Quick Comparison of Chapter 7 vs 13 Bankruptcy Filings

Bankruptcy is steeped in myths and prejudices. If you are like most people, the first step towards repairing your finances is to overcome the feelings of shame, guilt, inadequacy and fear of what you don’t understand. Bankruptcy is designed to offer reasonable relief for honest debtors who are facing extreme financial hardship. If you don’t have any way of fulfilling your financial obligations, you should definitely consider a Chapter 7 or Chapter 13 bankruptcy. 

Advantages of Bankruptcy

As soon as you file a bankruptcy claim, a shield known as the automatic stay will keep creditors from contacting you and from proceeding with their legal filings. Any creditor that disobeys the automatic stay will face heavy fines and may even be forced to pay your attorney fees. However, creditors do have the right to ask the judge for permission to proceed with collection processes which may include foreclosure or repossession. Here are the biggest advantages of filing bankruptcy:

• Almost all lawsuits filed against you will be stopped
• Your wages can’t be garnished
• Evictions, foreclosures and repossessions will be averted
• IRS seizures will halt
• Most debts including credit cards, utility bills, phone bills, medical bills, most loans and judgments will be discharged

Top Bankruptcy Alternative

Bankruptcy should never be your first choice. You should resort to it only if you have exhausted all other possible solutions:

• Sell some assets to help pay debt
• Try negotiating with creditors to lower payments
• Restructure your mortgage
• Withdraw or borrow against pensions or retirement accounts
• Ask family and friends for help

Chapter 7 vs Chapter 13

Whether you file chapter 7 or 13 will depend on your situation. Chapter 7 liquidation allows you to eliminate almost all your debt, but you may be required to forfeit many of your assets including your home and valuable collectibles. These assets will be divided amongst your creditors. Anything you acquire after the bankruptcy cannot be touched. However, income tax refunds, divorce settlements, inheritances, and life insurance money may be applied to your debts for a certain period.

Chapter 13 restructuring gives you three to five years to pay all or a portion of your debts but makes most of your assets untouchable. This is for people who have a regular income but just got overwhelmed with debt. Your repayment plan must be approved by the court and it must pass two tests:

• The best-interest test: Creditors must get at least the same amount of money they would have received if you filed a chapter 7.
• The best-efforts test: Requires that you pay all your disposable income, minus reasonable expenses, to creditors.

Choosing a Bankruptcy Attorney

You should definitely hire an attorney to assist you through this difficult and complicated legal process. Though there are many generalized lawyers out there, a specialized legal team like Lynch & Belch P.C. and others in that market will thoroughly understand bankruptcy law, help you with all paperwork, secure maximum relief for you, and will have excellent customer service.

You should never let debt take over your life. If everything else fails, bankruptcy is a viable option that has many benefits that will help you get back on your feet.

50 Plus Travelers Going on Vacation: Planning Ahead for Cash Purchases

Traveling can be stressful. There are a lot of plans that have to be made, reservations, itineraries, not to mention saving up and setting a budget. If you’re going outside the country all those things can get even more complex, and at the same time you have to add on concerns about passports and customs and so forth. Whether it’s a family vacation or a business visit, anything you can do to simplify your life when that trip comes up is a good idea. One of the things that make the biggest difference is planning ahead for your money. Here are a few ways to be prepared when it comes to your wallet.

Make exchanges before you go whenever possible

Foreign exchange is tricky. Every market plays a role in how much one currency is worth as compared to another. Those rates are constantly changing, and it can be pretty difficult to keep track and make sure you’re making smart moves even without the added stress of traveling. If possible, you should plan ahead and exchange some currency before it’s time to leave. In most cases you’ll be able to use your credit card, at least at an ATM, or find someplace with decent rates for currency exchange. Some places, especially if they’re popular tourist areas, may just accept your US dollars. But why bother with the hassle if a little planning ahead can save you?

This plan gets a lot more complicated if your trip is taking you through multiple countries who don’t share a common currency. You don’t want to be carrying too much cash around, even if it is from a variety of countries. While you may want to plan on exchanging most of your cash as you go, it’s still a good idea to have a little of each, just in case you find yourself in a tight spot somewhere, say you can’t find an ATM that will accept your card.

With that being said though, try to budget as close as possible. If you have a lot of cash left over after your trip, you’re going to pay to exchange it back into US dollars. Pull out as close to what you will need as possible, and if you are going on another trip any time soon, save the extra instead of exchanging back and forth.

