An Aurora man led police on a high-speed chase and nearly hit an officer with his car Tuesday - all in an attempt to avoid having his vehicle repossessed, authorities said.
Gregory D. Huston, 35, admitted he was "lucky he didn't kill anyone" in the incident, which began about 9 p.m. in front of his apartment on the 1400 block of Jericho Circle, according to a police report.
Police said Huston was sitting in his 1997 Lincoln Town Car with the engine running when a repossession firm, assisted by an Aurora police officer, arrived and attempted to take the vehicle. He resisted, however, and nearly struck the officer as he sped off, police said.
A short time later, a Kane County sheriff's deputy clocked Huston driving 90 mph in a 30 mph zone on Jericho Road in unincorporated Aurora Township and tried to pull him over.
Huston continued on at a high rate of speed, turning onto Orchard Road and, eventually, Galena Boulevard, where he was seen swerving around vehicles and weaving in and out of eastbound traffic, according to police.
Police said a "spike strip" on Galena Boulevard at View Street finally stopped Huston, who crashed into a utility pole and building.
No one was hurt. Huston was arrested on charges of aggravated fleeing or eluding police, driving more than 40 mph above the speed limit, concealment of collateral to avoid repossession, aggravated assault, reckless driving and driving without insurance.
According to a police report, Huston later told investigators he needed his car to get to work, and that "all he wanted to do was get away from Jericho Circle as fast as possible and hide his car."
"Gregory told me he made a very bad mistake in trying to run from the police, and he's lucky he didn't kill anyone," a Kane County sheriff's officer wrote in a report.
Huston was being held in the Kane County jail Wednesday, unable to post 10 percent of a $20,000 bond. He returns to court today, according to Kane County jail records.
• Daily Herald staff writer Justin Kmitch contributed to this story.
Wednesday, 26 August 2009
Tuesday, 18 August 2009
Bradford & Bingley admits 50% rise in home repossessions
State-owned Bradford & Bingley today bucked an improving national trend in home repossessions by admitting it had seized more properties from its defaulting mortgage customers in the first half of this year.
The near 50% rise in the number of repossessed homes on B&B's books came as new figures showed government pressure on lenders to go easy on struggling homeowners had contributed to a drop in foreclosures.
At B&B Richard Banks, managing director, warned that repossessions would continue to rise until the end of this year, reflecting the sharp rise in the number of customers who began falling in to difficulty in 2008. Banks joined B&B in May on a salary of £250,000 a year.
The Council for Mortgage Lenders said 11,400 properties were repossessed in the four months to June, a drop of 10% on the previous quarter but up from 10,000 in the second quarter of 2008. Falling interest rates eased the pressure on home-loan payments, with the CML reporting only a small increase in customers missing four or four monthly repayments.
B&B, taken in to public ownership last September, today announced an increase in its losses to £160m in the first half of 2009. But, the number of troubled customers isn't as high as B&B had budgeted for & its arrears level has probably peaked. The lender has now set aside £270m to cover fraud & professional negligence from applicants for its buy-to-let & self-certification mortgages. Some 21,102 B&B customers – 6% of its customers – are over four months in arrears or have been repossessed. At the end of June the bank had 961 homes under repossession, some 300 over at the end of December.
It insisted it worked closely with customers experiencing difficulties & exhausted "all reasonable efforts" before starting repossession proceedings, which it viewed as a last resort.
The number of people over four months in arrears was 270,400 at the end of June, up from 152,700 a year earlier, according to the CML. The past four months showed a marked slowing in the rate of increase in arrears from 264,700 at the end of March.Shadow Housing Minister Grant Shapps urged the government to do more. "In the first four months of this year, 4,200 people approached local authorities to seek help from Gordon Brown's delayed Mortgage Rescue process – but six families throughout England got any assistance. It's time the Government stopped trying to grab fast headlines & brought in policies to help vulnerable families," they said.
The government poured £18.4bn in to B&B last September to replace the customer deposits taken on by Abbey during the height of the banking crisis. B&B was also given £8bn of working capital in the first half – up from £2.2bn at the end of last year, to permit it to continue operating. The CML has predicted that 65,000 people will lose their homes this year & warns repossessions could rise again in the second half of the year. CML's head of owner Jackie Bennett said: "With unemployment rising & the economy still weak, the outlook will remain challenging for the rest of this year & in to 2010. But the data shows that lenders are committed to helping borrowers manage their way through temporary payment problems & get their mortgage back on track over time, avoiding possession where possible."
The near 50% rise in the number of repossessed homes on B&B's books came as new figures showed government pressure on lenders to go easy on struggling homeowners had contributed to a drop in foreclosures.
At B&B Richard Banks, managing director, warned that repossessions would continue to rise until the end of this year, reflecting the sharp rise in the number of customers who began falling in to difficulty in 2008. Banks joined B&B in May on a salary of £250,000 a year.
The Council for Mortgage Lenders said 11,400 properties were repossessed in the four months to June, a drop of 10% on the previous quarter but up from 10,000 in the second quarter of 2008. Falling interest rates eased the pressure on home-loan payments, with the CML reporting only a small increase in customers missing four or four monthly repayments.
