Daily Archives April 9, 2015

Tougher Bankruptcy Laws Take Effect October 2005

Tougher Bankruptcy Laws Take Effect October 2005

by: James Dimmitt

In just a few short weeks, President Bush’s Bankruptcy Abuse Prevention and Consumer Protection Act will take effect. In a nutshell, the new law, which goes into effect on October 17, 2005, makes it more difficult to cancel your debts under Chapter 7 Bankruptcy protection. Instead, consumers will find themselves having to file for Chapter 13 Bankruptcy protection and paying back their creditors over a five year period.
Here’s a look into some of the major changes that will affect consumers choosing to file for bankruptcy after the new law goes into effect –
Qualifying – Chapter 7 or Chapter 13?
To be able to qualify for protection under Chapter 7 bankruptcy, consumers will have to face a means test. The means test determines if your household falls above or below the median income in the state where you reside. Those whose total is greater than the state median income will not qualify to cancel debts under Chapter 7 protection and will alternately have to file under Chapter 13 and pay back your creditors.
The major intent of bankruptcy reform is to require people, who can afford to make some payments towards their debt, to make these payments, while still affording them the right to have the rest of their debt erased.
The amount you have to pay back under Chapter 13 protection will be greater because instead of a 3-year pay back period, that time frame is now extended to five years – to ensure your creditors get paid.
Credit Counseling
Anyone filing for bankruptcy under the new law will be required to go through mandatory credit counseling. Be careful before choosing a credit counselor as this field is filled with people looking to line their pockets while emptying yours.
To find a trustworthy counse...

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How To Protect Requested Confidential Social Secur

How To Protect Requested Confidential Social Security Information?

by: Jinky C. Mesias

Social Security information requested by members should be treated with utmost care and must be kept securely. As much as it is the obligation and function of the Social Security to ensure the confidentiality of its members’ accounts including all personal information pertaining to their members however requested and mailed information to members no longer covers the Social Security scope of protection.
The protection of the information becomes now the obligation of the requesting member. In order to ensure the confidentiality of the requested information members may exit the browser after filling up the social security online forms. Exiting the browser after used will ensure that no other person may gain access to all your Social Security information. And to further protect your privacy as a Social Security member it is recommended that you use a built-in security features that web browsers’ provide. The used of certain security settings as well as options will ensure the privacy of any personal information. Nevertheless, the security setting on the browser varies depending on the type of browser version one is using. And for those members who have no idea on the type of browser they are using you may consult the Help files of your browser software.
But for those who wants to really ensure the confidentiality of all their divulge information, there are downloadable Social Security forms which they can download and mail to the social security address found on the form. It usually takes two to four weeks before you get to have your requested Social Security statement.
And for those who may want to call the office of the Social Security it is open Monday to Friday except 2:00 am – ...

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The United State Court System, an Eye for Research

The United State Court System, an Eye for Research

by: Matthew Abts

A Cup of Tea, Coffee, or Something Else www.quiettable.com
Whenever investigating an individual or business, one of the most basic checks is for lawsuits, criminal charges, and bankruptcy filings. But how do you research the court system? Is there one simple site to go to where you pop in a name and are rewarded with a listing of all court filings across the country pertaining to that individual? No such luck … yet, anyway! To understand court research, you first need to understand a bit about the USA’s court system.
There are two major separate court entities in the USA, the State court system and the Federal court system. The Federal court system is divided into three branches, the federal criminal, civil, bankruptcy, and appeals courts. These courts are not ‘single entities’ — there are a number of federal courts scattered across the United States, each covering a certain geographic district within a ‘circuit’. For a map of the circuits, see www.uscourts.gov/images/CircuitMap.pdf. For example, there is a Northern Mississippi district court, as well as a Southern. Cases are prosecuted by US Attorneys, who are elected, or Assistant US Attorneys, who are government employees. Regarding federal law, federal statutes are divided into sections called Titles. Title 11, for example, deals with bankcruptcy, and under that Title you will find Chapters, such as Chapter 7 regarding liquidation of a business. All personal and business bankruptcies fall under federal statutes and are dealt with in federal court, and bankruptcies make up nearly 70% of all federal court cases...

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Limit Your Liability to Protect Your Assets

Limit Your Liability to Protect Your Assets

by: J. Stephen Pope

If your business runs into serious difficulty, will it bring you down too? For example, what if one of your employees got involved in a serious car accident while working for you? Will the resulting lawsuit bankrupt you personally?
Here are just a few ways of protecting yourself against catastrophic losses and lawsuits.
1. Obtain Adequate Insurance Coverage
If someone slips on the sidewalk of your home and injures himself, he could sue you for damages. Your tenant’s or homeowner’s policy may cover you for liability in such an event.
However, what if it is your customer who falls on his way to visiting your home-based business? You will need an extra rider on your house insurance to cover such incidental business use. The extra charge for this additional coverage is well worth it.
If you use a car for business use, insure it for such. Some people think that they are being clever writing off automobile expenses for income tax purposes but at the same time not informing the insurance company that the car is being used for business.
This is false economy. If you ever get into an accident, police and insurance investigators will certainly find out that you used the vehicle for business purposes. If you’re not paying for business coverage, why would the insurance company cover your claim?
As well, what do you think an income tax auditor would think of your claimed business expenses on the vehicle when your insurance policy indicates personal coverage only? Avoid this additional exposure to tax liability.
Be sure to obtain required workers’ compensation coverage. Some have been held responsible for all the medical and other expenses of an injured worker, as well as fines for non-compliance to the law...

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Signing And Witnessing Your Will

Signing And Witnessing Your Will

by: News Canada

(NC)-Signing and witnessing is critical to the legal validity of your Will and requirements differ from province to province.
Witnesses
You and your two witnesses sign the document in each other’s presence and also initial each page.
Neither your beneficiaries (someone who benefits from your Will) nor their spouses should be witnesses.
As one or both witnesses may be called upon to give evidence as to the execution of your Will, they should be residents of Canada. It is recommended that your witnesses be younger in age than you.
In addition, a document required for the “probate” of the Will (called an affidavit of execution) should be signed and sworn by one of the witnesses, shortly after the Will is signed.
A Regular Review
Once you have drafted your Will, don’t allow it to become outdated. A Will drafted a few years ago reflects your thinking and lifestyle at that time. Consider what may have changed:

Tax laws – your Will should reflect the latest tax saving strategies.
Family circumstances – a birth, a death, or a move to a new province may indicate the need for a revision to your Will. Marriage necessitates a new Will.
Your investments – your stocks have increased (or decreased) in value. You have purchased property, acquired a work of art or started a small business.
Your wishes – you may now want to add a new beneficiary, change your Executor, or increase your support to organizations

If you do not have a Will, or if your Will has not been updated recently, perhaps it is time to meet with a lawyer and get the job done. Take the first step; call Ontario March of Dimes toll-free at 1-800-263-3463 x 383 for a free copy of ‘My Personal Organizer’ – a handy estate planning tool.

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