How to Save Money and Live Regally – 5 Tips
Jul 31, 2009 Budgeting
Lots of us need to or should cut back on spending, but it can be hard. We all want to live well after all, but spending and living well do not necessarily go together. My friend Sue pours though money, yet lives no better than I do. She always seems to pay full price, buy things she never uses or throws away, and basically has no money sense. I have just a bit of money sense, and live frugally yet regally. You cut down on expenses and live like a King or Queen! Here are 5 tips to get you started.
1) Expensive coffees, teas, and other drinks. Make your own! I do, and save money, especially in the office. And my coffee is cheaper and better than at most coffee shops! Yes, I still occasionally go to my favorite coffee shop. It’s a great deal, when I want more than coffee. For two dollars I get a cup of good Java and a place to sit for an hour or two and work on my laptop or do paper work.
2) Pack your lunch. I bring my lunch to work most days. It’s convenient, certainly healthy, and saves me time too overall.
3) Learn to cook. There are plenty of great inexpensive meals you can learn to cook. Even if you can cook, do you really know how to or do you blindly follow directions and make boring food. Cooking should be fun and save money.
4) Combine car trips. This is a no-brainer but tough to do. The big tip here is to make lists. No more running out for a last minute errand when I already know what I need to do and get in the next few days and can logically combine trips. It’s great for the environment too.
5) Don’t shop for fun! Buy what you want and need, but not just things that catch your eye and that you may never use. If you are a shopoholic, face it, you have mental disorder! Fortunately it’s not very serious, but get some support or help.
You can spend less money and live better, without being a cheapskate too. It’s not hard if you try, and who doesn’t want to live better?
Tags: Budgeting
Your Options When Filing For Bankruptcy
Jul 30, 2009 Bankruptcy Tips Advice
Perhaps you are at a point in your life where you feel there is no way out of the mess you are in… Creditors are calling you at work, at home and on your cell phone. If you are feeling this way then an option may be filing for bankruptcy. There are two kinds of bankruptcies. One is called a Chapter 13, which reorganizes your debt, cuts interest rates drastically and sets you up on a pay schedule that you can handle. The other type of bankruptcy is a Chapter 7, this filing discharges most, if not all of your debt.
The first thing you need to do is get all of your bills together. Mortgage, car payments, credit cards, medical bills and any loans you may have. Then, search the Internet for a lawyer, or even better ask around since someone you know well may have used a bankruptcy lawyer and may be able to refer you to them. Once you set up an appointment with the lawyer, they will want a list of all of your creditors and how much you owe. Together, you will decide what type of bankruptcy is best for you. There will be fees that you have to pay, but in the case of a Chapter 13, most of the lawyers’ fees may be added into this total amount of debt repayment.
It may be possible that you may choose to file a Chapter 13, make your payments for some time and then find out you are unable to continue to do so. The lawyer can then restructure your filing to a Chapter 7 and your debt will be discharged. Keep in mind that either of these types of bankruptcies do go on your credit and will stay on it for approximately 10 years. You will be able to make large purchases such as a home or a car, although, you most likely will have to pay a higher percentage rate than normal.
Finally, if you file a Chapter 13 bankruptcy, you will have to go to court with your lawyer. This is fairly painless, but be advised that your creditors are allowed to come to these proceedings. Your lawyer will take care of all of the paperwork that has to be turned in and he will work with you as long as he needs to even after the filings are completed. If you have a creditor that continues to call and badger you, remember to refer them to your lawyer. Make sure you keep your discharge papers in a place you can always find them.
Tags: Bankruptcy Tips Advice
Exploring the Chapter 7 Means Test
Jul 29, 2009 Bankruptcy Personal
When insurmountable debt trouble leads people to file for bankruptcy, they often find themselves stressing over the Chapter 7 means test. Specifically, the Chapter 7 means test will start with the seemingly daunting Official Form 22A – Determination of Presumption.
While this eight-page document is meant to ensure that only the most “qualified” of filers use bankruptcy as a way to eliminate their debt, the Chapter 7 means test is clearly not meant to frighten or intimidate filers.
When determining whether an individual qualifies for bankruptcy protection, the bankruptcy courts will first determine whether the person filing meets the median income level determined by the Census Bureau for their specific state. As far as the Chapter 7 means test is concerned, if income is anywhere below the median, then the determination of presumption will be made.
