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September 22, 2010 By admin Leave a Comment

The Death of Transit TV (no broadcast). It just shut down without warning. by sgroi

Can The Creditors Take Your Tax Refund?

Author: Court Tuttle

Getting a tax refund is something that we can look forward to. It's nice knowing the government owes you money after you've paid your taxes, because we may need those extra dollars for perhaps several different reasons. However, there are some cases in which you can lose that tax refund to your creditors.

How is that possible? After all, it's your money. However, you can lose your tax refund to a bankruptcy trustee if you have filed for bankruptcy.

Because you didn't have enough money to pay your bills is really the only reason you would file for bankruptcy. If you do file for bankruptcy and are relieved of your obligation to pay your creditors back, there are certain rights you are no longer entitled to when it comes to your tax refund. The bankruptcy trustees may be able to take a fraction or sometimes all of your tax refund, but only under certain circumstances.

Filing Before January 1st if you file for bankruptcy before January first, the bankruptcy trustee can usually only take a portion of your tax return. Still, this sometimes only applies depending on certain circumstances, like which state you live in and other factors like that. Often though, say if you file for bankruptcy around September, that's 3/4 of the previous year, so they can only take 3/4 of your tax refund. This is called a pro-rata portion of your income tax.

Filing After January 1st Filing for bankruptcy after January first will usually give the trustee the right to take all of your tax return. This usually only applies if you file bankruptcy between the beginning of the year and the time you receive your refund. If you get your refund and then file, the trustee may only be able to take part of your refund.

Filing Jointly If you are married, you may have filed a joint tax return with your spouse. If you filed for bankruptcy afterward, but only one of you filed, the other may still get their share of the tax return, because that spouse does not have to suffer the consequences of bankruptcy. Therefore if you filed for tax returns jointly and only one individual files for bankruptcy, you will still get half of your joint tax return.

Spending Your Tax Return Money If you spend the money you got from your tax return money before you file for bankruptcy, then the bankruptcy trustee will usually not demand it of you. However, what you spent that money on makes a difference in whether or not they will ask the money of you.

If you use your tax return money to pay soemone back, like any kind of creditor, including family and friends that you may have borrowed money from, then the bankruptcy trustee will ask that you pay the amount you received in your tax return. But if you do not spend it to repay someone and spend it on something like getting your roof fixed or repairing your car, they will usually not go after you to get that tax return money.

Article Source: http://www.articlesbase.com/taxes-articles/can-the-creditors-take-your-tax-refund-295293.html

About the Author

Court provides information about credit repair with bad credit personal loans and is an expert on internet marketing.

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Filing Bankruptcy San Antonio

August 15, 2010 By admin 8 Comments
... san antonio bankruptcy

Will Filing For Bankruptcy Haunt Me Forever

Author: Eulalia Allmand

You may have filed for bankruptcy or are thinking about filing for bankruptcy, and are worried that it will haunt you forever.

Rather than focus on the perceived negative aspects, you should concentrate on the positive ones.

Bankruptcy Will Not Stay With You Forever

While it is true that bankruptcy will stay on your credit record for a period of 10 years after you have filed, you will still be able to increase your credit rating if you manage to clear all your debts.

Do not be worried about your credit rating when you file for bankruptcy. Chances are that it is in a bad state anyway, as you would have already been late on or defaulting in your payments.

Your credit rating will have reached its lowest point by the time you file for bankruptcy. After the filing, you will be able to concentrate on raising your rating again by making prompt payments in the future.

You Can Still Get a Loan after Filing for Bankruptcy

If you have maintained your new repayment schedule after filing for bankruptcy under chapter 13, then you can probably get a loan within a period of 2 years.

You will also be eligible for a secured credit card, where you might have to put up collateral equal to the amount of credit that you will be given.

As time passes by and your credit rating improves, you will be able to get a regular, unsecured card. The interest rates that you will be eligible for will probably start coming down as well, as you will be viewed as a better credit risk.

Keep in mind that if you file for bankruptcy for a second time within a span of a couple of years, it will definitely send up a red flag to potential lenders.

Bankruptcy Can Give You another Way to Repay Your Debt

Instead of thinking that your bankruptcy will haunt you forever, look at it as another way of getting another chance to repay your old debts in a much less stressful way.

