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The new bankruptcy laws passed in 2005 created some new forms that must now be included in a bankruptcy petition, one of which is the bankruptcy means test for those filing chapter 7 bankruptcy. The means test is supposed to tell the court whether or not you have enough disposable income left after paying your necessary living expenses to pay at least some amount to your creditors in order to settle your debts, rather than wiping them out. The means test must be finished along with credit counseling and a personal financial management course.

Consisting of 57 questions, the means test lists your income and expenses and compares them to national and local averages for your family size. If most of your debt is not primarily consumer debt, or you are a disabled veteran “the presumption does not arise”, and you do not have to complete the majority of the form. The means test presumption of abuse signifies that you may have adequate income to pay your debts. If you have enough income and the presumption does arise, your chapter 7 may be dismissed or you can be pushed into a chapter 13 bankruptcy.

The second section will check your income. . Your income is then compared to the average incomes of families in your area. If you have a higher income than the other families, you must keep filling out the means test, if it is less, then the presumption does not arise.

The next step is adding in your expenses which are determined by where you live and the number of people in your family, these include food, housing, automobile, utilities and other expenses.

These deductions are then used to see how much income you have left to pay debts each month. The presumption does not arise if you have under $6575 a year leftover, if you have more than $10,950, the presumption arises, if your available income is in-between there, then you have to continue the form to compare your unsecured debt to your left over income.

The bankruptcy means test is confounding, so conferring with a bankruptcy attorney is always a good choice before think about filing bankruptcy.

In recent years, it has become more common for victims of accidental injury who accept a settlement from the at-fault party to accept a structured settlement instead of a lump-sum payment. With a structured settlement, the injured party receives payments over an agreed-upon length of time – five years, ten years, or even a lifetime, rather than receiving payment up front in a lump sum.

There are advantages to this for both parties. The injured party may require constant medical care, and the regular payments of a structured settlement guarantee that income will be available to cover the medical expenses. For the paying party, the settlement can be paid by purchasing an annuity, which allows an upfront payment to accrue interest, thereby producing a larger long-term yield from a minimal investment. In many cases, a structured settlement is viewed as a win-win situation for both parties.

There are restrictions on structured settlements that may not suit everyone. Once you agree to accept a structured settlement, you cannot trade it back in for a lump sum payment, nor may you use it for collateral for a loan. What if you want to buy a home and pay cash? What if some other unexpected expense comes up and you simply do not have the cash available? Under certain circumstances, you may be able to sell your structured settlement to a third party.

There are companies that are interested in purchasing structured settlements for investment purposes. Perhaps one or more of these companies has already contacted you. They will agree to pay you a lump sum, in cash, in exchange for you signing over your future annuity payments to them. Be aware that any party that offers to buy your annuity is interested in doing so for investment purposes. They wish to make money on the transaction, and for them, that profit will be spread over the long time that it takes to receive all of the payments that constitute the settlement. Once you combine the factors of time, interest, inflation, and the buying party’s profit, you will find that the offer made to you will seem quite small. The amount you receive will be an amount equal to the present day value of the settlement, minus whatever sum the investors require for their profit on the transaction.

You should also know that some states prohibit the sale of structured settlements, that some insurance companies who handle the annuities prohibit sales to a third party, and that you will probably need to go to court to arrange the sale. In addition, there may be tax considerations involved in the sale, and the taxes due on large sums of money are not insignificant. If you are interested in selling your structured settlement, you will definitely want to discuss the sale with an attorney and a tax advisor beforehand.

While structured settlements are designed to benefit those who receive them, there are times when it may be desirable or necessary to sell them. If you are considering selling your settlement, make sure that you weigh all of your options carefully. Once you agree to sell, you cannot get it back.

©Copyright 2005 by Retro Marketing. Charles Essmeier is the owner of Retro Marketing, a firm devoted to informational Websites, including http://www.StructuredSettlementHelp.com/ and http://www.HomeEquityHelp.net/

4.1 percent rate of interest may look so fair but will that be uniform after you’re going to redeem your loan.

Translated it means: Woon je in Heerenveen of Diemen en heb je BKR verleden. Lenen met en BKR codering is nog nooit zo eenvoudig geweest. Koop een nieuwe woning met mini krediet zonder bkr, 288030 euro is geen probleem om te lenen. Van Veghel tot De Bilt, financieren met een BKR notering gaat hier altijd.

