Filing for bankruptcy

Bankruptcy  is sometimes caused by financial mismanagement, but some times caused by accidents, illness or other factors beyond a persons control. These include having a  powerful government official abusing his powers to cause great financial losses out of jealousy and malice. Sometimes a bigger company which wants to destroy a smaller business  is offering incentives to all business associates to cause business losses, delaying payments, spreading malicious rumours about the nature of the business, misusing the name of the business owner to steal benefits, and other unethical tactics. In other cases loss of a job or government regulations may cause bankruptcy.

When a person is unable to repay the loans on time, it can be very stressful, especially if all efforts to earn money are sabotaged by malicious people. In such circumstances, it may be difficult to repay all the debt on time, which include credit card debt, home loans and personal loans. The interest rates charged for non payment of loans is prohibitive, and increases the amount to be paid significantly. The lender may also send their person to hound the borrower, which can lead to a lot of stress and mental tension, affecting the health and productivity of the individual.

In such cases, it is advisable to contact a bankruptcy attorney , bankruptcy lawyer to advise the best options available to a person or business who has a lot of debt, but is unable to repay the amount and cannot find any reliable source of income. The bankruptcy attorney will advise the client on the debt and also represent the client in court if he is unable to attend the court due to circumstance beyond his or her control. The bankruptcy lawyer will provide advice to the client who is unable to repay his or her debt due to unforeseen reasons.

The bankruptcy lawyer will help the client review all the debt, and check if any of the lenders are willing to waive off the debt or reduce the debt amount, especially if the interest rate is prohibitive.  They may help in negotiating the debt, by corresponding with the lenders to make them understand the circumstances under which the payments are being withheld, it is because of extremely malicious behaviour and it is advisable to give a second chance, which will help the debtor repay a reasonable portion and start life anew.

In case the lenders are extremely unreasonable and there is absolutely no chance of earning any money in future, it is advisable to file for bankruptcy under section 7 or section 13 depending on the conditions using the services of a bankruptcy lawyer. Filing for bankruptcy helps the client close all debts  and start life afresh without any kind of debt at all. While some may not consider filing for bankruptcy because it will harm their reputation, it is often the best way out to end the never ending harassment by debtors who are paid for recovering the amount due, but and will not hesistate to use any tactic to do so.

Reverse mortgage for senior citizens

With improved health care, the average lifespan of a person has greatly increased over the last few decades. However, senior citizens who are not working may not find their savings and retirement income from their last job sufficient to cover their daily expenses, especially if they need additional medical attention or have dependent. By researching the reverse mortgage information online, seniors who own and stay in their own home can access a new source of funding.

Most reverse mortgage programs are available to citizens who are more than 62 years old, though a  few programs are available to individuals less than 60 years also. The payment is made in the form of cash, monthly income or financial equivalent and the amount received is tax free. A home owner can use a reverse mortgage calculator to estimate the amount he or she will get if they apply for a reverse mortgage. The date of birth of home owner, estimated value of the house, zip code of the location of the house and mortgages and liens against the house (if any ) should be entered to get the approximate reverse mortgage values.

Most of the reverse mortgage loans today are insured by the Federal Housing Authority, a division of the Department of housing and development (HUD) and are called Home Equity Conversion Mortgage (HECM). An additional insurance of 2% is charged on each loan, and this ensures that the payments are always received, irrespective of the financial status of the lender.

Budgeting

In the current economic conditions, budgeting has become important. People now try to live within their means , instead of spending on unnecessary luxuries.

Get cash for structured settlement payments

Many individuals prefer to receive the compensation for the damages caused by accidents or death in the form of a series of periodic payments as the amount they will receive over the period is more than a single lump sum payment. However, after some time, their financial condition may change due to job loss, medical emergencies like hospitalization or illness, or large debt repayment. In these conditions, they can sell annuity payments through structured settlements and receive cash.

The person receiving the annuity payments has the legal right to assign the payments he or she will be receiving to a third party. Depending on the amount needed, only a part of the annuity payment may be sold immediately. A lump sum payment or a portion of each annuity payment may be sold, so that the individual can continue to receive some cash in future. Since this sale involves a number of organizations and legal paper work, completing the transaction could take sixty days or more. In case a particular individual is not available, it could take a longer time.

The amount paid by the buyer of structured settlement annuity depends on the value and frequency of the payments they will receive, macro economic factors like interest rates prevailing and interest rate trends, and financial health of the company making the annuity payment, which will determine the probability that they will receive the entire amount as promised. A larger amount is paid for annuity payments which will received immediately.

Software for non profit agencies

People donate their money to non profit organizations so it benefits the cause they are interested in. They spend a lot of time researching the various charities and their track records before taking a decision. One of the key considerations in rating a charity is the ratio of the administrative expenses to the total funds raised. If a large percentage of the funds are used for just the organizational expenses of the non profit, it might find it difficult to raise funds  in the future. So it important to use a suitable Nonprofit Fund Accounting Software to accurately track the funds available and expenses and take appropriate decisions.

