A prepaid credit card is somewhat similar to that of a debit card. To use these cards the card user is required to deposit the amount prior using the card. There is no credit offered by the card issuer. You being card holder spend money that has been "stored" via a prior deposit by you or your partner. Perhaps, it carries a credit-card brand and can be used in similar ways just like a credit card.
Important transactions can be conveniently carried out without the fear of crossing your credit limit. There is no such credit limit set on these debit cards. You can spend as much as you want and have in your account. You can execute important financial transactions as and when you want. With these cards one can purchase grocery, pay off bills, consolidate debts, plan holidays, pay off other important bills, child's school fee and many other such obligations can be effectively carried out.
After purchasing the card, the you are suppose to load the account with any amount of money, usually up to the preset card limit only then the card can be used to do purchasing. Some companies offer prepaid cards to minors (above 13) since there is no lending of money involved. On these cards you are not charged with any interest but are often charged a purchasing fee along with monthly fees after an arbitrary time period. Many other fees are also usually charged on a prepaid card.
You can also get some good offers as introductory offers on these cards. Some companies offer cash back on your purchase and other such offers. This may make your credit buying decision totally worth it.
Anyone can apply for these cards and sort their life to a great extent. These cards can be applied online. But before applying check various terms and conditions and charges or additional fee on these cards in order to avoid any incongruity.
Prepaid credit cards are a handy alternative to your financial needs. You can carry out direct transactions through these small cards that can easily fit in your pocket!
Wednesday, July 1, 2009
Chapter 7 Bankruptcy Process and Procedure: A Synopsis
There is more than a grain of truth in the expression "fear of the unknown". And where bankruptcy is concerned, a little trepidation is certainly understandable; after all, how many people are well versed with the procedures involved in a bankruptcy filing? Apart from bankruptcy attorneys, regular practitioners, and the like, probably very few would be truly familiar with those procedures. So if you're considering the possibility of bankruptcy, but the whole notion is a little bit frightening, perhaps the information that follows might help dispel some of that fear...
Prior to Filing
Prior to filing bankruptcy, a debtor is required to take a credit counseling class by an approved credit counseling provider. This class does not require personal attendance - it can be completed online or even over the phone. Numbers vary, but the typical bankruptcy district will have a list of between 12 to 15 court-approved providers. Their fees vary only slightly, usually ranging from $30 to $50. The fee can be waived with a showing of hardship, e.g. by providing the counseling agency with an SSA disability determination letter.
Filing the Petition
The certificate proving completion of this credit counseling class is then attached to and filed along with your 'petition', which is the official document that contains all necessary information on your debts, assets, expenses, and income. The bankruptcy attorney will complete this petition for you, using information provided by you including, for example, such documents as appraisals, paystubs, 1040's, and W-2's. The bankruptcy attorney will also need mortgage, car loan, and credit card statements, along with any collection letters and/or lawsuits pertaining to those accounts. If you've lost or misplaced those documents, some bankruptcy attorneys offer, for a small incremental fee, a service whereby they directly access your credit history so as to obtain the necessary information. Because petition preparation and filing are done electronically, they can be done very quickly - literally within a couple days if necessary - a fact worth noting if you're under a time crunch with, for example, an imminent sheriff sale or other legal proceeding.
After Filing
Shortly after your petition is filed, a case trustee is assigned. This trustee is simply the person appointed by the court to oversee your case. Also within a few days after the petition is filed, a "creditors' meeting" is scheduled. The date for this meeting is typically about a month after the petition is filed. At this meeting, the trustee reviews your case and asks questions regarding your petition. These sessions are usually quite brief, often no more than 5-10 minutes if your petition is in order and your case involves no unusual complications. Your attorney will be present at this meeting to assist you in answering the questions and providing the requested information.
Within 45 days after that creditors' meeting, you will need to do a second credit counseling session (called a "pre-discharge financial management course") to qualify for your discharge. Just like the first one (that is, the "pre-filing" class that must be done before filing), it can be completed online or over the phone. The fee is again $30 to $50 per household.
About 3 months after the creditors' meeting - sometimes a bit sooner if the case involves no complications, you will receive your official discharge notice in the mail from the Bankruptcy Court. That's about 4 months altogether from the time your petition is filed until your case is closed and your debts are officially discharged.
