Recovery of Bad Debt Accounting #business #bad #debt


Recovery of Bad Debt Accounting

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Once it becomes obvious that your business is not going to collect an outstanding receivable, you make a decision to write off the debt. If your customer later pays you for the debt, you must account for the money you receive. The exact method you use to account for the recovery of a bad debt depends on the structure of your chart of accounts and the steps you took to write off the receivable.

Allowance for Bad Debt

Typically, businesses that sell on credit establish a reserve account that they can use to write off bad debts as they occur. Choosing the method of funding the allowance account depends on your preferences, the nature of your business and the amount of bad debts you normally experience. After analyzing your bad debts, you might choose to use a percentage of your total receivables or your sales as a guideline. For example, if your sales for last year were $100,000 and you expensed $10,000 in bad debts, you could reserve 10 percent of your sales each month for bad debts. Alternatively, your target could be based on your receivables aging report. You might consider 90 percent of accounts over 180 days old to be uncollectable, for example, and 50 percent of accounts over 90 days to be uncollectable. However, if you seldom sell on credit or have only an occasional small debt that you cannot collect, you can choose to forgo a reserve account if the amount is small enough to be immaterial.

Reserving Allowance

The steps to fund your allowance for bad debt account involve both your balance sheet and your income statement. On the balance sheet, you would credit your allowance for bad debt account. Impact your income statement by the same amount in your bad debt expense account. Your receivables carry a positive balance, so when netted against your reserve account, you have a clearer picture of what your outstanding collectables are. If your reserve account shows a positive balance, you have written off more than you reserved. You need to credit the reserve account and debit your expense account.

Writing Off Bad Debt

Once you decide there is little chance of collecting a debt, you can write it off. If you have a reserve account, you would debit your reserve account and credit receivables. Should your reserve account be insufficient, you would need to credit receivables for the full amount, debit your reserve account for as much as you can and then expense the remainder. If you do not maintain a reserve account, credit receivables for the full amount and debit expense for bad debts for the same amount.

Recovery of Bad Debt

If your customer pays you for a debt you have already written off, how you account for the payment depends on the steps you took previously. In simplest terms, reverse what you did. If you maintain a reserve account, this will typically be a two-step process. First, you need to return the money to your receivables account. Debit receivables and credit your reserve account, and then credit receivables and debit cash. If you operate without a reserve account and expensed the bad debt, credit your bad debt expense account and debit cash.

Effect on Income Tax

Bad debts are a legitimate business expense. Writing off a bad debt reduces your tax liability as it reduces your profits. If you recover a bad debt in a subsequent year, you must include it as income for the year in which it is received. Normally, this will not be an issue, because the recovered amount will simply reduce the amount of the bad debt expense account for the current year. However, if your expense account shows a credit balance, this indicates that you have recovered a bad debt greater in value than what you expensed. You must be sure to include this recovery when you file your taxes.

How to Calculate Debt-to-Income Ratio for a Mortgage or Loan #recommended #debt #to #income #ratio


How to Calculate Debt-to-Income Ratio for a Mortgage or Loan

What you may not know is that the way lenders evaluate loan-worthiness should not be how you calculate how much debt you can take on. In fact, the ratio matters for more than just lending. It s vital to understanding your overall financial health.

For those just learning about this important financial metric, here are the calculations:

Calculating Debt-to-Income Ratio

What is a debt-to-income ratio? It s just what it sounds like: a comparison of the amount you owe to what you take in each month. If your ratio is too high (too much debt), you re headed for financial trouble. To calculate your ratio, simply add up all of your monthly debts, including mortgage, homeowner s insurance coverage. housing taxes, rental payments, credit cards, personal loans, car payments (not including car insurance ), and child support. Divide the total by your gross income, or the amount you make every month before any deductions. The resulting number is your ratio.

Numbers the Lenders Use

During the height of the real estate investing boom, lenders were accepting ridiculously high ratios, such as the 41% allowed by FHA programs for high-risk loans. While you might survive on this ratio, you ll be eating macaroni and cheese for dinner most nights. These days, the magic number is around 36%. But even then, you need an excellent credit score to qualify.

Why Good Debt-to-Income Ratios Don t Always Work

Ideally, you should be able to put away 20% of your gross income, with 10% applied to retirement and 10% applied to long-term savings or an emergency fund. The remaining 80% is left for your taxes, loans, bills and entertainment.

If 36% of your income is going to debt (as the lenders have calculated) and 20% to savings, that leaves you only 44% of your income for entertainment and utility bills. Even a $1,000 weekly gross salary would leave you with only $440 per week, which after taxes would leave you around $300. That s all you would have for your utilities, groceries, and all the other necessities of living. For many, that is not enough, especially if you re forking out $200 per week in daycare expenses.

