Unsecured LoansAnother large garage bill makes you wonder if it`s really worth spending any more money on the car. It has reached the time in its life when it`s started to cost you in upkeep and a newer model might prove to be less bothersome. With no savings to speak of you might be considering one of the
Unsecured Loans that a price comparison site has pinpointed for your needs. You looked at the
Unsecured Loans a few months ago but haven`t done anything about it since. Using the website that searches for low cost loans is easy as you simply enter the loan amount that you are interested in, the time period that you need it for and the purpose of the loan. The company will also need your employment status and some information about you. An initial assessment will take place for the best quote available and once the loan comparison sitee has found the best quote, they`ll be in touch with you. Think about the type of car that you could get with one of the
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Article01.htmlMany people in the UK, in fact as many as one in three UK taxpayers have paid too much tax!
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For most people of course, bankruptcy is very much a last resort, to be considered only after all other debt consolidation and debt reduction options have failed. Even so, the new bankruptcy laws passed in 2005 mean that filing for bankruptcy is now much more complicated, and for many people much more expensive that it had been before the new laws went into effect.
Just what has changed?
Perhaps the biggest change that was instituted in the world of bankruptcy laws is the introduction of a two part means test. The results of this means test are used to determine which of the two forms of bankruptcy the individual must use.
The first part of the means test uses a formula to find out if the individual can afford to pay at least 25% of the non-prioritized unsecured debt that is owed. This non-prioritized unsecured debt includes debt such as credit cards. The formula takes into account and exempts necessities like food and rent, but it can be fairly restrictive.
The other part of the new means test is to compare the income of the bankruptcy filer to the median income for his or her state. Those who are found able to pay back at least 25% of the unsecured debt they owe, and whose income exceeds the state median, will be required to file for bankruptcy under the more restrictive Chapter 13 law, and they will be ineligible for the more generous rules of a Chapter 7 filing.
What?s the difference?
There are considerable differences between the two forms of bankruptcy filing, and the difference can add up to thousands of dollars. With a Chapter 7 bankruptcy filing, the debtor has all of his or her assets, except for those which are exempted by the state, liquidated, and the proceeds are used to pay off the creditors. If the amount of debt exceeds the proceeds of the assets, the remaining debts are cancelled, leaving the creditors holding the bag.
With a Chapter 13 bankruptcy filing, on the other hand, the debtor is required to complete a court mandated payment plan, lasting up to five years. Any debts that have not been repaid by the end of that predetermined period are cancelled.
As you can see, the Chapter 13 bankruptcy filing is quite a bit more restrictive, and it typically means that a greater percentage of the total debt must be repaid. It is important for any debtor considering a bankruptcy filing to look at his or her own situation, and apply the means test to determine which filing status he or she is likely to fall into. Being an informed consumer has never been more important.
Brooke Sikula is a freelance writer based in Ventura, CA and writes on a wide range of topics from home improvement to credit repair and everything in between. She is a regular contributor to http://www.loan-mortgage-auto.com and http://www.home-improvement4u.com For more information and advice on credit issues, check out http://www.credit-card-faq.com
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