Summary
Most cases do indeed follow the general outline described above, so long as your petition is accurate, in order, and within the statutory limits of asset and income levels so as to qualify for a Chapter 7 discharge. To be sure that this is so for your particular case, you'll want to have an experienced bankruptcy attorney help you through the process, and to answer any other questions you might have.
Prior to Filing
Prior to filing bankruptcy, a debtor is required to take a credit counseling class by an approved credit counseling provider. This class does not require personal attendance - it can be completed online or even over the phone. Numbers vary, but the typical bankruptcy district will have a list of between 12 to 15 court-approved providers. Their fees vary only slightly, usually ranging from $30 to $50. The fee can be waived with a showing of hardship, e.g. by providing the counseling agency with an SSA disability determination letter.
Filing the Petition
The certificate proving completion of this credit counseling class is then attached to and filed along with your 'petition', which is the official document that contains all necessary information on your debts, assets, expenses, and income. The bankruptcy attorney will complete this petition for you, using information provided by you including, for example, such documents as appraisals, paystubs, 1040's, and W-2's. The bankruptcy attorney will also need mortgage, car loan, and credit card statements, along with any collection letters and/or lawsuits pertaining to those accounts. If you've lost or misplaced those documents, some bankruptcy attorneys offer, for a small incremental fee, a service whereby they directly access your credit history so as to obtain the necessary information. Because petition preparation and filing are done electronically, they can be done very quickly - literally within a couple days if necessary - a fact worth noting if you're under a time crunch with, for example, an imminent sheriff sale or other legal proceeding.
After Filing
Shortly after your petition is filed, a case trustee is assigned. This trustee is simply the person appointed by the court to oversee your case. Also within a few days after the petition is filed, a "creditors' meeting" is scheduled. The date for this meeting is typically about a month after the petition is filed. At this meeting, the trustee reviews your case and asks questions regarding your petition. These sessions are usually quite brief, often no more than 5-10 minutes if your petition is in order and your case involves no unusual complications. Your attorney will be present at this meeting to assist you in answering the questions and providing the requested information.
Within 45 days after that creditors' meeting, you will need to do a second credit counseling session (called a "pre-discharge financial management course") to qualify for your discharge. Just like the first one (that is, the "pre-filing" class that must be done before filing), it can be completed online or over the phone. The fee is again $30 to $50 per household.
About 3 months after the creditors' meeting - sometimes a bit sooner if the case involves no complications, you will receive your official discharge notice in the mail from the Bankruptcy Court. That's about 4 months altogether from the time your petition is filed until your case is closed and your debts are officially discharged.
Summary
Most cases do indeed follow the general outline described above, so long as your petition is accurate, in order, and within the statutory limits of asset and income levels so as to qualify for a Chapter 7 discharge. To be sure that this is so for your particular case, you'll want to have an experienced bankruptcy attorney help you through the process, and to answer any other questions you might have.
4 Steps to Repairing Your Credit After Bankruptcy
Bankruptcy can leave an undeniable mark on your personal credit history for years into the future - often as long as a decade. Bankruptcy boldly says to your creditors that you are more than willing to walk away from the debts that you owe, leaving them stuck "holding the bag". Contrary to bankruptcy myth, however, those who have filed for bankruptcy protection can rebuild their credit, often in as few as two years following the discharge of their debts. Let's look at some of the fastest ways to rebuild your FICO credit score and your borrowing reputation in the weeks and months following the end of your bankruptcy.
Bankruptcy Credit Repair Tip #1: Check Your Credit Report
During the first few weeks following the discharge of your bankruptcy, the lenders and creditors listed in your bankruptcy will notify the major credit reporting bureaus (Experian, Equifax, and Trans Union)that your debt with them has been discharged. It is important that you pull your own credit report with all three of the bureaus to determine that this all-important notation has been made. You are entitled to one free copy of your credit report with all of the bureaus one time each year - although there is usually a charge for viewing your score. Dispute any accounts that don't show this notation to make sure that your bankruptcy gives you a clean slate. Bankruptcy Credit Repair Tip #2: Establish Bank Accounts If you haven't already, now is the time to establish both a checking account and a savings account. Although neither will help your credit score, it does make you appear to be a more responsible borrower to have these accounts, and the savings account will be useful in helping you reach savings goals that should be set following bankruptcy.
