Archive for July, 2009
Jul
29
Bankruptcy: A Concise Guide
Posted by: | CommentsDefinition of bankruptcy:
Bankruptcy is one method of getting out of debt. It is a court order that transfers responsibility for dealing with creditors to the Official Receiver, who also takes control of the debtor’s money and assets and distributes them fairly to all their creditors. Once all debts have been paid or written off or an agreement reached, the individual is able to make a fresh financial start.
A bankruptcy order is granted by the court when it receives a petition (application) from either the debtor or one or more of their creditors if the amount owed is more than £750 in unsecured debt.
Bankruptcy has its advantages and disadvantages although it’s an extreme measure and should be considered very carefully. Just because you’re in a lot of debt, it doesn’t mean that bankruptcy is your only option. You’ll need to speak to a financial expert who’ll advise on the best course of action for you. Some useful sources of help are the Citizen’s Advice Bureau, the government Insolvency Service, the National Debtline or the Consumer Credit Counselling Service.
Advantages of bankruptcy:
your creditors will be dealt with by the receiver
court action against you to recover money may be stopped
your debts may be written off
you’ll be allowed to keep a certain amount of money and household items to give you a reasonable standard of living
you’ll be able to make a fresh start when the bankruptcy order has been cancelled
Disadvantages of bankruptcy:
you may have to pay a court fee of up to £475 for the bankruptcy order
not all debts can be written off - e.g. court fines
your details will be entered onto a public register of bankrupt individuals so other people will find out about it
you won’t be able to apply for any more credit while the bankruptcy order is in force
you may lose your home or any luxury possessions that you own if they have to be sold to repay your debts
if you own a business, it may be closed down and the assets sold
you could lose your job depending on your employer and what profession you work in - some don’t allow individuals who become bankrupt to continue working
you may be subject to a bankruptcy restriction order, which can make it very difficult to take out credit or other financial products in the future - this might happen if you have been reckless with your finances or have been dishonest or uncooperative with the Official Receiver
Petitioning for bankruptcy:
Bankruptcy orders are arranged by your local court. You’ll need to fill out a couple of forms - a petition and a state of affairs, which can be obtained from your local court or from the government’s Insolvency Service website (www.insolvency.gov.uk). You’ll need to list all your debtors and all your assets - from bank accounts to valuable possessions. It’s a criminal offence to make a false statement on these forms, so you must be truthful. It’s also illegal to sell any items before the bankruptcy order or to hide any goods that you own.
The court will review your case and will only grant you a bankruptcy order if it feels that you have no other means of solving your debt problems. Once the order is in place, your accounts and assets will be frozen and the Official Receiver will investigate your finances. First they will interview you. Then they’ll give notice of your bankruptcy order to various bodies, such as your local authority, sheriff court, land registry, utility companies, banks, insurance companies, landlords and solicitors, in order to determine what debts you owe and what assets you have. Once the Official Receiver has compiled a comprehensive report on your finances, a copy will be sent to all your creditors and your assets divided equally among them.
You’ll normally be discharged from your bankruptcy order within a year, by which time your debts will either have been paid back or written off.
Alternatives to bankruptcy:
If your debts haven’t gone too far down the line, it may be possible to come to an informal arrangement with your creditors that will allow you to repay your debt in a manageable way. You can try to negotiate a repayment plan in which you make your repayments in affordable regular instalments. It may cost you more in interest in the long term, but it could be a more viable option than bankruptcy.
If this doesn’t work, a formal, legally binding arrangement called an Individual Voluntary Arrangement may be able to be set up with your creditor. You’ll need the services of an insolvency practitioner to arrange this.
Alternatively, insolvency practitioners also offer debt management plans, in which they take on management of your debts for a fee.
If one or more creditors has obtained a county court judgement against you and the total owed is less than £5,000, you may be able to apply for an administration order at your local court, under which your repayments to your creditor are made via the court, which takes a portion of the repayment for administering the repayments.
