Get Financial Independence Today
Financial freedom is probably the most common dream shared by people across all countries and cultures. Who does not want to live without a boss and spend their life traveling and enjoying all that the world has to offer instead of slaving away for so many hours a day only to fall into an exhausted sleep and repeat the whole thing for decades? Who does not wish to be rid of mortgage worries, or having to take loans, or worrying about groceries, and so on? Financial independence is the one form of freedom that very few people have and almost everyone is desperate to achieve. Home-based businesses are the most widely advertised path to this dream and there are scores of people joining such businesses in the hopes of becoming financial freedom.
Employment in modern corporate culture and economy is no longer a secure thing. You may have qualification, experience, talent, and all the right qualities but you never know when the next outsourcing, downsizing, or even bankruptcy will leave you jobless. This fact is now feared, and rightly so, to such an extent that people are taking on double roles of employee and owner. This is done by going to a regular day job and doing running some home-based business after hours. The idea sounds good but very few businesses actually succeed and make enough money to enable their owners to quit their day job and live a life of relative financial freedom.
The idea of owning your business is very enticing as it offers freedom from the corporate hierarchy and leaves more free time to spend with family and other activities than following orders from a boss. What needs to be kept in mind is that even business owners need to answer to someone and that responsibility is a whole lot greater than any employee’s. The extent of such a responsibility in a home-based business is quite limited so that the owner can focus more on making money rather than some corporate duty.
The smaller a business the smaller is its margin of failure and consequently the tighter it needs to run. Home-based business owners need to be focus on outstanding products, quality, and excellence in providing timely customer service if they are to succeed. Many home-based business owners focus too strongly on making quick sales. While that shows immediate results it will not result in a continuing, self-sustaining, long-term business without quality and customer support.
Home-based business owners also tend to get lazy with things like maintaining their books. If you do not keep track of your money then you will never know what habits are making you suffer a loss or which ones can increase your profits.
Running a home-based business requires less effort but it still requires a lot of attention to minor details that can easily sink the business.
Steve Seah
http://www.articlesbase.com/home-business-articles/get-financial-independence-today-95378.html
Everything About the Small Business Credit Cards
The business credit cards are a real relief to all the types of firms may it be a small firm or large firm.The credit cards have emerged to be the best way of gaining credit from the supplies and various banks. They not only keep your money safe but also let you to have a large number of additional benefits. With the help of these credit cards you can make use of other people’s money to carry out your business without paying any additional charges. The terms of such a credit can vary widely from a few weeks up to many months and will depend, in many cases, upon the particular type of business that you operate.
It should be kept in mind that the creditors of the small business credit card company must not be abused as this can cause the withdrawal of your membership in the company. You should also remember that your creditors can also penalize you if you do not pay them on time. They will be entitled to charge you interest at penal rates. If you have an interest in purchasing a fixed asset like a plant or a machinery then you should make arrangements to obtain the long term finance. It is also financially sound for the lenders to lend you money for over ten years for an asset that will only last for three years.
These small business credit cards provide a great opportunity for the small firms to obtain credits which can be useful for them to carry out their business tractions in a very fruitful manner. All the small business credit cards come with a wide range of terms and conditions. Some come with the secured basis while others come with the unsecured basis. The other feature which you should look for in a small business credit card is the early repayment penalties. It should be made sure that even if you don’t have the means to repay the credit early; it should not cost you extra in terms of fee or the penalty interest.
Shipra Kaul
http://www.articlesbase.com/credit-articles/everything-about-the-small-business-credit-cards-717783.html
The Perfect Home Based Business!
Are you looking for a Business you can Work at Home? Did you know that a Work at Home Business is the dream of millions of Americans, and millions more world wide? It is estimated that by 2010, over 68% of us will have some kind of Home Business to help supplement our income. Plus, numerous surveys show that a Business of your own is still the #1 way for the average person to achieve financial freedom and independence.
