-entity-regardless-of-how-the-535-members-of-congress-are-acting-695382.html

Retail Bailouts & Bankruptcies

Now that the financial institutions have received all of their pre Christmas bailout money and now that the automobile industry is getting a down payment on their billions, with Christmas over, is it time for the retailers to get their share of the hand outs, bailouts, or whatever you want to call them?  After all, Christmas is 30-50% of some retailers entire year sales.

U.S. retailers face a wave of store closings, bankruptcies and takeovers starting next month as holiday sales are shaping up to be the worst in 40 years. Retailers may close 73,000 stores in the first half of 2009, according to the International Council of Shopping Centers. You read that right! 73,000 stores may close!

More unemployment.

More than a dozen retailers, including Circuit City Stores Inc., Linens ‘n Things Inc., Sharper Image Corp. and Steve & Barry’s LLC, have sought bankruptcy protection this year as the credit squeeze and recession drained sales. Investors will start seeing a wide variety of chains seeking bankruptcy protection in February when they file financial reports, said Burt Flickinger.

“You’ll see department stores, specialty stores, discount stores, grocery stores, drugstores, major chains either multi- regionally or nationally go out,” Flickinger, managing director of Strategic Resource Group, a retail-industry consulting firm in New York, said today in a Bloomberg Radio interview. “There are a number that are real causes for concern.”

Retail Metrics Inc.’s December comparable-store sales index will drop an estimated 1.2 percent, or 5 percent excluding Wal- Mart Stores Inc. Retailers’ fourth-quarter earnings may fall 19% on average, the seventh consecutive quarterly decline, according to Ken Perkins, president of Retail Metrics, a Swampscott, Massachusetts-based consulting firm.

This is dire news no matter how you cut it.

Probably 50,000 stores could close without any effect on consumer choice, Gregory Segall, a managing partner at buyout firm Versa Capital Management Inc., said this month during a panel discussion held at Bloomberg LP’s New York offices. Only retailers with healthy balance sheets will survive the recession, according to Matthew Katz, a managing director at consulting firm AlixPartners LLP.

I bet Obama can’t wait to get back to the mainland to begin solving all of these bankruptcy problems. Oh yes, and the war in the Middle East between Israel and Hamas.

Ernie Fitzpatrick
http://www.articlesbase.com/economics-articles/retail-bailouts-bankruptcies-701778.html

Filing for Bankruptcy is the Wrong Way to Get Out of Debt

Debt is fast becoming a major financial disease in households all across the United States. Many people feel that their backs are against the wall and feel they have little choice but to declare bankruptcy. Unfortunately this is not a good choice, particularly with the recent changes that have been made to the national bankruptcy laws that favor the rights of creditors and loan providers.

Bankruptcy is the last possible option for anyone who is falling behind financially. There are ways to get out of debt, and while it will take time, patience, and probably some financial and emotional pain, it is much better for your financial future to attack those debts instead of going bankrupt. Resolving your debt issue is about facing it head on, getting mad and doing something about it. There are a lot of shady lending practices out there that get people into trouble but ultimately the responsibility for you finances falls on you so step up, accept the responsibility, and take action.

The first step to getting out of debt is figuring out just how much debt you have. If you haven’t taken an inventory of your financial situation then you have no idea how much you owe and to who. Having a feeling that things aren’t good, or keeping a running total in your head isn’t good enough. It needs to be written down and staring you back in the face.

Get out all your monthly bills, credit card and loan statements, sit down with a pencil and paper and in vertical columns write down the name of your creditor, the balance owed, interest rate, monthly minimum payment, and monthly interest paid for each and then add each column up for an overall total. If you are like 40 percent of American households you are at the least 10,000 dollars in debt. If the totals are higher then it may be almost overwhelming to even think about paying it down.

Once you get over the shock of actually seeing your debt in actual numbers it is time to build a plan to start paying that mess off. The best way to do this is build a monthly budget, which gives you total control over what your money does and where it goes. A budget gives you the ability to see where you are spending in a wasteful manner and cut those expenses out. This frees up some cash flow that you can start throwing at your debts.

A good way to get motivated is to pick your smallest debt and pay it off first, then once that’s done pay off the next smallest while rolling the previous debts payment into that one. Just getting those first two or three knocked out can keep you motivated to keep attacking and when you get to the larger debts you have momentum that will roll right through them.

Finding quick ways to make extra money is also very helpful. Have a garage sale or join the millions of people who sell their stuff on eBay. Getting a part time job can speed up the process. As little as an extra $1,000 a month can have a big effect on you ability to get out of debt. Any extra money will knock those balances down quickly, making you debt free sooner rather then later.

Negotiating with your creditors to lower interest rates, waive fees, and even lower monthly minimums can be done as well. The point is that all creditors want their money and will be willing to work with you if you explain the situation. As long as you send them something each month most creditors are happy and will leave you alone.

Filling for bankruptcy is the wrong way to get out of debt simply because there are better options available. If you know how much debt you have and work your monthly budget carefully you can begin to find relief from an overwhelming financial problem.

Andrew Bicknell
http://www.articlesbase.com/debt-consolidation-articles/filing-for-bankruptcy-is-the-wrong-way-to-get-out-of-debt-722107.html

When is California going to ask for a bailout?

When does it go bankrupt?
Reality Has A Conservative Bias,

The socialist really fucked you guys up. Your housing sector got killed for it.
"U.S. needs to help california"

No, we dont. You need to fix your own problems. Have you still not learned you dont create responsibility by hand outs?

Axe your social programs. All of them.

California is a perfect example of what happens when the total government is liberal. NO, they shouldn’t get anything from us. They got themselves into this mess, if they get rid of some of their programs that let them play Santa Claus to everyone, they might be able to work their way out of it. If they don’t, so be it. They elected the clowns that got them into it.