Most financial experts will tell you that 36% is a healthy debt-to-income ratio, but they don t take into account the fact that most families have two income earners and therefore have to pay for childcare (as opposed to families living on one income with a stay at home mom or parent ). That s why you cannot depend on the ratio used by lenders to diagnose your own financial health, and also why the ratio matters for your daily budget.

Personalizing your Debt-to-Income Ratio

Instead of following lenders protocol, personalize the ratio to better address your financial situation. For starters, deduct your health care costs right off the top. You can add back in 20% to 35% of the cost up to $6,000. Look at your credit from last year s taxes to find out what percentage you should be using. If you pay more than $6,000 per year and were given a 35% credit, then you should add $2,100 back into your gross before making your calculation.

Based on a $50,000 salary, and assuming approximately $10,000 in childcare costs (yours may be more or less), you would calculate your ratio on an income of $42,100. No matter what the lender says you can afford, you ll know that you should not spend more than $15,156, or $1,263 per month, on debts.

Based on standard industry calculations, the lender says you can afford $1,500 per month, but that would in fact put you into debt by hundreds of dollars every month. You d have to make between $57,000 and $58,000 per year to afford the loan a lender would offer. In this case, a healthy debt-to-income ratio is more like 30%. If you pay childcare expenses for even one child, you re much safer calculating your ratio between 25% and 30% when creating your personal budget.

Jessica Bosari writes for the money-saving site, The site is devoted to helping people reduce expenses, save money and find great deals. Pay Billeater a visit for more money-saving tips !


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4 Reasons the IRS Can Seize Your Income Tax Refund Money for Debt #irs #tax #debt


4 Reasons the IRS Can Seize Your Income Tax Refund Money for Debt

Believe it or not, there are several situations in which the IRS can rightfully seize your refund. Therefore, before crying foul and blaming the government for making a terrible mistake, consider whether any of the numerous reasons for tax refund seizure could apply to you.

Reasons for Tax Refund Seizure

1. You Have Past Tax Debt
If you have an outstanding tax debt from previous years, the IRS can just take your expected refund and apply it to the old debt without so much as a thank you note. It does not matter whether the debt is from last year or more than a decade ago the IRS has a long memory, and will take the owed funds whenever the discrepancy is discovered.

Keep in mind, it does not matter whether the money you owe is for federal or state taxes. If you re behind on your state tax bill, the state government can either seize your state refund, or apply to the IRS to seize money from your federal refund.

2. You Owe Child Support
The Federal Government will eventually notice if you are behind on child support payments. In fact, federal and state agencies can place levies on your refund to help pay your outstanding child support debt.

Don t make the mistake of thinking you re home free when your son or daughter reaches 18 years of age. If you are still delinquent, this can continue even past the time that your child no longer qualifies for support.

3. You re in Bankruptcy
Paying down debt can be a smart way to use your tax refund money. and if you re currently going through bankruptcy. your bankruptcy trustee might make that decision for you.

Under a Chapter 13 bankruptcy. the bankruptcy trustee can request that the court take your refund and apply it to your debts. Chapter 7 filers may lose their refund, but can exempt some of it from seizure.

Once your bankruptcy is fully discharged, your refunds will be safe. If you think this could happen to you, check with your bankruptcy trustee.

4. You ve Defaulted on Student Loans
Part of the reason that student loans have much better interest rates than other loans is because they re nearly impossible to escape. If you get old enough, the government can even take payments out of your Social Security check to cover them. Therefore, it shouldn t come as a shock that the IRS can turn your refund over to the Department of Education to pay for any loans you ve defaulted on.

Married Filing Jointly

You should be aware that if you file jointly with your spouse and he or she is in a situation where his or her tax refund will be seized, yours will be seized as well. Luckily, there are a couple of things you can do to hold on to your share of the refund:

  1. File Separately. If you file your taxes as married filing separately. you don t have to worry about this issue. Your refund will be safe and your spouse must bear the burden of his or her financial issues alone.
  2. Injured Spouse Allocation. If you want to avoid having your part of the refund seized, you can file for injured spouse relief in order to make your case to the IRS that you paid your own share of taxes and didn t have anything to do with the situation. You must have your own income and have made tax payments or had taxes withheld from that income. and you must be expecting a refund of at least some of those taxes that you paid on your own income.

