Bankruptcy Options: 4 Ways to Get Back on Your Financial Feet

Declaring bankruptcy is always a last resort when you find yourself in a financial hole. No one likes having to start over. Here are some tips to help get you back on your feet.

Know Your Options

You need to know what options are available to you. Set up a meeting with a bankruptcy lawyer so that you can re-establish your financial future. They can walk you through what your next steps need to be to recover. 

If you are just starting the bankruptcy process, they can help you through it. This way you will be able to make informed decisions. They might be able to help you settle any debt that you have in order to avoid any pitfalls.

Address the Cause

Bankruptcy was not something that happened overnight. It involved a series of poor decisions that lead you down this road. Before you can start the process of recovery, you need to first understand how it occurred. 

Frequent overspending and not watching your bottom line is the likely culprit. You need to create a budget that you can live within. Living paycheck to paycheck leaves you vulnerable. You should have an emergency fund for any unexpected expenses.

Establish New Credit Lines

After a set amount of time has passed, you will be able to apply for a secured line of credit. This means that you have the money to pay off the line of credit set aside in a savings account. 

If you fail to pay it off, the bank can take the funds that you used to secure the card. Once you have established this line of credit and reliably paid it off, you can apply for an unsecured credit card. Since you are still considered high risk, the interest rate will be higher than a normal card.

Set Budget Goals

It will take seven to ten years for the bankruptcy to fall off of your record. During this time, any financial troubles will set you back further. You need to stick to your budget and create a buffer. 

Opening a savings account and putting money aside each month will alleviate any unexpected costs. Make sure to check your credit report often. Having financial goals will allow you to better prepare for the future. You don’t want to find yourself back in bankruptcy because you overextended yourself again.

Millions of Americans declare bankruptcy each year. Having a budget and a safety net are the best ways to avoid financial hardships. Use these tips to recover from your bankruptcy.

In an Accident? 5 Tricks to Paying down Those Medical Bills

An accident is a stressful experience, and expensive medical bills only add to your stress. Unfortunately, medical bills are the leading cause of bankruptcy in the United States, making it crucial that you don’t let yours get out of hand. If you’re trying to pay down your medical bills, here are five things that may help.

File an Insurance Claim

Depending on the cause of the accident, there could be a party responsible, in which case their insurance should pay for your medical bills. 

Accidents on the job are covered by worker’s comp insurance, car accidents are covered by auto insurance and so on. See if this applies in your case and, if so, make sure you get the compensation you deserve.

Set up a Payment Plan

Although healthcare providers may send you a bill for a large amount due in a matter of weeks, they’re often flexible on this. 



It’s much better for them if you pay, whether you do that immediately or over the course of several payments. Contact the organization and ask if you can set up a payment plan with them.

Get a Low-Interest Credit Card

With a low-interest credit card, you could pay off all your medical bills, and then pay off your credit card bill at a fairly low annual percentage rate (APR). 

If you have a good credit score, you may even qualify for a 0-percent APR credit card, which allows you to pay no interest if you pay the full balance within the card’s introductory period.

Hire a Personal Injury Attorney

When someone else is responsible for your medical bills, the hope is that you’ll be able to file an insurance claim and get your compensation in short order, but that doesn’t always happen. 

If not, it can help quite a bit to hire a personal injury attorney like Goldberg Michael Attorney At Law or someone similar, as they can expedite the process and put pressure on either the other party or that party’s insurance company.

Get a Loan

A loan is another option that will allow you to pay off your medical bills, and then pay off what you borrowed over a longer time period. Loans tend to have lower interest rates than credit cards, except the aforementioned 0-percent APR cards.

Paying back medical bills is no fun, but with the right approach, you can keep them from getting out of control. Consider the five tricks above and see which one is best for your situation.

What to Look for When Getting a Remortgage

When you are going for a remortgage, the main aim is often to try and get better terms from the deal. What would be the point in going for a remortgage without knowing that it was going to benefit you in the long-term? It’s important that you take a closer look at what you expect to get from a remortgage (The Loans Department are a great source of such services).

The method of remortgaging does not usually involve moving home or taking out an additional mortgage on the property; it is in effect the transfer of a mortgage in one lender to another. 

Homeowners may choose to remortgage for various reasons, usually to reduce the general monthly mortgage payment amounts. However, other reasons may include to reduce the size of repayments, to pay for off a mortgage earlier, to improve capital, or even to consolidate other more costly short term debts.

