What Are Your Options After Declaring Bankruptcy?

When you've suffered from financial hardship, bankruptcy can offer relief after you've accumulated a significant amount of debt that you cannot repay.

Although bankruptcy may give you hope for the future, it can still cause you to feel limited. It's important to understand your options after declaring bankruptcy to ensure you can regain control of your finances.

Begin Saving Money

Start saving money in an emergency fund that you can use on a rainy day when you need car repairs or have an unexpected hospital visit. 

The money you save can give you the necessary funds and help you avoid going back into debt. Building a budget will also allow you to determine how to spend each dollar that you own and can avoid overspending.

Hire a Legal Professional

Hire a bankruptcy attorney to navigate the legal process after you file for bankruptcy to avoid mistakes that can affect your future. A legal professional will review the details of your situation and can determine the best chapter to file, depending on the amount of money you owe. 

They will also deal with the creditors that continue to contact you, which can allow you to avoid excess stress and avoid receiving more phone calls in the future.

Build Your Credit

Rebuilding your credit is necessary to increase your borrowing power when you want to purchase a vehicle, home, or open a credit card in the future. 

Increasing your credit score is possible by disputing any discharged debt that isn't accurate on your credit report. You can also pay off new balances on credit cards and monitor your credit report online each month.

Create Financial Goals

Creating financial goals can allow you to improve your financial standing and learn from your past mistakes. It also gives you a realistic timeline for how long it will take to rebuild your financials, such as credit history, wealth, and debt. 

You may want to save enough money for a down payment on a house or go back to school, making it necessary to consider where you want to be in the coming years to ensure you remain motivated and avoid making mistakes with managing your money.

Once you learn about the options available after you declare bankruptcy, it can be easier to discover the right path to take and recover. 

Obtaining assistance from an expert can make it easier to know the correct steps to take and avoid staying in a poor financial situation.

Ideas to Make Financial Data Monitoring Easier

Financial data monitoring can be complex and have a lot of moving parts, which can make it intimidating to approach. As technology becomes more advanced, there are several ways to make your financial data monitoring easier to ensure you have more control over it.

Here are a few ideas to get started to ensure the financial data is more of a benefit to your organization.

Automate Manual Data Entry

Requiring your customers and colleagues to enter all of their information can reduce the amount of time that you spend manually entering the numbers yourself. 

You can also hire a team of remote staff to input all of the details of each sale while issuing invoices to your customers for increased efficiency. 

This will allow you to remain in control of your finances and can still prevent customers from viewing sensitive information or data.

Consider How You Grab Data

Using a cloud-based accounting solution can prevent your data from sitting on a server and allow it to be easier to access at any time when you're not in the office. 

This is easy to do by allowing individual access to the main dashboard where all the information is in one place, which your leadership team can utilize.

Use Spreadsheets

When using your accounting software, integrating different spreadsheets in the programs can allow you to save time because you don't have to transfer all of the data. 

This can allow you to have a more automated process and still keep your data secure without spending time manually re-keying the information.

Use Automated Bank Fees

You can have a more accurate view of the finances of your organization by implementing automated bank fees. Connect your business bank accounts to your accounting software to have a clear overview of your bank transactions and finances to ensure you're more organized and can see everything in one place. 

This will allow you to save time and energy by avoiding manual reconciliation throughout the week.

Use Live Earnings Transcription Software

Utilizing live earnings transcription software will allow you to understand what is discussed without confusion or a lack of clarity. 

It can save you time during your earning seasons and let you know what’s going on with your earning data in real time when you have multiple calls and don't want to overlook any possible management remarks. 

You'll also be able to track price spikes or drops and quickly search for key mentions.

After you discover the different ways to monitor your financial data more efficiently, you can improve your operations and take the guesswork out of decisions you make for your organization. 

You can also save a lot of time with automated processes that help you to have more control over your company's finances.

What are the best short-term investment options?

Several short-term investments are designed to provide significant returns over a reasonably short period. Specifically, these plans are designed to meet the expenses expected to occur shortly, and you can start investing in short term investment options with a minimum fixed deposit amount.

It is common for investors who are more inclined towards short-term investing options not to be interested in waiting for years to see their money multiply many times over rather than waiting for long periods. As a result, they are more interested in quick and effective results with minimum fixed deposit amount.

One can expect optimal results from short-term investment plans to meet one's financial goals and minimum fixed deposit amount. Still, it will not produce massive results as long-term investment options. 

Short-term investment plans have a lower risk profile because of the minimum fixed deposit amount than long-term, which is why many seasoned investors are attracted to them due to their lower risk.

Listed below are a few options for the best short-term investments

Savings accounts

Having a savings account is one of the easiest and safest methods by which you can easily access your money. There is mainly a concern here with liquidity, not so much with earning. A standard savings account return does not exceed 4% to 7%.