To apply for injured spouse relief and determine how much you should get back, you ll need to complete Form 8379. Injured Spouse Allocation. Also, don t confuse injured spouse relief with innocent spouse relief. which comes into play when the other spouse has falsified a tax return, under-reported income, is guilty of tax evasion or fraud. or committed other acts that might have civil penalties to both spouses if a joint return was filed.

What Your Refund Can t Be Seized for

Even if the above situations don t apply to you, the possibility of having your refund seized might still be a concern if you re experiencing financial difficulties. You may be relieved to know that there are certain instances that do not warrant seizure.

The IRS cannot seize your refund for the following:

  • Credit Card or Mortgage Debt (Not Related to Bankruptcy). Only federal agencies can take your refund. However, if your bank account has a lien on it, a creditor might be able to swoop in and take money out if it s notified you received a hefty deposit.
  • Collection Agencies. No collection agency or creditor can intercept your refund without a lien, or add on to any existing tax debt. If a collection agency tries to convince you that they re from the IRS, don t bite. The IRS does use collection agencies, but only a select few, who will be happy to prove that they work for the IRS.
  • Overdrawn Checking Accounts and Bank Overages. The bank can t take your refund; however, it is likely that if a refund lands in the troubled account, the bank will apply any penalties or bank overage fees against it before you can withdraw the money.

Holding The Refund

There are several reasons that the IRS may hold your refund. It isn t taking your refund (not yet, anyway), but the IRS can keep it from being provided to you. In each of these situations, the IRS should contact you by mail to provide more details and a plan for resolution.

  • You Didn t File Taxes In a Previous Year. If you didn t file your taxes in a prior year, the IRS may hold your refund until you prove that you don t have a tax debt from that year. The only way you can get the IRS to release your refund is if you go ahead and file for that year, or send a letter explaining why you didn t file, and request more time.
  • Your Spouse Filed an Injured Spouse Allocation Form. If your spouse filed a Form 8379 as detailed above, the IRS may put your refund on hold until it can process all the paperwork and sort out who should get what.
  • You re Currently on a Payment Plan for Back Taxes. If you weren t able to pay your taxes in full in a previous year and had to contact the IRS to work out a payment plan, the IRS may hold your refund until it has determined whether the money should be put toward your payment plan.

Final Word

If you have financial troubles, whether they re in the form of an unpaid tax bill, late child support, bankruptcy, or student loan debt you ve defaulted on, make sure you understand the possible consequences. You can also check with the IRS to see if it s planning to seize your tax refund.

Remember, all of the above reasons for tax refund seizure will occur at the federal level before your refund is processed asking for the refund to be sent to another account or put on a tax refund debit card won t help. And if your spouse is the reason for your refund woes, you can put in an application for injured spouse relief, even if his or her refund has already been seized. If your refund is seized ultimately, you can at least rest assured that a portion of your debt has been paid.

Has your tax refund ever been seized? If so, what were the circumstances?

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Why You Should Stay Far Away From Tax Refund Anticipation Loans (RALs)

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Home Equity to Consolidate Debts – Refinance Your Home or Get a Second Mortgage

What does using home equity to consolidate your debts mean? Essentially it is using the equity in your home / refinancing your home to consolidate your debts into one payment in order to pay off your debts.

A “Home Equity Loan”, “Home Equity Line”,”refinancing your mortgage / re-mortgage” and getting a “second mortgage” are all different names for the same thing and are sometimes used as a debt consolidation option. These terms refer to the bank lending you money against the portion of your home that you own. So if the bank thinks that your home is worth $300,000 and your mortgage is for $250,000, then you own $50,000 of your house. This is called your “equity”.

Increasing your mortgage is something that the bank may let you do, by taking out a second mortgage to use up some of this equity to pay off your debts. (Check out our handy mortgage and debt consolidation calculator ). You would then have two mortgages: your first mortgage and a second mortgage which could be the debt consolidation home loan . If this is something you’re interested in doing, speak with your bank or credit union to find out how it works, to get information about the mortgage rules in Canada and if this option could work for you. Sometimes if you have bad credit. it might be difficult to get a debt consolidation loan. so using home equity could be another possibility. Check with a Credit Counsellor to make sure that you choose the right option.

Selling Your House to Pay Off Debt – Talk to a Credit Counsellor About Consolidating Debts

You could also sell your house to pay off debts. though this should be a last resort and pertain to your situation, e.g. down-sizing in retirement. There are things to know before using your home equity line. so to choose the best way / option that fits your situation, especially if you’re retired and your income has changed, talk to a trusted, accredited non-profit Credit Counsellor.