Bankruptcy Credit Repair Tip #3: Establish a Credit Card Account
One of the most vital steps to rebuilding your post-bankruptcy credit file is to open one or more secured credit card accounts. A secured credit card is simply a credit card that requires you to deposit money into an account in an amount equal to your credit line in order to receive "credit". These types of cards feature monthly or quarterly reporting to the major bureaus and can really help to rebuild your file fast. Be sure to use your secured post-bankruptcy card with caution, however, because you really cannot afford to have any late payment notations on top of your bankruptcy. Run a 30% balance and make timely payments - this is one of the fastest ways to add points.
Bankruptcy Credit Repair Tip #4: Work with a Credit Repair Service
A great option that many borrowers choose to take advantage of post-bankruptcy is to work with a credit repair service. Oftentimes, credit repair services can help a borrower better understand the problems that those who are fresh out of bankruptcy face and how to work through their financial situation to come out on top.
Bankruptcy Credit Repair Tip #1: Check Your Credit Report
During the first few weeks following the discharge of your bankruptcy, the lenders and creditors listed in your bankruptcy will notify the major credit reporting bureaus (Experian, Equifax, and Trans Union)that your debt with them has been discharged. It is important that you pull your own credit report with all three of the bureaus to determine that this all-important notation has been made. You are entitled to one free copy of your credit report with all of the bureaus one time each year - although there is usually a charge for viewing your score. Dispute any accounts that don't show this notation to make sure that your bankruptcy gives you a clean slate. Bankruptcy Credit Repair Tip #2: Establish Bank Accounts If you haven't already, now is the time to establish both a checking account and a savings account. Although neither will help your credit score, it does make you appear to be a more responsible borrower to have these accounts, and the savings account will be useful in helping you reach savings goals that should be set following bankruptcy.
Bankruptcy Credit Repair Tip #3: Establish a Credit Card Account
One of the most vital steps to rebuilding your post-bankruptcy credit file is to open one or more secured credit card accounts. A secured credit card is simply a credit card that requires you to deposit money into an account in an amount equal to your credit line in order to receive "credit". These types of cards feature monthly or quarterly reporting to the major bureaus and can really help to rebuild your file fast. Be sure to use your secured post-bankruptcy card with caution, however, because you really cannot afford to have any late payment notations on top of your bankruptcy. Run a 30% balance and make timely payments - this is one of the fastest ways to add points.
Bankruptcy Credit Repair Tip #4: Work with a Credit Repair Service
A great option that many borrowers choose to take advantage of post-bankruptcy is to work with a credit repair service. Oftentimes, credit repair services can help a borrower better understand the problems that those who are fresh out of bankruptcy face and how to work through their financial situation to come out on top.
Wednesday, June 24, 2009
Make Money Online: Money Grows On Trees, Right?
Remember the sentiment, "Money doesn't grow on trees," spouted by your parents when you were growing up? We thought they were so smart. They were right money does not grow on trees, at least no trees in my yard have bills hanging off.
Today, many people are searching. They are searching for an opportunity to help them get more money. In all reality, it's not really that they want lots of money, but they want financial security and freedom from mounting debts. It has been said that Americans today have more debt than ever and that most are just a few paychecks short of bankruptcy. You want to change all that right? That's why you are here.
Don't get me wrong, I'm not saying having a luxury vehicle isn't on your mind but you know that's not what will make you truly happy. You'll be happy to not live pay check to pay check. You'll be happy to know that you no longer have credit card debt and that your children will be able to go to college. You'll love it if you can buy them what they want without having to break the bank. You'd be very happy to go in to work one day and say to your boss, "Goodbye, I make enough money at home that I don't need to work for you anymore." Wouldn't that be something? That can be your reality if you want it to be.
A banner headline that says, "Online Money-Making Machine, Makes You Money In Your Sleep," grabs your attention, but sounds too good to be true? It probably is. What you need to find is a solution that provides you with the freedom to make money online, work at your own pace, from your home, without lots of selling. You want to leverage your time and not work harder but work smarter. There are many people out in the internet marketing community raking in millions seemingly overnight. It can be done but it is not automatic!
