With the trend towards rapidly rising filings in bankruptcy becoming the norm once again in today's dire American economic and unemployment climate, a growing number of consumers are increasingly seeking cheap, low cost affordable bankruptcy, usually meaning without the lawyer. They seek nonlawyer system of bankruptcy filing that provide them affordable, cost-effective bankruptcy, while yielding them the same end result as would using a high cost bankruptcy lawyer - having in hand the bankruptcy court document that shows you're officially declared a BANKRUPT.
THE NEW REFORMED LAW: ITS BASIC MISSIONS & OBJECTIVES
On October 17 2005, amidst highly charged tense drama, high expectations and robust promises, the new "reformed" bankruptcy law enacted by Congress, the 2005 Bankruptcy Abuse and Consumer Protection Act or BAPCPA, went into effect. Largely enacted at the instigation principally of the powerful, well-financed credit and financial industries, among other special interests, the law had been touted as something of a bankruptcy cure-all that was going to fix a "broken" bankruptcy system in America. Principally, it was going to reverse, or at least drastically reduce, the high volume of bankruptcy filings and the increased use of bankruptcy by American consumers in resolving their debt problem. The overarching argument and premise expressed by the banking and financial industry advocates and supporters of the reform law in urging the law's enactment, had been that the steady upward trend at the time in bankruptcy filings was due primarily to "fraudulent bankruptcy filings" by consumers and the "excessive generosity" of the old bankruptcy system which, it was said, encouraged "abuse" and allowed a great many number of debtors to repudiate debts that they could quite well pay, at least in part. Ironically, almost in the entire debate about the enactment of the 2005 law, virtually no mention or discussion was made concerning the debtors' being able to find, or to afford or to get, low cost or cheap bankruptcy filing, either with bankruptcy lawyers or without it.
The stated and yet unmistakable mechanism by which the new 2005 law was to pursue this primary objective of the new law, was essentially to force debtors who could supposedly afford to repay some of their debts, into filing for Chapter 13 bankruptcy, in stead of Chapter 7. That is, filing the type of bankruptcy (Chapter 13) that requires one to repay his debt, or at least some of it. Briefly summed up, primarily by restricting access to eligibility for Chapter 7 - as primarily determined through the so-called "means test" calculation on a debtor's income - the new law was to drastically weed out and curtail the number of debtors filing for bankruptcy.
Alright, today it is now going to 4 years since the BAPCPA law was put into effect, and has it attained its sponsors' stated mission? And if so, to what extent so far?
In point of fact, for the first few years after the implementation of the law in October 2005, the original objective of that law at least in the area of drastically curtailing the number of bankruptcy filings, actually seemed not only to have been attained, but to have in fact been dramatically surpassed. Almost immediately after the law came into effect, there was a blunt, vivid dramatic drop seen in the number of bankruptcies filed in the system in the years immediately following the law - the filings went from 1,597,462 in 2004 (the last normal year of filings before the new law was enacted), to a mere 590,544 in 2006, and only 826,665 in 2007. No bankruptcy filings that were low cost or affordable to debtors, were largely available in this earlier post-2005 law, however, since most filers at the time were largely intimidated by the lawyers' common talk about the supposed "complexity" of the new law, and simply used only the lawyers to do their bankruptcy almost exclusively.
Thus, clearly, a direct effect of the new law, at least in the immediate aftermath of the law, was that it did in fact definitely push, as intended, a great number of debtors out of the Chapter 7 option range altogether, forcing them exclusively into the Chapter 13 option in which they find themselves forced to pay at least some of their debts, thus substantially increasing the proportion of debtors who paid up some of their debts. For example, in years prior to the new 2005 law, Chapter 7 bankruptcy filings accounted for roughly 70% of all non-business or consumer bankruptcies (it was precisely 71.5% in 2004, the last year before 2005 when the new law took effect), while Chapter 13 bankruptcies accounted for approximately 30% or less. The post-2005 year bankruptcy filings for the earlier years after the 2005 law, showed, however, a marked increase in the number of bankruptcies filed under Chapter 13, to the extent of some additional 10%,. Thus, for example, the number of Chapter 13 bankruptcies filed in the 12-month period ending December 2007 (321,359), represented, not the usual 30%, but 39.1% of the total consumer filings for that year.