This can slowly restore your confidence and self-esteem. Your lenders will also be appreciative if you stick to your repayment schedule. So stay mentally strong and control your finances, and give top priority to clearing off your old debts first.

Try to analyze the problems that caused you to file for bankruptcy and avoid falling into the same trap again. Keep an eye on your credit rating and get updated reports from the credit bureau regularly.

Keep Your Chin Up

Don't let filing for bankruptcy get you down. Treat it as a challenge, which will enable you to emerge as a stronger person.

Bankruptcy can be very testing financially and mentally. You should be prepared for a rough ride, but only for a limited period of time. Once your finances are in better shape and you have set a new level of control, then that period will soon be just a faded memory.

Remember that a bankruptcy will stay only for 10 years against your credit record. If you stick to your financial recovery plan, then you will be back on your feet in no time!

Article Source: http://www.articlesbase.com/finance-articles/will-filing-for-bankruptcy-haunt-me-forever-465572.html

About the Author

Allmand & Lee are Bankruptcy Attorneys who specialize in consumer bankruptcy and offer dallas bankruptcy services that help good people through one of the toughest times in their life. For more information please visit us at http://www.allmandandlee.com/


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Sallie Mae Student Loans Bankruptcy

August 15, 2010 By admin 10 Comments
generally student loans aren ...

Sallie Mae Student Loans

Author: Brian Link

 

Sallie Mae student loans are considered to be one of the best ways to finance your college education. These loans can help you receive federal loans along with the other alternative financing for students who didn’t qualify. Federal loans are usually the ones with the best possible interest rates as well as payback terms and policies. Federal loans include both the Stafford Loan as well as the Federal Perkins Loan.

Perkins Loans are unique in the way that the school the student would be attending is actually going to be the lender. However not every school participates in the Perkins Loan. In cases like this one, Sallie Mae student loans would act as the lender or would act as a guarantor for the lender. Having a guarantor would increase your chances of getting approved for any kind of loan.

You can also receive Sallie Mae student loans if you fail to meet the Federal guidelines. Typically, these kinds of loans are referred to as alternative student loans because they are personal loans and as such are not subsidized. Instead of going to a bank to receive a private loan, you should instead utilize Sallie Mae student loans. Their rates are actually lower and they have better payment terms which aren’t available in banks.

Federal loans have certain income as well as grade point restrictions. On the other hand, a private loan will not have as many restrictions compared to federal loans. Private loans would also allow you to borrow more money. The concern here, though, is your credit score.

Most students utilize more than one loan to help pay for their college needs and these loans would all have different interest rates, payment due dates as well as payment terms. Seems like a little bit too much, right? This is why many of these students actually choose to consolidate their student loans into a single Sallie Mae student loan. Doing this could be the best or worst thing to do in your situation. Because if you decide to consolidate your loan you might end up paying a higher interest rate or the terms of your loan might get changed. Consolidating your loans into a single Sallie Mae student loan is irrevocable and is permanent.

But if you are stressed out by the several monthly payments you make then consolidating all your loans into a single Sallie Mae student loan might just be the thing. Sallie Mae can help you combine all the payments from all your outstanding student loans, both private and federal, into a single and convenient monthly payment without having to actually consolidate it. If you need to know more about it, get in touch with a lending institution or ask people who have tried it before. It is wise to make an informed decision rather than just jumping into it because it sounds great. A Sallie Mae Student Loan consolidation can make your situation better or worsen it so be sure to do your research so that you wont end up with even more debt than before.

 

Article Source: http://www.articlesbase.com/loans-articles/sallie-mae-student-loans-521864.html

About the Author

To learn even more about student loans visit http://www.studystudentloans.com where you will find more information about Sallie Mae student loans.



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Federal Student Loans Bankruptcy

August 15, 2010 By admin 10 Comments
College Student Loans ...

William D Ford Federal Student Loan: Directly Benefit From it

Author: Ernesto Maitim

Federal direct student loans, also known as the William D. Ford Direct Student Loan program is intended to provide direct funding to the students borrowers and parents. So basically with this student loan program, government loans can be had without going through commercial banks, private lending companies and other financial institutions.

