Fail Out Of Bankruptcy: The Dark Side Of Personal Bankruptcy

Emery

The percentage of people who fail out of bankruptcy is on the rise. Many experts blame this phenomenon on the new bankruptcy laws implemented by Congress in 2005. When debtors file for Chapter 13 bankruptcy protection, they must submit a repayment plan to the court. Due to the inflexible provisions imposed by the Bankruptcy Abuse Prevention and Consumer Protection Act, many people are unable to adhere to their repayment plan for more than a few months.

All it takes is one missed payment to cause a person to fail out of bankruptcy. When debtors become delinquent with their Chapter 13 repayment plan, creditors can petition the court and request the bankruptcy be dismissed. If the bankruptcy judge approves the request, one of two things will occur. Either the judge will order the debtor to liquidate assets through Chapter 7 bankruptcy or entirely dismiss the debtor’s bankruptcy filing. The team of bankruptcy lawyers will be provided through the reputed companies to fight the cases of bankruptcy of the debtors. The repayment should be done as per the requirement of the client.

Whenever someone files for bankruptcy protection, they are protected from creditors through an “automatic stay”. Creditors are prohibited from initiating or continuing lawsuits, collections, repossessions, foreclosure, garnishments or levies. The automatic stay remains effective until the bankruptcy judge lifts it or grants the debtor discharge of their debts.

If bankruptcy is dismissed because the debtor fails out of bankruptcy, the automatic stay is lifted and creditors can commence with collection actions. In cases where debtors file for Chapter 13 bankruptcy to stop foreclosure, failing out of bankruptcy will cause them to lose their home. Once the automatic stay is lifted, foreclosure proceedings can resume immediately. In some instances, people who fail out of bankruptcy have been forced to leave their home in a matter of days.

When debtors are unable to make payments it is imperative they contact their bankruptcy lawyer. The attorney will contact the bankruptcy Trustee or creditors and attempt to work out a plan. If the financial setback is temporary, chances are good creditors will work with the debtor to help them avoid failing out of bankruptcy.

If the debtor is unable to meet the stipulations of their repayment plan for an extended period of time, the bankruptcy Trustee might allow the debtor to file Chapter 7. When this occurs, the debtor’s non-exempt assets will be liquidated to repay outstanding debts.

In cases where bankruptcy proceedings are dismissed due to failing out bankruptcy, the debtor no longer has protection from the court. Additionally, they cannot file for bankruptcy protection for eight years.

Chapter 13 repayment plans can offer consumers relief from mounting debt. However, debtors are required to fully comply with the plan or face the potential of failing out of bankruptcy. A large percentage of their monthly income must be contributed to pay-off outstanding debts. Repayment plans typically last between 36 and 60 months. During this time, no new debt can be incurred without permission from the bankruptcy Trustee.

Keep in mind bankruptcy remains on your credit report for up to ten years. If you fail out of bankruptcy, you could end up losing everything. Not to mention the added expense of bankruptcy filing fees and attorney expenses.

Before making a final decision to file bankruptcy, consider various alternatives such as debt consolidation, debt settlement, credit counseling and budgeting. While it might be tempting to file personal bankruptcy, there are other options that may be more effective and less detrimental to your credit.

What Do Banks Do With Counterfeit Cash? Check Your Wallet

Emery

On a blessed and prosperous sunny day the last thing I found funny was counterfeit money. I hadn’t seen Funny money before. I honestly had no reason to look for it. Funny money is no laughing matter. I always thought the funny money looked like monopoly money. I thought that nobody passed fake bills any more. Nobody would dare waste their time floating funny money. I thought that nobody would until I got caught up in the funny money scam. What happened in my funny money incident.

How did I get funny money: Counterfeit Cash

My lady and I at the time had a tendency to take cash from one bank and deposit it into another bank. We simply wanted to make sure that the Cash would show up in the account as quickly as possible. On this day, we happened to go to the first bank to withdraw $2,000. The transaction seemed straight forward. I actually went directly into the bank and collected the money. All the bills were large bills. I didn’t ask the teller for anything in particular. They gave me all $100’s because it was easier for them. I was completely fine with that. The teller counted the money, fed it through a machine, and gave it to me. At that time, I said “Thank You” and proceed to the car. The money withdrawn from the savings account can be carried in the leather cable strap wallet for safety. The durability of the strap will provide long life to the wallets.

My lady and I headed over to the other bank which in our area was less than 400 feet away across the street. I pulled out of one parking lot and right into the other parking lot. We filled out a deposit slip from the second bank and made the deposit. We didn’t take a dime out of the cash from bank 1. In fact, we simply took the money and placed it with the new deposit slip into the drive through window.