If you are lazy and think that by clicking a few buttons, you can make thousands of dollars you will be sadly mistaken. While it is easier than ever to make money online using your computer, it will still take some dedication, discipline, time and yes, work.
So how do you know what opportunity is right? Only you can answer that for yourself. Each person must explore their own motivations, desires, abilities, commitment level, etc. You can make a couple of bucks a month to well over $100K in a month. The choices are up to you. I urge you to search online for opportunities and evaluate them carefully. Here are a few suggestions to aid you in making your decision:
1. Look at the website. Does it appear to be cheesy or have some good content helpful to you?
2. Is there a real person involved? Stock photos and people smiling holding lots of cash, fancy cars, or big houses are great, but you need to connect with the business owner and know there is someone real on the other end. If a phone number is provided, give them a call or ask them to call you.
3. Investigate the company being presented. Do they get a lot of complaints or a bad rating with the Better Business Bureau?
4. Do you believe in the product(s) you would be selling? If they are vague, on the website, ask some questions of the business owner. Some companies are flashy up front but don't have much to support them for long term, sustainability.
5. Do they require a large start up fee? Some fees can be expected because if it is free, there is likely more chance that the company just provides the basics and you have to learn everything on your own. They may have different levels of packages depending on your budget. That may be good if you have enough money you can start earning at the top but if you are strapped for cash you can still get your foot in the door and work your way up.
6. Do they have a system to help you? As mentioned above, a good support system (even if you have to pay for it) will save you some costly mistakes in the future. Training and help are a must.
Whatever business you decide upon, stick to it with determination and persistence and ultimately you can succeed. Working for yourself can provide freedom and making money online in the comfort of your own home is ideal!
Today, many people are searching. They are searching for an opportunity to help them get more money. In all reality, it's not really that they want lots of money, but they want financial security and freedom from mounting debts. It has been said that Americans today have more debt than ever and that most are just a few paychecks short of bankruptcy. You want to change all that right? That's why you are here.
Don't get me wrong, I'm not saying having a luxury vehicle isn't on your mind but you know that's not what will make you truly happy. You'll be happy to not live pay check to pay check. You'll be happy to know that you no longer have credit card debt and that your children will be able to go to college. You'll love it if you can buy them what they want without having to break the bank. You'd be very happy to go in to work one day and say to your boss, "Goodbye, I make enough money at home that I don't need to work for you anymore." Wouldn't that be something? That can be your reality if you want it to be.
A banner headline that says, "Online Money-Making Machine, Makes You Money In Your Sleep," grabs your attention, but sounds too good to be true? It probably is. What you need to find is a solution that provides you with the freedom to make money online, work at your own pace, from your home, without lots of selling. You want to leverage your time and not work harder but work smarter. There are many people out in the internet marketing community raking in millions seemingly overnight. It can be done but it is not automatic!
If you are lazy and think that by clicking a few buttons, you can make thousands of dollars you will be sadly mistaken. While it is easier than ever to make money online using your computer, it will still take some dedication, discipline, time and yes, work.
So how do you know what opportunity is right? Only you can answer that for yourself. Each person must explore their own motivations, desires, abilities, commitment level, etc. You can make a couple of bucks a month to well over $100K in a month. The choices are up to you. I urge you to search online for opportunities and evaluate them carefully. Here are a few suggestions to aid you in making your decision:
1. Look at the website. Does it appear to be cheesy or have some good content helpful to you?
2. Is there a real person involved? Stock photos and people smiling holding lots of cash, fancy cars, or big houses are great, but you need to connect with the business owner and know there is someone real on the other end. If a phone number is provided, give them a call or ask them to call you.
3. Investigate the company being presented. Do they get a lot of complaints or a bad rating with the Better Business Bureau?
4. Do you believe in the product(s) you would be selling? If they are vague, on the website, ask some questions of the business owner. Some companies are flashy up front but don't have much to support them for long term, sustainability.