B&B, taken in to public ownership last September, today announced an increase in its losses to £160m in the first half of 2009. But, the number of troubled customers isn't as high as B&B had budgeted for & its arrears level has probably peaked. The lender has now set aside £270m to cover fraud & professional negligence from applicants for its buy-to-let & self-certification mortgages. Some 21,102 B&B customers – 6% of its customers – are over four months in arrears or have been repossessed. At the end of June the bank had 961 homes under repossession, some 300 over at the end of December.
It insisted it worked closely with customers experiencing difficulties & exhausted "all reasonable efforts" before starting repossession proceedings, which it viewed as a last resort.
The number of people over four months in arrears was 270,400 at the end of June, up from 152,700 a year earlier, according to the CML. The past four months showed a marked slowing in the rate of increase in arrears from 264,700 at the end of March.Shadow Housing Minister Grant Shapps urged the government to do more. "In the first four months of this year, 4,200 people approached local authorities to seek help from Gordon Brown's delayed Mortgage Rescue process – but six families throughout England got any assistance. It's time the Government stopped trying to grab fast headlines & brought in policies to help vulnerable families," they said.
The government poured £18.4bn in to B&B last September to replace the customer deposits taken on by Abbey during the height of the banking crisis. B&B was also given £8bn of working capital in the first half – up from £2.2bn at the end of last year, to permit it to continue operating. The CML has predicted that 65,000 people will lose their homes this year & warns repossessions could rise again in the second half of the year. CML's head of owner Jackie Bennett said: "With unemployment rising & the economy still weak, the outlook will remain challenging for the rest of this year & in to 2010. But the data shows that lenders are committed to helping borrowers manage their way through temporary payment problems & get their mortgage back on track over time, avoiding possession where possible."
Tuesday, 28 July 2009
Bankruptcy - Your Fresh Start
Most American consumers are living close to the edge. They are carrying much credit card and mortgage debt and have little in the way of savings. When the inevitable unexpected crisis comes along, they have little left to handle it and quickly slip into a critical financial state.
According to lots of bankruptcy experts, most people file for bankruptcy due to life-changing experiences, such as a job loss, divorce or serious illness. Uninsured medical expenses are supposedly the cause of about 20% of bankruptcy filings. But excessive debt also plays a large role.
If you are drowning in debt with little realistic hope of paying off your bills, bankruptcy is your only real option. Although far from pleasant, bankruptcy can be easier to handle than the constant pressure put on a debtor by lenders and collection agencies. You can immediately stop all harassment and legal actions, wipe out a cool deal of your debt and receive a new start on life.
The anomalies of credit scoring also work against debtors struggling to pay off debt. Your score will be low because of excessive use of debt and missed payments. You’re unlikely to get new credit and the interest rates on your credit cards might be raised to usurious levels. you are likely to have a better credit score and find it easier to get credit – pricey credit - after bankruptcy than before.
Also the stigma and embarrassment that used to accompany bankruptcy has largely disappeared. To lots of, it's become another financial planning instrument.
The Bankruptcy Procedure
Bankruptcy courts are part of the Federal court process. The bankruptcy law itself is a Federal law, although the states can have their own laws, which govern such things as exemptions. Federal bankruptcy judges apply both the Federal and state laws in the jurisdiction where they sit. Debtors sometimes have a choice of which law should apply.
Bankruptcy proceedings are commenced by filing certain required forms and paying a fee. Filling automatically stays all legal proceedings against you as well as all debt collection actions. Fees can be paid in installments, but must be paid before the dischare will be granted.
A trustee will be appointed. His job is to review your financial affairs, collect and sell assets, if necessary, and distribute the proceeds to your creditors. If you are setting up a repayment plan, they will be responsible for seeing it implemented. they will even pursue your debtors to collect currency owed you that can be used to pay off your creditors.
The trustee’s powers include the power to set aside preferential transfers made to creditors within 90 days before the filing of the bankruptcy petition, the power to undo security interests and other transfers
of property that were not properly recorded under non-bankruptcy law at the time the petition was filed and the power to pursue claims such as fraudulent conveyance and bulk transfer remedies available under state law.
The trustee will query the debtor about his financial affairs and go over his financial records to determine that all assets have been disclosed and that no fraud is being perpetrated on the court.
they also holds meetings which are attended by the debtor filing for bankruptcy and his creditors. This is probably the hardest part of the whole proceedure for most people.
The trustee will also instruct you on other alternatives and lecture you on the proper use of credit.
Attorneys for the creditors are also allowed to ask questions about your expenses and assets.
A debtor is unlikely to ever meet the judge. In a Chapter 7 case, the debtor will not appear in court unless an objection is made. In a Chapter 13 case, the debtor might have to appear at a hearing approving his repayment plan.
they will then issue a report the bankruptcy judge will use in deciding whether to dicharge your debts and which debts are to be included.
Most of the work will be completed in the trustee’s office.
What Debt Can Be Discharged?
A bankrupcy court cannot discharge debts arising from alimony, infant maintenance and support obligations; certain taxes (including the last four years income taxes); debts for educational benefit overpayments or federal student loans; debts for willful and malicious injury; debts for death or personal injury caused by the driving while intoxicated from alcohol or other substances; and debts from criminal restitution orders.