As for median income levels, they are readily available on most websites that discuss bankruptcy and its process. The median levels for single people range anywhere from a low of $32,348 in Mississippi to a high of $57,505 in Connecticut.
When submitting to the Chapter 7 Means Test, if the presumption does not arise based on the income levels, then additional questions will need to be answered. Many of them will require that the filer obtain “basic allowance amounts” from the IRS website for such things as housing expenses, living expenses, and so forth. When the actual amounts exceed the basic amounts, the application will be subjected to further scrutiny to eliminate the potential for fraud.
And ultimately the Chapter 7 Means Test exists for that very reason – to avoid fraudulent personal bankruptcy filings. But with that in mind, the Chapter 7 means test allows even the most financially mismanaged individual plenty of opportunity to meet the determination of presumption requirements. Fields such as charitable contributions and additional necessary expenses are provided, so that instances where the Census Bureau and/or IRS-maximums are far exceeded, with proper reason and evidence can still be included for the purposes of the Chapter 7 means test.
Remember, filing for bankruptcy is a stressful event. For that reason, the US Bankruptcy Courts have asked just 57 questions when subjecting filers to the Chapter 7 means test. These questions are all located on Official Form 22A and can be completed independently or with the assistance of a bankruptcy professional.
Tags: Bankruptcy Personal
How to Handle Past Due Medical Bills
Jul 28, 2009 Bankruptcy Medical
In this unprecedented erratic economy that we are living in today, you are not alone who is fighting the issue of past due medical bills – there are most others like you. As the accumulation of bills and the total owed amount keeps getting higher and higher, the chances of being able to clear the bills keep getting lesser and lesser. So let’s readily discuss some vital details with regard to clearing the hospital bills.
The first obvious thing that you ought to do is to look through your budget thoroughly. If the mention of the word budget creates questions in your mind, then that’s exactly the reason that you have unpaid bills in the first place because of which they have piled up and entered past due phase.
Preparing a budget is a very simple process of calculating your monthly income along with the expenses and savings to keep a tab on where the money is flowing to.
Get an itemized copy of your total past due medical bills that you owe and go through them quickly in details. The objective of going over these bills is to make sure that you have only been charged for the services that you were provided by the service hospital and nothing else.
Once you know what you owe, the next step is negotiating with the hospital to secure as much forbearance as possible on your total due amount. Try to pass on the the thought that you are assuredly wanting to clear your dues and if they can work with you on the amount, you are willful to make payment instantly.
Lastly, after the negotiations are through, you ought to settle a payment plan for clearing monthly installments on your past due medical bills and ensure that you pay on time.
Tags: Bankruptcy Medical
Effect of Filing For Bankruptcy to Your Credit
Jul 27, 2009 Bankruptcy Lawyers
Many of the people who call to an experienced Washington bankruptcy attorney to learn more about how the bankruptcy laws can protect them are also extremely concerned about their credit rating. This can be a complicated issue, and it is one that law offices invite potential clients to discuss candidly with one of their Washington bankruptcy lawyers.
A lot of peoples have spent many years, if not decades, building up their credit scores. In difficult economic times, however, it is very tough to maintain a good credit score once you start consistently falling behind 30 days or more on various accounts. Some of people struggle for a long time to try and stay as current as possible. In talking with them in detail, however, it is apparent that they are merely treading water.
Their creditors harass and annoy them for anything they get. But it is never enough. More importantly, even if your creditor claims that they are willing to work with you, they are also probably simultaneously destroying your credit score by reporting multiple late payments. It is a vicious cycle that Washington bankruptcy attorneys have seen time and time again.
Again, this is complicated issue that is also very fact specific. In most cases, and despite what the credit card companies would have you believe, filing for bankruptcy actually improves your credit because the balances on your outstanding debts are discharged (wiped out) and your debt-to-income ratios drop.
Most people report improved credit scores within 6 months after filing for bankruptcy because an individual’s debt-to-income ratio is such a critical factor in determining one’s credit score. An individual’s score will also improve over time because he or she is now able to pay her bills again and use credit responsibly. If you have questions about how credit scores affect bankruptcy and are contemplating filing a Washington bankruptcy, you need to call and speak with one of the experienced Washington bankruptcy attorney.
Tags: Bankruptcy Lawyers