Interest Rates for Second Mortgages – Can Be Higher Than First, Talk to Your Bank About Using Your Home Equity

Sometimes you can get the same interest rate on your second mortgage as you got on your first mortgage, but this isn’t always possible (talk to your lender to find out more). If you do have to pay a higher interest rate on your second mortgage, you can set up the due date / term to correspond with the due date / term for your first mortgage. This will allow you to combine them at the bank’s best interest rate when they need to be renewed.

Re-mortgaging may also be an option that your lender can explain to you. It may allow you to keep a low interest rate, only have one mortgage payment and still give you funds to pay off other debts.

History of Mortgage Rates in Canada – Declining Since 1980’s

Ever since the early 1980’s mortgage rates have been declining in Canada. They peaked at over 20% at that time but are now typically offered in the 3% – 6% range. It is wise to remain mindful of the fact that we are currently living with historically low interest rates. This means that we cannot count on them to stay this low forever. The average five year mortgage rate over the past 60 years has been 8.95%. So if you are considering refinancing your home, make sure you can afford an “average” interest rate of 9% in the long term.

Finance Companies and Sub Prime Lenders or Loan Companies Offering Mortgages – Higher Interest Rates than Banks

Finance companies and sub-prime lenders also offer mortgages. Their interest rates will almost always be higher than the bank’s and can often range between 14% – 30%. These rates are a lot higher because these companies tend to lend money / cash to people in financial situations that involve more risk than banks usually want to take on.

High interest loans like these can be used as a tool to get you from point A to point B, but you should do your best to find a better arrangement as fast as possible. It is very hard to get ahead paying really high interest rates.

Advantages of Using a Second Mortgage to Consolidate Debt

  1. The interest rates are typically low
  2. Flexible payment arrangements. You can usually extend your amortization (the length of time required to pay back the loan) to create an ideal monthly payment

Disadvantages of a Second Mortgage

  1. You must have enough equity in your home as well as income to make both mortgage payments
  2. You may be charged a number of fees for the costs involved in setting up a second mortgage
  3. Banks often don’t like to do small second mortgages. $10,000 may be the minimum that they will consider

Contact Us for More Information About How to a Use Home Equity Line to Consolidate Debts

We can give you information on how to use home equity to consolidate debts / pay off debts. Contact us by phone at 1-888-527-8999, send us an email or chat with us online right now. One of our Credit Counsellors will be happy to offer you debt consolidation advice . Our appointments are free, confidential and informative. You may have other options that are better for your situation, so before you increase your mortgage, take out a second one (at a higher interest rate) or apply for a home equity loan. give us a call.

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Credit and Debt Counseling Agency

CreditGuard of America, Inc. is an independent, nonprofit credit counseling agency that is committed to providing innovative solutions for simple to complicated debt issues. We will help you get out of the debt through our best credit counseling. CreditGuard provides credit counseling and debt management along with free financial education to consumers throughout the United States, using state-of-the-art technology and superior customer service.

Certified Credit Counselors – Free Consultation

Our credit counselors are certified and trained to deal with both secured and unsecured debts. The counselors will evaluate your needs and your expenses and custom design a plan that will allow you to make an affordable debt payment within your budget that gets you out of debt faster than you ever thought possible. Your debt management plan will get you debt free and keep you debt free! Then we provide a tailored, written debt consolidation plan based upon the debt counseling that considers affordability and reliability of the debt program, as the main priority.

Credible Debt Counseling – Confidential Easy

CreditGuard of America provides a variety of online credit counseling and debt management tools to assist consumers with their debt problems. Our credit counseling agency gives advice on personal budgeting, debt consolidation through debt management programs as well as home equity loans, credit cards promos, and filing for bankruptcy. Thousands of consumers have been able to get back-on-track using our debt counseling and debt solutions that helped them in managing their bills and credit card debt .

Whatever your credit problems are, CreditGuard of America, Inc. a credible credit counseling agency, is there to help you. Contact us online by filling out the contact form above or call CreditGuard of America, Inc. at 1-800-500-6489 to find out more about our online debt consolidation and credit counseling programs!

Free Financial Education – Get Out of Debt and Stay Out of Debt

CreditGuard of America, Inc. is dedicated to educating consumers on financial literacy. Through financial education, our non profit credit counseling agency hopes to prevent the consumers from falling into the “debt trap” and help those already in trouble. Our online education resources provide comprehensive information regarding the effects of best credit counseling over debt collection and money management.

Our Credit Management Series helps consumers in understanding how their credit works. Our Debt Collection Series examines the consumer credit rights and the credit laws that protect them. Our Money Management Series gives practical advice on money matters.

