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Is It Possible to Avoid Closing Costs When Selling a House?

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When selling a house, the goal is to minimize closing costs to maximize revenue. Taking these closing costs into account will help you to sell your home for the most amount of money possible.

It isn’t possible to completely avoid closing costs when selling a house. However, it is possible to minimize costs associated with transfer taxes, HOA transfer fees, capital gains tax, property tax, agent commissions, and pre-listing commissions.

 

Several hidden costs can add up and make selling your home much more complicated than it needs to be. Here are several creative ways to mitigate their damage.

 

Agent Commission

Most sellers opt to hire a real estate agent to help sell their homes. When you hire an agent to sell your home, they will take a commission based on the total sale price of the house. It usually ranges from 3% to 6%, depending on the current state of the market. To reduce this cost, you should shop around for a real estate agent with a lower commission or consider selling the home yourself.

 

A few percentage points may not sound like much, but realtor commissions make up the majority of seller closing costs. For example, 5% of a $500,000 home sale is $25,000 in commissions paid by the seller. Certain scenarios don’t necessarily require you to work with a real estate agent. If you’re trying to sell a house to your friend, you don’t need a realtor to help you find other buyers. Of course, make sure that you are confident in your friend’s interest in buying your property. Ideally, you should get a written offer from them and hire a real estate attorney to review the document. Selling your property to a friend can help you avoid expensive realtor fees and save money on closing costs.

 

Pre-listing Inspection

Most real estate agents will recommend that you have your house inspected before putting it on the market. This helps identify any problems and address them beforehand. pre-listing inspections are a great idea because they will ensure that you don’t get surprised by any last-minute costs. Inspections can be performed by a third-party company specializing in home inspections. It will cost anywhere from a few hundred to a few thousand dollars, depending on how thorough the inspection is. It is better just to pay this cost upfront so that you don’t get saddled with last-minute expenses that will strain your resources in the long run.

 

Transfer Taxes

Transfer taxes are based on the value of your home and are paid when it changes ownership. Transfer taxes can range anywhere from 1% of your home’s sale price up to 10%, depending on where you live.

Transfer tax is tough to avoid unless the buyer offers to cover it. When selling a house to an investor, they will sometime offer to cover this closing cost to sweeten their offer. Calculate your total costs to sell your house before officially getting to the closing table to know where your bottom line stands.

 

Prorated Property Taxes

Prorated property taxes are calculated based on how much time remains before the end of the year in which the property changes hands. Just ask the buyer to pay for their proportionate share of the taxes based on when they took possession of the property. You’ll have to send them a copy of your tax bill and get an agreement signed by both parties before closing.

 

Capital Gains Tax

If you’ve owned your house for less than two years or if you have other rental properties, then this will apply. It works out to 15%-20% of any profits from the sale of your house, depending on if you have owned it for less than 1 year or more than 1 year. To reduce this tax, try and hang onto your home for at least a year to reduce the percentage of income that you will pay. However, make sure that you take into consideration the expenses that come with owning a home during that holding period. You will still come out of pocket in some capacity when keeping your house instead of selling it. Determine if your holding costs outweigh the closing costs you’d pay when selling your home.

Marriage and Money: 4 Tips for Financial Bliss

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The stress of paying a mortgage, getting money together for a vacation, creating a college fund for the kids…with so much financial stress to cope with, it’s no secret that money is one of the top reasons why couples fight. If you’re constantly arguing with your partner about money, you’re not alone and the good news is that, with a little understanding and communication, you can get on the same page and start enjoying a happier, healthier relationship. The following are some tips for financial bliss when you’re one half of a couple.

Have a Not-So-Secret Stash

Our advice here is to set up a ‘mad money’ account. A mad money account has cash that each person in a couple can spend without having to check with their partner first. Wouldn’t it be nice to buy a new handbag or a new part for your car without having to justify the purchase to your partner? The fact that it’s not a secret stash means that you both don’t have to ask/answer questions about the cash that comes from that account.