The situation described so far was what obtained with respect to the EARLIER period of the time after the new 2005 law came into effect. Now, fast forward to the LATER period, however - to today, in July 2009. And what we find is that the American debtors, once again, are fast returning to the same high rate of bankruptcy filings as the pre-2005 levels. In deed, informed expert projections are now that we'll land right back pretty soon at the same old "square one" heights in bankruptcy filing law firm - back to the old "bad" high pre-2005 bankruptcy filing levels which the 2005 "reform" law just enactment by Congress had been meant to reverse and cure.
According to data from the Automated Access to Court Electronic Records (" AACER"), there were over 120,000 U.S. bankruptcy filings in May 2009 or 6,020 for each of the 20 business days in May, marking the first time that daily bankruptcy filings have topped the 6,000 mark since the 2005 bankruptcy law was adopted. According to one widely respected expert at bankruptcy filing figure crunching, Professor Robert Lawless of the University of Illinois School of Law whose calculations place the average daily filing rate for 2004 (6,339) as the "benchmark" for the pre-2005 filing rate, what America is currently seeing is a filing trend which is already hitting the high pre-2005 mark, and right now the long-term trend is directly towards the same filing rate as before the 2005 bankruptcy law was adopted.
Thus, the returns from the May filings on an annualized basis, keep us on track for a projected filing of 1.45 - 1.50 million bankruptcies this 2009, depending on how closely the current trend adheres to, or deviates from, the bankruptcy filing trend for the remaining part of the year.
THE 2005 LAW HAS FAILED ON TWO FUNDAMENTAL COUNTS: FAILS TO STEM THE GROWTH IN BANKRUPTCY FILING RATE & IN KEEPING BANKRUPTCY AFFORDABLE
Clearly, then, the "reformed" 2005 BAPCPA law has woefully failed in its FIRST avowed fundamental objective of drastically curtailing the upward trend in bankruptcy filings by the American debtors. In addition to that, there is another very important way, in deed even a more profound way, in which that law has woefully failed for the American debtor: it has made the bankruptcy system far more cumbersome and difficult, and far more even unaffordable and expensive for debtors. Among the primary anti-debtor provisions of this new law, this current law:!
== now makes it harder for debtors to discharge certain types of debts
== now forces a greater proportion of debtors to repay their debts
== now imposes special responsibilities and restrictions that are uncommon, even upon bankruptcy lawyers and bankruptcy document preparers (e.g., lawyers are now required to personally vouch for the accuracy of the debt and financial information their clients providing, and to do more unnecessary paperwork) thereby giving the lawyers more excuses for jacking up their fees for bankruptcy even higher
o now imposes tremendous restrictions and undue scrutiny upon the Bankruptcy Petition Preparers
( the name given by the Bankruptcy Code for nonlawyers who help debtors with their
bankruptcy paperwork, as generally far lower costs), the net result of which has been to discourage affordable assistance for bankruptcy filers and thus chase them into the offices of bankruptcy lawyers who charge some 50 times the fee of the BPPS to do basically the same thing for the debtor
o now imposes a new requirement (and additional expense) which requires debtors to undergo credit and budget counseling, and
o subjects bankruptcy filers to a mountain of paperwork, documentation and procedures that could be quite daunting for anyone in order to file for bankruptcy.
EXORBITANT LAWYERS' FEES FOR BANKRUPTCY FILERS AS THE BIGGEST ANTI-DEBTOR CONSEQUENCE OF THE NEW LAW!
Perhaps the biggest anti-debtor consequence brought about by the new law - the consequence which, by most expert opinion, is precisely what had been intended by the banking and credit industries which were principal sponsors of the new law - is that by introducing far more paperwork and unnecessary extra complexity and protocols in the way the bankruptcy process is undertaken, it has enabled the lawyers' to find an excuse by which they have been able to jack up and to justify the fees and the costs of filing for bankruptcy. The average lawyers' fee for a simple bankruptcy in parts of the country today, has shut up to a whopping sum of $2,500 for a simple Chapter 7 bankruptcy, and about $4,500 for a Chapter 13, among other new complications now to be confronted by the debtor who wishes to file for bankruptcy.
