Nowadays, declaring bankruptcy are a common thing among business owners and individuals. It may carry a nasty cultural stigma, it may be a very positive choice for a number of indebted individuals to help them lighten their financial burden.
7 Possible Benefits of Bankruptcy
1. Allows for the "discharge" of most, if not all of your debts. This means that you are no longer legally obligated to pay the debts.
2. Prevents property from being repossessed, or it may require creditors to return property that was repossessed.
3. Stops the collection process. This means that creditors must stop attempting to collect on the debts.
4. Prevents you from having your utilities cut off, or if they are cut off, requires the utility company to restore service.
5. Stops/Prevents wage garnishment.
6. Halts the foreclosure process and gives you time to catch up on payments. This means you will not necessarily lose your house or mobile home.
7. Gives you the opportunity to dispute false claims from creditors who may be trying to collect more than what it owed to them.
While bankruptcy will allow for the discharge of a number of debts, others remain non-dischargeable according to federal regulation. Non-dischargeable debts include family support, student loans, certain types of taxes, and criminal fines. They are due to world financil crisis that we are experiencing these days.
Showing posts with label Money. Show all posts
Showing posts with label Money. Show all posts
Declaring Bankruptcy: Its Benefits
Labels:
Bankruptcy,
Benefits of Bankruptcy,
Business,
Finance,
Money
Pinoy Smart Saving Tips
Labels:
Money,
Pinoy Smart Savings
Pinoy Smart Saving Tips
The 12 Steps to Build Wealth are the following:
1. Understands and overcome the obstacles of building wealth.
2. Know what you want and dream big.
3. Find out what you are and what you have.
4. Making saving a lifelong habit.
5. Spend your money wisely.
6. Get out and stay out of debt.
7. Find ways to earn more and to save more.
8. Prepare for life's financial challenges.
9. Plan for a hassle free and comfortable retirement.
10. Grow your money through smart investing.
11. Take care of health to enjoy your wealth.
12. Share your blessings and receive more good things.
There are two strategy in spending wisely that can teach us about money. The "save and buy strategy" and the "trial system".
The save and buy strategy, he says if we want something like a appliance and we don't have enough money to buy it, even if we have credit card to charge it, we will not immediately purchase the said appliances until we have enough savings to pay for it. He even says that " it is much satisfying if we bought something that we do not regret buying because we're thinking of how we're gonna pay for it."
The trial systems is applicable if were planning of buying a car through bank financing, which has a monthly installment. He says we should try first to remove the monthly installment from our income at least for six months before we should buy that car. Example is, if the monthly installment isP20,000.00, we should try and live for 6 months without it and if after our assigned time frame and we can do without it then its time to buy it, by this time we'll have extra money for downpayment and other expenses.
Last night while I was watching Shop Talk in ANC, a sister company of ABS-CBN, I was inspired to write and share their topic on this blog. Maybe it can help us saves and we will be more aware of our finances.
One of that interest me most is the book of Mr. Alvin T. Tabañag,
One of that interest me most is the book of Mr. Alvin T. Tabañag,
The 12 Steps to Build Wealth are the following:
1. Understands and overcome the obstacles of building wealth.
2. Know what you want and dream big.
3. Find out what you are and what you have.
4. Making saving a lifelong habit.
5. Spend your money wisely.
6. Get out and stay out of debt.
7. Find ways to earn more and to save more.
8. Prepare for life's financial challenges.
9. Plan for a hassle free and comfortable retirement.
10. Grow your money through smart investing.
11. Take care of health to enjoy your wealth.
12. Share your blessings and receive more good things.
There are two strategy in spending wisely that can teach us about money. The "save and buy strategy" and the "trial system".
The save and buy strategy, he says if we want something like a appliance and we don't have enough money to buy it, even if we have credit card to charge it, we will not immediately purchase the said appliances until we have enough savings to pay for it. He even says that " it is much satisfying if we bought something that we do not regret buying because we're thinking of how we're gonna pay for it."
The trial systems is applicable if were planning of buying a car through bank financing, which has a monthly installment. He says we should try first to remove the monthly installment from our income at least for six months before we should buy that car. Example is, if the monthly installment isP20,000.00, we should try and live for 6 months without it and if after our assigned time frame and we can do without it then its time to buy it, by this time we'll have extra money for downpayment and other expenses.
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