Contact us online by filling out the form above, or Call CreditGuard of America at 1-800-500-6489 for more information on our non-profit credit counseling and debt counseling agency. Certified Credit Counselors are available Monday – Thursday 8:00 am – 10:00 pm Eastern, Friday 8:00 am – 9:00 pm Eastern, Saturday 10:00 am – 6:00 pm Eastern. For online service, 24/7, use the Credit Card Debt Analyzer to calculate your estimated interest and payment savings available, through our debt management program.

Can t Pay Taxes You Owe-How to Pay IRS Tax Debt, Tax Tips #settle #tax #debt


Owe Taxes? Can t Pay Your Tax Debt?

Do you have financial difficulties during these tough economic times? If so, then the last thing you need is to add the IRS to your list of headaches.

So you ve just prepared your taxes–or you have not started working on your tax return, but you know with certainty that you will have to pay taxes and that you cannot afford to pay the total amount due on time. Want to remove that constant stress hanging over your head? Luckily, the IRS has already taken measures to help taxpayers in your exact situation. Here is some information for getting yourself in the clear:

What Do I Do If I Owe Taxes But Don t Have the Money to Pay?

First, don t panic! Second, don t delay the time to file your tax return! You should always file your return on time to minimize your tax penalties. Even if you can pay nothing, you should file on time to avoid a greater tax penalty .

Then, take a deep breath and try to figure out how much of your tax debt you can actually afford to pay now. Likewise, you should always pay as much as you can in order to minimize penalties, because your penalties will be based on the amount you still owe to the IRS. Consider these direct tax payment options if you have all or some of the funds to pay the taxes you owe.

I Filed a Tax Extension on Time-Will That Extend My Time to Pay the Taxes I Owe?

No, a tax extension does not give you more time to pay any taxes owed. It only extends the deadline for filing your return!

How Can I Pay Off My Tax Debts?

The IRS recommends the following tips for paying off tax debts:

  1. Pay Your Tax Bill: If you receive a bill from the IRS, you ll save money by paying your taxes owed as soon as you can. If you can t pay them all at once, you should pay as much as you can. That way, you ll reduce your penalties and interest for late payment.
  2. Use IRS Direct Pay: The IRS recommends that the best way to pay taxes is by using the IRS Direct Pay tool. It s a safe, easy, and free way to pay from your savings or checking account. The tool walks you through five steps to pay your taxes online. You can find the tool on the IRS website.
  3. Get a Short-Term Extension to Pay: If you can pay all your taxes in 120 days or less, you may qualify for a short-term extension to pay from the IRS. You can apply for a payment extension online via the IRS website or by calling 1-800-829-1040 (if you received a bill from the IRS, you can call the phone number listed on it). Usually, there s no set-up fee for a short-term extension.
  4. Apply For a Monthly Payment Plan: If you cannot scrape up the funds to pay your amount due in full when you file your return, you can pay off your debt over time by applying for an installment agreement. You may qualify for an online installment payment agreement with the IRS as long as you owe $50,000 or less. The IRS states that a direct debit payment plan is the best option because this plan is a lower-cost, hassle-free way to pay, and the set-up fee is less than other payment plans. In addition, you don t have to worry about reminders, missed payments, or checks to write and mail. You can apply for the monthly payment plan via the IRS website or by completing and mailing Form 9465, Installment Agreement Request.
  5. Consider an Offer in Compromise: You can settle your tax debt for less than the full amount that you owe by applying for an offer in compromise (OIC) with the IRS. This may be an option for you if you owe a large amount of tax, do not believe you will ever be able to pay off the entire amount, or if making a full payment will cause a financial hardship. To see if you qualify for an OIC, you can use the IRS Pre-Qualifier tool on their website.

Are There Ways I Can Obtain Money To Pay My Taxes?

Yes, there are options to get money through other means so you can pay any taxes owed. However, this is only a good idea if any interest you end up paying is less than the interest and penalties the IRS will charge you.

Whether you owe hundreds or thousands, you should really ask yourself, Can I obtain this money? Are you able to cash out your paid time off from work? Have you thought about using your credit card or tapping your savings account? You might be able to borrow against your retirement account. Here are some options to consider:

  • Liquidate savings accounts, stocks, bonds, etc.
  • Sell assets (vehicle, real estate, etc.)
  • Borrow the money (bank loan, home equity loan, etc.)
  • Charge your tax debt on a credit card (be aware that the processing company may charge you a convenience fee based on the amount of your payment)

You should also consider setting up a payment plan with the IRS so you can give yourself time to obtain money and submit payments when they re due.

How Can I Avoid Owing Taxes in the Future?