Open Up Communication Channels

Communication is key in every aspect of a successful relationship, but it is especially important when it comes to finances. By talking about money, you will know exactly where you both stand and you can align your goals for the future. Whether you want to build your dream home or go on vacation, if you’re both on the same page about saving and spending, you’ll be more likely to achieve your goals. With open communication, you can also work together to make financial decisions that are best for both of you.

Don’t Hide Debt

You may be tempted to keep debt a secret from your partner. Hiding your credit score and loan repayments might seem like the right thing to do but it’s a big mistake. If your partner finds out that you’ve been hiding debt, it can damage the trust in your relationship. Trust is essential for a healthy relationship, so it’s important to be honest about your finances from the start. As you grow together if you are trying to grow your net worth as a twosome, debt can hinder that if it is not managed properly. Setting the common goal of eliminating debt can actually bring you both closer and teach you effective problem-solving strategies as well.

Align Your Priorities & Goals

Couples who are serious about their relationship need to be on the same page when it comes to financial priorities. This means having regular conversations about money, setting common goals, and creating a budget that works for both partners. It means co-signing on a personal loan if you are taking out credit to cover expenses you will incur together. Thinking of taking out a personal loan so you can make renovations to the home where you’re both renting? It should be a joint responsibility. Or do you both want to take out a personal loan to go backpacking to Asia? Again, it should be a joint responsibility. If you don’t have the same priorities and goals as your partner, arguments about debt and spending will start to wedge a split between you that could, over time, become a much more serious problem.

Cost vs. Value: How to Choose the Right Degree for Your Finances

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Paying for college is one of the biggest commitments you can make, but it’s also one of the most essential. Many wonder whether they can even find a job without a degree. While there are still ways to earn a decent living through trade school or freelancing, degrees give you far more than just job opportunities.

A degree prepares you to enter your industry with the knowledge and skills necessary to thrive. You also position yourself as a dedicated, trustworthy professional who is more likely to attract employers or even their own clients. Setting yourself up to increase your net worth over time and for a successful career doesn’t have to cost you six-figures, though. In fact, the flexibility of today’s degrees makes it easier than ever to protect your finances while furthering your education.

What Type of Degree Do I Need?

The level of education you pursue is most largely impacted by your goals. Some jobs have strict educational requirements, like mental health counselors and veterinarians. Other fields are more flexible, and you can enter them with an undergraduate or even an associate’s degree. Before you decide what to study or what type of degree to pursue, think about where you see yourself in five years. Do you have a specific career in mind, or are you more interested in a general field?

Those who have a specific career goal can research job listings to see what employers are actively looking for. Then, you can choose a program that will give you the perfect credentials. On the other hand, you may find that just choosing a major is enough for you to start your studies. You may begin by pursuing an associate’s degree, then move on to a bachelor’s if you want to expand your horizons even further.

Is an Associate’s Degree Worth It?

Because bachelor’s degrees are standard in the modern workforce, those who pursue an associate’s may feel like they’re wasting money on a program. However, most associate’s programs prepare you for a specific job that you can start working immediately after graduation. Unlike a four-year program, an associate’s degree gives you highly specific skills training for careers like a dental hygienist, paralegal or law enforcement officer. The cost of an associate’s can be 50 to 70% cheaper than that of a bachelors. Depending on your school and the program, you may be able to pay as little as $3,000 per year in tuition.

How Much Should I Pay for College?

Every student’s comfort level is different when it comes to debt. Some are willing to go any length to get the degrees they want while others are okay with a trade-off. In general, the average student has roughly $40,000 in student loans by the time they graduate from an undergraduate program. You may be able to offset this by exploring alternatives to federal student loans. Scholarships and need-based grants are free, and private student loans are diverse and flexible. You can borrow student loans from a private lender to fill gaps that aid does not cover, or to get better interest rates.

Choosing the Right School for Your Dreams

No matter what you decide, make sure to take time exploring different schools. While price is important, it’s not the only factor worth considering. You should also consider the faculty, student body, opportunities and career options you’ll have by attending a particular institution. Be sure to reach out to each school’s financial aid office as well. They can help you break down tuition, find better financing options and get the most out of your investment.

