How to Keep Your Car When Filing for Bankruptcy After Retirement

You need to make serious changes in your life when you are filing for bankruptcy after retirement. You will probably need to give up your credit cards and live a more frugal lifestyle. This is a common problem that many people face in their first few years after they stopped working, because they aren’t used to living with less money. 

Most of the changes that you need to make probably won’t be as bad as you would expect. However, there are some changes that you may not be able to accept. Giving up your car would be a hardship that you may not be able to make. Many people in retirement couldn’t possibly survive without their car.

You depend on your vehicle to get to run important errands. Fortunately, you may be able to still keep your vehicle if you play your cards right. Ideally you will be able to keep your car if you intend to keep driving during retirement.
Understanding Bankruptcy Exemptions

Most people assume that they will need to forfeit their vehicle after filing. However, there are a few exemptions that you should be aware of.

Some states have wildcard exemptions. These exemptions mean that you can protect the equity of your vehicle if it less than the state’s wildcard exemption. For example, Alabama has a wildcard exemption of $3,000. You would need to see what the equity in your vehicle is to see if you can protect it. For example, your lender can’t legally sell your vehicle if it is valued at $25,000 and you owe them $23,000. If you only owed $20,000 then you wouldn’t qualify for this exemption because your equity would exceed the state’s wildcard limit.

There is also a federal wildcard exemption which allows you to protect up to $3,450 in equity. You may be able to combine the state and federal wildcard exemptions to fully protect the equity of your vehicle.
Consider a Reaffirmation Agreement

You can also work with your lender to keep your vehicle. One way that you can do this is by forming a reaffirmation agreement. This agreement allows you to keep your car after bankruptcy as long you keep making payments. It is possible to negotiate lower payments, but most people aren’t successful. There is no harm trying though. You should also find out what your loan payments are going to be to ensure they will be affordable.

It sounds great to get a second chance, but this isn’t always a great option. You are reestablishing liability when you sign this agreement. You need to be certain that you can make the payments if you go this route. If you miss a payment then the debtor can both repossess your vehicle and force you to pay the remaining balance. This may not sound equitable, but it is a real risk that you need to be aware of.

Unfortunately, approximately two thirds of lenders require people to sign a reaffirmation agreement to keep their vehicle if they don’t fall under the exemptions. Therefore, signing a reaffirmation is an option that you need to be aware of if you think that you can make the necessary payments.
Motion to Redeem

The motion to redeem option allows you to buy your vehicle back at the current market value. This may not seem like a great solution at first, but it can be helpful if your car has depreciated considerably. You may owe $20,000 on a car that you bought a few years ago that is currently only worth $8,000. If you have $8,000 then you may want to use it to pay down the remaining balance on your loan.

About the author: Kalen is a freelance financial writer with an MBA from Clark University. He shares tips on budgeting and money management.

What to Think About When Getting Home Insurance

Home insurance is a necessary expense when purchasing a house. A home or a house is a valuable investment, and it is important to protect it. Home insurance covers a number of different events, from natural disasters to theft. In the event a homeowner experiences any of these events, the cost of rebuilding the home or replacing the stolen items is not wholly the homeowner’s responsibility. Home insurance, in essence, provides a great deal of peace of mind to the homeowner. 

The Basic Requirements and Offerings

Anyone who has a mortgage is required to carry home insurance, so any home purchase will come with this requirement. Beyond this basic requirement, there are many different levels of protection. There is one level of protection that insures the home in the event it is burglarized or damaged in a fire. More protection is offered for additional expense and will cover problems such as those caused by ice and snow accumulation, or problems with the water heating or plumbing systems. These levels of protection can be as comprehensive as the homeowner wants, but it is important to remember that those who live in areas where floods or earthquakes are common will have to purchase separate insurance policies to guard against these disasters as standard home insurance does not cover these events.

Do Research Before Deciding

The process of choosing a home insurance policy will require the homeowner to make a list of all of the valuables in their home that they would like replaced in the event of a loss. Taking photographs of these items to document them is recommended. It is also important for the homeowners to familiarize themselves with the different policies that exist and to have a conversation with a knowledgeable insurance broker. If the homeowner finds that there is a good insurance policy available through their current auto insurance company, they can often get a discount by getting both insurances through one broker.

Questions to Ask

During this meeting with the insurance broker, the homeowner should find out as much as possible, including the process for reimbursement for those items claimed to be lost due to theft or disaster, the amount of the deductible, the rate of personal liability coverage, and the cost of adding on additional coverage. Learning about special circumstances, such as the potential for reimbursement if the homeowner needs to call Portland pest control, is also a good idea. It is also important to learn more about the customer satisfaction rates of the insurance company. Homeowners should find out about complaints filed against their insurance company through their state board.

Home insurance is a necessity, and purchasing it can be confusing. Homeowners should educate themselves about the amount of insurance they need, and find out which company can provide it at the lowest costs. It is important to be as informed as possible about what each insurance policy covers in order to avoid unpleasant surprises or unexpected expenses later on.