The best way to avoid owing taxes when you file your tax return is to carefully manage your income tax withholding or estimated tax payments throughout the year. Here are some steps you can take:

  1. Find out what your tax withholding should be by using an IRS tax withholding calculator
  2. Withhold more tax from your paycheck by submitting a new Form W-4 to your employer
  3. Withhold more tax from your pension payments by submitting a new Form W-4P to the payer
  4. If you make estimated tax payments, increase them by submitting a new Form 1040-ES efile it to the IRS

See Publication 505 – Tax Withholding and Estimated Tax for details on tax withholding.

Need a Break from Your Taxes? Here Are Some Ways to Have TaxFun!

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A.Farber & Partners Licensed Insolvency Trustee


The Licensed Insolvency Trustees at A. Farber can review your finances and prepare a consumer proposal to your creditors. A consumer proposal is an offer to settle your debt for less than the total amount owing. This process can result in as much as a 70% reduction in the amount you’ll need to pay back. More importantly, it also allows you to keep your assets such as your car, your house and much more. Read more about Consumer Proposals .


The debt consolidation process allows you to combine your debts into a loan with a lower interest rate. This process can save you money in interest charges, making debt repayment more feasible. However, debt consolidation only reduces your interest payments. The overall amount owing on the principal does not change. Read more about Debt Consolidation .


Credit counselling is a process designed to help you come up with a strategy for paying down your debt. Credit counselling can help you with budgeting and allow you to repay your debt more quickly, reducing interest charges. However, it does not reduce the overall amount owing. Still confused about which insolvency process is the best option for you? Contact us for a free financial evaluation. We can get you the help you need to clear up your debt once and for all.

Who we are

We helped over 50,000 Canadians to become Debt Free in our 36+ Years of Experiences At A.Farber, we specialize in debt relief programs. In a simple manner, we can explain to you the differences between Consumer Proposals, Bankruptcy and Debt Consolidation loans. These are some of the options available to you for debt management. Our Licensed Insolvency Trustee can help with debt relief ranging from credit card debt to tax debt.

– 50+ offices across Canada (there’s one near you!) – More than 36 years of insolvency experience – Convenient meeting times and hours (and all meetings are confidential) – FREE face-to-face consultation with a trained Debt Administrator or Trustee – A complete review of your financial situation – Reasonable solutions to your debt problems

Trust Integrity
For over 36 years Canadians have trusted us with resolving their debt problems. Our professional staff is licensed by the federal government to offer these services.

In our Canadian owned firm, the 40 licensed professionals have counseled over 50,000 Canadians and guided them to a satisfactory and predictable conclusion to their debt problems. Whether you are single married, separated or widowed we understand your special predicament and can offer a debt relief solution.

Alan Farber has assembled a dynamic group of people at A.Farber who deliver exceptional results. For 36 years we have lived with our clients through the emotional upheaval and stress of dealing with debt settlement problems. We are committed to excellence in servicing our clients. We are there to listen to you, to support you and help you rebuild your financial future.


A Consumer Proposal (applicable in Ontario and all other Canadian provinces) is a formal agreement between you and your creditors. It includes an offer to your creditors to settle your debt for an amount that is less than the total amount owing. A consumer proposal can result in as much as a 70% debt reduction. More importantly, it allows you to keep your assets, your car and your house. Read more about Consumer Proposals Benefits .


Bankruptcy is a legal process which provides a debtor, who is unable to meet his or her financial commitments to their unsecured creditors, with a process for eliminating his or her debts in an orderly manner. Read more about Bankruptcy Advantages .


The choice of which insolvency process to go with can be a difficult one. Check this page to learn more about the differences between consumer proposal and bankruptcy. Still confused which insolvency process is the best for you? Contact us for a free financial evaluation and we can get you the help you need to clear up that debt once and for all. Learn more about Consumer Proposal Vs Bankruptcy.

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“Slowly dying, for all anyone cares. But the saddest part is, no one does..” Woodhouse [src]

Arthur Henry Woodhouse VC, GCB, DSO, DSC, MC was Sterling’s elderly and devoted valet, who took harsh and frequent criticism from his employer. Woodhouse raised Sterling since his boyhood, as Malory was a frequently absent mother and Sterling’s father was unknown. Elderly Woodhouse was voiced by George Coe (Seasons 1-4) and Tom Kane (Season 5). In the episode “The Double Deuce ,” Roy McCrerey voiced the younger versions of Woodhouse. As of the first episode of “Archer: Dreamland,” we see his tombstone with his name retconned as Arthur Woodhouse, birth date June 28, 1894 and date of death May 9, 19xx (dates partially obscured on-screen)


Background Edit

Serving in the King’s African Rifles. as well as England in World War I. Later in life he became involved with the Archer family in Tangiers. literally birthing Sterling at Reggie’s Bar in Tangiers.