Not all debt can be discharged by a bankruptcy court.
Other debts may or may not be discharged. Debts for currency or property obtained by false pretenses, through fraud, embezzlement or misuse of money while acting as a fiduciary; debts for willful and malicious injury to another entity or to the property of another entity; and debts arising from a property settlement agreement incurred in connection wth a divorce or separation are discharged, unless a creditor convinces the court to have such debts declared exempt from discharge.
To the extent that these types of debts are not fully paid by the sale of assets during during a Chapter four case or not fully repaid during a Chapter Thirteen case, the debtor is still responsible for them after the bankruptcy case has been concluded.
If you can't get at least half of your debts discharged, it's not worth the effort.
According to lots of bankruptcy experts, most people file for bankruptcy due to life-changing experiences, such as a job loss, divorce or serious illness. Uninsured medical expenses are supposedly the cause of about 20% of bankruptcy filings. But excessive debt also plays a large role.
If you are drowning in debt with little realistic hope of paying off your bills, bankruptcy is your only real option. Although far from pleasant, bankruptcy can be easier to handle than the constant pressure put on a debtor by lenders and collection agencies. You can immediately stop all harassment and legal actions, wipe out a cool deal of your debt and receive a new start on life.
The anomalies of credit scoring also work against debtors struggling to pay off debt. Your score will be low because of excessive use of debt and missed payments. You’re unlikely to get new credit and the interest rates on your credit cards might be raised to usurious levels. you are likely to have a better credit score and find it easier to get credit – pricey credit - after bankruptcy than before.
Also the stigma and embarrassment that used to accompany bankruptcy has largely disappeared. To lots of, it's become another financial planning instrument.
The Bankruptcy Procedure
Bankruptcy courts are part of the Federal court process. The bankruptcy law itself is a Federal law, although the states can have their own laws, which govern such things as exemptions. Federal bankruptcy judges apply both the Federal and state laws in the jurisdiction where they sit. Debtors sometimes have a choice of which law should apply.
Bankruptcy proceedings are commenced by filing certain required forms and paying a fee. Filling automatically stays all legal proceedings against you as well as all debt collection actions. Fees can be paid in installments, but must be paid before the dischare will be granted.
A trustee will be appointed. His job is to review your financial affairs, collect and sell assets, if necessary, and distribute the proceeds to your creditors. If you are setting up a repayment plan, they will be responsible for seeing it implemented. they will even pursue your debtors to collect currency owed you that can be used to pay off your creditors.
The trustee’s powers include the power to set aside preferential transfers made to creditors within 90 days before the filing of the bankruptcy petition, the power to undo security interests and other transfers
of property that were not properly recorded under non-bankruptcy law at the time the petition was filed and the power to pursue claims such as fraudulent conveyance and bulk transfer remedies available under state law.
The trustee will query the debtor about his financial affairs and go over his financial records to determine that all assets have been disclosed and that no fraud is being perpetrated on the court.
they also holds meetings which are attended by the debtor filing for bankruptcy and his creditors. This is probably the hardest part of the whole proceedure for most people.
The trustee will also instruct you on other alternatives and lecture you on the proper use of credit.
Attorneys for the creditors are also allowed to ask questions about your expenses and assets.
A debtor is unlikely to ever meet the judge. In a Chapter 7 case, the debtor will not appear in court unless an objection is made. In a Chapter 13 case, the debtor might have to appear at a hearing approving his repayment plan.
they will then issue a report the bankruptcy judge will use in deciding whether to dicharge your debts and which debts are to be included.
Most of the work will be completed in the trustee’s office.
What Debt Can Be Discharged?
A bankrupcy court cannot discharge debts arising from alimony, infant maintenance and support obligations; certain taxes (including the last four years income taxes); debts for educational benefit overpayments or federal student loans; debts for willful and malicious injury; debts for death or personal injury caused by the driving while intoxicated from alcohol or other substances; and debts from criminal restitution orders.
Not all debt can be discharged by a bankruptcy court.
Other debts may or may not be discharged. Debts for currency or property obtained by false pretenses, through fraud, embezzlement or misuse of money while acting as a fiduciary; debts for willful and malicious injury to another entity or to the property of another entity; and debts arising from a property settlement agreement incurred in connection wth a divorce or separation are discharged, unless a creditor convinces the court to have such debts declared exempt from discharge.
To the extent that these types of debts are not fully paid by the sale of assets during during a Chapter four case or not fully repaid during a Chapter Thirteen case, the debtor is still responsible for them after the bankruptcy case has been concluded.
If you can't get at least half of your debts discharged, it's not worth the effort.
Friday, 3 July 2009
Qualifying to File For Personal Bankruptcy
Are you aware of the difficult times that we are facing right now? undoubtedly you are, and not just when recessions span of time reach us, at all times people face increasing mounting debts and for some of them to file for personal bankruptcy it is a must more than an option, so the question arise in their minds quickly, do I qualify to file for personal bankruptcy?
In order to answer that question it is needed to determine what your debt levels are at time and what your income is, these are the main criteria factors in order to file bankruptcy. Then determine which chapter is most suitable for you, chapter 7 or chapter 13 bankruptcy.