Steps For Making Money Online

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Have you decided this is the year when you’re finally going to start earning money online? If so, your timing is excellent, because 2022 promises to be a major growth year for e-commerce businesses of all kinds. Step one, however, is to choose the field that is most suited to your skills and preferences. Deciding on the main kind of work you’ll be doing should be priority-one, so expect to spend at least a week, and several hours per day, investigating what’s out there and what you might enjoy doing to earn regular income.

After that, having the right education is perhaps the single most important factor of all. Many business schools, for example, now offer graduate degrees that focus on e-commerce and entrepreneurship. Other valuable ingredients for online success include patience. It can often take up to six months before e-businesses show a profit. You’ll also need the right equipment, high-speed internet connections, a versatile smart phone, and an office space to accommodate your new job. Start networking now with friends and professional contacts to gather ideas and get started. Here are more details about each step of the process.

Obtain an MBA Degree in E-Commerce

A graduate degree, particularly an MBA (master’s in business administration) is one of the most valuable tools you can have when beginning an e-commerce enterprise. The best part is that students can choose elective classes in MBA school that teach advanced techniques for running e-commerce, startup, and small businesses. But paying for a grad degree can put a strain on any budget. That’s why many prospective MBA candidates turn to private lenders for student loans that cover all the costs of a master’s degree in business. Not only do private loans come with realistic payback schedules, but you can significantly improve your credit score just by making on-time payments.

Get All the Technical Equipment You Need

To run your own online business in an efficient, profitable way, it’s essential to acquire the appropriate equipment. Once you decide on a particular niche, be sure to get a computer that has the power, speed, and memory your new business needs. Many people discover that all they need to do is upgrade the system they already own, while others need to do more.

Be Patient

Online businesses take time to get going. This is especially true if you intend to sell higher-priced products, like computers, or services, like consulting or tax planning. Be certain to have a large enough financial reserve to sustain you through at least six months after launch. As long as you don’t expect profits to start pouring in immediately, you’ll be better equipped to handle the slow growth of the typical e-commerce company. Resources like business coaching can help you develop your patience and fill those anxious moments with productivity rather than chaos.

Network and Keep Meticulous Records

Solo entrepreneurs need to keep detailed financial records because tax reporting requirements are specific and precise. Never assume that your bank statement will be enough. Maintain files for all transactions from day-one. Plus, start building a professional network from the minute you decide on what your new company’s niche will be.

What traders need to know about how the stock market works?

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There is a lot of chatter about the stock markets as some of the popular indices in the world are trading at or near all-time highs. For the past year, an increasing number of retail traders have joined the financial industry, aiming to take advantage of the volatility using derivatives such as CFDs.

Some concerns related to a slowdown in global growth are now emerging on the back of rising COVID-19 cases and diminishing fiscal support, which could create an environment where stock markets start to head south as well. Regardless of the outcome, there is an audience wanting to know the basics of how the stock market works and this article will provide more clarity.

What is the stock market?

The stock market is a place where private companies can go public. Basically, these entities sell shares to raise funding and once that’s done, the stock becomes liquid, its price fluctuating depending on several important factors.

At the same time, public companies need to comply with regulatory standards and release details on their activity (balance sheets, income statements, earnings, etc.) on a regular basis (once a quarter).

Using the stock market, companies can raise funding and continue to expand their activity, while retail traders and institutional investors can take advantage of price movements. Learn more about stock markets through a professional like The Motley Fool.

Why do prices move?

Due to the usage of trading apps like easyMarkets, there is a stronger involvement from the retail side in the stock markets. Also, the abundant liquidity in the financial sector has facilitated a rally that continues to expand, despite several setbacks along the way.

All this means is that stock prices change based on demand and supply. When market participants are confident in a stock or other financial instrument listed, they choose to buy, and as the demand increases, so does the price.

In the opposite scenario, deteriorating risk sentiment, poor earnings, or other negative news can put pressure on a stock price, because in this case, demand is dropping while supply is increasing as market participants liquidate their exposure.

Listing methods

Initial Public Offering (IPO) is a popular method used by companies to go public. This is a form of equity financing, where a percentage ownership of a company is given up by the founders in exchange for capital, as opposed to debt financing, in which entities issue debt to raise capital to conduct their daily operations.