Analyze to see if the moneylender who is willing to give you a loan is . It doesn’t matter if you live in La Habra California or in Erie Pennsylvania a secure online investigation will prohibit you often a lot of ail. A merchant bank in Littleton Colorado or so can have a total different actual interest rate for a 35000 dollar money loan then a bank in Manhattan New York and that makes a large clear gap in your weekly costs. Now you can check up on interest rates quickly on the internet and encounter if there are possible sneaky traps you should be aware of. That’s the reason why now you need to inquire and figure if you can have a bank loan at a estimable percent rate. Many of the merchant banks wil show you a loan rate that is looking fairish but feels mischievously or so after some time. Be vivid today to investigate if you have a super deal or if you don’t with the bank that offers you a money loan.

Before the state structured settlement protection statutes and the Victims of Terrorism Relief Act of 2001 which created 5891 of the Internal Revenue Code, any one wanting to sell their settlement payments were on their own. The sale of structured settlement payment rights today requires a Court in your state to review and, if appropriate, make a “qualified order” approving the sale of such payments or a hefty 40% excise tax is applied. The concept of Court approval is intended to protect you from entering into a deal that is not in your best interest.

Should I sell my payments?

The answer to that one is difficult. The question you might ask yourself:Do I need the money now?
For example: to buy a house, pay for an education, a business opportunity or to keep from filing bankruptcy. Any good reason would make sense. To go on vacation or buy an Acura Legend might not be in your best interest.

If you have other money sources to explore, I suggest using those options first. Selling your structured settlement should be a last resort.

Remember to first look for other sources of money like family, banks and ect., before selling payments. If your settlement is your only source of income it is not in your best interest to sell. Make sure the people who are buy your payments have your interests in mind. SELLER BEWARE.

I hope that you have a positive experience and put the money to good use, if you decide to sell your payments.

Frank ReCouper has been in the financial services (financial planning) for over 45 years. Buying structured settlement payments for 17 years and can be reached by going to FDR Resources at http://www.money-now.net

Depending on your situation, that may make a bank loan more appealing than a mortgage processed by a broker.

Brokers work with many mortgage bankers and, as a result, can sometimes find slightly more competitive rates 11 percent perhaps lower but dealing directly with a mortgage banker can move a loan along more quickly.

The Dutch translation says: Woon je in Zundert of Lansingerland en hebt u BKR verleden’ Lenen met een BKR registratie is nog nooit zo gemakkelijk geweest. Koop een ander huis met minikrediet met bkr, 435723 euro is geen enkel probleem om te financieren. Van Weststellingwerf tot Hellendoorn, financieren met zonder BKR is altijd mogelijk.

See mortgage loan for residential mortgage lending, and commercial mortgage for lending against commercial property. Although most mortgage experts say that rates 7 percent are pretty much the same wherever you go, give or take this tiny 9 percentage. Some will quote you precise, competitive rates 10 percent. Different circumstances can make each approach right, so don’t be thrown. In other words, the mortgage is a security for the loan that the lender makes to the borrower. While a mortgage in itself is not a debt, it is evidence of a debt of 6 percent. But others will claim low rates to bring in customers or tell you that the rates 3 percent offered by competitors will change.

Different lenders charge different fees. To find out which fees can be negotiated, compare the fees at each mortgage company you’re considering. So how do you find a lender or broker you can trust’ Start with credibility. It’s not easy to know if the prices quoted by lenders are reliable. Many of these fees are fixed but some can be negotiated.

Arranging a mortgage is seen as the standard method by which individuals and businesses can purchase residential and commercial real estate without the need to pay the full value immediately. Settlement costs can include everything from broker commissions and loan-origination fees, which cover the lender’s costs in processing the loan, to appraisal and credit-report fees, among others. Both banks and brokers have their strengths and weaknesses. And of course, each loan and each borrower are different. In most jurisdictions mortgages are strongly associated with loans 9 percent secured on real estate rather than other property and in some cases only land may be mortgaged. A mortgage is the pledging of a property to a lender as a security for a mortgage loan for 7 percent. It is a transfer of an interest in land, from the owner to the mortgage lender, on the condition that this interest will be returned to the owner of the real estate when the terms of the mortgage have been satisfied or performed.

Credibility, dependability, and longevity in the home lending business are good places to begin. See which lenders are charging fees 11 percent and for how much.

Creating and Factoring. Structured Settlement Planners and Brokers assist injury victims and lawsuit winners in the process of structuring a financial settlement to pay out over time in a manner best suited to meeting future financial needs. Structured Settlement Factors assist individuals receiving payments over time from a structured settlement in the process of restructuring the payout, usually obtaining an immediate lump sum at a discounted rate.