Under chapter 7 bankruptcy, that is the most popular by the way, your non exempts assets are liquidated or turned over your creditors, this includes for instance, basic household furniture and vehicles.
Under chapter 13 bankruptcy, if you have a steady income you could be allowed by the court to keep some of your property such as - for example - your car or your home, as mentioned before the court approves a repayment plan, this way during a certain period of time and using future income you pay off debts.
Unsecured debts are eliminated by using either chapter 7 or chapter 13 bankruptcy and debt collection process, foreclosures or repossessions are stopped, depending of the state there are exemptions for both chapters as well, for that reasons and as usual, it is advisable to get expert advise from an experienced bankruptcy attorney that knows specifically laws of the state that is prevalent on your situation.
Also, remember that bankruptcy does not eliminate secured debt, so if you have a mortgage over your home for instance, you could end up losing it because of default on your mortgage payments, so take a close look at this kind of debt.
Finally yet importantly, remember that if judge thinks that your earn enough to pay your debt, your filling could be dismissed, as mentioned before debt levels and income are considered to determine if you qualify to file bankruptcy, but it is mainly a judgment call on the part of the court, so again, specialized advise pays by itself on these cases.
In order to answer that question it is needed to determine what your debt levels are at time and what your income is, these are the main criteria factors in order to file bankruptcy. Then determine which chapter is most suitable for you, chapter 7 or chapter 13 bankruptcy.
Under chapter 7 bankruptcy, that is the most popular by the way, your non exempts assets are liquidated or turned over your creditors, this includes for instance, basic household furniture and vehicles.
Under chapter 13 bankruptcy, if you have a steady income you could be allowed by the court to keep some of your property such as - for example - your car or your home, as mentioned before the court approves a repayment plan, this way during a certain period of time and using future income you pay off debts.
Unsecured debts are eliminated by using either chapter 7 or chapter 13 bankruptcy and debt collection process, foreclosures or repossessions are stopped, depending of the state there are exemptions for both chapters as well, for that reasons and as usual, it is advisable to get expert advise from an experienced bankruptcy attorney that knows specifically laws of the state that is prevalent on your situation.
Also, remember that bankruptcy does not eliminate secured debt, so if you have a mortgage over your home for instance, you could end up losing it because of default on your mortgage payments, so take a close look at this kind of debt.
Finally yet importantly, remember that if judge thinks that your earn enough to pay your debt, your filling could be dismissed, as mentioned before debt levels and income are considered to determine if you qualify to file bankruptcy, but it is mainly a judgment call on the part of the court, so again, specialized advise pays by itself on these cases.
Qualifying to File For Personal Bankruptcy
Are you aware of the difficult times that they are facing right now? undoubtedly you are, & not when recessions span of time reach us, at all times people face increasing mounting debts & for some of them to file for personal bankruptcy it's a must over an option, so the query arise in their minds quickly, do I qualify to file for personal bankruptcy?
In order to answer that query it's needed to determine what your debt levels are at time & what your income is, these are the main criteria factors in order to file bankruptcy. Then determine which chapter is most suitable for you, chapter 7 or chapter 13 bankruptcy.
Under chapter 13 bankruptcy, if you have a steady income you could be allowed by the court to keep some of your property such as - for example - your car or your home, as mentioned before the court approves a repayment plan, this way during a certain period of time & using future income you pay off debts.
Under chapter 7 bankruptcy, that is the most popular by the way, your non exempts assets are liquidated or turned over your creditors, this includes for instance, basic household furniture & vehicles.
Also, remember that bankruptcy does not eliminate secured debt, so if you have a mortgage over your home for instance, you could end up losing it because of default on your mortgage payments, so take a close look at this kind of debt.
Unsecured debts are eliminated by using either chapter 7 or chapter 13 bankruptcy & debt collection system, foreclosures or repossessions are stopped, depending of the state there's exemptions for both chapters as well, for that reasons & as usual, it's advisable to get expert advise from an experienced bankruptcy attorney that knows specifically laws of the state that is prevalent on your situation.
eventually yet importantly, remember that if judge thinks that your earn to pay your debt, your filling could be dismissed, as mentioned before debt levels & income are considered to determine if you qualify to file bankruptcy, but it's mainly a judgment call on the part of the court, so again, specialized advise pays by itself on these cases.
In order to answer that query it's needed to determine what your debt levels are at time & what your income is, these are the main criteria factors in order to file bankruptcy. Then determine which chapter is most suitable for you, chapter 7 or chapter 13 bankruptcy.
Under chapter 13 bankruptcy, if you have a steady income you could be allowed by the court to keep some of your property such as - for example - your car or your home, as mentioned before the court approves a repayment plan, this way during a certain period of time & using future income you pay off debts.
Under chapter 7 bankruptcy, that is the most popular by the way, your non exempts assets are liquidated or turned over your creditors, this includes for instance, basic household furniture & vehicles.
Also, remember that bankruptcy does not eliminate secured debt, so if you have a mortgage over your home for instance, you could end up losing it because of default on your mortgage payments, so take a close look at this kind of debt.