 

As will other loan programs, the federal direct student loan program has its own criteria and requirements in order for a student to avail of its funding one of which is the credit rating criteria especially for those non-need based loan programs. What’s great about the William D Ford Direct Student Loan program is that they have professional customer service agents that are ready to enlighten any prospective borrowers about any matter that might be unclear to them.

 

This is perhaps one of the best ways to know more about the federal direct student loans as you are already talking to someone who belongs to the organization itself. Of course, you can also make some research online, but the sources are incredibly aplenty and you are left to yourself on discerning which facts are truthful and which are not.

 

The government Stafford student loans via William D. Ford Federal Direct Loan Program are offered to a lot of college students. And since the federal direct student loans are given by a US agency, student need not go through a middle man such as a bank or private lender.

 

Likewise, as with the case of other federal loans, one important requirement of direct federal student loans is the completion of FAFSA by the prospective student borrower. Accomplishing the FAFSA will help in determining the eligibility of the student borrower for either subsidized or unsubsidized student loans. And with federal direct student loans, the repayment starts in six months after the borrower ceases his half time status which is normally 6 credit hours, the minimum that the student must be enrolled in.

 

If you are greatly interested in reading more articles and discussions about student loans, do visit our http://fussaboutloans.com/ blog.

Article Source: http://www.articlesbase.com/loans-articles/william-d-ford-federal-student-loan-directly-benefit-from-it-506569.html

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Writer, Abstractor and Blogger.



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Bankruptcy Credit Letters

August 9, 2010 By admin 10 Comments
your credit from credit ...

Bankruptcy - Why People File

Author: David Hoyer

Life is not always fair. Most people that file for bankruptcy do so out of necessity not because they simply want to avoid paying their debts. Of all the people that file for personal bankruptcies, nearly 40% of them file due to some financial crisis outside of their control. In many cases this financial crisis is some serious health issue.

If you do not have health insurance, a catastrophic illness such as cancer, can wipe you out financially. Even for many people with health insurance, the combination of premiums and deductibles, can put a major dent in their finances. Especially hit hard are the elderly and families where a single woman is the head of the house hold. It's frightening to think of just how close many people in this country are to foreclosure, bankruptcy, or financial ruin.

The second biggest reason that people file for bankruptcy is either the loss of a job or divorce. A sudden loss of a job due to company layoffs, company outsourcing, or a company going out of business can easily wreck the financial situation of a household that is heavy in debt and basically living from paycheck to paycheck. A divorce can lead to a situation of having to support two households instead of one and also possibly alimony payments.

Unfortunately, the new bankruptcy law, which became effective October 2005 was basically written by the credit card companies. As you might expect, they changed the law to work in their favor and put in basically no provisions to protect citizens that may have fallen into the above categories.

In fact, under the new bankruptcy law, the more equity you have in your home, the greater the chance you'll have to use it to pay off your creditors, thus increasing the chance that you'll forfeit it through foreclosure. The new changes in the law make filing for bankruptcy more expensive, making it more difficult for the people that really need it to take advantage of it. In addition, the new law, instead of wiping out some debts that would have been dissolved under the old bankruptcy bill, will force the person into a repayment plan.

Other fees also make filing for bankruptcy more expensive. You will be required to attend financial counseling both before and after filing for bankruptcy, which you will have to pay for. The bankruptcy laws are also more complex, which means that your lawyer fees will be higher.

The prior bankruptcy laws were predicated on a belief that a person who had worked all his life, paid his bills on times, and was generally a good citizen, could have a chance to wipe the financial slate clean and start over in the event that through circumstances out of his control, he was unable to pay his bills. Sure, the system was taken advantage of by some, but in a society of laws, that's unavoidable.

And, yes, some changes were probably needed in the old bankruptcy laws as some provisions were archaic and out of date. But making changes should not mean that you take away the safety net for people. Especially when the debt situation that many of these people found themselves in were surely worsened by the outrageous late fees, percentage hikes, and other "profit centers" built into the lending practices of most of the major credit card companies.

Article Source: http://www.articlesbase.com/debt-consolidation-articles/bankruptcy-why-people-file-279884.html

About the Author

David Hoyer is a freelance writer who writes articles relating to bad credit, personal loan, bankruptcy woes and other financial issues.Visit his site at http://www.bankruptcyfocus.com .



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