According to Meg Whitman, 400,000 people are making a living from eBay. And, recently eBay reported $14.87 billion in annual merchandise sales with over 100 million members. With numbers like these shouldn’t you be looking at eBay as your Home Based Business?
Since then eBay has flourished into an auction site that lends itself perfectly to the Home Based Business. Why? Mainly because you can sell just about anything on eBay. Plus, operating an eBay Auction Business does not require you to have any extensive business knowledge or any elaborate computer skills. Finding items to sell on your auctions is easy as well. You can start by selling all of those unwanted items you have just lying around the house. From there some people cruise flea markets, swap meets, and second hand stores for more items to sell on eBay. And even more use Dropshippers. Using Dropshippers is a smart way to get your eBay Home Business up and running because you don’t have to invest in costly inventory, store the inventory, or package and ship that inventory. Your Dropship supplier will do all of that for you. It doesn’t get any easier then that!
So if you’re looking for a Home Based Business, have a look at eBay. It is the largest and most exciting auction service on the Internet enabling trades on a local, national and international bases. With more than 3 million auctions running at any given time, and many millions of users, if you have something to sell you’ll probably find a buyer for it on eBay.
Not everyone agrees there is a housing bubble which will have an impact on the entire economy, but how about one that has an impact on you? If your home was devalued, even temporarily, do you have the cash flow to sustain your credit or allow you to sell your home without getting into debt? In the US today, many people live in homes which have positioned them in a loosing financial situation. How can a home business improve your financial position and protect you from the potential effects of a housing bubble?
First, many people have W-2 income as their only source of income. While a job is certainly a great way to trade your time for a consistent flow of money, it also provides you with the fewest tax advantages which means you end up paying more to Uncle Sam than those who also run a home business on the side. For example, many CPAs and tax planning specialists can show you how to deduct part of your home expenses, your cell phone bill and even costs to maintain and operate your vehicle, legally, if you are able to document that you actively work on your home business each day. This can turn expenses you are already paying for, into tax deductions. That’s money in your pocket! Money saved can be reinvested into growing your business or applied to paying off your mortgage more quickly.
Protect yourself and protect your hard earned home equity by improving your cash flow and avoid running close to the edge of the value of your home compared to the debt owed in your mortgage and any home equity loans. Be sure you consult with a tax professional and a CPA to properly plan the tax benefits you can receive from having a home business. Apply those savings to building your savings and also to paying down your mortgage as quickly as possible. The more equity to have in your home, the more insulated you are from possible effects of the housing bubble and also from the effects of personal and professional emergencies.
John Pawlett
http://www.articlesbase.com/business-opportunities-articles/the-perfect-home-based-business-90310.html
what does a corporate customer mean?
for example a bank says: loans are given to corporate customers only.
It means they do not make individuals any loans
Only loan money to a large business – -
Big time bank – they don’t want small potatoes
I need to build credit for my business, but how?
I have a business that is a year old and I am looking to build credit. I have a perfect Dunn and Bradstreet Paydex score, but credit card companies are saying that I need to be in business for three years for that to matter.
If I can’t get a credit card how do I build credit? Someone said I should buy a $5,000 CD and then borrow against it. Will that work?
Сredit repair workеd fine to fix my credit. They disputed and removed lots of bad items from my credit report. I used this service – credit-report-score.10001mb.com
Derrick Sees Risk of Greece Hurting German Credit Rating: Video
March 3 (Bloomberg) — Simon Derrick, chief currency strategist at Bank of New York Mellon Corp., talks with Bloomberg’s Judith Bogner about Greece’s debt and deficit cutting measures.
The European Central Bank said Greeces additional deficit-cutting measures announced today will help the country overcome its economic difficulties. (Source: Bloomberg)
Duration : 0:3:41
the business-credit cycle .wmv
My personal view on money creation and the effects it has on the Economy and financial markets
Duration : 0:7:31
How to Prepare for Acting Auditions : How to Build an Acting Resume
It make take some time in show business, but building an acting resume is extremely important. Learn how in this free video clip with tips from a casting director.