Liquid Funds

The purpose of these mutual funds is to invest in short-term government certificates, and securities of deposit with a minimum fixed deposit amount to increase the return on investment. 

It is safe to enter and exit these investments anytime as they are secure. Investing in liquid funds can yield an expected post-tax return of between 4% and 7%. 

There are a variety of liquid funds that investors can use to park money for as little as one day, as much as 90 days, or even beyond.

National Savings Certificate

Investing in a five-year postal NSC is also an option if you are confident that the goal will be achieved precisely five years from now. Under Section 80C of the Income Tax Act, you can claim a tax deduction, but the interest will also be taxed.

Arbitrage funds

The term arbitrage fund is also known as equity mutual funds, and if a fund is held for more than a year, it is more tax efficient. They are estimated to give approximately 8% of interest after paying the tax.

Fixed maturity plans (FMPs)

This type of investment has a lock-in period of a minimum of 3 years and works like a fixed deposit at your bank. Although they are more tax-efficient, you can expect better returns when investing in them than a fixed deposit.

Short term funds

A short-term fund invests in securities that are expected to mature within 1 to 3 years. As the maturity of securities in these funds is higher than those in ultra-short-term and liquid funds, they are a bit riskier. 

There is no difference in taxation between debt funds and other types. It is essential to remember that banks offer deposits with a range of timeframes, starting with a minimum of 7 days.

Recurring deposits

It is a type of secured investment that can be used by people minimum fixed deposit amount who are not interested in investing in a lump sum but instead would like to invest monthly. RD can help in making a better retirement investment strategy. Regarding RDs, you can either use postal RDs or bank RDs; typically, banks offer RDs for minimum tenures of 6 months to a maximum tenure of 10 years.

Debt Mutual Funds

Most of the money in these mutual funds is invested in debt instruments such as government bonds, commercial papers, treasury bills, corporate bonds, and similar investments to other money market products. 

Those who are risk averse and are looking for better returns in the short term with a minimum fixed deposit amount can benefit significantly from this type of short-term investment.

Options for Keeping Your Home When You're Behind Mortgage Payments

If you're behind on your mortgage payments, you might feel anxious about what will happen to your home. While it's true that you could face foreclosure if you don't catch up on your payments, some options might help you keep your home.

Work With Your Lender

If you demonstrate the willingness and ability to make regular payments, your lender may be willing to work with you to develop a payment plan. 

This could involve making smaller payments over a more extended period or temporarily suspending payments until you can get back on track.

Get Help From a Housing Counseling Agency

Housing counseling agencies are organizations that provide free or low-cost assistance to homeowners who are struggling with their payments. 

They can advise budgeting and money management, help you negotiate with your lender, and connect you with other resources to help you keep your home. 

Housing counseling agency assistance is often available through government-sponsored programs, so be sure to ask about this when you contact an agency.

Consider a Loan Modification

A loan modification can involve changing the terms of your loan, such as the interest rate or the length of the loan. This can make your monthly payments more affordable and help you get caught up on what you owe. 

Another option is to refinance your loan. This can also help lower your monthly payments and make it easier to afford your mortgage.

Refinance Your Loan

This means taking out a new loan with different terms to lower your monthly payments. This can be a good option if your financial situation has changed and you now have a steady income. 

Another option is to negotiate with your lender. This involves working out an agreement where you make smaller payments over a more extended period. 

This can also be a good option if you're experiencing temporary financial difficulties. Finally, you may also be able to sell your home and use the proceeds to pay off your mortgage.

Sell Your Home

Selling your home will allow you to pay off your mortgage and any other debts associated with the property. It can also provide you with a fresh start financially. 

However, selling your home is not always the right choice for everyone. If you're attached to your home or think you can eventually catch up on your payments, you may consider other options.

By understanding your options, you can take steps to keep your home even if you're behind on your mortgage payments. You can avoid foreclosure and keep your home with effort and financial assistance.

Planning Ahead: How To Save For Retirement In Your 20s

As you hit age 20, you are usually more concerned about finishing college, starting your career, raising a family, and living life to its fullest. In fact, retirement seems like nothing but an abstract concept at this point in your life.

However, before you know it, decades will have passed, and you will suddenly be much older and retiring from your job. To make sure you have the financial resources necessary to enjoy your retirement, this means you need to start saving for it while you are still young. 

To plan ahead and get the best results, here's how to start saving for retirement early in life.

Don't Procrastinate

Even if you have student loan payments, rent, and other expenses each month, don't let one excuse after another keep you from saving for your retirement. 

By closely examining your monthly budget, you should be able to find a way to save 5-15 percent of your income each month for retirement.