Learn to recognize the currency you’ll be using

Another advantage of exchanging some cash beforehand is that you can get to know it. When you’re already in an unfamiliar place, likely with an unfamiliar language, adding to that trying to count unfamiliar money is just a nightmare. Most of us completely take for granted how well we know our currency. We can tell how much a bill or a coin is worth with a quick glance. You could probably tell me a value just by seeing the president.

If you don’t have a feel for the currency, you run a few risks. First, you might just be embarrassed taking so long to count it out. Second, it makes it a lot easier for someone with less than honest leanings to take advantage of you. Third, you don’t want to accept counterfeit bills, and tourists are the perfect target for that type of scheme.

Try to get a feel for how much things cost

While you’re busy keeping track of how much your cash represents, there’s another easy way for you to be scammed. You have a pretty good idea how much something is worth in US Dollars. You wouldn’t pay $20 for an ice cream cone, even in Disneyland. That is a real risk if you don’t have some intuition about the currency you’re working with though. You’ll be so busy making sure you counted right, you may not notice that you were charged a fortune. At the same time, don’t let them charge you in US Dollars either. In that case, they can use any exchange rate they want. Even if it seems reasonable, it may be anything but.

As of this writing, $1 US is equal to:

• 101.55 Yen
• 13.16 Mexican Pesos
• 0.72 Euro
• 0.60 British Pounds

Keep in mind these numbers fluctuate constantly, so look up the current exchange rate before your trip. Getting an idea of what to expect can keep you safer, and likely save you quite a bit.

What You May Have At Home That Could Bring In More Money

Some homeowners don’t realize that they may have hidden treasures in their home. These valuable items might be in plain sight, overlooked or stashed away and forgotten. In today’s economy, every little bit of income is a welcome relief. To find the value of anything worth investigation, the Internet or library are popular sources. Whether the items are antiques or contemporary, just about anything collectible has a website that describes the item, dates it and appraises value to it. It only takes a little research to discover the value of anything that catches your eye and might provide extra income. If you have seldom or never gone through articles in your basement or attic, the time to start is now since these are likely troves for unexpected treasure.

Paper and Print Products

The sky is the limit when considering old paper and print products. We’re talking about old books, comic books, baseball or football cards, stamp collections, old programs, advertizing or movie posters and other paper items that denote age, groundbreaking events or cultural significance. First addition rare books and comic books in good condition are very desirable to collectors, and age is certainly a consideration. Books over 100 years old that are rare and not first editions can fetch money as well as author-signed copies from famous authors. Comic books from the 40s to the 70s are valued by the collector for either rarity or subject matter—Spiderman, Batman and Superman, to name a few. An old stamp collection can bring in a tidy sum if it is an old and forgotten collection that might have increased in value over the years.

Movie and circus posters are valuable when found in aged and original condition regardless of the genre or subject matter. The oldest movie posters come from the silent era of films that feature some of the very first actors that became household icons. Any poster related to King Kong, Frankenstein, Karloff or Lugosi films (The Black Cat, The Mummy, Dracula) and Metropolis can fetch very high dollars. Some of the very early Ringling Brothers circus posters are very desirable and rare. Movie and circus posters have extra value because of the artists who rendered them and some names are considered very valuable.

Old baseball and football cards, the earlier the better, are sought after by serious collectors. This depends upon the athlete, their record, notoriety, or even their controversial nature such as Shoeless Joe Jackson. 

The Old Toy Box

Grandpa and Grandma’s toys may be very desirable to any collector since they may have been made during the war years or prior. These toys were made to last, usually made of metal, prior to the plastic manufacturing process. Japanese toys made of tin from the ‘60s and ‘70s have a niche all their own, and in good condition can sell to the highest bidder. Some toys that are more recent can fetch enormous sums, like the 1994 GI Joe Manimals Vortex MOC C-7, which pulled in $20,100 on eBay just recently. Toys need to be researched, with particular attention to age, manufacturer, popularity if in a series or film media and condition. Toys in their original packaging can fetch twice the price of a standalone piece.

Gold and Silver

You can never go wrong with gold and silver jewelry since these items are worth their weight in precious metals. However, if they are antique pieces such as rings, earrings, broaches, bracelets and necklaces, there can be some hefty money involved. Any semiprecious gems or stones attached to the item are an added bonus. Gold and silver items can come in different styles like art deco, baroque and Victorian. Antique pieces will typically have that older, worn look that might have a patina which shows some exposure to the elements. 