Don't Despair. There are Still Some Open Avenues of Cheap, Low Cost Affordable Bankruptcy Remedy For Debtors!
However, even under the new law, filing for bankruptcy, especially Chapter 7, is still a fairly straightforward process for a large number of filers. This is so more especially when you (the debtor) do it using basically one unique alternative system to traditional use of lawyers in bankruptcy - namely, using a nonlawyer, self help system, or one which uses a competent reliable Debt Relief Agency or Full Service Bankruptcy Document Preparer, in doing your bankruptcy paperwork.
The overarching argument and premise expressed by the banking and financial industry advocates and supporters of the reform law in urging the law's enactment, had been that the steady upward trend at the time in bankruptcy filings was due primarily to "fraudulent bankruptcy filings" by consumers and the "excessive generosity" of the old bankruptcy system which, it was said, encouraged "abuse" and allowed a great many number of debtors to repudiate debts that they could quite well pay, at least in part. No bankruptcy filings that were low cost or affordable to debtors, were largely available in this earlier post-2005 law, however, since most filers at the time were largely intimidated by the lawyers' common talk about the supposed "complexity" of the new law, and simply used only the lawyers to do their bankruptcy almost exclusively.
In years prior to the new 2005 law, Chapter 7 bankruptcy filings accounted for roughly 70% of all non-business or consumer bankruptcies (it was precisely 71.5% in 2004, the last year before 2005 when the new law took effect), while Chapter 13 bankruptcies accounted for approximately 30% or less. Perhaps the biggest anti-debtor consequence brought about by the new law - the consequence which, by most expert opinion, is precisely what had been intended by the banking and credit industries which were principal sponsors of the new law - is that by introducing far more paperwork and unnecessary extra complexity and protocols in the way the bankruptcy process is undertaken, it has enabled the lawyers' to find an excuse by which they have been able to jack up and to justify the fees and the costs of filing for bankruptcy. The average lawyers' fee for a simple bankruptcy in parts of the country today, has shut up to a whopping sum of $2,500 for a simple Chapter 7 bankruptcy, and about $4,500 for a Chapter 13, among other new complications now to be confronted by the debtor who wishes to file for bankruptcy.
A good wedding planner will definitely help you to remove the stress factor from your wedding plans and that too with you still being in control. A wedding planner will ease your load while you plan your wedding and also ensure that it will be a memorable day in your life.
A wedding planner offers many services to help you have a great wedding. Since most wedding planners have experience and contacts with most providers, they will help you to find the best possible items for your wedding within your budget. They can also help you to identify the best possible church or venue for your wedding. The wedding planners will know lot of venues where you can have your wedding at a reasonable price too. Finding the best possible attire for the bride and the groom or even for the whole family is also done by wedding planners. Making floral arrangements, arranging for the photographer, videographer and decorations for the wedding is also done by wedding planners. Almost all necessary arrangements needed for the wedding and your reception will de done by the wedding planner and thus you can relax and prepare for the wedding.
While picking a wedding planner do make sure that you do the necessary background checks needed and also ensure that the person whose services you are going to utilize is a licensed wedding planner. As weddings involve huge amounts of money it is very important for you to land up with the right wedding planner else you might lose your money and also ruining your dream wedding.
Even if you hire a wedding planner do remember that it is your wedding and you need to make the final decision on what is needed and what can be left. You should not let the wedding planner make all the decisions as that will make your wedding not the way you really wanted it to be. But don't blindly accept or reject any suggestions from the wedding planner. Have a healthy discussion with the wedding planner before you make denver wedding planning the decision. The most important thing to consider while selecting a wedding planner is the costs. Do check through all the available wedding planners in the city and compare their services and costs before deciding on which wedding planner you are going to select.
Do remember that even the best planned wedding can have a few unexpected glitches and in such situations a wedding planner will be a boon to you as the wedding planner will take care of those problems while you can enjoy your wedding.
Almost all necessary arrangements needed for the wedding and your reception will de done by the wedding planner and thus you can prepare and relax for the wedding.