Recently, direct listing is another method used by private companies to become public, mainly because it cuts out the underwriter and the fees that come with it. In this case, existing shares are offered to the public, as opposed to new ones being issued (as is the case with an IPO). UiPath is one of the notable names that used direct listing in 2021 and thus far, the stock has had a positive performance.

The bottom line

To conclude, the stock market is a place where companies can become public, while also following strict guidelines and operating transparently. Retail traders can take advantage of the price movements of stocks listed, aware that there are risks involved and they need to have proper knowledge and techniques.

How to Lower Business Expenses Without Compromising Quality

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If you simply think about cutting expenses alone, then you’re going about conserving your funds in the wrong way. In addition, you’re likely to create headaches for yourself, such as damaging your brand image and disrupting the quality of your products and services.

A smarter way to cut your business expenses is to reorganize your business to make it more efficient and productive.

When you look at lowering your business expenses systematically, you’ll notice something interesting: this approach not only improves cash flow but also improves the quality of your business operations.

Naturally, the better you run your business, the more money you will make and the faster it will grow.

The key idea to keep in mind here is this: if you can cut your business expenses strategically, you’ll improve the quality of your business.

Some rather straightforward ways to do this include outsourcing technical work, increasing the efficiency of business operations, and decreasing overhead costs by identifying and eliminating waste.

Let’s take a closer look at these various options.

  1. Outsource technical jobs.

You don’t always need to hire full-time or part-time people for everything. You can outsource some of your work. Certain work, specifically technical work that can be done online, could be delegated to independent contractors.

You can save a considerable amount on your labor costs by hiring people from all over the world. Many are subject matter experts at the technical work you need to get done.

Consider using global employment services to find workers overseas. They will find people with the technical skills that you need for high-quality work. Often, you can hire someone from another country at a lower fee because of the economic discrepancy between different countries.

Start outsourcing in a small way to familiarize yourself with the process.

To ensure high-quality work, don’t simply hire someone because of the lower cost of hiring them. You also need to screen them. Do they have the knowledge and skill you need to get the job done quickly and well? Carefully review portfolios of promising candidates and ask for samples of their best work.

  1. Improve the efficiency of your operations.

You may be wasting more money than you realize on inefficient operations. Review your most important business operations and brainstorm ways that they could be done quicker, cheaper, and more efficiently going forward.

Here are some examples of what to review:

* Compare the price of the different vendors who supply the goods or services you need to run your business. Is it possible to switch vendors? You may be able to get the same or similar goods or services at a lower cost.

* Notice if you have too many unnecessary steps in some of your business processes. This could be a waste of time and money. Is it possible to streamline this business process?

* Evaluate the productivity levels of your staff. Is it possible to boost productivity by providing in-house training? Although this would initially increase costs, a more skillful team will do everything better and faster. This, of course, will improve profits.

  1. Reduce wasting money on unnecessary overhead costs. Your business may be spending more on overheads than necessary. Do a line-by-line analysis of your overhead costs to detect waste that you can either minimize or eliminate. For example, perhaps energy costs may be unnecessarily high because you are using antiquated lighting systems or your trash collection could be changed to bi-weekly or monthly because you focus on additional recycling and sustainable kitchenette and bathroom products at the office.

Think of ways to go green. For example, by getting solar panels installed, you could dramatically reduce all your energy costs.

Besides improving energy efficiency, there may be many more instances when you overlooked creeping costs. For example, you may never have taken the time to notice how much money you were throwing away on things that you didn’t need at all.

The Bottom Line

When you tally up how much money you save by taking these three steps, you might decide to review your business costs quarterly.

If you don’t periodically monitor creeping costs in a variety of things–things like labor efficiency, supplier pricing, and wastage–then you will be increasing costs and reducing profits.

Rockville Advisors Reviews: The Benefits of Debt Consolidation

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Are you living your life owing money to multiple creditors? Having this kind of debt to various people will cause a lot of stress, anxiety, and depression. It feels overwhelming because you probably don’t know where to start, but it doesn’t have to be this way. When you are struggling with debt and you don’t know what to pay back first, how much you need to pay, and what will help you overcome debt in a reasonable amount of time, you should look into working with debt professionals. Rockville Advisors can help you get out of this hole by working with you to consolidate your debt.