Prior to World War I, Woodhouse served with the King’s African Rifles in Zambezi, where the local tribesman were practicing cannibals. Woodhouse sampled but never developed a taste for human flesh, which the locals called long pig (Killing Utne ).

He served as an officer’s personal attendant (“batman” to Captain Reginald “Reggie” Thistleton during World War I). When Woodhouse was asked how he could be “so awesome and not be gay” in “Honeypot “, he said he was “quite fond of a boy in school once, Reggie Thistleton,” implying he may have known Reggie before the war. Reggie also makes some homosexual references when he speaks to Woodhouse during The Double Deuce.

Woodhouse during World War I

During a depressing time of the war, Reggie started a Tontine with the rest of his troop. This seemingly came back to haunt Woodhouse later when he started noticing several members of the tontine dying mysteriously. He and a fellow ex-pilot Corporal Bishop suspected a third ex-pilot Scripes of killing the other soldiers.

When Reggie was shot down and his plane crash landed in No Man’s Land, they were forbidden to rescue him. Woodhouse ignored orders and went anyway. He then provided the wounded Reggie with a cigarette which allowed an enemy rifleman to see their position and shoot Reggie through the neck. The death caused Woodhouse to go into a homicidal rage and kill around 50 German soldiers (a Zug, or platoon) with his knife, garnering him the Victoria Cross (the British Empire’s highest award for valor and equivalent to the US Medal of Honor). He was discharged, with the rank of Lance Corporal, from the service because he scalped all his enemies, with Corporal Bishop remarking that he “could have made a blanket”.

Woodhouse’s other orders and decorations include being a Knight Grand Cross of the Order of the Bath (GCB), which would entitle him to the honorific prefix ‘Sir’, the Distinguished Service Order (DSO), Distinguished Service Cross (DSC) and the Military Cross (MC), the latter three decorations only being awarded to officers before 1993.

Post-military life Edit

After his discharge he wandered the world, spending time on a merchant ship in the orient, doing opium and sleeping with women while letting his hair grow out. He then landed in Tangiers where he won a bar in a dice game, renaming the bar Reggie’s Bar. One night Malory Archer burst in, stating that as she had just killed a man and her water just broke, she could really use a drink. She gave birth to Archer on the bar and Woodhouse cut the cord. While she was nursing him on the bar, Woodhouse gave Malory a rattle made of sterling silver for the baby which he obtained from a gonorrhea infested Arab prostitute. Malory liked the word Sterling and that is how Archer got his name. Woodhouse asked Malory if his middle name could be Reginald, to which Malory said it was “too gay”, which then resulted in Sterling having the middle name Malory. Eventually the men chasing Malory caught up with her, which resulted in a short gunfight in which Malory and Woodhouse shot and killed them.

After that Malory offered Woodhouse the job of taking care of Archer. He then traded his bar for a boat, sailed Malory and Sterling to Lisbon, got Malory to an OSS safe house, sold the boat and used the money to take Sterling back to the U.S. He then raised Sterling by himself for five years. When Malory returned Sterling didn’t want to see his mother (who had an eye patch for reasons unexplained) and clung to Woodhouse.

Unfortunately for Woodhouse, from that moment onward Sterling would become particularly cruel toward Woodhouse which would continue into his adulthood (most likely due to the influence of his mother). Sterling now has almost no regard for Woodhouse’s feelings and treats him as if he were subhuman. Sterling often punishes Woodhouse (and many women, such as Cheryl Tunt ) by his favorite method of throwing shoes and clothing off of his balcony. Sterling has even shown ecstatic joy over the potential of Woodhouse suffering.

Quotes Edit

  • “Sir, I’m afraid that your breakfast will be four minutes late” (said by Woodhouse when he knocks out Pam whilst she was high on Cocaine, using a frying-pan which had Archer’s breakfast– for which Archer says “typical” after).
  • “I shall fetch a rug.” -Training Day, Killing Utne
  • “Regggggggieeeeeee!!” -Double Deuce
  • “Ants! All over my body, ANTS!!”- Blood Test
  • ” When I served in the King’s African Rifles, the local Zambezi tribesman called human flesh “long pig.” Never much cared for it.” -Killing Utne

Trivia Edit

Woodhouse’s hobby dates back a long way.