Expert: Katrina Cook
Contact: www.katzkasting.com
Bio: Katrina Cook is a prominent casting director with more than 50 feature films, television shows, and music videos to her credit.
Duration : 0:1:14
credit crunch blame ameriquest
5 super adverts from this super american company who i bet wish they had judged their customers a bit better now as its credit crunch time and everybody didnt pay back their money
Duration : 0:3:6
Bankruptcy Litigation in Usa
BANKRUPTCY LITIGATION IN USA
INTRODUCTION
A bankruptcy case is a special kind of a civil case, involving people or companies who can no longer pay their debts.
Congress has established a special court, called as the bankruptcy court to adjudicate bankruptcy matters. Bankruptcy protects both the debtors and creditors
HIERARCHY OF COURTS
Ø US Supreme Court
Ø The Circuit court of appeals
Ø The district courts or bankruptcy appellate tribunal (BAP )
Ø The bankruptcy courts
GOVERNING LAWS
Ø Title 11 Federal rules of bankruptcy procedure
Ø Title 18 Crimes (sec.151 through 158 deals with bankruptcy fraud and other bankruptcy crimes). E.g.
Ø Title 26 IRC Implication of tax avoidance
Ø Title 28 Judiciary and judicial process
Ø Federal rules of appellate procedure
Ø Federal rules of Evidence.
BANKRUPTCY JUDGESHIPS
The judges to the bankruptcy courts are appointed by the judges of US circuit courts for such circuits for the period of 14 years. Currently there are 324 judgeships in the US.
THREE MAIN CHAPTERS ON BANKRUPTCY
There are mainly three chapters under the bankruptcy law in USA.
Chapter 7: liquidation
Chapter 11: Reorganization
Chapter 13: Adjustment of debt of the persons, having regular income.
CHAPTER 7: LIQUIDATION
Bankruptcy under this chapter offers a fresh start for the individuals. In this chapter, most of the debtor’s property will be sold to raise the amount of the creditor. If the value of the asset is more than the debt owed, the remaining amount will be paid to the debtor.
After, 2005 enactment by the congress, it is mandatory to pass the Means test in order to qualify for the filing bankruptcy under chapter 7.
How the case move through under chapter 7
1. Petition
The case begins with the filing of voluntary petition with the clerk of the bankruptcy court. Debtor must also file the following documents shortly after filing the petition, they are
1. the list if creditors
2. the schedule of assets
3. the statement of financial affairs
If the debtor is not in position to pay the fees at once, he can request for payment in installments.
It is not necessary that always the creditor must file the petition. Even the creditors can initiate the bankruptcy proceedings; these are called as the involuntary petitions. If the debtor has not more than 11 creditors, then the one creditor can file an involuntary petition. If it is more than 12 creditors, three creditors must join together to file a petition.
2. Automatic stay
Once the petition filed before the bankruptcy court, there will be an automatic stay. It stays the suits, claims, appeals filed against one another before or after
3. Trustee selection
After filing a voluntary petition in the bankruptcy court, a notice will be sent to all the creditors. The creditors are required to be present at the trustee selection. Then the case will be assigned to bankruptcy judge and added to the docket of the US Trustee. US trustees maintains the list of case trustees.These case trustees will liquidate the debtor property at the auction or at the private transactions and collect the money, deposit it in the account maintained for that purpose.
4. Creditors meeting
It is also called as the Sec.341 meeting. Interim trustee will preside over this meeting. After a notice issued to the creditors, creditors have to come before the court and attend the meeting. If the creditor is not found, it will be published in the newspapers on which date the creditors have to attend the court.
It is compulsory that the debtor must be present at the meeting. The debtor will be put under oath and he will be asked several questions by the creditors. The purpose of this meeting is get to know hidden assets or undervalued assets of the debtor. And finding out is there any claim by the debtor which would yield more money if pursued. And the goal is to accumulate more money for the bankruptcy estate.
