Going Broke: What to do When Filing for Bankruptcy

This is a Guest Post from Lizzie Weakley on Bankruptcy and how to file it without breaking yourself. Take a new kind of soup on Bankruptcy filing in her words....

Feeling the strain of your finances and the weight of unpaid debt that you've accumulated, and can be difficult to have a clear picture - how long it will take to obtain financial freedom.

From student loans to medical bills, it can be difficult to repay what you owe in a realistic time-frame. To regain the standing, bankruptcy can be the best option for relief that can jump-start your future. When deciding to file for bankruptcy, there are a few steps to be taken to start the process.

Prepare for the Cost

Although filing for bankruptcy is for individuals who may be on their last dollar, the process costs a fee due to the cost of filing the paperwork. The average cost is $1,700, but the fee can also depend on where you live. The cost must be paid in full, unless you obtain free court filing fees and legal services.

Hire a Consulting Firm

For those who decide to file for bankruptcy, the process involves plenty of paperwork and forms to fill out to complete each step. To prevent making mistakes and avoid signing your name to a document that you don't understand, you'll need to hire a consulting firm like Exelby & Partners Ltd. to ensure that the process is completed properly.

Obtain Credit Counseling

Filing for bankruptcy will harm your personal credit score, whether you already have bad credit or are in good standing. It's important to begin the process of rebuilding your score by obtaining the help of a credit counselor, which you'll be required to do within 180 days of filing.

Determine What You Qualify For

Every business who files for bankruptcy must research their options and determine what chapter they qualify for and if any assets can be kept. Chapter 7 is the most common type and includes clearing all debts while still allowing you to keep your property while you continue to make payments on the debt. Chapter 13 involves setting up a payment plan over a three to five-year time-frame.

For those who are going broke and find it difficult to repay their debt each month, filing for bankruptcy is a viable option that allows individuals to utilize their rights. By consulting the services of professionals and determining what you qualify for, it's possible to regain your financial freedom and work towards your future.

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Posted in: bankruptcy,loans,personal finance

10 Tips to Save Money A Little Differently- Oops I Have A Second List Too!

This is the second list of the article, which was published yesterday. Let’s see what’s more in store for you to save in the second quarter of this year.

1. Cancel The Gym Membership

In this busy life, you hardly get time to join the gym session so it is better to skip the gym membership if you do not go. As it is costing $300 a year, save that by talking a jog around the park or taking a run or cycling.

2.       Have A Spa At Home

Pamper yourself at home instead of heading towards a spa. If you go to a parlor then you have to spend at least $140 for a single visit. Try to make homemade masks out of oats and honey. Be smart and make your home turn into a self-spa (turn on the soft music, glow a dim light, spread some aromas) and save $600 a year.

3.       Pizza Delivery: Not Required

You can ditch the delivery of the pizza as they are going to put an additional surcharge. Better, save the money by cooking up a frozen one. You can save at least $15 every time if you pre-heat the oven.

4.       Home-Based Cleaning Products

Why you need to invest money in those expensive house-cleaning items? Those attractive packaging and pretty smelling things can convince you. Well, get rid of them and use rubbing alcohol as the common sanitizer in comparison to your branded counterparts.

5.       Have The Nail Salon At Your Home

Skip having manicures and pedicures in every two weeks to pamper yourself. Get them done at home instead. If it’s necessary then go at least once in a month. You can save at least $600 with the use of it.

6.       Reconsider The Cell Phone Plans

Check out on which cell phone you have tagged yourself. Check out do you need every facility for which you pay. Whack down the unnecessary offers and cut off at least $20 on your mobile bills making it a savings of $240 at the end of the year.

7.       Public Vehicles

You can shell out those the extra money you spend every day while you ride on the bus to commute to your workplace. You are going to save on gas, parking area, and finally the wear and tear of your car.

8.       Save On Subscriptions

You need to subscribe to the favorite publication of your magazines or tabloids that you pick from the stand. A subscriptions generally takes $20 a year, if you buy individually it will cost $4 for each. You are going to save at least $36 each year on such subscriptions.