Homeowners often misuse the expression remortgage when they are simply switching in one product to a different with the same lender; this isn't a remortgage which involves the removal of one legal charge over a house and its substitution with another in favour of a new lender.

It’s a very hard thing to get right, of course, but it’s important that you take the next steps to get that right. When you go to try and get yourself a remortgage, then, consider the following:

What is your credit rating? 

The first problem you might have is that you cannot get a standard adjustment to your mortgage for the simple reason that your credit rating is not good enough. Banks will turn their nose up at anyone they cannot feel 100% secure working with, so you should look to see what kind of remortgage options are open to you. 



If you take the time to read into this, you should find it so much easier to get a better understanding of what options you can pick from.

Can you get the rates you need? 

You should be looking for a company that can help you to get a good return on the opportunity. Basically, you will need to be able to work with a remortgaging and lending firm that is happy to give you access to the opportunity to prove you can be trusted. 

When you are looking for a remortgage firm, make sure they show a sense of emotion and understanding of the challenges you face and that they are open to working with you even if your credit reputation is poor.

What advice is offered? 

Since your credit rating is likely quite weak, it makes sense to look for someone who comes with free advice. Try to find a consultancy that can give you advice and information on how to best improve your credit situation with salient and reasonable advice. 

The more that you can do this for, the more likely it is that you can find a solution that isn’t going to cost you an arm and a leg investigating. Always take a look at the kind of advice that they can offer – and how much that advice would cost you to get!

Are they open and transparent? 

The best company to hire when you are looking for advice about your remortgaging options is the business that is open from the star. Make sure that they show off a policy of openness and engagement for all, making it much easier for you to work with someone who you can trust to give you the information that you need, when you need it. 

The more open they are, the more likely you are to get an honest appraisal of your likelihood of success in remortgaging your property.

Knowledge is power, so make sure you hire the right people to assist!

3 Ways a Mortgage Beats Renting for Aspiring DIY’ers

If your urge to undo and improve is strong enough, you might be able to put that energy to positive use by owning your home instead of renting. Besides the satisfaction you get from doing-it-yourself, you will probably come out financially ahead.

You Don’t Need Permission

Renters must have permission from their landlords or property managers to make changes to the home, even for the smallest improvements. They may balk at letting tenants paint, change faucets, replace faucets, or even have carpets cleaned.

Unless there’s a homeowner association involved, homeowners have complete control over their property. If they want brightly colored walls or flooring, the choice is theirs. They can remodel to the extent their budgets and abilities allow, something that few, if any, landlords will allow.

The two major issues that keep landlords from allowing tenant changes include skepticism about the tenant’s qualifications as a do-it-yourselfer and the budget. Even without the labor included, even the simplest home remodeling projects cost money.

Homeowners Can Borrow the Money

The first step in buying a home is to meet with the lender will calculate the monthly payment based on the down payment and interest rate. Mortgage payments are almost always lower than monthly rent rates. The interest rates for primary home loans are usually the lowest available for any kind of borrowing.

Home values appreciate over time and you can turn the equity into a home equity line of credit (HELOC) to fund other home improvement projects that will add value. HELOCs also carry lower interest rates than other kinds of consumer loans, especially compared to credit card interest rates.

Home Improvements Add Value

By putting your do-it-yourself skills to good use, you add value to a property. How much depends on the project and the demand for the improvement. Few projects return 100 percent of the retail cost, but when you contribute the labor, you will realize a net gain.

People who flip houses make substantial amounts of money improving homes and reselling them when finished. When going this route, research which improvements are in demand in your area. Giving home buyers what they want will enhance the value of your work and possibly speed the sale.

Anyone who enjoys home improvement projects and has the do-it-yourself skills to make the work profitable has the advantage as a homeowner. For them, a mortgage is definitely better than a rent payment.

What Are Collateral Free Loans and How Can They Help

Collateral free loans are precisely unsecured loans, or loan without security. That is, one does not have to offer a guarantee or a mortgage to avail the loan. There are many lenders that insist on a collateral while offering a loan. 

This is mostly to avoid risking their money in case of non- payment of loans. In case, the lender is not able to make the monthly payments and eventually becomes a defaulter, the lender has the option to foreclose the collateral and likewise cover his money.

Collateral

Hence, it goes without saying that the collateral that is wanted by the lender has to have a value equal to or greater than the loan amount. Most people mortgage their house, or their car or their Fixed Deposits as well. 

However, this puts a lot of pressure on the borrower as he is constantly worried about the fact that his inability to pay up might end up in his losing the house or the object of collateral altogether. This can actually have adverse effect on his performance. 

