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.

Bad credit credit cards, loans

Most people believe that a poor credit score can automatically disqualify you from getting competitive rates for your credit cards or loans. However, often a poor credit score may be due to factors beyond your control. Realizing this, many companies offer bad credit credit cards to customers who wish to use credit cards for making purchases online and offline.

A user can apply for any of the credit cards for bad credit online and get a response within a minute. They report to the major credit bureaus and many offer a low APR. If you have bad credit, you can also get a prepaid card or a debit card, which can also be used at ATMs worldwide.

In the current economic condition, many lenders have relaxed their stringent screening criteria and are willing to consider the circumstances which resulted in a low credit score. Bad credit loans are available for homes, vehicle purchases as well as personal expenses, so it is advisable to evaluate all options before taking a decision.

Save money on loan repayment

In most households, the monthly home loan repayments are a major expense. Even a small reduction in the interest rate can result in substantial savings as the home loan amounts are usually large. Often home loans are taken , when the real estate market is booming and home loan interest rates are high. With the decrease in interest rates, home loan borrowers can save a substantial amount by considering the  various home loan refinancing options available at websites which arrange for quotes from home loan specialists for mortgages, refinancing and home equity loans loans.

To refinance home loan, some financial information about the borrower is needed as it will determine the interest rate he is eligible for.This includes the value of the home for which the loan is needed, current interest rate being paid and the annual income.The lenders do not request a copy of the borrower’s credit report, he only has to indicate whether his credit rating is poor, fair, good or excellent, the exact credit score need  not be provided. The lender can get an indication of how reliable the borrower is.

The borrower has to provide some information about the house like the state in which it is located, the size of the home, repayment period, approximate value of the home, interest rate paid at present and approximate annual income. A number of specialists in home loan refinancing will contact the borrower with offers from different companies, so that he can get the best deal and reduce the amount he repays towards the home purchase every month.

 

Small Business Cash Advances

In the current economic scenario, even a very profitable small business may be short of cash at times, due to certain unexpected contingencies like an unexpected default. In such cases, it may be difficult to get enough cash to meet the working capital requirements. Most banks and other financial institutions take a long time to take a decision regarding a small business loan. They also require detailed financial information about the business and sufficient collateral.

To overcome this limitation, Merchant Capital Source offers a business cash advance for small businesses which process at least $5,000 a month in Mastercard/ Visa credit card sales and have been in business for more than nine months. The company then deducts a small amount every month from the credit card sales. A monthly statement is sent giving details of the amount deducted. If the business owner has poor credit, it is difficult to find unsecured small business loans. The cash advance is unsecured, as no collateral or personal is required.

The small business cash advance can be used to fund the growth of the business by purchasing inventory at discounted rates, advertising to increase awareness, expansion, equipment purchases or financial emergencies. Applications for cash advances are approved within 24 hours and the business usually receives the funds in 7 business days after approval.

Compare mortgage rates

Usually purchasing a home is the single largest investment a person makes in his or her lifetime and since few people have sufficient savings to make a down payment for the entire amount, they usually have to take a home loan. Since the loan amount is usually hundreds of dollars, even a different of a few percentage points in the home loan interest rates can make a significant difference in the monthly repayments.

So it is advisable to get offers from a number of lenders and then finalize the loan after considering the interest rate, terms and conditions and duration  over which the loan has to be repaid. If the loan is taken by a person in his forties, the duration of the loan should be less than twenty years, when a person in his twenties can take a loan for a longer period like thirty or forty years.

If you already have taken a home loan at a high interest rate, it is advisable to consider home loan refinancing options available as you can save money on the total amount to be repaid. To refinance home loan a borrower can get quotes from multiple home loan specialists by providing information about his requirement like the state in which the property is located, type of home, loan program, approximate value of the home, loan amount, current interest rate and annual income. The applicant only has to specify whether his credit is excellent, good, fair or poor, the lenders do not require the credit score for giving a quotation. ,