While picking a wedding planner do make sure that you do the necessary background checks needed and also ensure that the person whose services you are going to utilize is a licensed wedding planner. As weddings involve huge amounts of money it is very important for you to land up with the right wedding planner else you might lose your money and also ruining your dream wedding. Do check through all the available wedding planners in the city and compare their services and costs before deciding on which wedding planner you are going to select.
Property Investing For Wealth Creation
Property Investing For Your Retirement Fund
Property Investing For Your Security
Why property is the I.D.E.A.L investment
You want to invest for your future but don't know which asset class (shares, property or business) to invest your hard earned dollars into?
This is a question that is posed to us time and again. There are benefits and risks when investing in any asset class however we have personally
found that investing in residential property has given us a great return on our investment with the least amount of risk. You can invest in
property even when you have little or no equity, don't own your own home and have lots of bad debt.
We call property the I.D.E.A.L investment because it provides:
All of the above are critical factors that the rich use so successfully to build their wealth and which you can also use to build your wealth.
Let us explain further why property has been the I.D.E.A.L investment class.
Income - investing in property has allowed us the opportunity to earn additional income on a regular basis through the collection of rent on the property( s).
We use the rent to help pay off the monthly mortgage payments and/or expenses associated with the investment property( s). This along with other benefits allows
us to live a comfortable lifestyle while continuing on with our successful wealth creation strategies.
Our long term strategy is to pay down the mortgages and then use the rental income as disposable income to live off.
Depreciation - another form of income that property investing provides us is tax deductions in the form of depreciation allowances. The Australian Taxation
Office allows property investors to depreciate the value of their investment properties and claim the amounts as tax deductions against the income. Maximum
depreciation benefits can generally be achieved from new properties however renovated older properties can also provide significant depreciation benefits.
When we started investing in property, our strategy included purchasing brand new properties with high levels of depreciation so that we could utilize the
tax benefits to sustain the investment property while it grew in value. Depreciation schedules can be obtained from registered Quality Surveyors while your
accountant should be consulted for tax deductibility of the items on the schedule.
Equity - is why we invest in property Equity can be defined as the amount that a property has increased in value over time for example, if you buy a property.
for $300k and after some time it grows in value to $400k then the difference ($ 100k) is simply termed equity. Equity is great because you don't have to work
hard to get it, it just happens over the course of time, even when you sleep. To accelerate your wealth creation the increased equity can then be taken out
and used as deposit( s) to purchase additional investment properties. This is basically how many of the well known and successful property investors built their
As our properties grow in value, we use the equity to purchase more and more properties. Equity grew quicker as we purchased more properties which in turn
accelerated our capacity to purchase more properties. Each time a property grew in value, we would revalue the property and draw down the available equity to
purchase the next opportunity. Some of our properties have grown by 30% yet had we tried to save this amount of money while working in the "rat race", we would
never have been able to buy more than one property. Equity has given us the power to buy multiple properties in a very short time frame and grow our net wealth.
Appreciation - property values increase and decrease just like any other investment vehicle however when you look at property over the longer term, it generally
always increases in value and therefore provides low risk investing. We prefer property for this reason and put simply, people need somewhere to live. We have
approximately 120k people migrating into this great country each year and the size of our family units are reducing hence the requirement for more properties for
people to live in is on the increase. When looking to buy an investment property we look for areas that are experiencing population growth or are expected to grow
in the longer term. Population growth helps to ensure that there is demand for property and following the supply and demand principal, appreciation in property
prices is highest in areas of greatest demand. Our genuine wealth has come from our many properties appreciating in value over time.
Leverage - in property investing terms can be defined as the ability to do more with less. Leverage is by far the most powerful feature in property investing and
has got to be one of the many wonders of the world. Without it we would still be trying to buy our first investment property. Leverage has allowed us to maximize
what we have and to create serious wealth. Borrowing more on an investment property than what you paid for it is what leveraging is all about. How great is that.
You can use someone else's money i.e. the banks to grow your wealth. Banks will lend you up to 80% of the value of the property and in some cases, borrow more at
competitive interest rates. Because the banks view it as low risk, property allows more borrowing capacity than any other investment class.