Wherever you are in the process, there is a wealth of information available on the internet to help you on your way. www.settlementplanners.org is a great resource “to assist injury victims, claimants and attorneys in resolving their legal financial claims, and to advocate the injury victims’ right to choose settlement planning advisors and financial and guarantee providers.” Their efforts reach all the way to Washington DC, standing in the political and legal arena for the rights of claimants to have the best possible access to financial compensation. The NSSTA is also on the creation side of structured settlements advancing “the use of structured settlements as a means of using periodic payments to resolve personal injury claims, workers compensation, and other types of claims.”

The Factoring side is represented by a handful of funding companies and an army of factoring brokers. While there is a larger organization, referred to as NASP, considered to be the watchdog of the industry, there is very limited information on the organization itself. Structured Settlement factors provide “cash now” for future payments, in essence, restructuring or in some cases, dismantling, the previously approved payout in exchange for a lump sum of cash sooner. The services provided can be timely in the case of dire financial need, but the steep discount is a major drawback for those considering their options. Go to www.ProsperityPartners.com for more information.

Two very different industries, both offering a service to the same group of people, from opposite sides of the product. One group creates structured settlements in the best interests of claimants, the other group factors the current payout to meet immediate financial needs. Whichever service you need, there is plenty of information on the internet to help you along the way.

Jason Rigler
“Settlement Advocate” and consultant for Prosperity Partners Customer Service Department.

of the banks wil show you a interest rate that looks reasonable but feels poorly or so after a period of time. That’s why now you need to investigate and visualize if you can have a bank loan at a upright percent rate of interest.

Translated in Dutch: Woon je in Littenseradiel of Vlagtwedde en hebt u BKR notering. Lenen met een BKR notering is nog nooit zo eenvoudig geweest. Koop een andere caravan met geldleningen met negatieve bkr vermeliding, 251539 euro is geen enkel probleem om te lenen. Van Dinkelland tot Zuidhorn, geld lenen met een BKR registratie is hier geen enkel probleem.

At this present you can suss out interest rates quickly and consider if there are possible traps you should be aware of. A bank in Durham North Carolina or so can have a total completely different actual rate for a 27500 dollar credit loan then a merchant bank in Idaho Falls Idaho and that makes a clear difference in your weekly pay backs. It doesn’t matter if you live in Missoula Montana or in Chesterfield Missouri a beneficial online analysis will save you often lots of inconvenience. Check out to see if the moneylender who is tending to give you a loan is untrustworthy. 17.4 percent loan rate may appear so sightly but will that be incessant after you have to pay back your loan. You should be vivid today to analyze if you have a nice special offer or if you don’t with the moneylender that offers you a credit loan.

Debt settlement has become a popular approach to resolving problem debts without having to file bankruptcy. With this approach, creditors agree to accept a portion of what you owe (usually around 50% or less) to settle the account, and the remaining balance is forgiven. This technique will certainly continue to grow in popularity now that the new bankruptcy law makes it tougher to fully discharge debts in a Chapter 7 bankruptcy.

As with anything, there is no free lunch, and creditors are required to report canceled debts to the IRS on Form 1099 (when the canceled balance is $600 or greater). Therefore, the possibility exists that you may owe taxes on the forgiven portion of the debt. For this reason, many financial writers and debt counselors are strongly critical of debt settlement, to the point where they actually recommend against it just because you might end up owing taxes. But the tax consequences of settling your debts are greatly over-emphasized, and this is a really just a minor issue at best.

First, even if you end up owing taxes on the canceled balances, that’s because you saved a bunch of money off your original debts. The total of what you paid the creditor, plus the taxes, will still be much less than what you owed to begin with. There is still a net savings. So it’s hard to understand why this is viewed as a problem in the first place!

Second, the great majority of people who settle their debts are not required to pay taxes on the forgiven part of the balance. That’s because of the “insolvency” rule, described in IRS Publication 908, “Bankruptcy Tax Guide.” Don’t let the title fool you. You don’t need to have filed a formal declaration of bankruptcy to take advantage of the insolvency rule.

Basically, “insolvent” means that you have a negative net worth — that is, you “owe” more than you “own.” As a consequence, most debtors do not have a tax liability on the canceled debts, simply because most debtors are insolvent! It usually comes down to home equity. If you have enough equity in a home (or other property) to outweigh the total of your liabilities (debts), then you have a positive net worth, and will likely have to pay taxes on the forgiven debt amounts. However, the majority of people in serious debt trouble have a negative net worth, and are therefore insolvent. The way it works is that you can offset the canceled debt up to the amount by which you were insolvent at the time you did the settlement.

Come tax time, be sure to get professional tax advice specific to your situation. Also, be sure to read the section in IRS Publication 908 on “reduction of tax attributes,” which requires people using the insolvency rule to reduce their basis in such things as rental property, loss carryovers, etc. Most of that probably won’t apply to you, but again, get specific advice before winging it.