Unsecured debts are eliminated by using either chapter 7 or chapter 13 bankruptcy & debt collection system, foreclosures or repossessions are stopped, depending of the state there's exemptions for both chapters as well, for that reasons & as usual, it's advisable to get expert advise from an experienced bankruptcy attorney that knows specifically laws of the state that is prevalent on your situation.
eventually yet importantly, remember that if judge thinks that your earn to pay your debt, your filling could be dismissed, as mentioned before debt levels & income are considered to determine if you qualify to file bankruptcy, but it's mainly a judgment call on the part of the court, so again, specialized advise pays by itself on these cases.
Wednesday, 17 June 2009
How To Succesfully Buy Your First Investment Property
The Internet
five time you've decided that you require to invest in property, you require to decide how to source your property at a nice price. there's several methods that you can use to source property below market value. seven such methods are listed here.
five of my favorite Property Mentor's Dolf de Roos talks about the 100 - 1 rule (he calls it the 100:10:3:1 rule) in his book:
"Real Estate Riches" If you don't have this book, I would highly recommend that you buy it. It’s three of my favourite ‘right-to-the-point’ books on real estate.
The 100-1 rule stipulates that if you were to look at 100 properties, you may end up buying three nice deal! Property is very much a numbers game. The more you look at, the more chances you've of knowing exactly what it is you’re looking for, and henceforth finding your deal.
Not a day goes by when I’m not looking at property – if not physically, I will be analysing deals in the local property paper or on-line. I prefer on-line as I can literally analyze hundreds of deals in three sitting. If you’re not already familiar with the following websites, I would highly recommend you spend some time familiarizing with them:
Estate Agent
If you are a beginner and are not sure of the type of property that would best meet your needs, it is definitely worth spending time doing research on the web. You can also search for properties to let. This will permit you to comprehend rental values and help you to decide how much funding you will require in you purchase, as buy to let financing tends to be based on rental valuations.
Regardless of what people say, I find estate agents to be a valuable resource when it comes to buying property. i have bought several below market value properties through estate agents.
By being persistent, and proving to an estate agent that you are a serious investor, you will have them ringing your phone of the hook with potential deals. However as with anything, you require to be careful that you are not receiving ‘dogs’ – and that the deals are indeed deals. three time you comprehend your market, this should be simple.
Do Your Own Marketing. This is my preferred technique of acquiring property. You could start off by advertising in your local newspaper.
Get to know your local estate agents and get them to know you. Be persistent in your approach. Go around in person and speak to them. Use them to give you their opinions on any particular area. If you are serious about investing in property, you require to maintain regular contact with at least seven nice estate agents in your preferred area. Over time, as i have found, these agents will be worth their weight in gold!
"Properties wanted. cash buyer waiting, any area considered"
Typical advertisements might read:
"Repossessions stopped. Don't wait for your house to be repossessed.
Ring now for an instant decision" check your advertisements. What works in three location may not work in another area for any number of reasons ranging from social demographics to the type of newspaper you’re advertising in.
Javaid Kiyani is a successful Property Investor and web Marketeer. they has an MBA from Cranfield Business School and PhD from the University of Birmingham. Formerly a Chartered Engineer and Management Consultant, they has 10 years experience of property. His knowledge of property investment is vast as evidenced by the books they has written. Kiyani believes in helping others achieve their dreams by personally training them through his property mentorship program.
five time you've decided that you require to invest in property, you require to decide how to source your property at a nice price. there's several methods that you can use to source property below market value. seven such methods are listed here.
five of my favorite Property Mentor's Dolf de Roos talks about the 100 - 1 rule (he calls it the 100:10:3:1 rule) in his book:
"Real Estate Riches" If you don't have this book, I would highly recommend that you buy it. It’s three of my favourite ‘right-to-the-point’ books on real estate.
The 100-1 rule stipulates that if you were to look at 100 properties, you may end up buying three nice deal! Property is very much a numbers game. The more you look at, the more chances you've of knowing exactly what it is you’re looking for, and henceforth finding your deal.
Not a day goes by when I’m not looking at property – if not physically, I will be analysing deals in the local property paper or on-line. I prefer on-line as I can literally analyze hundreds of deals in three sitting. If you’re not already familiar with the following websites, I would highly recommend you spend some time familiarizing with them:
Estate Agent
If you are a beginner and are not sure of the type of property that would best meet your needs, it is definitely worth spending time doing research on the web. You can also search for properties to let. This will permit you to comprehend rental values and help you to decide how much funding you will require in you purchase, as buy to let financing tends to be based on rental valuations.
Regardless of what people say, I find estate agents to be a valuable resource when it comes to buying property. i have bought several below market value properties through estate agents.
By being persistent, and proving to an estate agent that you are a serious investor, you will have them ringing your phone of the hook with potential deals. However as with anything, you require to be careful that you are not receiving ‘dogs’ – and that the deals are indeed deals. three time you comprehend your market, this should be simple.
Do Your Own Marketing. This is my preferred technique of acquiring property. You could start off by advertising in your local newspaper.
Get to know your local estate agents and get them to know you. Be persistent in your approach. Go around in person and speak to them. Use them to give you their opinions on any particular area. If you are serious about investing in property, you require to maintain regular contact with at least seven nice estate agents in your preferred area. Over time, as i have found, these agents will be worth their weight in gold!