When investing in property than you would if you were investing in any other investment, put more simply you are required to put in less of your own money up front
class. Because you will need less of your own money than you would with other asset classes, this means that you will be able grow your portfolio much quicker. If
you can at least double the return on what it costs you http://www.elevationinvest.com to own an investment property then you are ahead of the game and on your way to creating serious wealth.
The more that you can borrow at 7.5% interest that is returning 15%, the wealthier you will get.
How many other investment classes provide this many compounding benefits. For us property is the I.D.E.A.L investment class. We don't know of any other investment
class that provides us with an income while at the same time allowing us to depreciate the assets' value while at the same time watching the asset appreciate in value.
Appreciation of the asset increases the equity which in turn allows us to gain maximum leverage by borrowing to purchase more property. Repeating the cycle again and
again and again creates wealth at an ever increasing rate, how good is that.
We prefer property for this reason and put simply, people need somewhere to live. Without it we would still be trying to buy our first investment property. Borrowing more on an investment property than what you paid for it is what leveraging is all about. How many other investment classes provide this many compounding benefits. For us property is the I.D.E.A.L investment class.
Helpful Graduation Announcements and Graduating Invitations Etiquette for All School Grads
With today's varied and multiple educational options, graduation is a year round season and happening, which means everyone needs to prepared for graduating ceremonies, graduate parties with fancy and not so elegant dinners, and most of all, that all important gift giving. While academics accomplishments and achievements are an important element of celebrating any and all educational milestone, it is helpful if people of all ages are knowledgeable about the protocol of these gigantic milestones in their educational life.
Custom Graduation Announcements are for Announcing You're Graduating
When personalizing and sending your stylish announcements for graduates, good etiquette suggests that they should be mailed after the ceremony has been held. School grads, at all graduating milestones, should send graduating announcement cards to friends and family members who they would like to know about this significant educational accomplishment, even those who you might not have had recent close contact.
Personalized Graduating Invitations - What to Include and Who to Send the Invites To
Although lots of people see little differences, there are, in fact, significant differences between graduating announcements and graduation invitations, regardless of whether they are for kindergarten, high school, college, nursing, and any other level of graduating. For most graduate ceremonies, the graduates usually are offered a limited amount of tickets, so in many cases, not every friend or family member will be able to attend. It is better to offer tickets to the immediate family members, including the proud grandparents. It is up to the grad to be very fiesta graduation party invitations clear with those who actually receive a graduation invitation that the distribution is limited, and they should attend, if at all possible. And, for those who do not receive graduate invitations, a tactful explanation should be given explaining why is a brief explanation in their announcement.
Remembering Your Etiquette for Graduation Invitations and Graduating Announcements
With all the fanfare and celebrations surrounding graduations, from pre-k, high school, advanced degrees, and all levels in between, comes school graduating etiquette guidelines that they will want to be aware of and follow, thus ensuring everything goes smoothly and avoid having hurt feelings. Proper etiquette includes a wide range including, but not limited to, who should get invitations for graduation and school graduate announcements cards, appropriate gifts, party etiquette, and the all important, thank you note cards tips for surviving all graduations with class.
The lessons and skills learned while in the classrooms will help everyone on the job, but those people skills that you use and have are the ones that will afford you a definite advantage in the work environment. After all, good etiquette, whether socially or professional, makes everyone's life more complete and happier, since it includes behavior and interaction with others, and it is people and relationships who contribute to and drive our lives.
School grads, at all graduating milestones, should send graduating announcement cards to friends and family members who they would like to know about this significant educational accomplishment, even those who you might not have had recent close contact. Lots of people see little differences, there are, in fact, significant differences between graduating announcements and graduation invitations, regardless of whether they are for kindergarten, high school, college, nursing, and any other level of graduating. For most graduate ceremonies, the graduates usually are offered a limited amount of tickets, so in many cases, not every friend or family member will be able to attend. Proper etiquette includes a wide range including, but not limited to, who should get invitations for graduation and school graduate announcements cards, appropriate gifts, party etiquette, and the all important, thank you note cards tips for surviving all graduations with class.