How do you Prevent your Loved Elders from Being Neglected?

There comes a time and age in your life when you feel that you are not being able to take good care of your parents any longer. In such cases, what do you do? One option that many elders go for is nursing home care. If you put your loved ones in a nursing home then it will provide them with skilled nursing round the clock along with giving medicines and all kinds of proper care. However, nursing homes can also neglect your loved ones and deprive them of the care that their patients deserve and what they are being paid for. A nursing home can be pretty expensive to pay for, so if you see any signs of neglect in your loved ones, go in for nursing home attorney assistance immediately. 

Planning for long term care

If you are planning for long time health care for your elders, then there are quite a few things that you need to sit down and consider. That includes looking at the long term insurance plans, and looking at options for nursing homes. You should also make sure that your loved one is able to extract the most out of benefit programs like Medicare, Medicaid, etc. Make sure that their assets are protected and be on the lookout for any form of elder fraud. To help you with these financial decisions, you could also hire an attorney who specialises in elder law and finance cases. In that case, you will know all the legalities and the rights that your loved one has.

Be alert for signs of neglect

The first thing to do is to regularly visit your loved ones in the nursing home. If you cannot be present then make sure that you send someone to do it regularly. There are many warning signs of nursing home neglect and you can hold the home legally accountable for them. These include bad hygiene, malnutrition, forms of physical abuse including fractures, bruises or any form of unexplained marks. All living conditions including bathrooms also fall under this category. Lastly, if a nursing home is making claims of providing professional nursing facilities then any form of medical negligence or substandard care also falls under nursing home neglect.

If you feel that your loved one is facing any of these on a regular basis, then you need to seek legal assistance. Remember that it’s not about abuse, even negligence is criminal and can lead to emotional trauma and in some cases, death too.

What to do in case of elder neglect

If you have definitively verified that your loved one is being neglected then you should remove him/her from the facility immediately and have them placed somewhere else. Then you should inform the local authorities and file a complaint with the social services. If you want to take it a step further, then consider going in for nursing home attorney assistance. Hire the services of a civil lawyer who specialises in a branch of elder law. This should include elder abuse, consumer fraud, nursing home law, etc. If there are others like you, then you could consider going in for a class action lawsuit.

The advantage is that, you can sue for neglect as well. The case doesn’t necessarily have to escalate to the point of abuse. There are industry standards that require nursing homes to provide standard and reasonable care to their patients. If the nursing home fails to provide “reasonable care”, then you have cause or action for neglect cases.

About the author:
Jean is a lawyer specialising in elder law for the past fifteen years. She has helped countless elders to structure their healthcare and finance plans. Recently she has also co-authored an article on nursing home attorney assistance. Jean likes to read novels in her free time.

Debt Management: 5 Tips For Concurring Your Debt In A Set Amount Of Time

No one intentionally gets themselves into debt. Debt is something that can happen quickly, and eliminating that debt can be difficult. Eliminating debt before it gets out of control is necessary to eliminate stress in our lives. Using a payday advance loan, cutting up credit cards, budgeting and common sense are just a few of the ways you can begin eliminating debt. Below are five ways you can start the process of eliminating debt in a short amount of time.

1. Common Sense

Everyone wants nice things, and we want to buy nice things for our loved ones, but sometimes we need to tell ourselves “that’s enough!” Listen to your common sense to help eliminate debt. If you know that you don’t have the money to buy something, don’t buy it. Don’t swipe your credit card as an answer. Always use cash to keep your high interest credit cards from putting you further in debt.

2. Budgeting

The only way to get a grip on finances is to budget. Take the time necessary to set out a budget plan you can follow. Sit down with your partner and think about what you can cut spending on to help eliminate debt faster. Use coupons for groceries. Eat at home more often and stop going out to dinner. Check the cost of your cellular and television cable plans to see if you can cut some costs. Set realistic goals and follow them. A good budget can get you out of debt fast.

3. Cut Credit Cards

Getting out of debt fast is about paying off old debt and avoiding new debt. It’s time to prepare for emergencies like medical bills, car repairs and time off work unexpected. Try to build a cushion for these things so if they do happen, you don’t resort to the credit cards. Set aside something every paycheck, even if it’s only $10 for these things.

4. Payday Loans

Payday loans are great to take out if you can’t pay your bills on time, but you want to avoid late fees and unnecessary charges. If you find you can’t pay a bill on time, investigate taking out a payday loan to get your bill paid so that you don’t have rising interest fees or late fees on your bill.

5. Eliminate Debt

Now that you are saving a little money, apply that money to your debt. If you can pay just $5 more on every credit card or $15 more on your car loan each month, you will eventually eliminate that debt. Keep going until all of your debt is eliminated.

Give yourself a time line and follow that time line. If you want to be out of debt in a year, make every effort to follow the steps above. Make an effort to pay all you can towards your debt to become debt-free.