Debt to multiple credit entities is confusing, annoying, even terrifying. Putting your debts into place will help you get a handle on what you owe and pay it back as soon as possible. Rockville Advisors reviews will offer a clear perspective on what to do when you have no idea what your path should be.

Who are the Rockville Advisors?

The company Rockville Advisors is a financial firm that specializes in debt. They help clients pay back what they owe by working with them to consolidate their debts. Reviews on Rockville Advisors not only provide a new perspective that will give you the peace of mind necessary to go forward, they will put together a plan that’ll help you pay off debt. When you work with financial professionals like Rockville Advisors, you’ll find some of the best debt consolidation options out there. Consulting the professionals will inevitably lead you to Rockville Advisors debt consolidation.  

What is Debt Exactly?

Debt is when you have taken out a loan of some kind and you haven’t paid it back yet. If you don’t have the money to pay what you owe back, you will have to make payments. The longer you go without paying it back, the higher your interest rates will be. You will pay more. Debt is something you owe to someone else, you won’t be able to get rid of it and raise your credit score if you don’t pay it back. That’s why a lot of people look into debt consolidation for bad credit. While no debt is good, a lot of it can have you spinning out of control.

How Much Debt is Too Much?

Debt becomes a big problem when you have high outstanding debts to multiple creditors. While it may seem counter-intuitive, a debt consolidation loan can help you get a handle on what you need to pay back every month. When you have a lot of debt, it gets more and more difficult to beat. If you are wondering how to consolidate debt, any amount is too much but you can work on it with professional consultants. With reviews on Rockville Advisors, they provide avenues to get out of debt.

How Do I Get Out of Debt?

The best way to consolidate debt is to work with the people who understand it the most. Rockville Advisors provide the knowledge and understanding to give you a path forward. They will show you what you should pay off immediately, what you should consolidate, and how much you need to pay every month to get on top of your debt.

While it may include a debt consolidation loan, your credit score will not improve if you can’t pay off what you owe. It will take a dip at first, but then you will be able to raise your score and work towards financial freedom. With the right help, you’ll have the opportunity to get through this and work towards true financial independence.

Why Should I Consider Debt Consolidation?

You should consider debt consolidation because it is likely what you need if you have multiple debts to creditors. It is very difficult to get out from under debt on your own, contacting the professionals who can not only provide a clear path but offer you care and support that you need during this time. You’ll be a lot better off with people in your corner who understand debt and the consolidation process because you will have real guidance and people who know what needs to get done.

How Do Debt Consolidation Loans Work?

Debt consolidation loans are loans that you take out to pay off small debts. You will be taking out a larger debt from a single creditor instead of having to pay multiple entities higher interest rates. This gives you the opportunity to overcome your debt by lowering the amount you owe.

However, it is very important to keep up with payments and never pay the minimum. But don’t fear there is also the benefit that you will have a single monthly payment. When you strike the balance between what you can afford and what you absolutely have to pay to make progress, you’ll be able to pay back debt and feel good about it.

Changing your mindset is so important. If you are going through debt that you can’t get a handle on, you need someone to show you that it is going to be okay. When you have a concise plan that works for you and your financial situation, the stress will be alleviated and your anxiety will go down. You will feel better and feeling better is crucial to seeing progress and keeping up with your payments.

How Can the Rockville Advisors Help?

The Rockville Advisors don’t just offer expert guidance when it comes to your debt consolidation plan, they will give you the peace of mind you need. They will show you understanding and care. The path forward will show you that you can do this if you stick to your payments and do your best to pay off what you owe every time you have the money.

A company like Rockville will keep you accountable but they will also be nice to you. They will empathize with your struggle and tell you everything is going to be okay. You will get better with their plan and guidance. Don’t let debt take over your life, get started today. 