When the bank turns you down, tough money lending institutions have actually ended up being popular as an alternative ways of funding a loan. Hard money loans have their advantage because they offer you with a prepared ways of money. On the other hand, lenders can be notorious for treking their rates as high as New york city high-rise buildings and beyond. Unethical lenders can send you into a dive of unending financial obligation and get your home or business after you fall. One of the popular Google search terms on difficult money financing is: "How can I find an honest commercial hard money lender?"
What is hard money lending?
The principle is basic and, in fact, rather helpful once you get the hang of it. Hard money lenders loan money to people who otherwise would not have the ability to these funds. Because your credit report is low, examples include if you're deeply in financial obligation and require to lease or buy a home but can't get the money to move. Or you wish to begin a company but cannot land a loan because of your credit report or other factors. This is where the Do-gooders appears through these lenders and they might fork you the needed money.
Difficult money lenders deal with various kinds of loans ranging from residential to business and practically anything in between. Each money lender sets his own fees, drives his own schedule, and has his own requirements for identifying your reliability. Difficult money lenders will offer you them.
Other advantages of getting a hard money loan
You'll likewise find difficult money loans wonderful in that the procedure is so much simpler than the standard home loan system. Typically, you'll receive the money in 3 or fewer days. If you understand the money lender, he may offer it to you that exact same day.
The procedure is also far easier than the complex underwriting process that is done under typical conditions. When requesting the tough money loan, you have to sign and finish far fewer kinds and some money lenders will neglect your FICO score.
Banks top your loans reducing your money and restricting you on your property demands. Some hard lending institutions may top your loans too, but you'll discover many who will think about complex-collateral requirements and residential or commercial properties that includes tens of countless dollars. The bottom line for the hard lender is the debtor's profile and the value of the home.
What's the issue?
Actually tough lenders are required to do this because that's the way we make our earnings. We take dangers in relying on the home as collateral and we invest our own money in advancing these loans.
Another disadvantage is the low value-to-property ratio where the loan will usually just be made at 70 to 80 percent of the residential or commercial property worth so if the lender assesses your concern at $100,000, you will receive $70,000 - $80,000.
Hard money industrial loans are far riskier than tough money residential loans. Rather, the lender will seize the entire property and liquidate the asset to cover the remaining loan amount. It could be years prior to a business property offers, and lenders cover their losses with this security.
Who should utilize commercial difficult money lenders?
That stated, some people would profit more than others from getting a hard money loan. These include individuals read more who find themselves in one of the following circumstances:
Expedited Funding for the Real Estate Investor - You want to rapidly offer a property and close. Unlike conventional opportunities, the closing is far quicker and approval is granted within the week. This since the tough money lender funds from her own pocket, so you do not need to send all the documents or wait the month or more until your application is approved.
If you are a little organisation owner who finds himself in that situation, you may desire to think about applying for a commercial difficult money loan. Ideally, your organisation succeeds since if it does not the financier will utilize your business residential or commercial property as ways of payment.
Low credit score investor - If you are attempting to invest or buy a home but are denied by standard loan provider because of a low credit score or history, you may want to think about a business tough money lender. The requirements to qualify for a hard money loan are less strict than getting approved for a standard loan, however the repayment is going to be far higher. The risk is going to balloon, too.
And coming full circle: How do I understand who I can rely on?
That's an excellent question. I usually advise people to do the following:
Google and research study lending institutions. If they are certified by the National Home Loan Licensing System (NMLS), inspect their profiles and see. They must likewise bring licensing from their state regulatory agencies.
Speak with them. See if they and you match.
Hire an attorney to evaluate any and all types prior to you sign
Completely examine the lender's procedures, terms, and schedule. Know that you can also negotiate the fees.
In short ...
Some hard money lenders cash loan providers. The procedure can be dangerous however if you're able to pay back the loan, you might discover yourself with the home or item that you want.
Hard money loans have their upside in that they provide you with a ready means of money. One of the popular Google search terms on difficult money financing is: "How can I find a truthful industrial difficult money lender?"
Difficult money lending institutions loan money to individuals who otherwise would not be able to these funds. Tough money lending institutions deal with various kinds of loans varying from property to business and nearly anything in between. Tough money business loans are far riskier than tough money property loans.