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Insights on money, career and trading

Category Archives: Personal Finance Guide

Bankruptcy Lawyers: What Are Their Requirements?

Posted on September 16, 2020 by Daniel at 10:13 am

Bankruptcy can be defined as a civil procedure through which individuals or other entities who can not pay back debts to lenders may seek relief. In most jurisdictions, a bankruptcy action is initiated by the plaintiff, usually initiated by the debtor itself. The court can also grant a temporary bankruptcy protection in certain instances, when the individual is unable to pay back the debts, or if he or she has no assets to liquidate to pay for the debts.

A bankruptcy is considered personal liability protection because it is designed to protect the person filing for bankruptcy and to provide some sort of relief to him or her. The protection is granted by the court only after examining whether the defendant, or debtor, is able to repay all the debts and is not at risk of being unable to repay them in the future. This can only be determined by considering all aspects of a debtor’s financial position, including the debt amount and his or her ability to pay for it.

Before filing for bankruptcy, the plaintiff must first obtain a written opinion that the person is in fact unable to pay the debts and can not make his or her installments on time. This opinion will be provided by a qualified and experienced bankruptcy lawyer. In cases of insolvency where the person has other assets, it is required to establish the value of these assets. A bankruptcy lawyer will help determine this value and prepare a detailed report on it.

According to federal bankruptcy laws, a bankruptcy is granted only if the court finds the debtor to be unable to pay for all the debts and that the assets of the debtor are worth less than the amount that could be owed to the creditors in the case of failure to pay back the debts. If the court finds this to be the case, it will either order the person to sell all the assets he or she owns to satisfy the debts or will declare that the bankrupt is incapable to pay for all the debts himself or herself. In such a situation, the court may allow a temporary court protection against further claims by the person filing for bankruptcy.

When the court is convinced that the debtor can still pay for the debts and that his or her assets are of reasonable value, it will appoint a trustee to oversee the administration of the debtor’s estate. This trustee is responsible for collecting the debts and distributing the proceeds to the creditors according to the terms set forth in the bankruptcy code.

A temporary court protection enables the debtor to continue to meet with the creditors on a regular basis in order to continue paying back the debts, even when he or she is unable to continue to pay them, until the court has determined that he or she is able to pay them. This is done under the supervision of the trustee. The temporary court protection will also give the debtor the chance to reorganize his or her financial resources to repay the debts in an orderly manner.

Bankruptcy protection can be granted either by the state court or by the court of bankruptcy, but the latter is more common. However, both courts have different procedures.

To qualify for a temporary court protection, the plaintiff and the defendant will have to provide the same information about each other, although bankruptcy lawyers are usually paid on a contingency basis. The debtor must file a petition for a temporary court protection with the court to prevent the proceedings.

What to Do If You are Struggling Financially

Posted on March 22, 2019 by Daniel at 3:09 pm

It is hard to live check to check. If you are hit with a financial emergency, then it can be even more difficult for you to make your money stretch. Fortunately, there are several ways that you can deal with a financial emergency. (more…)

Financial Tips For Those Living With Disabilities

Posted on February 28, 2019 by Daniel at 7:06 pm

You may not think that you could end up being a person who can’t work due to a disability, but you may have something left to learn.  According to the NHS, over eighty percent of those determined to be permanently disabled were not born that way.

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Personal Finance Management Tips For Older People

Posted on February 26, 2019 by Daniel at 9:45 pm

If you’re old enough, you already understand that a person lives several different lives in one lifetime.  Money management tips for younger people wouldn’t be the same, as the generations don’t deal with the same daily challenges. (more…)

How to Make Money with Bitcoin

Posted on January 28, 2019 by Daniel at 7:20 pm

Bitcoin is a landmark in the history of money. It might have a difficult year last 2018, but this does not mean that it will perform poorly this 2019. In fact, with the growing global acceptance, bitcoin is poised to become even more popular, especially as an alternative investment. With this, keep on reading as we list down some of the best ways to make money through bitcoin. 

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Investing In Personal and Private Comfort and Climate

Posted on January 21, 2019 by Daniel at 11:55 pm

When you think of investments, you often think about investing in the stock market or in a company or in a product or service. However, it might be even more beneficial if you think about investing in something personal. And taking that thought process even further down, you might think of spending money on personal and private comfort and climate. There are specific changes that you can make in that area that act as investments in efficiency, which then reasonably lead to financial improvements in the long-term.

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