Finances and Career Falling Apart?

Get Legal and Occupational Guidance Early!

As the 2008 presidential election looms closer, the public is becoming anxious as to the negative or positive changes that a new president can bring about regarding the economy. At a more personal level, each and every individual and family that has felt the severe financial crunch of the recession are worried as bankruptcy and foreclosure become a very possible reality.

If bankruptcy is the only alternative to ease one's financial burdens, the majority of professional bankruptcy attorneys would recommend paying only the essentials such as mortgage, utilities, and groceries and to discontinue paying on all credit cards and other forms of revolving credit. This should be done several months in advance to declaring bankruptcy.

A credit score lower than 500 is virtually impossible to repair without declaring bankruptcy. Until recently it had been feasible to receive a loan with a credit score of around 530; however the interest rate would have reached exorbitant heights with almost no chance of paying it back in less than 20 years. With many of the large lenders and banks in serious financial turmoil and near ruin, the days of loose lending have come to a close.

For those individuals that have already declared bankruptcy and are finding it difficult to re-establish a positive credit history, consulting a financial planner or even your human resource office at work may be highly beneficial. Many companies and employers make employees eligible or have access to credit unions which can help a family out with more forgiving interest rates than a bank would be willing to extend.

Unemployment benefits have recently been extended and are now just starting to be utilized by those individuals without jobs. Reliance upon the federal government is a short term "patch" though. The best solution is to take whatever job is available until something better can be found. The local unemployment office has many resources that any individual can make use of without cost in order to find that better job. The key is to actively explore these options instead of glancing through the local newspaper. Employment will come much faster through the use of job fairs and the unemployment office.

For more information and guidance about bankruptcy and asset protection, visit http://www.gallerlaw.com. The Galler Law Firm specializes in helping people recover from financial disaster. Their site offers many insightful pointers on important financial and credit considerations.

Keep Up to $500 More of What You Earn, and Get Out of Debt

With the current economy heading in what some politicians describe as a recession, to the everyday person, the economy can be said to be spiraling in for a crash landing. The U.S. economy hasn't hit rock bottom yet, but for John (Jane) Q. Public, each and every purse string has been stretched to the limit and for many, they have all but broken. This is no surprise to everyone and most of us are tired of hearing the same thing everyday on the news. What can be done to improve the U.S. economy as a whole and turn it around is largely out of the public's hands. Your options as an individual are challenging at best, but there are a few things you should consider.

The most unpleasant solution is to declare bankruptcy. This is a last resort and should not be considered lightly. With the new laws and restrictions governing bankruptcy and to whom it applies, an attorney that specializes in bankruptcy should be consulted. There is just too much at stake for you to make an error. If you were to make a mistake, the effects can potentially follow you and your loved ones for decades to come.

Alternative steps can be taken and utilized by the majority of those in a negative cash flow. Consult a financial planner or advisor. If you are a disciplined individual, you can probably get some education and undertake changes in habits on your own. Whether you see a financial advisor or not, personal luxuries will have to be sacrificed temporarily for the greater good. Examine your personal expenses. See what luxuries you can live without. There are a few excellent financial software packages that can help you do this yourself. Many of these range from about $50 - $100 depending on what type of personal real property you own and your financial investments. Visit your local computer superstore and look on the shelf under the topic of "financial personal planners."

Some unnecessary "luxuries" that you have become accustomed to probably don't even register in your mind. Most of us can temporarily live without digital cable, premium channels, and free long distance for your land-line phone, especially since most of the current seasons can be found on DVD in 6 months after you are on more financially stable footing. Most people get free long distance included with their cell phone service. Cable TV and home phone service can be temporarily canceled and lived without consequence. Yes, it is inconvenient. But the alternative is much more so. Save the $50 - $100 monthly, and apply it to reducing your debt.

Internet access however has become somewhat of a necessity. You can use this necessary expense to your full advantage. Pay your bills online and save postage. Apply the savings towards other necessities. Whereas internet access may be important and necessary, many other monthly bills are not. Review your credit card or bank statements for services and subscriptions that are automatically charged each month. The convenience of auto-drafting payments can sometimes make you numb to the fact that money is flowing out of your accounts, painlessly each month. If you signed up for a membership, a service, or a subscription months ago you may not even remember that the money comes out of your account. Go over your most recent statement line-by-line, and note anything you are paying for that you really don't use. Canceling the future billings of those services will often save another $200 to $300 per month.

In all, would an extra $300 to $500 in your pocket each month make a difference in your financial picture? If you take the time to review your spending, you will likely find that you have the means to make a difference in your own financial picture with what you earn already. Leverage your resources differently and you can change your financial outlook without damaging your credit rating in a bankruptcy. The key is to avoid wasteful and change unnecessary spending.

For more information and guidance about avoiding bankruptcy, visit http://www.gallerlaw.com The Galler Law Firm specializes in helping people financially, and is experienced in helping people through bankruptcies and reorganization. Their site offers many insightful pointers on important financial considerations.

Don't Lose Your Home to Foreclosure

If you are facing imminent foreclosure or can't see any alternative to your mounting debt that is leading up to foreclosure, pay very close attention to the following words. Even though this information pertains directly to any property owner in the state of Georgia, any property owner throughout the U.S. should be aware of this information in that it can be useful to them depending upon their state laws.

Before July 1, 2008, Georgia state law permitted immediate foreclosure of properties with just a mere 15 days advanced notice. This minimal notice made it all, but impossible for the average home owner to defend themselves from losing their home. The only mandate that Georgia law required was an advertisement of the foreclosure in a legal newspaper for a mere 4 week period leading up to the date of foreclosure. This meant that while the property owner may not be aware of the impending foreclosure, everyone else could have advance notice.