5. Liquidation of assets
After the creditors meeting, the case trustees will sell the asset of the debtor either at the auction or at he private transactions.
If the debtor is the business, it will cease to exist. If it is an individual he will be discharged. However certain debts are not dischargeable such as the alimony, taxes etc.
6. Collection of the bankruptcy estate
Once the assets are liquidated, case trustee will deposits the amount in the bank account, along with any other amount accumulated from the legal suits.
7. Distribution of the bankruptcy estate
After the deposit of amount in the account, the amount deposited will be distributed among the creditors.
Majority of the cases are no asset cases. If there are no assets to distribute then the case trustee will simply file before the court a report no assets to distribute.
Even if there is money to distribute, sometimes the creditors would not get the whole amount which is due to him by the debtors. Sometimes some creditor will get less, some creditors will get more.
The question arises in our mind is that, who will be paid first. At the stage of distribution, the administration of the estate such as the professional fees of the trustee, attorney or accountant appointed by the bankruptcy estate will be paid first.
8. Claims
There are two kinds of the claim and creditors in the bankruptcy. One is the Secured claims and other one is an unsecured claims. Secured claims are one that gives the creditor an interest in property as assurance of payment. For example people will mortgage house in secure of loans. If the loan is not paid there will be foreclosure and sale of the house. Holder of unsecured claims cannot look into any such payments.
Under unsecured claims are again divided into two: Unsecured priority claims and unsecured non priority claims. Unsecured creditors who have priority must be paid first before paying to unsecured non priority claims.
In Campbell v. Countrywide Home Loans, Inc., 2008 U.S. App. LEXIS 21405 (5th Cir. October 13, 2008, Filed)
It was held that an automatic stay serves to protect the bankruptcy estate from actions taken by creditors outside the bankruptcy court forum, not legal actions taken within the bankruptcy court.
9. Conversion
A chapter 7 debtor has right to convert the chapter 7 case to one under chapter 11 or 13 at any time during the proceedings.
In re South Star Oil Co.,2008 Bankr. LEXIS 2426 (Bankr. D.Or., September 15, 2008, Decided)
Held that a cause for conversion or the dismissal includes a number of criteria, including substantial or continuing loss to or diminution of the estate and the absence of a reasonable likelihood of rehabilitation
In Toibb v. Radloff, 501 U.S. 157 (1991)
In this case the voluntary petitioner, after discovering stock in an electronic power company, has substantial value, decided to avoid its liquidation by seeking conversion to chapter 11. His motion was granted and he was allowed to file a reorganization plan. But the court dismissed his petition finding that he did not qualify for relief under Chapter 11 because he was not engaged in an ongoing business. The District Court and the Court of Appeals affirmed.
10. Dispute resolution
The petition may be contested after filing the bankruptcy petition through the adversary proceedings. for example one party may initiate proceeding against the other by filing the complaint and questioning the validity of the petition such will be adjudicated if the parties are willing to adjudicate. There may even be motions objecting to the discharge of the debtor, objections to the sale of debtor’s property.
In Dewsnup v. Timm et al].
Petitioner Dewsnup, the debtor in a case under Chapter 7 of the Bankruptcy Code, filed an adversary proceeding, contending that the debt of approximately $120,000 that she owed to respondents exceeded the fair market value of the land securing the debt and that, therefore, the Bankruptcy Court should reduce respondents’ lien on the land to the land’s fair market value pursuant to 11 U. S. C. § 506(d), The court determined that the then value of the land in question was $39,000, but refused to grant the requested relief and entered a judgment of dismissal with prejudice. The District Court and the Court of Appeals affirmed.
Held: Section 506(d) does not allow Dewsnup to “strip down” respondents’ lien to the judicially determined value of the collateral, because respondents’ claim is secured by a lien and has been fully allowed pursuant to § 502 and, therefore, cannot be classified as “not an allowed secured claim” for purposes of the lien-voiding provision of § 506(d). Pp.414-420.