Gold is rated in karats, typically 10K, 14K, 18K and 24K. Sterling silver may have markings like .925 or .999 which denotes the amount of silver used in production. Any plated jewelry pieces do not command as much as the pure metals. It is very important to have jewelry appraised by a professional. Such sources like a Gold and Silver Pawn Shop, local jewelry shops and jewelry appraisers are qualified to determine the intrinsic and real value of domestic and foreign jewelry. 

Old Mobile Phones

One of the more contemporary sources of hidden treasures is the discarded mobile phone. It is not uncommon for a family to discard old mobile phones in exchange for new ones that debut every year or so. A family can accumulate a half dozen or more. The thing is they have value when turned into buyers who have exchange programs on the Internet. You would be surprised how much they can demand in price, simply because they are loaded with expensive circuitry and metals that are highly recyclable. Now is the time to gather them up and research their worth on the Internet. Some models will command higher prices than others. 

Searching for hidden treasures in your home is not complicated. You don’t need a road map, old house or secret panel to find potential items of value. It takes some luck, but mostly a keen eye and a little investigation to determine exactly what you have that might bring in unexpected dollars. You might be surprised at what’s been sitting under your nose all this time.

Where do the Over 50's Spend their Money?

The over 50's SWANS (Stopped Working and Now Spending) is one of the most cash rich demographics even in these times of recession and cut backs. Many of these over 50's have already purchased their houses and paid off their mortgages so the money that us younger generation are spending on rents and our own mortgages are free for their own use. 60% of over 50's receive non state pensions and more than 2/3rds of over 50's have said that the recession has made little to no change to their spending habits. So what do they spend their cash on?

Entertainment

Now that they've stopped working and have started spending their savings following their children leaving the nest, the over 50's tend to start to enjoy themselves again. Whether it be going to the theatre, out for meals and down to the pub for drinks with friends they have no work or children commitments left so they can enjoy themselves and their money.

Holidays

Many over 50's have children and grandchildren spread around the world and with them now being the cash rich demographic with time to spare on their hands it is they, rather than the other way around of olden days, that does the travelling to see family members. On top of this, with their lack of commitments and large cash reserves they tend to take two or three holidays a year, often heading to warm and exotic places that they have wanted to visit but not had the chance until now.

Gambling

What is life without a little risk? the over 50's generation are asking as they enjoy a flutter on the nags and occasionally the football matches at the weekend, with large accumulators with many selections and big payouts from small stakes favoured by the older generation. On top of this they enjoy the old favourites too such as playing live bingo at the local hall, while the more technically savvy of the over 50's who would have invested in computers or laptops to keep in touch with family on Skype and by email are tempting to play online bingo on sites like this one in an attempt to increase their cash surpluses too.

Renovations

Having lived in their own purchased and now mortgage free homes for many years, many of the over 50's are now favouring renovating their homes to give them a fresh look and a new lease of life. Whether it be internal, such as new furniture, wallpaper or coats of paint, or external including redoing the garden or the brickwork of the house, the over 50's and their cash reserves are always looking to keep their residence fresh and up to date.

Hobbies

This is a big one for the SWANS as they are no longer working they have plenty of free time to do as they wish to do so. Whether it is growing their own fruits and vegetables in their allotments or travelling around the country to following their favourite football, rugby or cricket teams the over 50's have both the time and money to do this with a comfortable ease.

Clothes, Jewellery, Scents and Gifts

The over 50's generation like to look good and, as such, with the amount of cash readily available to them they enjoy purchasing clothes and jewellery that will make them both look and feel good about themselves. To top this off they spend a large amount of money on ensuring that they smell the best too so the top of the range perfumes and men's fragrances are on their lists too. It's not all about themselves either as they enjoy selflessly purchasing gifts for friends and family on birthdays, at Christmas and even randomly too.