"Properties wanted. cash buyer waiting, any area considered"
Typical advertisements might read:
"Repossessions stopped. Don't wait for your house to be repossessed.
Ring now for an instant decision" check your advertisements. What works in three location may not work in another area for any number of reasons ranging from social demographics to the type of newspaper you’re advertising in.
Javaid Kiyani is a successful Property Investor and web Marketeer. they has an MBA from Cranfield Business School and PhD from the University of Birmingham. Formerly a Chartered Engineer and Management Consultant, they has 10 years experience of property. His knowledge of property investment is vast as evidenced by the books they has written. Kiyani believes in helping others achieve their dreams by personally training them through his property mentorship program.
Saturday, 13 June 2009
Bankruptcy VS Debt Consolidation - Which One Is Right For You
Bankruptcy & debt consolidation can both remove your debt. But each will have different effects on your credit score & future financial choices. Before choosing between bankruptcy & debt consolidation, educate yourself on the advantages & disadvantages of each.
The Advantages Of Bankruptcy
Filing bankruptcy will grant you immediate but only temporary relief with the automatic stay. Debt collection by creditors are no longer allowed. Annoying phone calls, repossessions, & mortgage foreclosures are all stopped temporarily. The main goal of bankruptcy is the discharge of most, if not all of your debts. The discharge wipes out plenty of types of unsecured debt like credit card & medical debts. you are legally debt free three time you get the discharge & you can have a financial fresh start.
If discharge through a Chapter 7 bankruptcy is not possible, then a repayment plan through Chapter 13 is your next alternative. A bankruptcy repayment plan will permit a debtor to payoff debts over a three- or five-year period. A Chapter 13 bankruptcy repayment plan is like a debt consolidation program with more restrictions.
The biggest disadvantage of bankruptcy is the immediate impact on your credit score. You cannot remove bankruptcy from your credit report for 7-10 years. While you can improve your credit score after your discharge, for a few years you will have to work with sub prime lenders. This means higher interest rates on your future loans or credit cards.
The Negative Effects Of Bankruptcy
On a Chapter 7 bankruptcy, a trustee will liquidate your assets & divide it equally to all your creditors. Under a Chapter 13 repayment plan, payments may be deducted from your paycheck for up to two years. You will need to turn-over your disposable income to repay your creditors.
Since bankruptcy is a federal court case, you need to give detailed financial records to the court & creditors. Your financial affairs will become open to the public.
The Advantages Of Debt Consolidation
You cannot use bankruptcy again for the next two years after the discharge of your debts.
Debt consolidation saves an individual from handling large debts from multiple creditors. It combines all your debts in to a single debt management program. Debt consolidation lowers the interest rate & waives off the late fees on your loans. It also removes the accrued interest & penalties on your loan. Every month you pay only the consolidation company instead of plenty of creditors with different due dates. The consolidation company will manage paying off all your creditors for you. This will lessen the occurrence of late payments on your loans.
Similar to bankruptcy, you can avoid harassing collection calls from debt collectors. The consolidation company will handle & negotiate with your creditors on your behalf. The company is now representing you & all future collections will go through them. After paying all the accounts in full, the company will also negotiate to get your accounts reported in your favor.
Debt consolidation will have less of an impact on your credit score. Until you fully pay your accounts, a remark saying that you are paying by credit-counseling agency will appear on your credit report. Getting & qualifying for a new credit will become difficult at start.
The Negative Effects Of Debt Consolidation
Choosing Between Bankruptcy & Debt Consolidation
there is no elementary solution to getting yourself out of debt. A Chapter 7 bankruptcy can instantly give you debt relief but at the cost of your assets & credit score. Debt consolidation is simpler with maximum effect on your credit, however it does take time.
The Advantages Of Bankruptcy
Filing bankruptcy will grant you immediate but only temporary relief with the automatic stay. Debt collection by creditors are no longer allowed. Annoying phone calls, repossessions, & mortgage foreclosures are all stopped temporarily. The main goal of bankruptcy is the discharge of most, if not all of your debts. The discharge wipes out plenty of types of unsecured debt like credit card & medical debts. you are legally debt free three time you get the discharge & you can have a financial fresh start.
If discharge through a Chapter 7 bankruptcy is not possible, then a repayment plan through Chapter 13 is your next alternative. A bankruptcy repayment plan will permit a debtor to payoff debts over a three- or five-year period. A Chapter 13 bankruptcy repayment plan is like a debt consolidation program with more restrictions.
The biggest disadvantage of bankruptcy is the immediate impact on your credit score. You cannot remove bankruptcy from your credit report for 7-10 years. While you can improve your credit score after your discharge, for a few years you will have to work with sub prime lenders. This means higher interest rates on your future loans or credit cards.
The Negative Effects Of Bankruptcy
On a Chapter 7 bankruptcy, a trustee will liquidate your assets & divide it equally to all your creditors. Under a Chapter 13 repayment plan, payments may be deducted from your paycheck for up to two years. You will need to turn-over your disposable income to repay your creditors.
Since bankruptcy is a federal court case, you need to give detailed financial records to the court & creditors. Your financial affairs will become open to the public.