11. Discharge and closing of case
After the property of debtor is sold and distributed among its creditors, the debtor will get discharged. However the debts like alimony, child support and certain taxes which are due to the government cannot be get discharged.
In Roe v. College Access Network , 2008 U.S. App. LEXIS 21362 (10th Cir., October 9, 2008, Filed)
It was held that a permanent medical condition will certainly contribute to the unlikelihood of a debtor earning enough money to repay her student loan debt, but such a condition is not a prerequisite to discharging the debt.
In re Hlavin, 2008 Bankr. LEXIS 2397 (Bankr. D. Ohio, September 30, 2008, Decided)
It was held that under 11 U.S.C.S. § 707(b)(1), the court may dismiss a case filed by an individual debtor under Chapter 7 whose debts are primarily consumer debts if it finds that the granting of relief would be an abuse of the provisions of Chapter 7.
12. Appeal
When there is a discharge of the debt or dismissal of the bankruptcy petition, there may be an appeal. If the petition dismissed, the debtor may go an appeal. If there is discharge without any payment to the creditors, the creditors may go an appeal. Appeal may be preferred either to the district court or to the bankruptcy appellate panel. Where there is no bankruptcy appellate panel, appeal is always preferred to the district court.
CHAPTER 11: REORGANIZATION
This chapter is known as the business reorganization chapter. Sometimes individuals may also seek remedy under this chapter. Once the petition is filed under this chapter the debtor shall also file plan of reorganization.
Debtor is also required to file following documents along with the voluntary petition.
Ø Schedules A through J
Ø Summary of Schedules
Ø Statement of Financial Affairs
Ø Matrix
Ø Statement of No Prior Filing
Ø List of Equity Security Holders
Ø Corporate Resolution (when applicable)
Ø Pro Se Debtor’s Statement
How the proceedings takes place under chapter 11
1. Petition
There will be a voluntary or involuntary petition
2. Automatic stay
There will be an automatic stay after the petition is filed.
In re Forletta, 2008 Bankr. LEXIS 2491 (Bankr. D.N.Y., October 10, 2008, Decided)
Held: debtor could not extend the automatic stay under 11 U.S.C.S. § 362(c)(3)(B) because the debtor’s earlier Chapter 7 proceeding was closed on a final decree and discharge under 11 U.S.C.S. § 727 and § 362(c)(3)(B) did not apply unless the case had been dismissed under 11 U.S.C.S. § 707. Extension of stay was warranted under § 362(c) (3)(C).
3. Continued control by management
As in chapter 7 case, the US trustee doesn’t appoint a case trustee; instead the US trustee monitors the progress of the case. He reviews the financial reports of the debtor, who continued to operate the business and adequacy of the disclosure statement and reorganization plan.
4. Role of the creditors committee
There will be an unsecured creditors committee appointed by the US trustee who is willing to serve monitor the case. Unsecured creditors cannot look at he specific property of the debtor.
Difference secured claim and unsecured claim
A secured claim is one that gives the creditor an interest in property as assurance of payment, such as a mortgage on the house to secure a home loan; the holder of an unsecured claim can’t look to any specific property of the debtor for payment. The committee negotiates with the debtor to develop a plan that will protect the interests of unsecured creditors. Because there is no case trustee in a Chapter 11 case, the committee has the authority to perform investigative functions, such as reviewing the debtor’s assets, liabilities, and financial conduct to determine its ability to continue in business.
5. Creditors meeting
It is also called as the 341 meeting. It may take place within 20 to 40 days of filing the bankruptcy petition. Debtor takes an oath in this. Usually US trustee or the assistant presides at the 341 meeting.
6. Plan of reorganization
It is a Debtor’s proposal to repay the amount in certain period. Debtor files it in the court for its approval.
7. Disclosure and disclosure statement
The debtor must file the disclosure statement which must be approved by the court. Once this filed there will be a disclosure hearing. Sometimes the creditors may oppose to it. Once the disclosure statement is approved he or she will also set a time limit on voting for or against the reorganization plan.