Unsecured Loans

Loan for business without security are unsecured loans and they help the borrower to loan money without mortgaging anything. Of course, in return, he does have to agree to a high rate of interest. 



But most borrowers agree to that, rather than risking their own property. A lot of paperwork can also be avoided when one does have to submit the additional papers of the collateral. 

Moreover, seasoned bankers are often quite sure about a borrower and they can more or less tell from the records whether it would be essential to ask for a collateral from the person. Also, at times, stressing too much on providing a collateral might discourage borrowers altogether if they really do not have anything to offer. 

Business Loan

In fact, the higher interest rates bring them more profit than the collateral at times and this is why they agree to it. Of course, just because it is an unsecured loan, some might feel that it is okay to not pay off the loan and the bank would not be able to seize property or any other thing like that. 

However, if the bank has reason to believe that someone is willfully delaying the payments, then they can take legal proceedings against the borrower and send him a court notice.

Financing institutions like Bajaj Finserv offer business loan without collateral and it is of great help to the borrowers. They enjoy a peace of mind and can put their heart and soul into the business and work towards making the payments on time. 

It is essential to have a good credit score to approach a financial institution to get an unsecured loan approved and if there is a good business plan in place, there is no reason why one should not be able to pay off the loans on time. This is how an economy grows and it paves the way for bigger business ideas in future.

Also Read: When is the Best Time to Get a Business Loan

Corporate Ethics: How Can It Help Your Business Prosper?

Many factors perform a task in the progress of a corporation that is beyond the field of financial accounts alone. Ethics care about an individual’s moral awareness about the wrongs and rights.

Settlements exercised within an organization may be made by groups or individuals, but whoever executes them will be influenced by the practice of the organization. The decision to work ethically establishes a moral environment which can help employees to determine what they believe is the appropriate development of operation.

Regardless the size, business or degree of financial gain of a company, business ethics are one of the most critical features of continuing success.

Ethical behavior and corporate social commitment can produce important advantages for a company. For instance, they may:

• Attract consumers to the company's merchandises, which indicates increasing sales and earnings
• Attract more agents aspiring to work for the company, lessen recruitment expenses and allow the company to take the most skilled agents
• Attract investors and maintain the organization’s share rate high, thereby taking care of the company from takeover.
• Make agents want to stay in business, reduce labor turnover and therefore boost productivity

Ethics in Management

The team of executives sets the condition for how the whole organization operates on a daily basis.

When the current management outlook is mainly on ethical behavior and practices, leaders within an industry can lead agents by example and lead them in executing decisions that are not just advantageous to them as individuals, but as well as to the company as a body.

Building on a framework of ethical practice supports in creating lifelong results for an organization, along with the capability to attract and maintain highly skilled people and establishing and sustaining a positive status within the society.

Ethically operating a company from the top down creates a stronger relationship among individuals on the administration team, further building stability within the organization.

Ethics in Employees

When management is ethically leading an institution, representatives follow in those treads. Employees execute more reliable decisions in a shorter time with business ethics as a guiding foundation, and this will help increase productivity and overall morale of the employee.

When agents complete a task in a process based on sincerity and integrity, the entire company benefits. Employees who work for a business that demands a high standard of business ethics in all aspects of procedures are more inclined to execute their work at a greater level and are also more likely to stay faithful to that company.

Ethics in Business Benefits

The value of business ethics strikes far beyond agent morale and loyalty or the force of an executive team bond. While with every company initiatives, the decent process of a company is primarily on to the profitability in both the short-term and long-term.

The reliability of a company from the surrounding society, other institutions, and individual investors is paramount in deciding whether a business is a valuable investment.




If organization reliability is less than ideal based on the knowledge that it doesn't run ethically, investors are less likely to purchase assets or otherwise back its business operations.

In addition to this, the rising number of investors seeking out ethical performing businesses to invest in is inspiring more companies to take this point more sincerely. Constant ethical practice comes with increasing positive public picture and some other concerns that are as important to possible investors and prevailing shareholders.

Takeaway

Once and for all, when it comes to maintaining a good image, companies must be committed to working on an ethical framework as it associates to the treatment of employees, respect to the environment and decent market systems regarding cost and customer treatment.

Author’s Bio:

Yassi Parrish is a freelance blogger who owns a small business. At home, she constantly read online articles on properly managing a small business to help it develop, and when it comes to attracting investors, she recommends to contact Ashe Morgan to gather appropriate ideas.