How To Regain Control Of Your Finances Amid The Pandemic

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Who knew the global health crisis would have such a negative impact on personal finances? Close to a year after the coronavirus pandemic started, many people are hanging on by a thread. As if being self-sufficient in America wasn’t already strenuous, reduced hours and unemployment only added to the problem. Government assistance (though better than nothing) is minuscule compared to their rising expenses, leaving many to make poor financial decisions to survive.

Emergency savings and retirement accounts are all but tapped out. Robbing Peter to pay Paul has become the concept for paying bills. Credit cards (that you don’t have the means to repay) seem to be the only way to handle medical expenses, utilities, and groceries. Though these practices provide temporary relief, they come with consequences that will take years to recover from.

Turning Things Around

Though the coronavirus pandemic continues, failure to get your finances back on track now will only lead to more significant problems down the road. As difficult as these times are, you can start taking steps towards turning things around. Continue reading to learn more.

Take Advantage Of Assistance Programs

The stimulus package isn’t the only form of assistance available to Americans struggling amid the pandemic. If you haven’t done so already, look into other financial assistance programs. Whether you’re having a hard time paying your mortgage or you can’t afford groceries for your children, you’ll be surprised to learn that there are several options for those in need. Even if you’ve been turned down in the past, many programs have altered their eligibility requirements to accommodate those affected by the pandemic. The best thing you can do is apply as any assistance is better than none.

Re-Evaluate Necessary Expenses

One of the first things you learn about maintaining financial stability is being mindful of your spending. By reducing or eliminating unnecessary items from your budget, you can free up cash to use for essentials. As hard as you try, however, there are some costs you can’t (or shouldn’t) get around. For example, allowing your car or life insurance to lapse could leave you or your family with a financial burden in the middle of a pandemic.

Though these things are crucial, you don’t have to break the bank to have them. Review your necessary expenses to determine if there are ways to save money. Comparing insurance providers and using tools like a term life insurance calculator could help you find a more affordable policy. Using coupons or sales flyers when shopping for groceries can take quite a bit off food for you and your family.

Start Generating Cash

You may have a hard time finding a full or part-time job at the moment, but there are still opportunities to generate some extra cash. Whether it’s a few bucks or several hundred dollars, it can go a long way in helping you cover expenses, pay down debts, or boost your emergency savings. You can have a yard sale, help seniors in your neighborhoods with odd and end tasks, become a rideshare driver, deliver groceries or takeout, answer surveys, or start a small business.

Consider Downsizing

If you’re in dire straights amid the pandemic, you may need to consider downsizing. Although not an ideal solution, it may be the only way to regain control of your finances. Review the equity in your home and the housing market to determine if selling would be lucrative. If necessary, move in with relatives or find an affordable place to rent. If you have a car you’re still making payments on; perhaps you should trade it in or sell it and use public transportation.

If you’ve made ineffective financial decisions amid the pandemic to survive, you’re not alone. Millions of people felt they had no choice. If you’re going to avoid the substantial consequences that come with making these decisions, now is the time to start. By implementing the strategies suggested above, you can begin the process of regaining control of your finances amid the pandemic and beyond.

What to Know Before Filing for Bankruptcy

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Filing for bankruptcy is nothing to be taken lightly. In doing so, you’re asking the court to get involved in your finances, something most people would rather avoid. What’s more, once you’ve filed, there’s no going back. Given the consequences of bankruptcy – some good, some bad, but all significant – those considering this option have an obligation to themselves and others to weigh all factors before making a final decision.

While the decision to declare bankruptcy is ultimately yours to make, the following are some useful things to know before making a choice one way or another:

The choice of a lawyer is important

It’s possible to file for bankruptcy and succeed without the help of a bankruptcy lawyer. However, it’s not easy and it’s likely to lead to a less desirable outcome. With that said, picking an attorney to handle your bankruptcy filing takes more than hiring the first name you see in a Google search.

For one thing, it’s imperative to read between the lines. Most of their advertising and outreach will focus on potential clients’ financial problems while skipping over their experience and qualifications. If the bankruptcy lawyer marketing you see includes several indicators regarding skills and insights, put that name in the “maybe” pile. Follow up with research and careful reading of online reviews.