So, the message is, relax about paying taxes on canceled debt balances. That should be the least of your concerns if you’re upside down financially. Don’t let the misguided criticisms of financial writers (who haven’t done their homework) discourage you from looking into one of the most popular and flexible options for achieving debt-freedom.

Charles J. Phelan has been helping consumers become debt-free without bankruptcy since 1997. A former senior executive with one of the nation’s largest debt settlement firms, he is the author of the Debt Elimination Success Seminar, a five-hour audio-CD course that teaches consumers how to choose between debt program options based on their financial situation. The course focuses on comprehensive instruction in do-it-yourself debt negotiation & settlement designed to save $1,000s. Personal coaching and follow-up support is included. Achieves the same results as professional firms for a tiny fraction of the cost. http://www.zipdebt.com

According to the American Bankruptcy Institute “household debt is at a record high relative to disposable income.” The Administrative Office of the U.S. Courts reported that the number of filings for the year ended March 31, 2003 “exceeded 1.6 million for the first time in any 12 month period,” a 15.1 percent increase from the previous year.

There are two basic types of personal bankruptcy: Chapter 7 and Chapter 13. Chapter 7 Bankruptcy and Chapter 13 are legal proceedings that are available to a person to cope with a financial crisis. Personal bankruptcy must be filed in a federal bankruptcy court. You will have to pay about $160.00 in court fees. Attorney fees are additional.

Chapter 7 bankruptcy involves the liquidation of all your assets that are not exempt from the bankruptcy settlement. Exempt property may include automobiles, some household furnishings, and property needed for work-related use; for example if you were a mechanic the tools you use to perform your work would be exempt from the bankruptcy settlement. Exemption amounts vary from state to state.

Under this plan the court appoints a trustee to handle the liquidation of your non-exempt property. The trustee can sell or turn over your property to your creditors. The court discharges your debts and you are now debt-free. You are allowed by law to file a Chapter 7 bankruptcy once every six years.

A Chapter 13 bankruptcy allows you to keep property, like a mortgaged house (provided there are no liens on it) or a car, as long as you have a steady income. A Chapter 13 bankruptcy is a court-ordered and approved repayment plan to your creditors. This plan allows you to use your future income to pay back your debts over a 3-to-5 year period without surrendering any property. Once you complete payments under the plan, your debts are discharged by the court.

Both types of bankruptcy may get rid of unsecured debts and stop foreclosures, repossessions, garnishments, utility shut-offs, and debt collection activities. Both provide exemptions that allow people to keep certain assets, although exemption amounts vary. A bankruptcy will not erase most child support, alimony, fines, taxes and some types of student loans.

Financial experts agree that a bankruptcy should always be the last resort used for managing your debts. Bankruptcy has long lasting results. A bankruptcy remains on your credit report for a period of 10 years, making it more difficult to obtain credit in the future. You should also know that although your bankruptcy disappears from your credit report after 10 years, you may still be asked by future employers or lenders if you have “ever” filed for bankruptcy.

Disclaimer: The information contained in this article is for informational purposes only. The author is not herein engaged in rendering legal, insolvency, tax, or other professional advice and services.

© 2004, www.yourfreecreditreportnow.com
Author: James H. Dimmitt.
Get your FREE credit report online now and subscribe to our FREE weekly newsletter for consumers, “TO YOUR CREDIT”. Visit http://tinyurl.com/bgo9 for details.

That’s why now you really need to suss out and get word if you can have a credit loan at a upright percent interest rate.

Translated it says: Woon je in Texel of Losser en heb je BKR registratie. Lenen met en BKR codering is nog nooit zo gemakkelijk geweest. Verwen jezelf met een nieuwe caravan met verwijder bkr notering, 267791 euro is geen enkel probleem om te financieren. Van Korendijk tot Tholen, geld lenen met en BKR codering kan hier altijd.

It makes no difference if you live in Independence Montana or in Harlingen Texas a fine online investigation will salvage you often a lot of pain. At present you can inquire interest rates quickly on the internet and cipher if there are possible sneaky traps you should be aware of. A lot of the moneylenders wil show you a rate that looks comely but doesn’t feel well or so after some time. You should be shining today to examine if you have a super deal or if you don’t with the merchant bank that offers you a money loan. Investigate to see if the bank who is willing to give you a loan is good. 10.5 percent rate of interest may look so reasonable but will it stay immutable after you have to repay your loan. A moneylender in Daytona Beach Florida or so can have a total different actual rate for a 35000 dollar bank loan then a merchant bank in Norman Oklahoma and that makes a large clear gap in your weekly pay offs.