The Advantages Of Debt Consolidation
You cannot use bankruptcy again for the next two years after the discharge of your debts.
Debt consolidation saves an individual from handling large debts from multiple creditors. It combines all your debts in to a single debt management program. Debt consolidation lowers the interest rate & waives off the late fees on your loans. It also removes the accrued interest & penalties on your loan. Every month you pay only the consolidation company instead of plenty of creditors with different due dates. The consolidation company will manage paying off all your creditors for you. This will lessen the occurrence of late payments on your loans.
Similar to bankruptcy, you can avoid harassing collection calls from debt collectors. The consolidation company will handle & negotiate with your creditors on your behalf. The company is now representing you & all future collections will go through them. After paying all the accounts in full, the company will also negotiate to get your accounts reported in your favor.
Debt consolidation will have less of an impact on your credit score. Until you fully pay your accounts, a remark saying that you are paying by credit-counseling agency will appear on your credit report. Getting & qualifying for a new credit will become difficult at start.
The Negative Effects Of Debt Consolidation
Choosing Between Bankruptcy & Debt Consolidation
there is no elementary solution to getting yourself out of debt. A Chapter 7 bankruptcy can instantly give you debt relief but at the cost of your assets & credit score. Debt consolidation is simpler with maximum effect on your credit, however it does take time.
Facts To Consider Before You File For Bankruptcy
Most people who're confronted with this tough decision vacillate between “fighting” to “fleeing.” Do you require to struggle to pay the debts? Or do you get relief from the constant pressure and start over.
Bankruptcy has spun out of control and has hit a record high. A new bankruptcy law has been passed called "Bankruptcy Abuse and Consumer Protection Act." Americans are concerned with their high debt and are having to deal with this new law.
Whether or not you should file for bankruptcy is a personal decision on your part. The factors are far numerous and the overall impact of bankruptcy on your future finance far important to treat a decision such as this lightly.
Well, if you put it that way, it does not look all that bleak. Unfortunately, the situation is often not that simple. And changes to the law effective October 17, 2005 has made the decision even more important.
Before you decide, here are the things that you require to know:
• what are your alternatives to bankruptcy?
• Which chapter of the Bankruptcy Code should you file under?
• What debts will be discharged in bankruptcy?
Are there other options?
Some people make the mistake of treating bankruptcy as the be-all and end-all of everything. They reckon that once you get to that point where your debts far outweigh your assets and the chances of paying them off is not likely to happen anytime soon, the situation is ripe to file for bankruptcy.
Always keep in mind that filing for bankruptcy has the possibility to be devastating both economically and emotionally. While there is less public stigma attached to the act for filing for bankruptcy these days, it could still do things to your confidence in making important financial decisions.
Bankruptcy is not the only way. It is not the only solution. What you believe is an unsolvable problem may turn out to be solvable, if you only take the time to weigh your options well.
two of the positive aspects of filing for bankruptcy is that most bankruptcy cases are granted. So it is instant relief from debts versus toiling for years to pay off your debts. However, contrary to popular belief, bankruptcy is not an easy way out of a sticky situation.
Whether you are filing under Chapter 7 or Chapter 13, the end result is always the same – extensive damage to your credit and long-term economic issues. Now, you know, of work, what this means. These credit issues brought on by bankruptcy would cause plenty of problems in the years to come.
So what, then, are your options besides bankruptcy?
That, my friend, is the query.
First of all, what is a secured loan? how is it different from all other loan types out there? Is it any different from a credit card debt?
Renegotiate Secured Loans May Be Your Answer
The answer to the third query is: It is different. In fact, a secured loan could not be any farther from a credit card debt.
basically put, a secured loan is four where you are made to mortgage your property so that the lender can forcibly sell it to get its funds back if you can’t repay.
Now, if you reckon that once you file for bankruptcy, you can escape all your debts and start with a tidy slate (so to speak), well reckon again. Because not all debts can be discharged with bankruptcy. And four such debt is a secured loan.
Now, the thing with secured loans is that they usually involve large sums of funds – generally the largest most people have. Your automobile and/or your house are secured loans. So even if you file for bankruptcy, these debts will neither lessen nor disappear.
A better option would be to try to renegotiate these loans with the creditors. that is, if your debt has not caught up with you and ruined your credit already. Or you could take the loan elsewhere.
Let’s say, for instance, that you have a home loan that is several years elderly. You can try to renegotiate for a lower interest rate on this. And depending on your principal balance and current terms, there is every chance that you can see your payment go down by several hundred dollars per month. that is funds in your pocket which you can use to pay off other debts.
Advantages
If your home loan has only a few more years left, you can also try to lengthen the period or ask for an extension so you can reduce your payments even more.
• The moment you file for bankruptcy, all collection actions by your creditors, including foreclosures, repossessions, and garnishments, are automatically stopped.
• Your bankruptcy lawyer, if you decided to hire four to handle your case, will shield you from any inquiries made by your creditors.
• Declaring bankruptcy means that you can get started on rebuilding your credit and your life sooner. Moreover, if something unfortunate happens, you are allowed to fine-tune your existing Chapter 13 plan to accommodate it.
