The Rules and Regulations Pertaining to New York Bankruptcy Law

There are several chapters like chapter 7, 9,11,12,13 of bankruptcy code under the federal law which governs the bankruptcy laws of New York. The various chapters under the bankruptcy law cover various issues and therefore guides as to how to deal with, and decide cases falling under each chapter effectively. Chapter 7 is applicable for debtors who have no assets to repay the debts. Chapter 9 deals with cases of government municipalities. For the owners or shareholders of a company there is chapter 11. Chapter 12 deals with fishermen and farmers. For salaried individuals or families, self employed and wage earners there is Chapter 13.

As fixed under chapter 7 of the New York bankruptcy law, the income of an individual under such cases should be less than the average income. Under this chapter, the cases that are handled are almost made fully exempt from the debt, but some things like student loans, alimony, child support, fraudulently acquired debts have to be paid off. The r

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What Information Do You Need to File Bankruptcy?

With the changes to the bankruptcy code, came a whole new list of information needed to file bankruptcy. It is much easier to file Chapter 7 bankruptcy than Chapter 13 and that is why there is so much proof needed to file. To qualify to file Chapter 7 a person will have to prove their annual household income and make sure it is below the state’s median household income. This is one area where a bankruptcy attorney is a huge help.

A person filing bankruptcy will be required to come up with their last six months paycheck stubs or proof of income if they are self-employed. They will need a copy of the last two years of taxes and up to two years of bank records depending on the situation. That is the documentation they will need to prove that they qualify to file Chapter 7 bankruptcy.

After qualifying to file Chapter 7, the individual will need to supply their bankruptcy attorney with an itemized list of all their property and the valuations. This list will include f

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Business Capital Loans Info: How to Determine If Your Business Requires Working Capital Funding

Working capital loans can be used to help companies pay for their operational costs. The net capital is also defined as the difference between a business’s current assets and liabilities. It’s the amount of money the company has currently as its disposal to pay for daily and immediate expenses. If you are having trouble meeting those financial requirements, then you’ll want to look into business capital loans.

However, there are instances when an organization might have more than enough in working capital all the time, yet it still might not be a good thing. This could be a sign that the business isn’t utilizing its assets to the fullest, and you might want to look for better ways to utilize those assets.

Regardless of why you think this kind of loan might be right for you, it’s important to understand the working capital ratio to help you determine how much money you should request. In terms of financial health, you will want a ratio betw

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Advantages and Disadvantages of No Annual Fee Credit Cards

Credit cards with accompanying rewards programs often come with annual fees as well as interest-free days. This type of cards is best suited for people who use their cards frequently. However, though this card provides many advantages to cardholders, it will come with high interest rates.

Advantages

– Extremely low interest rates

– Low credit limit

– interest-free days

– Introductory promo deals

Disadvantages

– High interest rates for cash advances

– Will cost more once the introductory period is over

For this reason, this card is not recommended for people who cannot pay more than the minimum monthly balance, mostly those that do not have a stable source of income. This is why no annual fee credit cards are the natural alternative for most people. This card often comes with interest-free days, usually around 50 days on purchases.

In addition to this, no annu

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How to Pay Off Credit Card Debt Quickly

Christmas and holiday spending can be brutal on any household budget, considering most families significantly overspend during the holiday season. It is estimated that the average American household has more than $8000 in credit card debt. After all the fun and festivities are over, you should take control of your household budget and expenses. Unfortunately, one of the biggest yet most controllable expenses for most individuals or households is their revolving debt. The payments may not only handcuff your spending ability, but they can limit your financial options to purchase a car or house. In order to escape from the trap of credit card debt, you will need to determine the best way to pay down and eliminate your debt. The following is a list of suggestions on how to pay down your debt and improve your financial situation.