9.       Online Payment Of Bills

The cost of stamps is on a steady rise, so it is going to cost your dearly. Skip the price of the footage and pay in click per second.

10.    Use Of BYO Bags

Does your city charge for a plastic bag? If so, then it is better to use the reusable totes whenever you go. You can save at least $0.05. You are not only going green but saving green too!

Author Bio : Moumita Dasgupta, a financial blogger and the owner of bizandfiz, shares her knowledge and expertise of various finaical topics. A clear view on market, business, forex, funds, personal finances etc. are the subjects she perfectly underlines thorugh her articles.

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Posted in: budget tips,frugality,personal finance,savings,savings tips

10 Tips to Save Money A Little Differently

‘‘A little differently’ - Halt! You have marked the words right.

Yes, saving a little out of the way is the idea we are going to share in this blog. Pinching every penny is tough! At times, you get on to seek some professional help, when you cannot plan some great savings idea.

This is 2013, and if you have still not controlled your financial situations then you are heading towards a great trouble by the end of the year. Still you have six months. Let’s see what ideas will help you to save money as soon as possible.

Check out some cracking tips to save money in a different way to save money here in this blog.

1. Cutting Down On The Clutter

Well at home, you can arrange for some garbage sale. You might find things that are no longer in use. You can start filling up the garbage box. Prepare for a simple sale collecting unused stuffs at your home.

2. Scratch the Coupons

When you look at the coupons at times, you think to disregard it just seeing the picture. Well, it is not the thing to throw in the waste paper basket. Scratch it. At times, the shop owners hide the expensive items in hope that you might spend the money.

3. Budgeted Giving

You have to buy presents and gifts on various occasions. Add up how much you spend on these gift items in 12 months. Make a calculation in the beginning of the month to budget your gift loads. You can reconsider your list back if the gift amount scales very high.

4. Managing  Stockpile

You can buy items in large stocks and try to stock them easily in a closet. Like you may buy the winter garments in the summer, as it is available at a lower price, to save money during the winters. A closet door is a good option to store the stocks.

5. Timesaving Budget

Start taking baby steps in order to save large. Guys, I have a good idea, let me share. Make an aim to save $5 every week at the grocery store using coupons, discounts etc. You might increase the amount if you get a desirable scope.

6. Planning a Staycation

You can look on the tourist spots in the neighboring states or within your state. Take some trips to local tourist sites. Go for long-drives with family, swimming venues, hiking, visiting museums. At times, in some magazines you will attractive coupons of restaurants, tickets of theme parks.

7. Stress-Free Shopping

Try to look for inexpensive ways to have fun. At times, kids may be lingering for items when you visit the store or malls. Well, I have an idea the next time you get to a store make your kid hold a list of the shopping items and give him a crayon to tick the items as you put them in the cart. Try it, it works! He or she will be joining the game of picking things in the cart, and you can deviate their attention from attractive gizmos or other expensive accessories.

8. Buying Second Hand Goods

What’s need to buy a new juicer or a coffee maker, when you get one in a nearly minted condition? Look for appliances in the garage sale or online in the Craiglist. Chances are there that people might have been used it once or twice.

9. Say No To Disposables

Running dishwasher to clean the plates two more time after a summer warm up party will cost you dearly. Why don’t you try these one-time use pans, paper plates and the plastic cups?

10. Stocking Up Kid’s School Supplies

When your kid’s school is about to commence start buying the school items just two weeks before that. You will get them at a comparative low price. Make sure you buy a full set to make your kid comfortable throughout the year and avoid paying excess price in the midst of the year when your child needs more.

This is the first set of the list to save money in a little different way. We will come up with more 10 ideas in  our next list the other day.

Author Bio : Moumita Dasgupta, a financial blogger and the owner of bizandfiz, shares her knowledge and expertise of various finaical topics. A clear view on market, business, forex, funds, personal finances etc. are the subjects she perfectly underlines thorugh her articles.

Read more »

Posted in: budget tips,frugality,personal finance,savings,savings tips