Kings and Pawns: Five Things You Can Buy Used and Save Money

Aside from the obvious things like houses, boats, cars and clothes, there are quite a few useful items you should always buy used to save money. When it comes down to the bottom line, there are few reasons to buy these items brand new.
Books

There are stacks upon stacks of used books sitting in thrift stores and on garage sale tables just yearning for some one to turn their pages. With the advent of e-books, hardly anyone buys real books anymore, which makes the used market even sweeter. Instead of walking out of a book store with one book, you can buy enough to keep you reading for weeks.
Sports and Exercise Gear

Why not take advantage of children outgrowing their gear quickly or well-intentioned people who hardly used that exercise equipment they purchased as a New Year's resolution? It's easy to find barely used sports and exercise equipment at a fraction of the price of new. Local ads, sports shops and yard sales are all good places to shop and save.
Jewelry

If you knew what the markup is in jewelry stores, you would never walk into one again. Classic and vintage jewelry is always in style at a mere fraction of of the cost of new. Try pawn shops for some of the best buys on used jewelry.
Kitchen Utensils and Gadgets

Don't fall for those late-night television ads offering some gadget at an outrageous price. Wait a month or two and someone who got it as a gift will be unloading it in a yard sale or donating it to a thrift store. If you don't absolutely need a matching set of everything, kitchen utensils are extremely cheap in thrift stores, and you can get better quality for much less money.
Tools

From the garden to the workshop, quality tools can be found for pennies on the dollar if you take time to look. Flea markets and estate sales are excellent places to find tools of all sorts. Power tools from pawn shops are a good bet because they have usually been tested.

Save money buying top-end used items for less than you would pay for a lesser quality brand new. Be careful of buying used items online, because you can't test them and may end up losing your money. It's safer to buy from places where you can examine the merchandise to ensure its condition, like Deerfield Pawnbrokers. Where possible, companies with a refund or return policy also protect customers.

Decline of the US dollar and benefits of rolling over part of an IRA to gold and silver bullion

 (Photo credit: Wikipedia)

Gold is perhaps the only worldwide standard for comparing the value of other currencies. Unlike any other type of monetary system, gold has withstood the test of time and it continues to defy market collapse, economic downturn, and unpredictable, catastrophic occurrences. In fact, all other currencies are based on some type of gold or silver bullion, and the currency itself is just a synthetic representation of the tangible metal.

Gold is seen as a safe-haven asset, one that investors pursue when there is trouble in the financial markets. As tensions between Russia and Ukraine over Crimea rose in the last weeks, gold price has increased. This happens over and over again in turbulent times.

Currencies, especially the US dollar, are at a higher risk for experiencing inflation because there is never a strict limitation put on the amount in circulation. Mints and other currency printing agencies around the world can essentially create more paper and coin currency than there is gold to back it up. Of course the systems do not usually intend to create a disproportionate amount of currency, but in a day’s time, currency is lost, destroyed, recollected by the mints, or put away in a collector’s safe. There really isn’t a very efficient way to maintain an accurate circulation of currency that is truly indicative of the gold reserve. In other words, there is no way to keep a running database of what currencies are actually floating around for future spending versus the currency that has been lost or destroyed.

Individual Retirement Accounts, or IRAs, are a great way to invest your savings to tap into the opportunity for interest growth. Although there are a myriad of different types of investment accounts, an IRA is either controlled by an administrator or the individual.

One way to guarantee a baseline of investment value is by transitioning your funds into the purchase of gold. Perhaps you’re curious on how to achieve a gold IRA rollover? Basically, you have to first consider whether your IRA contributions are self directed or controlled by a trustee. If they are self directed, you can make the decision, without gaining permission from anyone else, to make adjustments to your investment account. An overseer would have to approve and facilitate the rollover transaction if your account is traditional.

There are several different companies that specialize in gold transactions, and the most realistic suggestion is for individuals to research and pick a company that appears to have the assets and reputation that efficiently meet your needs. After all, this particular company that actually buys the gold will physically store it for you as well. If you were to have the gold directly disbursed to you personally, be expected to pay a hefty penalty for early withdrawal. The facilitating company is known as a gold custodian.

In order to rollover your IRA funds into gold, the gold itself must meet quality standards. There are also limitations on the time span of the process and the total amount that one can invest annually. Once you start the IRA rollover process, it should be complete in no more than 60 days. If the transaction is not expedited accordingly, the investor, or yours truly, risks having to pay a withdrawal penalty. IRA investments are limited to no more than $5000 each year, but rollovers do not have a cap. In order to buy a significant amount of gold, you must start out with a reasonably valuable IRA account.

Why should you consider investing in gold? Despite mild variations and small fluctuations in the stock value, gold tends to be one of the most stable entities that exists. Any financial expert will advise their clients to diversify their portfolio, and don’t put too many eggs in one basket. Gold is a very secure basket that maintains its value over time. Gold is an especially smart choice when the overall market itself has had a significantly varied performance. Gold is a great way to maintain your investment values over short term fluctuations.