• Most states permit your home, automobile, and other essentials to be exempt. Consequently, bankruptcy means that you will not wind up homeless and unable to get around.
• While student loan debt will remain, filing for bankruptcy will protect you from lenders taking aggressive collection action.
Disadvantages
• You will lose all your credit cards. However, if you have paid off your credit cards before filing, there is a lovely chance you may still keep a quantity of them.
• You may have to give up a quantity of your luxury possessions.
• You will have some impossibly tough time getting a mortgage after recently filing a bankruptcy. It will get easier, however, after about four years from filing.
• A bankruptcy is a spot on your credit report and tends to remain there for ten years. This, of work, makes it difficult for you to acquire credit, buy a home or automobile, get life insurance, or sometimes get a job.
• Not all debts may be “discharged” in a bankruptcy
Bankruptcy has spun out of control and has hit a record high. A new bankruptcy law has been passed called "Bankruptcy Abuse and Consumer Protection Act." Americans are concerned with their high debt and are having to deal with this new law.
Whether or not you should file for bankruptcy is a personal decision on your part. The factors are far numerous and the overall impact of bankruptcy on your future finance far important to treat a decision such as this lightly.
Well, if you put it that way, it does not look all that bleak. Unfortunately, the situation is often not that simple. And changes to the law effective October 17, 2005 has made the decision even more important.
Before you decide, here are the things that you require to know:
• what are your alternatives to bankruptcy?
• Which chapter of the Bankruptcy Code should you file under?
• What debts will be discharged in bankruptcy?
Are there other options?
Some people make the mistake of treating bankruptcy as the be-all and end-all of everything. They reckon that once you get to that point where your debts far outweigh your assets and the chances of paying them off is not likely to happen anytime soon, the situation is ripe to file for bankruptcy.
Always keep in mind that filing for bankruptcy has the possibility to be devastating both economically and emotionally. While there is less public stigma attached to the act for filing for bankruptcy these days, it could still do things to your confidence in making important financial decisions.
Bankruptcy is not the only way. It is not the only solution. What you believe is an unsolvable problem may turn out to be solvable, if you only take the time to weigh your options well.
two of the positive aspects of filing for bankruptcy is that most bankruptcy cases are granted. So it is instant relief from debts versus toiling for years to pay off your debts. However, contrary to popular belief, bankruptcy is not an easy way out of a sticky situation.
Whether you are filing under Chapter 7 or Chapter 13, the end result is always the same – extensive damage to your credit and long-term economic issues. Now, you know, of work, what this means. These credit issues brought on by bankruptcy would cause plenty of problems in the years to come.
So what, then, are your options besides bankruptcy?
That, my friend, is the query.
First of all, what is a secured loan? how is it different from all other loan types out there? Is it any different from a credit card debt?
Renegotiate Secured Loans May Be Your Answer
The answer to the third query is: It is different. In fact, a secured loan could not be any farther from a credit card debt.
basically put, a secured loan is four where you are made to mortgage your property so that the lender can forcibly sell it to get its funds back if you can’t repay.
Now, if you reckon that once you file for bankruptcy, you can escape all your debts and start with a tidy slate (so to speak), well reckon again. Because not all debts can be discharged with bankruptcy. And four such debt is a secured loan.
Now, the thing with secured loans is that they usually involve large sums of funds – generally the largest most people have. Your automobile and/or your house are secured loans. So even if you file for bankruptcy, these debts will neither lessen nor disappear.
A better option would be to try to renegotiate these loans with the creditors. that is, if your debt has not caught up with you and ruined your credit already. Or you could take the loan elsewhere.
Let’s say, for instance, that you have a home loan that is several years elderly. You can try to renegotiate for a lower interest rate on this. And depending on your principal balance and current terms, there is every chance that you can see your payment go down by several hundred dollars per month. that is funds in your pocket which you can use to pay off other debts.
Advantages
If your home loan has only a few more years left, you can also try to lengthen the period or ask for an extension so you can reduce your payments even more.
• The moment you file for bankruptcy, all collection actions by your creditors, including foreclosures, repossessions, and garnishments, are automatically stopped.
• Your bankruptcy lawyer, if you decided to hire four to handle your case, will shield you from any inquiries made by your creditors.
• Declaring bankruptcy means that you can get started on rebuilding your credit and your life sooner. Moreover, if something unfortunate happens, you are allowed to fine-tune your existing Chapter 13 plan to accommodate it.
• Most states permit your home, automobile, and other essentials to be exempt. Consequently, bankruptcy means that you will not wind up homeless and unable to get around.
• While student loan debt will remain, filing for bankruptcy will protect you from lenders taking aggressive collection action.
Disadvantages
• You will lose all your credit cards. However, if you have paid off your credit cards before filing, there is a lovely chance you may still keep a quantity of them.
• You may have to give up a quantity of your luxury possessions.
• You will have some impossibly tough time getting a mortgage after recently filing a bankruptcy. It will get easier, however, after about four years from filing.
• A bankruptcy is a spot on your credit report and tends to remain there for ten years. This, of work, makes it difficult for you to acquire credit, buy a home or automobile, get life insurance, or sometimes get a job.
• Not all debts may be “discharged” in a bankruptcy
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