Category Archives: Bankruptcy

5 reasons why your loan application will be accepted

loan-application

loan-application

When you apply for a loan, it is important that you have a professional looking financial statement that will help you in getting your loan reviewed and approved quickly. Lenders don’t want to go through a lot of paperwork don’t figure out whether you can be approved for a loan or not. Prepare a precise and good looking financial statement and submit it ahead of your loan application.

1) Building instant credibility

a) A good financial statement prepared by you will be given more value in comparison to other loan applications.

b) It will also show that you have a better understanding of your finances and have perfect control on it.

2) Professional look

Most of the banks or lenders will ask for a personal financial statement from you. They will give you a form that you need to fill in by hand and submit it. That often looks terrible. It is a good idea to prepare your own professional looking document and submit it ahead of your loan application for a quick review, along with the other supporting documents.

3) Quick Application review and answer to the application

Once you submit the form, you need to know at the earliest whether your loan application got approved or rejected. Many investors and business owners do not want to waste their time waiting for the answer.

The bank or the lender after reviewing your application will be able to get back to you very quickly as because you submitted all your information into a 3 to 4 page format with a 1 page summary sheet of your financial picture. If you submit 30-60 pages application form, its going to take longer time to review it and there are more chances that the lender will not give it that much importance because he has to dig through many pages. When you apply for a loan, you need to be very precise with your information submitted on the application form.

Before applying for the loan application, submit your financial statement and then wait for the lender to get back to you. It will be waste of time sending all your supporting tax returns, bank statements, pay stubs if your loan application did not get approve in the first place as per your financial statement.

It is important that you prepare an accurate financial statement. All the information put in the financial statement should match the records in your tax returns, bank statements, pay stubs etc.

4)  Lenders and banks love to see proper documentation

Banks will save a lot of their time by going through your proper financial statement.

They will tell you in a short period of time whether your loan application was approved or not.

5) Who needs these loans?

Business owners need loan for financing.

Real estate investors and home buyers need loan for the purpose of buying a home.

Franchise applicants.

Real estate agents need loans to give their investors

Or anyone who wants to achieve their financial goals will need such loans.

Beginners guide to Option Trading

 

option-trading

option-trading

If you are pursuing your career in stock trading, you should know all about Options Trading. With the help of a Stock Option, you get the rights to trade, which means you are able to sell and buy stocks at a given price and at a given period of time.

In the process of trading, you don’t sell the shares of stocks but just its rights. It can be quite risky because a trader makes a lot of profit from this business. When you start as a beginner, its important for you to know that there are two kinds of options. One is called Puts and the other one is called Calls. A Put option is the contract that gives the owner the right, but not the obligation to trade a stock at a price before the agreed time expires. A Call option gives the holder or bearer the right to buy stocks.

Options trading guide is also called Derivative guide since the value, which is based on an underlying stock or equity, that is to be traded is derived from something else. The index option in it works pretty well like the stock option that the derivative is also an index. It requires a contract because the Options are securities like stocks or bonds.

Beginners should also know that there are 4 participants in Options trading namely the buyers or holders for Calls and Puts and the sellers or writers of the Calls and Puts. It is important for you to know the difference between options and Stocks. Both are similar in many ways because they both have buyers who is bidding and sellers who is making offers. Both can undergo the process of buying and selling like any other form of security. The only difference between them is Options are derivatives that has an expiration date while stocks do not have limitations.

How can one liquidate his Option? You can do so through closing buy, closing sell or abandonment and exercising. The right time to liquidate is when the premium that is left costs lesser than the costs of the whole transaction.

Don’t feel lost amidst all the Options. Do a proper research and use the tools that will help to analyze the market behavior and think sensibly on what to do if there is a movement. Stock market is a very volatile market. Prices of shares of stocks keep on changing every now and then. With the help of Options trading, you can make your profits even if the market is fluctuating on a regular basis.

The true cost of filing for bankruptcy

bankruptcy

bankruptcy

The true cost of bankruptcy is not just getting a good lawyer, filing papers with the court. You also have to deal with the stigma of having filed bankruptcy with the creditors and banks for years to come. These creditors will not be willing to offer any new credit once they come to know that you have got your debts discharged in the bankruptcy process.

When you are not in a situation to pay even pennies towards hundreds of thousands of dollars, filing for bankruptcy may be the only option to come out of these serious insurmountable debts.

Getting approved for new credit will be quite tough in the initial years after filing for bankruptcy. Creditors will go through your credit report and see how you have been handling your accounts in the past. Bankruptcy is considered to be a serious derogatory remark and most of the creditors will consider that person who filed for bankruptcy as a risk to their finance. You will have to first rebuild your credit ratings before you can get any good deals from the future lenders.

Losing your car, home and other valuable assets in the bankruptcy process can hurt your credit ratings. There are many famous people who have filed for a chapter 11 bankruptcy or a chapter 13 bankruptcy and were able to retain their car, home and other property. The cost of bankruptcy involves hiring an attorney, filing legal papers with the court and speaking to someone about your financial situation.

When you are in the process of filing for bankruptcy, consult an expert attorney for legal and financial advice. You will also have to deal with the IRS after filing for bankruptcy. You must make sure that you take a note of everything in the filing process, record the date, time, and the person you spoke to on the phone so that you are aware of every action.

It will be quite tough to get new credit in the beginning just after bankruptcy has been filed. Your life will not be completely ruined. This might be the best way to come out of your existing debts if you have tried all other options and nothing worked.

Make sure you, your spouse, and your children all know what is going on, and what will happen, since this will affect your family for some years to come. The cost of bankruptcy affects us all, in any situation.

If you are reading this article and are also a resident of the United Kingdom then you maybe able to get bankruptcy advice here.