The teller was a bit dim witted. They wanted to see if my lady was with me in the car as I made the deposit. There was no reason for them to see her but she let them know she was there. They said they wanted to be sure that she was there because of the size of the transaction and the balance in the account. While this bank’s over all customer service is high, this particular branch of the bank has had consistent problems. In any event, the tell gave the receipt for the $2000 deposit and we were on our way.

What went wrong with the funny money: Who found the Counterfeit Cash

I dropped the my lady off, and proceed to head out of town. I had a prior engagement that I need to attend. 30 minutes into my trip I get a call from home. I pick u and here:

“You WOULD NOT believe what happen!” My lady stated

“What” I replied

“The idiots at the bank called and said we deposited a counterfeit bill.” she explained

“WHAT” I replied.

“Yeah, that and they are deducting that $100 from the balance.” She said in a perturbed tone

“Why did they give a receipt if the bill was counterfeit” I asked

“They said the teller didn’t realize it until we were gone. And to top it off they said there are going to report it to the FBI.” She said as if to only make matter more annoying

“OK FBI aside, what is the bank policy on deposits made where they give a receipt then state there was a bank error. My take is they should give us credit, for the 100 considering we were non informed immediately. If we were informed we could have addressed the issue with the other bank right at that moment”. I stated calmly realizing that she was a powder keg of anger.

She said she had been on the phone with them bank ever since I’d left. She said that it was my banks fault for given the counterfeit bill. She also said that her bank said that there was nothing they could do about it. She spoke to the branch manager of bank 2 (her bank) and they supported what the teller stated. My lady proceeded to call the bank closer to our home. The branch manager gave the Regional VP’s contact information. The regional VP was in charge of everyone and could rectify the situation.

What we did to fix the issue with the funny money: Who was at fault with the Counterfeit Cash

I spoke to my bank about the issue. Just as I expected they stated that they have a machine that counts the money before they give it to the customer. They mark all the cash with a marker to ensure that the money is legitimate. If they some home miss something, they still count the money in the automatic counter. The machine will reject any money that is not real cash. Big picture, they felt that the counterfeit cash issue was not theirs to address. The funny money was found at the second bank. So the second bank must deal with it. Even more so, they stated if it had been found immediately, they could perhaps see the issue. But at this time it was hours later. The first bank was not willing to take responsibility for the second banks error in judgment.

Armed with the knowledge that the first bank would do nothing, we pushed forward with the regional VP of the second bank. We spoke to him and they understood the issue. The did state that it was bank policy not to give credit for counterfeit bill. The VP also stated that is was standard policy to have the matter refereed to the FBI. However, because of the strong banking relationship with our local branch the VP was authorized to give us credit for the $100.

We spent about 6 hours dealing with this issue between us both. I spent most of my time burning up cell phone minutes. At the end of the day, it was worth every penny. I now know what the bank policy is on counterfeit cash. It was a blessing to be able to learn from this experience. I also keep a bill highlighter with me to check them my self. Just in case someone tries any new funny money business, we are watching.

Best Car Loan Terms – Negotiate and Save

Emery

When shopping for a car at dealerships people need to be careful about the purchasing process to make sure that the best deal is obtained. Car salesmen are in the business of selling vehicles in order to make money and they do that by getting buyers to pay the highest possible rate for the car they want. In order to purchase a vehicle and get a great loan agreement, you have to take the right steps.

First shop around. Don’t get your heart set on one particular car if you want the best terms. There are many dealerships around with similar cars that can be purchased with better loan conditions and for a lower price. Know what the prices are at other car dealerships. If you can show a salesman that the same vehicle is for sale for less money at another dealership then they will probably match or beat that price. Also, be sure to know what the book value is for what you are trying to buy. Don’t listen to garbage about how blue book value isn’t accurate or that they base their trade-in offer on what price they can get your car for at an auction. Be firm in the price that is expected for the trade-in value and leaves if it is unacceptable. Although, a Wells Fargo Personal Loan is a great way to consolidate high-interest rate balances that you can go for. You can use this personal loan to pay for your dream car without paying too much interest rates.

Once the cost has been negotiated on the vehicle of choice then begin the search for the best loan terms possible. Car loans can be obtained from the place of purchase from private lenders like banks and credit unions. Sometimes the dealer has the best interest rates and loan terms because they have a high volume of inventory that goes through the lender so the lender offers them great deals on loans for their customers.

Also, check credit unions and banks for the best loan terms. Look on the internet and see if other lenders are interested in your loan. Once all of the offers are in, compare them and choose the best one. Tell the salesmen that you are comparing the best loan terms and they may be able to put a better deal on the table. Often, dealers get kickbacks from the loan companies which makes it worth it to them to keep your loan in house and give the best terms.

Be ready to walk away. If you do not get the price on the car or the loan terms desired then walking away may be the best option. There are always other cars out there that can be bought for a better deal. Many times the salesperson will even chase after customers once they realize that they are really leaving and then a lower price or better loan terms may be offered so that the deal does not fall through.

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