Sell and Rent Back
Jul
18
Misdemeanors vs. Felonies
Posted by: | CommentsMisdemeanors vs. Felonies
Most states break their crimes into two major groups, felonies and misdemeanors. The difference between the two types of crime is the punishment involved. Where a crime can be punished with a year of more of imprisonment in state prison, it is a felony. But if the potential punishment is for a year or less in the county jail, then the crime is considered a misdemeanor. There are certain crimes, called “wobblers,” which may be considered either a misdemeanor or a felony, because under some conditions the punishment may be imprisonment for less than a year, and in other situations, the criminal may go to prison for a year or more. It is up to the judge in the case, usually recommended by the prosecuting attorney, on whether to charge a wobbler as a felony or a misdemeanor. Other types of crimes, called infractions, may be punished by fines, but may still be considered a misdemeanor, such as possession of less than an ounce of marijuana for personal use.
Felonies
Felonies are crimes punishable by imprisonment in the state prison or by death. Fines can also be imposed for felony offenses. The court can impose both fines and imprisonment as part of a felony sentence. Common examples of felonies include: murder, robbery, and rape, drug offenses, and other serious crimes.
Felonies are much more serious offenses (e.g. robbery, grand theft, drug possession and/or sales of drugs, etc.) and can be punishable with significantly higher fines and imprisonment in the state prison for a period of years and capital offenses (e.g. murder) can even be punishable with death. Many sentencing issues, such as restitution to the victim of a crime, alcohol and drug programs and sex or drug offender lifetime registration with the local police agency can apply to both felonies and misdemeanors.
California punishes felonies with determinate sentencing. The California Legislature has stated the primary goal of the felony Determinate Sentencing Law is to punish the offender. Determinate sentencing provides three possible terms of imprisonment: a low, middle, and high term to be served in the state prison. Often it is assumed that the middle term is the appropriate sentence unless the court makes findings on the record that justify the higher or lower term. Making a finding on the record means that it is stated in open court. Where a crime is classified as a felony, but the statute does not provide a specific sentencing range, then the crime can be punishable by imprisonment in the state prison for 16 months, 2 years or 3 years plus any enhancements, such as personal use of a firearm.
However, unless the felony is specifically precluded by statute, a judge can sentence a convicted felon to a term of probation instead of a term of imprisonment. Among other things, the court may require the defendant, as a term and condition of probation, to serve local jail time, pay fines, complete community service and pay restitution.
If the defendant is a minor at the time of sentencing, they are not usually sent to state prison. Instead minors are sent to the California Youth Authority. The California Youth Authority is governed by the Department of Corrections. This is where minors will serve out their term of imprisonment. However, they may be transferred to a state prison once they reach a certain age, if their sentence still has time left on it.
Misdemeanors
Misdemeanors are crimes punishable by a maximum period of confinement, ordinarily in the county jail, of one year or less. Fines can also be imposed for misdemeanors. Unless otherwise specified by law, misdemeanors in California are punishable by imprisonment in the county jail not exceeding six months, or by a fine not exceeding one $1,000, or by both. Many California statutes define misdemeanors with greater fines, or with maximum terms of imprisonment of one year. Common examples of misdemeanors include: driving under the influence of alcohol or drugs, prostitution, vandalism, possession of loaded or concealed weapons, and petty theft.
Some misdemeanor can be settled via a “civil compromise,” pursuant to California Penal Code Sections 1377 and 1378. These sections permit a defendant to have a criminal proceeding permanently stayed or dismissed provided the victim of the crime appears before the judge, either in person or by declaration, acknowledging that they have received satisfaction for their injury. However, the court must agree to the compromise.
Other offenses, usually involving drugs, may be eligible for “deferred entry of judgment” or “diversion.” These provisions permit someone, who has pled guilty or no contest to a drug charge, to complete a drug awareness program and have the underlying criminal case dismissed after 18 months. However, if the defendant fails to successfully complete the program, the court can impose a jail sentence.