• Collect Your Information – Gather your last pay stub and all your latest credit card statements. Write down the name of the creditor, balance,

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Quick Personal Financial Self Assessment Checklist

Sometimes people ask me to suggest a quick approach to assess their money-handling fundamentals. Normally, they continue: “We just don’t seem to be at peace with our personal finances. Indeed, after repaying a large credit card debt, and becoming debt free, we feel burdened.” Puzzled, I ask, “Do you mean you seem to follow a pattern of acquiring, repaying, re-acquiring debt… probably over an extended period? And though your income is more, your finances now are worse than they were, say, five years ago?” Instantly, they reply, “That’s it!”

Over the years, to help understand ABCs of money handling, I developed a 100-questions questionnaire that I use as I counsel couples; however, at the first meeting, I work with this 10-question self assessment checklist to benchmark where folks are with their ideas about money management. This list is not scientific; I developed it after years dealing with couples of different races, cul

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Different Things You Can Do With a Personal Loan

Since the beginning of the 20th century, the demand for loans has witnessed a rapid growth year on year. The increase of lenders in the market is a huge contributor for this growth. The customer today is smart and the advancement in the digital industry has helped the average customer to be well read and informed.

Earlier to avail a personal loan, the customer would run to the lender with the lowest rate of interest. Today, the scenario has changed drastically. Banks entertain customers who have a good credit score and provide them with better deals and offers on the loans taken by them. Hence, an individual would need to always keep his/her financial profile strong.

How does a personal loan fit into this equation?

A personal loan is taken by an individual to fulfill any short-term obligations which need their immediate attention. You can also avail of this loan for any medical or general emergency. Tuition fees, credit card bills, purchase of an expensive gadge

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3 Ways That a Business Owner Can Minimize Their Taxes

There are hundreds of ways for a small business owner to minimize their tax bill. Although the first two tips below may seem obvious, most small business owners pay too much tax because they aren’t tracking those two items properly. As for the third tip, a small business owner rarely saves money by doing their own taxes. Read on to find out why.

Tip #1 – Carry a Mileage Log

Tax professionals are always amazed at how many business owners don’t record every single business trip in a mileage log. At roughly $.50 per mile that bad habit can cost you hundreds of dollars in missed tax savings each year. And, for those who think they can just guess, failing an audit for business mileage is pretty expensive after they add interest and penalties.

Purchase a printed log or a small office appointment book, and keep it in your car. Put it where you can reach it from the driver’s seat. Making the task quick and easy is the key to reco

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Business Bankruptcy Attorney – What Can They Offer to My Business?

Financial crises are taking the world by storm. Many businesses have had to declare themselves bankrupt and shut down operations, because they found themselves in an acute liquidity crisis. This serves as a good example for many other businesses, which are still operating, to start preparing for the worst. When preparing for the worst, a business must hire a business bankruptcy attorney before they even require the services of one.

Handling and dealing with a bankruptcy situation is never easy. You have high debts and expenses to pay off and the creditors of the business come pressurizing you for their payment. It’s not something that you can take on your own. You will need professional help, especially when it comes to a matter of thousands of dollars. This professional help comes in the form of a business bankruptcy attorney who will do the most he / she can, to get you out of the crisis while helping you lose the least because of it.

When a business bankruptcy

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What Can Bankruptcy Do For You?

Most people never imagine they’ll need the relief of filing bankruptcy, but sometimes debt builds up unexpectedly. A job loss or medical bill may lead to increased credit card debt, and you may only be able to make minimum payments. Other bills rack up, and before you know it, you’re in over your head. There are many benefits to filing bankruptcy, but it’s also important to weigh the consequences of filing before moving forward.

First Steps

Most people know that bankruptcy can discharge many of their debts, but you’ll need to make some important decisions to get to that point. First, we’ll conduct the Means Test to help us decide which chapter of bankruptcy is best for you. If you pass the Means Test, you’re eligible to file a Chapter 7, which discharges most unsecured debts, including medical bills, credit cards, utility bills, and back rent. If your income is too high or you have assets and property you need to protect, a Chapter 1

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