5. Do they require a large start up fee? Some fees can be expected because if it is free, there is likely more chance that the company just provides the basics and you have to learn everything on your own. They may have different levels of packages depending on your budget. That may be good if you have enough money you can start earning at the top but if you are strapped for cash you can still get your foot in the door and work your way up.
6. Do they have a system to help you? As mentioned above, a good support system (even if you have to pay for it) will save you some costly mistakes in the future. Training and help are a must.
Whatever business you decide upon, stick to it with determination and persistence and ultimately you can succeed. Working for yourself can provide freedom and making money online in the comfort of your own home is ideal!
Home Equity Line Of Credit Explained
With all the types of loans being offered by the many financial lenders everywhere, plus the mind boggling terms they use in describing each service, it's no wonder that many people interested in availing one stay confused. There are plenty of debtors still confused; hearing the explanations as given by some professionals comes in one ear, and goes out the other. These people just nod their heads to not look stupid and save their faces - if you can relate, I've got good news for you: it doesn't have to be that way. Coz today, I'm going to tackle one particular loan service that leaves plenty of individuals stumped, and it's known as home equity line of credit.
For better understanding, start reading here: home equity line of credit is, as its name obviously implies, is a line of credit. What that means is that it works very much similar to a credit card, only that it's tied in with the equity (the assessed value of your shack or whatever place your living at) of your home. You'll be given a debit card and checks in order to have access to the money you intend to borrow. You could use the money for whatever purpose you intend for, like paying the bills or financing your child's education. You may even use it for paying off debts through debt consolidation or whatever solution you had in mind.
The key advantage here is that the interest rates that have placed on the cash you borrow is lower than the other types of unsecured credit cards, mainly coz the lenders have your house as collateral. That also brings up the advantage of being granted a longer payback period of whatever you borrow, as well as a larger line of credit. Last benefit to be reaped is this: the interest paid here is deductible from your federal income tax. That does all sound too good to be true, so before you get worked up excessively, it's time to talk about the key disadvantages.
Here's the biggest: as I've said earlier, you put your house up as collateral, what that means is that you face the possibility of losing it to your creditors for failure to comply with the agreements that took place between you to. Main cause would be the incapability to pay off what you owe, or falling behind one too many payments. Ultimately, you can end up a homeless bum, with no place to go or stay, unless you've got parents that are willing to take you back. I wish I could say that the scenario was a joke or impossible, but it could still happen to anybody, why? The inner compulsive buyer - there's one inside each and every individual everywhere.
And giving him a home equity line of credit at his disposal can mean trouble for you, friend. Having easy access to the funds can be dangerous, so it's best you keep a leash on that animal. Before you even think of availing the said service, it'd be wise to think things over, and spend for only what you really need.
For better understanding, start reading here: home equity line of credit is, as its name obviously implies, is a line of credit. What that means is that it works very much similar to a credit card, only that it's tied in with the equity (the assessed value of your shack or whatever place your living at) of your home. You'll be given a debit card and checks in order to have access to the money you intend to borrow. You could use the money for whatever purpose you intend for, like paying the bills or financing your child's education. You may even use it for paying off debts through debt consolidation or whatever solution you had in mind.
The key advantage here is that the interest rates that have placed on the cash you borrow is lower than the other types of unsecured credit cards, mainly coz the lenders have your house as collateral. That also brings up the advantage of being granted a longer payback period of whatever you borrow, as well as a larger line of credit. Last benefit to be reaped is this: the interest paid here is deductible from your federal income tax. That does all sound too good to be true, so before you get worked up excessively, it's time to talk about the key disadvantages.
Here's the biggest: as I've said earlier, you put your house up as collateral, what that means is that you face the possibility of losing it to your creditors for failure to comply with the agreements that took place between you to. Main cause would be the incapability to pay off what you owe, or falling behind one too many payments. Ultimately, you can end up a homeless bum, with no place to go or stay, unless you've got parents that are willing to take you back. I wish I could say that the scenario was a joke or impossible, but it could still happen to anybody, why? The inner compulsive buyer - there's one inside each and every individual everywhere.
And giving him a home equity line of credit at his disposal can mean trouble for you, friend. Having easy access to the funds can be dangerous, so it's best you keep a leash on that animal. Before you even think of availing the said service, it'd be wise to think things over, and spend for only what you really need.
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