Where someone is convicted of a misdemeanor the court can either grant or deny probation. If probation is granted, it generally lasts for up to 3 years. However, offenses such as DUI, child endangerment, domestic violence and being under the influence of drugs permit probation to last up to 5 years. The court, in its discretion, could even order an alternative sentencing option. Alternative sentencing would allow any custody time served in a home detention, such as house arrest or an electronic-monitoring program, be counted against the ordered incarceration time. Where the court imposes a fine, the court will often be flexible in providing for an alternative sentence in lieu of a fine, consisting of community service hours.
Infractions
Infractions are the types of crimes which are not punished by a term of imprisonment. Rather the types of punishments include fines and community service. The most common types of infractions are traffic offenses, like running a stop sign. Another major difference is that a person is not entitled to a trial with a jury for an infraction and is also not entitled to the appointment at public expense of a lawyer to fight the case, unless the person has been arrested and is currently being held in custody.ns is crimes that are not punishable by imprisonment. The punishment for infractions is usually a fine or community service in lieu of a fine. A as
Rent Back Fast
Jul
16
Shops For Sale Rent And Lease In Jodhpur
Posted by: | CommentsBalaji Properties, As real estate agent, has a vast portfolio to offer Buy property Sell Property, For both office and homes, a large number of quality listings in the preferred areas of Pal road, jodhpur Kheteshwar nagar, vaishali township, anand vihar, roop rajat township, mahaveer vatika, shanti villa, Rameshwar nagar, bajrang vihar and more other prime location of jodhpur.
Company gives you detailed info on Jodhpur property market and list the leading real estate agents in Jodhpur for your reference.
Company deals with populer builders like Parsvnath, Ansal API, Vaishali Builders, Rooprajat Builders, Aayushi Builders many more are developing major residential and commercial property in Jodhpur. With the positive growth of the market, the property prices in Jodhpur are bound to rise further and thus fetch high capital returns for any property investment in Jodhpur. As the lifestyle of people is changing with increased per capital income across the nation, there is clear uplift of the upcoming Jodhpur commercial and residential properties.
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Rent Back Fast
Jul
10
Situations Where You Might Benefit From a Quick Sale Or Rent Back Deal
Posted by: | CommentsIf the time arises in your life when you are getting divorced, it can be a very stressful time. You would have to sell your home to split the proceeds and begin again. Selling your home could take some time and if you want to move on with your life this can add to the stress. A better solution could be to make a quick sale then split the proceeds of the sale down the middle and move on. A company offering a sell and rent back will also offer a quick sale and this should be looked into. It can work out great if one partner wants to remain in the home. Sell the home quick, split the proceeds and then rent it back with a view to buying back in the future.
You may be emigrating or relocating due to work and this means you could sell your house quickly and you would also have cash in your hand. Along with this you would have peace of mind that you sold your home well before you leave. If want to take this option and your departure date is not due then you can still sell quick and remain until it is time to leave.
If you know that you can not pay your mortgage and might have to leave the home you love if the lender repossesses a rent back option may be the answer. If you choose a rent back option, this means that you will have a lump sum in cash to payoff the mortgage and still be able to remain in the home as tenant by just paying rent to the company who bought your home. You would also have the option of being able to buy back the property in the future for a fixed price if and when your finances became stable again.
A quick sale could also be taken with a rent back option if you want to release the equity in the home. You might need cash fast and rather than take on a loan make good use of the equity that has been built up in the home. If this is the case then a quick sale is needed and companies offering buy to rent and quick sales can give it to you. The beauty of taking this option is that you will be able to buy back the property for the sum that was agreed upon at the time of selling.
Whether you need a quick sale for equity release, to split the proceeds when divorcing or you have any type of financial problem a sell and rent back option and a quick sale could be the ideal solution. You would have an answer as to whether it would be a viable option for you to take in around 24 hours from applying online through the free phone number or by filling in the online form provided on the company’s website.