Brionna Kennedy is native to the Pacific Northwest, growing up in Washington, then moving down to Oregon for college. She enjoys writing on fashion and business, but any subject will do, she loves to learn about new topics. When she isn't writing, she lives for the outdoors. Oregon has been the perfect setting to indulge her love of kayaking, rock climbing, and hiking.

3 Tips to Make Filing a Home Owners Claim Easier

Filing a home owners claim can protect you against paying for damaged or stolen property out of your own pocket. As long as you have adequate coverage, you may be able to receive a pay out that covers all of your expenses while you’re putting your home back together. Whether you’re the victim of a home invasion or experience some sort of natural disaster, home insurance can be a saving grace. In order to make the process run as smoothly as possible, follow these three tips.

Understand What Your Policy Covers

Read your policy now and take some notes, so that when and if you actually need to file a claim you will have an idea about what your coverage dictates. Being educated on your policy can stop you from filing a claim that is sure to be rejected, or failing to claim damage that you would have been reimbursed for. Make a note of which property can be replaced, the financial limit of your claims, and the time frame during which your claim must be submitted after the damage occurs. Talk to an insurance agent if you have questions about your policy so you can purchase additional coverage now if you need to do so.

Report the Damage in a Timely Manner

Reporting damage right away may be within the terms of your contract, but even if it’s not required it’s still a good idea. The more time that goes by after a break in or disaster, the more difficult it will be to prove exactly when the damage occurred. Your insurance company could claim that it looks suspicious that you filed a claim so long after the damage happened, and it will be harder for you to prove how and when the events occurred as time goes on. Always report your damage within one week whenever it’s possible.

Take Photos

Having photos of the damage will help your insurance adjuster determine how much damage occurred and it will also provide proof about when the incident happened. You may be required to submit images for larger claims, but it’s better to be safe than sorry and capture pictures of the damage right away to keep for your records. Sometimes submitting a photos is easier than trying to explain to an insurance adjuster what was broken or the nature of the accident. Take more images than you think you’ll need, and save them online for safe keeping.

Filing a home insurance claim can involve a lot of paperwork and red tape, but the better prepared you are the less painful the experience will be. The most important step you can take now is to research the process for filing a claim so it won’t seem so overwhelming when the time comes. Keep a file with your policy and the instructions for claim submission. If you can file a claim online, it may expedite the process, so find out how to do that in advance and save any appropriate URLs into your browser bookmarks.

Barry Johnson is a personal finance consultant. He enjoys passing on his insights through blogging. Check out the BuyHomeInsurance.net website for more information.

Investment Basics: Six Steps To Successful Long-Term investment

In order to successfully invest for a child’s educational costs and your own retirement, you must start now and think long-term. Investing successfully over the a longer period of time is not as complex as you might think. Keep these six steps in mind to help you make wise financial decision:

Don’t Time The Market

Day trading is something that became incredibly popular during the tech boom. Large amounts of cash combined with small upticks in the market, and frequent trades were able to create full time incomes for many investors. When it comes to long term investing however, less is more. There is no need to sit in front of your computer all day to be successful. Research an investment, select it, and stay with it.

Past Performance

Though past performance does not guarantee future success or failure, it can be a strong indicator, and should be thoroughly reviewed. Stocks and mutual funds are easy to track performance with earnings and rates of return. Many mutual funds mix stocks and bonds in order to diversify. There are plenty of experts with bond market research and investments tips that you can learn from to avoid past mistakes and understand the market better.

Don’t Panic

Remember that you are a long-term investor. Short term market fluctuations and sell offs are nothing to be feared. These should be viewed merely as buying opportunities where your cost basis can be greatly reduced by buying low to later sell high. If you panic and try to sell when the market drops just a little, you will end up losing much more. Again, think long-term, because there will be small dips and spikes in every stock.

Re-Balance

Even excluding short term market fluctuations, as a wise investor, you should still review your portfolio periodically to ensure that your portfolio performance is on the right track. This may be an opportunity to invest more in a particular fund that is outperforming others. Keep in mind that diversification is still critical to ensure success.

Never Chase a Trade

You have completed your research and resolve to purchase a stock, bond, or mutual fund at a strike price. If something unexpected happens that no longer makes the trade an attractive one, don’t chase the trade, move on. Although it is good to invest long-term, that doesn't mean you should chase after an investment that is clearly not going to have a positive benefit for you in the long run.

Cheap is Not Always Good

Penny stocks may seem like a good idea because they allow you to execute large purchase orders with only a small cash investment. As with any investment, you must factor in risk. Penny stocks are so cheap because they are extremely risky. Though some risk is acceptable in the successful long term portfolio for diversification, penny stocks are too volatile, and should not be considered.

Investing for education or retirement can by simple when you take these tips into consideration. Understanding to to successfully invest long-term is essential to help you meet your financial goals. Remember these tips when investing, and you will be able to gain the return on your money that will make a significant difference for you financially.