Sign Up for a 401(k)

If a 401(k) plan is offered as part of your benefits package, take full advantage of it and sign up to participate right away. In many situations, employers will match the contributions their workers make to these retirement plans, meaning you can gain substantial savings in a short time. 

If you consult with a money management firm about your retirement planning, you will also learn that a 401(k) lets your money grow tax-free until it is withdrawn at retirement, allowing your money to compound much faster each year.

Emphasize Aggressive Investments

To build up your portfolio wealth, emphasize aggressive investments by making stocks the primary part of your investment portfolio. 

Though the stock market can be volatile, it also has a great long-term track record. Once you buy and hold various blue-chip stocks, you should be able to build up quite a nest egg for retirement.

Set Up Automatic Deductions

If you are not eligible for a 401(k) plan at work, choose to open a Roth IRA on your own. Though the money you put into the IRA will have already been taxed, it will be tax-free when withdrawn for retirement. 

To make the most of your IRA, set up automatic monthly deductions from your paycheck, which will ensure your IRA continues to grow year after year.

By thinking about retirement when it is still decades away, you can formulate a sound financial plan that will have you enjoying retirement more than you ever thought possible.

How to Avail a Pre-Approved Personal Loan on the Instaloan App in 4 Steps?

The Instaloan app by Fullerton India offers quick and hassle-free personal loan options to salaried individuals at affordable interest rates. Unlike other personal loans, there is no need to visit a lending institution or undergo tedious paperwork to avail of a loan.

If you are salaried, the Instaloan app by Fullerton India can help you avail of loans anytime, anywhere through your phone. It helps you avail of quick cash with interest rates starting from 11.99% per annum, with a maximum loan amount of Rs. 25 lakhs.

Benefits of the Instaloan App:

Personal loans can help you meet immediate needs or unforeseen expenditures. Whether it is your daughter’s wedding, need to fund your vacation, or have a medical emergency, these loans can be the best way to meet your expenses without draining your finances. 

Instaloan is an online loan app that helps you avail of such a loan without much paperwork and in a short time. Here are some of the benefits of the Fullerton India Instaloan App:

Maximum Loan Amount: Unlike other personal loans where the maximum amount is limited, this app helps you avail of a loan of up to Rs. 25 lakhs. If you are a salaried individual with a stable source of income, you can apply for a personal loan and fund your immediate needs and aspirations easily.

Digitized process: You can avail of a personal loan using the instant loan app anytime and anywhere. You do not need to visit our branch to complete the process. You can use this app to easily apply for a loan and access it via Android or iOS. Borrowers generally receive the money within hours of loan approval.

Hassle-free Personal Loan options: Though personal loans might look like they require a lot of paperwork, the Instaloan app is different. The borrowers need to upload some requisite documents. 

These documents include valid identity proof like Aadhaar or PAN, address proof, bank statements, and your salary slips. The requirement for minimal documentation makes it an attractive option.

Easy-to-use Interface: The Instaloan app is known for its user-friendly interface. Borrowers need not be tech-savvy to avail of their loans. Once you install the app, you are automatically guided by instructions that help you apply for a personal loan and complete all other formalities by yourself. 

Based on your documentation, it instantly informs you about your eligibility for the loan. After successful verification, you will receive a loan agreement with all the terms and conditions. 

Once an acknowledgment is received from your end, the loan gets approved. Post approval, the approved amount gets disbursed within a few hours.

Loan Tracking Mechanism: Once you apply for a loan, you can track it on the app. Apart from its status, you can also track the payment due every month. 

Such a feature helps borrowers understand their outstanding amount and the time left to repay the loan. The app also reflects the interest rates and your monthly payment trends.

Fast Loan Disbursal: One of the primary benefits of this online app is its fast loan disbursal mechanism. Unlike traditional loans, you do not have to wait for the loan disbursal. 

The Instaloan app ensures a quick loan disbursal, sometimes as quickly as thirty minutes after the loan application, depending on your eligibility and repayment capacity.

How to use the Instaloan App?

The Instaloan app has a user-friendly interface that helps everybody to use it. Here are some steps borrowers must follow while using an android phone or tablet while applying for a loan using this app.

1. Go to the Google or Apple Playstore and search for the 'Instaloan app by Fullerton India.'
2. Once you are directed to the app, click on the 'install' option.
3. After installing the app on your phone or tablet, enter your basic details, including your name, marital status, gender, address, etc.
4. Scan and upload the requisite documents
5. Enter your bank account, employment, and income details
6. Once you input the above details, click the 'submit' button.

Conclusion

The Instaloan app by Fullerton India is one of the best quick loan apps online. The app offers easy and hassle-free loans to salaried individuals within 30 minutes* of their loan application. 

Thus, borrowers are relieved of the tedious paperwork and lengthy wait time compared to other traditional personal loan application processes. Get your personal loan via the Instaloan app today!