Tag Archives: savings
Bankruptcy as an Emergency
The current financial turmoil has resulted in a lot more people getting to know the intricacies of Bankruptcy.
With the alarming rate of job losses, salary cuts and persons going out of business, this was only bound to happen. It is a sad phenomenon, but one cannot be just sad about it and let what follows befall upon themselves.
The more people know about Bankruptcy as a topic, the better it is. I must assert here that the Law of Bankruptcy protects and helps you regain control of life which gets stolen by the financial troubles. It is therefore imperative for everyone to at least know about the existence of such a law and who they need to approach in case they face an economic breakdown.
My experiences in dealing with Bankruptcy cases have confirmed the idea that persons try and avoid filing a Bankruptcy as much as they can. Why? I do not know. I presume that a sense of shame and guilt coupled with a total lack of knowledge about the provisions under Bankruptcy lead to this.
However, one must realize that any hesitation in breaching the topic of Bankruptcy should be overcome in a positive sense as Bankruptcy does not happen by itself. It is a form of clever manipulation of figures and words by creditors which gets many of us to the point of total financial breakdown. And if you do nothing about it and to protect your savings, property, etc. then that is the point when shame gets some justification. After all you owe it to yourself and your family to try and save as much as possible of your savings and assets.
Even if you are in a situation where you have defaulted on your payments and received calls from your creditors asking to verify your address, or received default of payment notifications, etc. filing a Bankruptcy can stop short and delay almost all incidents of repossession, foreclosure, eviction and taking of money from your bank account.
Usually such happenings do not take place without warnings. And if you remain alert about the communications you are receiving from your creditors then more often than not you can predict the course of action they might follow.
In such situations it becomes very important for you to seek the advice of a Bankruptcy Attorney.
Only an experienced Bankruptcy Lawyer is best equipped to evaluate your case and advise you the perfect plan of action to be taken for proper protection from your creditors. But then again, do not land up empty handed for an appointment with your attorney. Be sure to carry any and all papers relating to your current financial condition, your source of income, additional credits or loans, tax returns filed, etc. When in doubt it is always better to make a phone call and inquire about the documents you need to carry along with you.
Your meeting with the Bankruptcy Attorney is your first step towards delaying or stopping repossessions, foreclosures, evictions, etc. As soon as your attorney files your papers with the courts (this can be done electronically) it stops short all evictions, repossessions and foreclosures.
Just remember that you can rescue your life savings and assets, even if you file your Bankruptcy in an Emergency!
Futureproofing Your Finances: A Graduate's Guide (Page 1 of 2)
With every passing year, employers place more and more importance on the ‘right’ degree, even for entry-level positions, so it is little wonder that more school leavers than ever before are choosing to continue with Higher Education.
Since the UK government abolished means-tested maintenance grants in 1998 and introduced tuition fees soon afterwards, the cost of getting a degree has increased exponentially, with an alarming proportion of new graduates leaving university tens of thousands of pounds in debt. The future looks bleak for the current generation of graduates. The ‘job for life’ has become the stuff of legend, and state pensions are at risk of being phased out.
It’s easy to put off getting your finances properly on track, especially if you’re working full-time and managing to keep your head above water, but those loans and overdrafts that were so easy to get when you were a fresh-faced eighteen-year-old need to be dealt with now if you want to enjoy a decent lifestyle by the time you are middle-aged.
We’ve identified some of the key things you can do to get on the road to financial freedom as soon as possible.
Make a plan
List your short-term and long term life goals. Do you want to be able to afford a new car or invest in property? Start a business? Get married or have children? Having a rough idea of the direction you want your future to take will provide the framework on which to base many important decisions.
Kill your debts
This one is vital! As long as you owe people money, you will feel like they own you. If you have outstanding student loans, bad credit cards, unpaid bills or similar debts, ignoring them will only make them grow bigger, and if all you can afford to pay is the minimum charge every month, all you will be doing is paying off interest without ever repaying the original loan. It’s important to break out of the cycle of debt, but it can also be a very daunting prospect, especially if you are being harassed by many creditors. If you can’t find enough hours in the day to organise repaying your debts properly, or simply feel you don’t know where to start, it’s worth finding a personal debt management firm to help you get back into the black. As long as you are in debt you will not be able to save any money, which brings us to:
Start Saving Now
We’re not saying that you shouldn’t spend money on consoles, new stereos and so on but at least make sure you put aside 10% of your salary in a savings account for use in future emergencies. We don’t want to sound fatalistic, but there will always be future emergencies!
Cut Day to Day Expenditure
The internet offers hundreds of ways to save on all manner of products and services. There are price comparison websites, sites that collect discount voucher codes that you can use when ordering all manner of things online, from new PCs to take-away pizza. If you find a voucher online that saves you some money, put that money into your savings fund as well. Sites like MoneySavingExpert are dedicated to helping consumers claw back as much money as possible from the corporations.