Non-profit agencies get a large proportion of their funds from their donors and it is important to use a Fund Raising software which can help them manage the entire fund raising process, from sending mailers to their donors to analyzing the results of an advertising campaign. Depending on the size of the organization, the non-profit can choose the Sage 50, Sage 100 or Kintera Sphere  On Line Solution.

Most accounting software available are developed for commercial entities whose goals differ very significantly from those of non-profit organizations. By using a fund accounting software developed for non-profits, the organization can closely track expenses and take appropriate measures. Sage MIP Fund Accounting, FundWare and Microsoft Serenic Navigator are some of the accounting software available.

Life insurance

While it is not necessary for a single person with no dependents to purchase a life insurance policy, the family of an individual who is the sole bread winner is adversely affected in the event of his or her death. This is especially important when the family consists of children, disabled and elderly persons,  who are unable to get a conventional job. By purchasing a  life insurance policy , an individual can ensure that the lifestyle of his or her dependents is not adversely affected in future.

If the children in the family are growing up, the parents will have to support them, but as they grow older and get jobs, they become financial independent. So depending on how much premium he or she is willing to pay, an individual can purchase either a term life insurance policy or a permanent life insurance policy. The premium to be paid for a term life insurance policy is much lower for a short term policy, since the probability of an insurance claim being filed are lower. The health, weight, lifestyle, work and hobbies also determine the insurance premium to be paid.

Since life insurance premium payments are a significant amount which have to be paid every year, it is advisable to get life insurance quotes from multiple insurance companies before selecting the best option. In addition to considering the premium amount to be paid annually, it is also important to check the financial stability of the company in the current economic conditions. To get a quote, basic information like date of birth, gender,height and weight have to be provided.

Disability insurance for professionals

Highly paid professionals like physicians, dentists and attorneys spend a lot of money and time on their education, training and taking the various qualifying examinations. Building their client base takes a long time.  Their income depends  to a large extent on their ability to offer a particular service and any illness or disability can adversely affect their income. By selecting a suitable disability insurance policy these professionals can protect their income over a period of time.

Most professionals suffer from some kind of disability at some time during their career and if they have selected a disability insurance policy correctly, they can reduce the impact of the disability on their lifestyles. While reviewing the disability insurance quotes from the various insurance companies, they should ensure that it includes an “own occupation” definition, is non cancellable and provides residual coverage till the income is restored to earlier levels.

Physician disability insurance policies are tailored to meet the needs of doctors who often spend hundreds of dollars annually to complete their education. Since patients will consult another doctor for their illness, if their regular doctor is unavailable, the policy should include a residual income clause. Many insurance companies offer special packages for medical residents and  doctors who meet their physical fitness criteria.

Post retirement work

Though most people holding a conventional office job look forward to retirement when they can get a break from their hectic schedule, they usually feel bored after a few months as they have a lot of time on their hands and little to do. Earlier getting a job after retirement was difficult,  but with improvements in health care and medical systems, retired people remain physically fit and able to continue working productively.

With the current financial crisis, the savings of most people have been eroded and many are evaluating various retirement ideas to find one that best fits their daily schedule and lifestyle requirements. Most retired people prefer a job or work which offers flexible timings , so that they can find time for their personal work and hobbies. The work should also not be very physically demanding due to their advanced age.  A number of companies also hire mystery shoppers, who visit retailers and theaters to report on the conditions there.

Home based work or business seem to be the preferred option for retired people. If an individual is good at marketing , there are a number of products and services available which can be sold both online and offline. However, some home based businesses may need some investment, so it is important to verify the history of the business before making any payment. Most genuine home based work assignments do not need any kind of investment. They pay according to the amount of work done.

Selecting a charity

While selecting a charity to make donations to or for getting assistance , it is important to find out how efficiently it is run. In some charities, a large portion of the money donated is used for funding the administrative expenses like salaries or for promotional activities. Some of the websites where you can track the performance of a charity are:

www.charitywatch.org (The American Institute of Philanthrophy) – rates charities based on how efficiently they use their funds. The charities rated A to A- must use more than 75% of the money they raise on programs.

www.charitynavigator.org – considered one of America’s largest independent evaluator of charities and has more than 5000 charities listed. However, they do not evaluate many Christian charities, since they do not file a tax form. After considering their organizational efficiency and capacity charities are assigned a star rating. Income statements which includes revenues and expenses of the charity are listed. Registration allows users to compare charities.

Assistance for startups

SCORE is a nonprofit association founded in 1964 which  works for the  formation, growth and success of small business in the United States by helping entrepreneurs .  The U.S. Small Business Administration (SBA) has partnered with SCORE.

Business owners, working and retired executives donate time and expertise as business counselors to entrepreneurs through SCORE. All the information provided remains confidential. There are 389 chapters of SCORE in the United States with over 10000 volunteers.

If you are starting a business, you can get information on sample business plans and instructions on how to write a business plan. at http://www.sba.gov , http://www.score.org or http://www.bplan.com . You can find the nearest SCORE chapter by entering your Zip code at the SCORE website. The business owner can call them and arrange for a free meeting with a SCORE counselor to review the business plan and discuss various loan options available to you.