Passive Income
Jul
01
Want the Best Mortgage Deal? Here are Six Easy Steps That Will Help
Posted by: | CommentsShopping around for a home loan or mortgage will help you to get the best mortgage deal. You’ll want to compare all the costs involved in obtaining a mortgage. Shopping, comparing, and negotiating may save you thousands of dollars.
Get Information From Several Lenders
Home loans are available from several types of lenders, commercial banks, credit unions, mortgage companies, as well as mortgage brokers. Our site 1-800BadCredit offers loans from several mortgage brokers because our experience tells us that they can do the shopping for you, not only saving you time but also helping you avoid all the headaches that go with this type of shopping, thus ensuring the best mortgage deal. A broker has access to several lenders and that can mean a wider selection of product and service.
Obtain All Important Cost Information
Be sure to get all the information about mortgages from the lenders. Know how much of a down payment you can afford, and find out all the costs involved in the loan. Knowing just the amount of the monthly payment or the interest is not enough. When looking for the best mortgage deal, always ask for information about the same loan amount, loan term, and type of loan so that you can compare the information. Here is what you should ask from each lender:
Rates
Ask for a list of the current mortgage interest rates and whether the rates being quoted are the lowest for that day or week.
Ask whether the rate is fixed or adjustable.
Remember that when interest rates for adjustable-rate loans go up, generally so does the monthly payment. We do not think that adjustable rate loans are the best mortgage deal for most people, but they are available. Keep in mind that the recent mortgage problems that have been in the news were with people who had adjustable rate loans also called ARM’s.
If the rate quoted is for an adjustable-rate loan, ask how your rate and loan payment will vary, including whether your loan payment will be reduced if the rates go down. This is very unlikely however.
Ask about the loan’s annual percentage rate (APR). The APR takes into account not only the interest rate but also points, and any other fees and credit charges that you may have to pay expressed as a yearly rate.
Points
Points are fees paid to the lender or broker for the loan and are often linked to the interest rate; usually the more points you pay, the lower the rate, but a point equals 1% of the total amount borrowed, so watch out for excessive points. For instance, on a $150,000 loan 3 points equals $4,500 dollars.
Check your local newspaper for information about rates and points currently being offered. You won’t get the best mortgage deal from being too trusting of the broker or lender. Remember, they are in business to make money, and while 1% or so may not seem like much over 30 years, it’s YOUR money that’s being spent so insist on the best interest rate you can get!
Ask for points to be quoted to you in dollar amounts, so you will know actually how much you will have to pay. It’s quite common for the lender to quote the client just the points (which is technically considered full disclosure, but unless you’ve got your calculator handy you’ll never really know how much cash this translates into). That to me is just so much legalese.
Fees
Even the best mortgage deals involve many fees, such as loan origination or underwriting fees, broker fees, and transaction, settlement, and closing costs. Every lender should be able to give you an estimate of its fees. Many of these fees are negotiable. Some fees are paid when you apply for a loan (such as application and appraisal fees), and others are paid at closing. “No cost” loans are sometimes available, but they may involve a slightly higher rate. It won’t hurt to ask.
Ask what each fee includes. Don’t be afraid to ask questions. Several items may be included in each fee. Ask for an explanation of any fee you do not understand. Once again don’t be afraid to ask questions, any question. There is no such thing as a dumb question. What’s dumb is not asking the question and blindly paying fees that you may be able to eliminate or negotiate.
Down Payments and Private Mortgage Insurance (PMI)
In the old days when homes cost a lot less 20% down payment was the standard to purchase a home. Now though with homes costing so much more most lenders offer loans that require less down payment, sometimes as little as 5 percent on conventional loans. If you have bad credit or less than perfect in the 520 – 659 range they will probably require more or else you might pay a slightly higher loan rate, but remember to shop around for the best mortgage deal, one lender may be 1 or 2 percent less and this can really add up to a lot of money. That’s why a mortgage broker is best, they will do the comparison for you.