All of this has changed as of July 1, 2008. Thanks to a bill, signed by the governor of Georgia on May 13, 2008, the law now introduces a level of fairness with regards to property foreclosure. The notice given to property owners informing them of their property foreclosure sale can not be less than 30 days. The certified letter informing the property owner of the foreclosure now is required to list the name, address, and contact phone number of the actual agent or representative who has the authority to alter and negotiate the terms of the mortgage with the property owner. Prior to July 1, 2008, this information was not always readily or accurately apparent which hindered the property owner's ability to retain their property through any legal action. Without knowing this vital information, the property owner was assured of being helpless to stop foreclosure.

The newly enacted law now requires the current mortgage holder to be recorded in the public deed records before the foreclosure proceedings begin. Prior to this new law, it has been known to happen that the wrong entity has foreclosed on property owners. This would mean that the property owner would lose their home, but still retain the full debt to the actual lender. Now there is this safety net to "catch" any of these types of mistakes from occurring and ruining individual's credit needlessly.

Even though this information directly pertains to the state of Georgia, property owners throughout the country can learn a lesson from this and take a few steps to clarify and safeguard their own financial and real estate from the risks of foreclosure. The first step in safeguarding their own interest is to always consult with a professional that specializes in real estate. Information is plentiful throughout the online world, but there comes a point when this information needs to be acted upon. A real estate attorney will be a great asset to have on your side to defend against losing one's largest investment.

For more information and guidance about avoiding foreclosures or general help with bankruptcy procedures to protect your assets, visit http://www.gallerlaw.com. The Galler Law Firm specializes in legally protecting what you have worked so hard to earn. Their site offers many insightful pointers on important considerations.

Know Your Options When Your Financial World Crumbles

The economy is heading south, foreclosures are at an all-time-high, and if you are under serious financial pressure with the walls closing in, you're not alone. In short, there are a number of factors in today's economy that individually would not be of much significance to your financial situation, but this year they may all come into alignment to create financial hardships for millions of hardworking Americans. Despite the optimistic Congress that may generously be rebating you a few extra tax dollars out of the governments pocket this year, the "economic stimulus" package will not keep you out of bankruptcy.

If a financial crunch happens to you, the pressure and stress of the burden can feel like the weight of the world is upon you. If you find yourself in such a situation, you must know that there are resources and legal ways that you can recover, without losing your residence, transportation, and other possessions..

Last year several major credit card companies changed their minimum payment policies, as well as their interest rates. If you normally pay your bill in full, changes in the credit card agreements may not impact you. However, on a revolving balance the new, higher required payments might take you by surprise and be drawing from money that was earmarked for other purposes. For example, if you took advantage of the subprime lending rates on your home and either refinanced or borrowed against your equity, the added payments from adjustable rates mortgages might be creating an additional financial pinch in the coming months, and money that you had planned to spend on keeping up with your mortgage may now have to be redirected to your monthly credit card bills. The compounding effect of balloon payments and increased minimum payments is further aggravated by any kind of life changing or unforeseen expenses:

• Kids going to college?
• Car needs new tires to pass inspection?
• Tax bill coming due?
• Your stock portfolio or IRA lost money?
  

Complicating matters further, recent changes to bankruptcy laws make it harder to be eligible to file Chapter 7 or Chapter 13. That's not to say that you want to hurt your credit rating or run away from your responsibilities, but in today's complex financial world, but industry and commerce has stacked the deck against you much like how the house has favor in a casino. When the rules change in the middle of the game, it's time to consider your options to free yourself of the financial chains. Commercial enterprise is trying to saddle you with their woes as a consumer. There's nothing that says you need to accept their load and encumber your future so that big business can increase their profit margins.

Go online to your favorite search engine and do a local search for a bankruptcy attorney in your area. Each state is different, so find the best qualified attorney that practices in your area by using keywords like "bankruptcy attorney" or "bankruptcy lawyer", followed by the city and state where you live. When you do a search at the local level such as this, the resulting listing will show you qualified professionals in your surrounding area that can help you reduce or eliminate your debt, while preventing harassing calls from creditors. Getting the right information is just the first step to making an informed decision. There is no shame in protecting your future. You didn't change the laws. You didn't change your payment schedules. And you didn't create the unforeseen circumstances beyond your control. You can, however, take control and minimize the impact on your financial picture in years to come by seeking professional guidance now.

Ask yourself this question: If you do nothing differently in the next six months, will your financial situation improve, worsen, or stay the same? Then answer the question, Are you happy with your current cash flow, debt management, cash reserves, and quality of life? If you don't like the answers to those questions, procrastinating on making a decision to get help is not serving you well. If pride is the culprit keeping you from taking action, it can be difficult to overcome the feelings related to getting assistance. Consider the fact that the laws are in place to help you ease your burden for a reason. If there were not a widespread economic need to address the shortcomings in our financial system, bankruptcy laws would not be available to you. Consider, also, how it would feel to get out from under the anvil of debt that crushes your spirit, steals from your lifestyle, and deprives your family of freedom. Is it time to clear the slate, learn from the past, and make wiser money decisions moving forward? Is it time to live again? The next step is yours.

The Galler Law Firm is a prominent Atlanta, GA, practice specializing in bankruptcy law for twenty years. David Galler is also accomplished and experienced in civil trial and workers' compensation, and has been at the forefront of the alternative dispute resolution movement. Visit the Galler Law Firm at http://www.gallerlaw.com For more information on bankruptcy law practices, visit http://www.georgiabankruptcyattorney.net For more information on successful online business practices, please visit http://www.website411book.com a book authored by Tom Elliott, Website service provider to Galler Law Firm.