Once you’ve amassed a short list of contenders, call and arrange for a meet and greet. Most bankruptcy lawyers will agree to a free first-time consultation. This lets them get a sense of your situation while you get a sense for the cost of their services.

It’s harder than it used to be

Article 1, Section 8, Clause 4 of the United States Constitution explicitly defines the federal government’s all-encompassing role regarding bankruptcy law. In other words, the federal government gets the final say on how bankruptcies work across the entire country.

As a result, Congress occasionally updates and overhauls the bankruptcy code. The most recent changes occurred 16 years ago with the passage of the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005.

Simply put, if your existing understanding of bankruptcy court is based on events experienced prior to 2005, you’ll be in for a surprise if filing in 2021. As the name suggests, the law was passed to prevent abuse of the bankruptcy system. Filing has become harder and more strenuous.

Not everything gets discharged

One of the first things a lawyer will tell you is that certain debts are resistant to the bankruptcy process. That means it’s possible you won’t walk away from bankruptcy completely free from debt.

For example, student loan debt will linger after filing for bankruptcy. The same goes for unpaid taxes, alimony, child support, and monies owed based on civil court rulings.

You can keep your house

Homeowners who choose to file for bankruptcy can rest assured they probably won’t be forced to leave their house. The current bankruptcy code is designed to let people keep their homes.

With that said, some folks may be subject to eviction due to bankruptcy filings. Those behind on their mortgage payments, or those occupying a secondary dwelling in addition to their primary place of residence, will run the risk of their properties being seized to satisfy the demands of creditors.

The decision to declare bankruptcy is a significant one. Nobody should ever go forward with filing for bankruptcy without first considering the implications and consequences.

Effective Ways to Lower Expenses in 2021

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Saving money is often one of the number one goals and resolutions when going into the New Year, and the start of 2021 is no different. Although there are a variety of ways to save money, some are more practical than others. Rather than go to extremes and set oneself up for failure, there are a few things that almost anyone can do that will help save money regardless of income or financial situation, and they are much simpler than most would think.

Find Cheaper Car Insurance

Car insurance is a necessity that cannot be eliminated from the budget. Failure to maintain insurance on an automobile will have several legal repercussions. However, there are ways the consumer can save, namely by obtaining various quotes, especially those done anonymously. The advantages of an anonymous auto insurance quote online include saving money, a faster process, and no obligation to buy any policy. This makes it possible to find the type of plan needed at a price that the consumer can afford.

Audit Subscription Services

Subscription services are a common money trap that can cost the consumers hundreds a year. Almost everyone is guilty of it. Whether it be a gym membership, an application for a phone, or other service, people tend to forget about them. That money adds up more quickly than one may think. For example, a $10 monthly gym membership that is not being used is costing the consumer a minimum of $120 annually before any taxes or fees. Those who have more than one unused subscription service may be throwing their money away.

Keep Energy Costs in Check

Electricity and water are also necessities to consider. However, that does not mean the homeowner has to pay an arm and a leg. There are ways to save on utility costs without taking drastic measures. Something as simple as turning the thermostat down one or two degrees or keeping the home cooler while away can significantly impact the usage. Not using a light or charger? Turn off the light and unplug the charger. Energy-saving lightbulbs and small appliances are also an affordable and convenient way to save too.

Evaluate Banking Costs

In this day-and-age, there is no need to pay outrageous costs for banking. Just like auditing subscription services, audit bank account fees. This can also include credit cards and other bank loans as well. There are a variety of no or low-cost banking options available. Your current bank may even wave some charges based on things like paperless statements. Going through financials with a fine-tooth comb to look at fees, surcharges, and interest rates and comparing them to other institutions is necessary.

Stick to a Budget

This one may be one of the oldest and most clique ways of saving money, but it is one of the best. Creating a budget and sticking to it is one of the simplest ways to save money. Despite popular belief, budgeting is more than merely figuring your expenses and allocating your money. Good budgeting consists of planning where every dollar goes before it hits the bank account. It can show where the money is being spent unnecessarily and where changes can be made. The more aware one is of spending, the more wisely they can spend.