8. Voting and confirmation
Once the debtor has the reorganization plan the court must approve or confirm the plan. Before confirmation hearing, each class of creditors votes separately by mail on whether to accept the plan. If a majority of the voters in each class and holders of two-thirds of the amount of claims in each class approve the plan, the court will generally confirm the plan. The plan then becomes binding on all of the pre confirmation creditors, whether they voted for or against it.
If majority of the creditors did not approve the plan, then the debtor may attempt a cram down.
9. Discharge
After the reorganization plan is confirmed the debtor gets a discharge. Most claims for pre confirmation debts are wiped out. The debtor only has to pay the debts spelled in the plan.
Custom Mortg. Solutions, Inc. v. Hood (In re Hood),
2008 Bankr. LEXIS 2474 (Bankr. D. Ill., October 2, 2008, Decided)
A plaintiff has the burden of proof by preponderance of the evidence to show that the debt in question is non-dischargeable under 11 U.S.C.S. § 523(a)(6).
In re Timmerman, 379 B.R. 838, 2007 Bankr. LEXIS 4055 (Bankr. D. Iowa, December 10, 2007, Decided)
Debtors were estopped from seeking dismissal of their bankruptcy action under 11 U.S.C.S. § 707(a) because they falsely stated that they had obtained credit counseling and had taken advantage of the bankruptcy laws for 21 months, and granting their motion would have prejudiced their creditors and impaired the integrity of the bankruptcy system.
10. Paying creditors
The debtor has to make payments according to the reorganization plan. If not met accordingly, the creditors can seek the liquidation of the debtor by moving to convert the cases to chapter 7, or they may sue to force the debtor to make the plan payments.
11. Dispute resolution
Suits, contesting matters will be resolved if any.
12. Appeal
Appeal is preferred either to the bankruptcy appellate tribunal or to the district courts.
CHAPTER 13:ADJUSTMENT OF DEBT OF THE PERSONS, HAVING REGULAR INCOME
Under this chapter debtor develops a plan, how he or she proposes to repay creditors. By agreeing to use future income for plan payments, the debtor is able to keep his or her property.
Difference chapter 7 and chapter 13
In chapter 7 the debtor property is liquidated but it does not include future income.
But in the chapter 13 debtors is allowed to keep his property and the debtors have only 15 days to propose a plan, in contrast to the 120 days of chapter 11 debtors.
How the proceedings takes place
1. Petition
Debtor files a voluntary petition before the court. He is required also to file following documents:
Ø Schedules A through J
Ø Statement of Financial Affairs
Ø Matrix
Ø Statement of No Prior Filing
Ø Plan
Ø Disclosure of Compensation – FRBP 2016(b)
Ø Pro Se Debtor’s Statement
Ø Filing fee
2. Automatic stay
Once the petition is filed before the court, every suit concerning the debt recovery will be stayed.
.
3. Creditors meeting
It is also called as the 341 meeting. It may take place after the 15 to forty days after the petition is filed. Both creditors and the debtor attend it.
Chapter 13 trustees or Standing trustee presides over the 341 meeting.
4. Confirmation
Before the debtors plan takes effect, the court must approve the plan. It is the standing trustee’s job to review the plan and advice the court whether it seems workable or legal. Standing trustee has to recommend the plan. Creditors have no right to propose a new plan but they can oppose the plan.
5. Paying creditors
Within thirty days after filing the plan, the debtor must start paying the creditors. Debtor pays it to the trustee who then pays it to the creditors as provided for in the plan. The debtor has up to five years to pay of his debts.
6. Dispute resolution
Adversary proceedings if any contested matters will be resolved at this stage.
7. Discharge
After completion of plan payments, the debtor will receive a discharge. It discharges all debts except the long term home mortgage debts, alimony, child support obligations, and certain education loans.
8. Appeal
Appeal may preferred either to the district court or to the BAP.
sadanand naik
http://www.articlesbase.com/bankruptcy-articles/bankruptcy-litigation-in-usa-710514.html