By shopping around you may find a lender that that will let you buy for little or no money down. On my new condo last year (my first ever home purchase) I put down $2,500, which basically paid the closing fees. So I got a 100% loan-to-value at a very good interest rate. And my credit score was in the mid-600’s.
If a 20 percent down payment is not made lenders usually require the home buyer to purchase private mortgage insurance (PMI) to protect the lender in case the home buyer fails to pay.
If you qualify for a government-assisted program such as FHA (Federal Housing Administration), VA (Veterans Administration) or Rural Development Services the down payment may be a lot smaller.
Tip!
One of the best mortgage deals around could come from the city your moving into! Contact your chamber of commerce in the city you are looking to move to and ask them if they have any special grant or subsidy programs for fist time homebuyers.
Peoria, AZ has a first time homebuyer grant program and my friend received a grant of $15,000 towards the purchase of a home there in 2006. Another friend of mine in California found out about a $50,000 grant from the city of Fountain Valley for first time homebuyers!
Ask about the lenders requirement for down payment, including what you need to do to verify that funds for your down payment are available.
Ask if PMI insurance is required and what the total cost of that will be.
Ask how much your total monthly payment will be including the PMI premium, then contact another lender to make sure this is the best mortgage deal you can get.
Ask how long you will be required to carry PMI.
Get the best mortgage deal you can.
Remember: Shop, Compare, Negotiate. Credit problems? Still Shop, Compare, Negotiate!
Repossession
Jul
01
Basics of Home Insurance
Posted by: | CommentsHome insurance is available to those that own their house or flat. In general, home insurance covers the building that you live in, or part thereof, as well as your personal possessions, liability for damage done to people or their things inside of your home, and the costs incurred if you have to live somewhere other than your home for a time because it was destroyed. Disasters not covered under home insurance include floods, earthquakes and personal neglect of the upkeep. You will need to buy separate insurance to protect your home in the case that either of the first two occurs (floods or earthquakes).
The first part of your cover has to do with the dwelling itself. When you buy a policy, you must consider from which disasters (fire, lightning, etc.) you want to be protected. If you would like to change the list, you will need to discuss this with your agent. And keep in mind that you need to buy enough insurance to be able to rebuild your home, if need be. Often, other detached structures (garage, for example) can be included in your policy, for a small percentage of the total cost.
Your personal possessions are also covered in a home insurance policy from the disasters listed in your paperwork. Usually, these items are covered for 50 to 70% of your total cover value. For example, if you have taken out ?100,000 of insurance on your dwelling, you would have between ?50,000 and ?70,000 to cover your personal possessions. To find out how much your possessions are worth, it is a good idea to take an inventory now. Waiting until after the disaster will be much more difficult and stressful. To do this, search for a program or outline on the Internet, fill it out, make copies, and keep a few in different locations. Some policies include cover for your belongings wherever they may be in the world. Speak to your agent if you’re interested in making an inventory, and they’ll provide you with the tools you need.
Liability is cover for damage that you or your family members, including some pets, may do to another person or his/her belongings. Note that this isn’t true of your own family members or their belongings, however. This part of the policy tends to cover medical expenses, excluding you and your family, in addition to court fees and replacement costs. An example of when liability insurance would be if someone were to slip on ice in front of your home and break his or her leg. Your liability insurance will cover the hospital bills and the court costs (in the case that legal action is taken).
The last area of cover under home insurance is that dealing with expenses incurred while your home is being rebuilt after damage caused from an insured disaster. The expenses covered include hotel and restaurant bills for the time that you are forced to live somewhere other than your home. The amount of this cover is company and policy specific, but hovers near 20% of the insured value of your home. Again, if your home is insured for ?100,000, your expenses up to ?20,000 would be covered.
Sell House Quick