  • He had a younger brother named Dicky who was in hiding in Mexico after escaping from a Nevada jail, Stage Two. Unless he has another brother, Dicky was revealed to be dead in “The Papal Chase “. Archer didn’t allow Woodhouse to go to his brother’s funeral (or even inform him of his brother’s passing).
  • Woodhouse is addicted to heroin, a fact which is often used by Sterling as a form of blackmail and bribery.
  • He used to shoot up with William S. Burroughs, and may have been an accessory in the manslaughter of Joan Vollmer shown in Blood Test.
  • Named the lemur stolen by Archer Reggie. after Reggie Thistleton.
  • He enjoys listening to Charlie Mingus while high.
  • He and Corporal Bishop are the final two people in his World War I Tontine.
  • He is partially deaf.
  • He has killed at least 52 men in his life, including the 50 Germans during his rampage, and two of the intruders who attacked his bar.
  • Despite his age and usual subservient behavior, Woodhouse has demonstrated the ability to defend himself from Sterling, as well as deal punishment when necessary.
  • Woodhouse typically speaks in two distinctly different voices, the first being a high-pitched, energetic voice, the second being a lower-pitched, strained and tired voice.
  • Undoubtedly the lookalike of the late Ian Wolfe (who, according to IMDB, played a character named Wodehouse in an episode of Star of the Family), he is most probably named in homage to P. G. Wodehouse. who created the “gentleman’s personal gentleman” Jeeves.
    • In addition, it’s also possible that Woodhouse is a homage to another George Coe character; Senator Howard Stackhouse. seen in three episodes of the TV series, The West Wing.
  • Woodhouse’s weapon of choice is the Sawed-Off Double Barrel Shotgun as he is seen using two in The Double Deuce defending Malory Archer in Reggie’s Bar. Later in Pipeline Fever Archer says he “borrowed” one from Woodhouse implying he may still have them both.
  • It is highly likely Woodhouse is bisexual, given his attraction to both Reggie Thistleton and Malory Archer.
  • Woodhouse looks like the in-universe Pope.
  • Woodhouse did not physically appear in season 6, and is missing since his last appearance in season 5. Archer has even gone to the extent of printing missing persons flyers in the episode “Reignition Sequence”. His whereabouts are currently unknown, although it was confirmed that Woodhouse will die in Season 8. [1]

Gallery of Images Edit

There are 39 images of Woodhouse on this Wiki, visit the Woodhouse gallery to view all the images and screenshots. Here is a sample of four images from the gallery:

Helping to train Cyril

Best mutual funds 2016 #best #debt #funds


Best mutual funds 2016

It’s been a tumultuous year for many investors. As the bear market for commodities continues to take its toll, equity markets that are heavily dependent on commodities, including Canada’s, have continued to suffer. However, long-term investors who chose to invest in our Honour Roll funds, at least for part of their portfolio, have generally fared better than the rest. More than 70% of last year’s Honour Roll has delivered superior returns versus their peers.

That is not to say Honour Roll funds are only good for bad years. Over the past 15 years MoneySense has been rating Canada’s best mutual funds, roughly a similar percentage of Honour Roll funds have out-performed their peers. If you stick to our methodology, you could have a very good chance of staying ahead over the life of your investments. That’s a claim no other mutual fund ranking in Canada can make.

Five year success rate

The percentage of past fund picks that went on to perform above their category average over five years:

How the funds are chosen

Because I don’t like losses, my number one investing rule is “keep your principal safe.” It’s why my selection methodology excludes funds with very high volatility as well as funds that perform poorly in down markets. I also exclude funds with another major impediment to long-term performance: high investment cost. Otherwise, our Honour Roll funds meet strict crite ria for consistent above-average per formance and value added from active port folio management, which I measure using risk-adjusted return. This year, I had to raise the minimum consistency requirement to 60% (versus above 50% for other categories) for Canadian equity funds in order to reduce the Honour Roll funds to a manageable number. As a result, the selected 17 funds in that category all have unusually high consistency of returns. In the tables that follow, you’ll find the best-performing funds in their respective categories. We’ve also include ratings for risk and cost, so you can pick the funds that are the best fit for your portfolio.

What lies ahead?

In a nutshell? Market divergence. While commodity-dependent economies, such as Canada, Australia and some emerging countries, will remain in the penalty box throughout 2016, several high-income countries, like the U.S. and most of Europe will fare better, but only in relative terms.

Against this backdrop, you have one choice: Stay the course. The science of market prediction is as reliable as astrology. Rather than fear what is to come, remember that market fluctuations are a fact of life.

This all underscores the importance of remaining diversified. Yes, you can continue to expect weakness in Canadian equities and the Canadian dollar, but every cycle invariably works itself out. Weak prices will push high-cost producers out of business and shrinking supplies will bring balance to commodity prices. It could happen later this year, or the next, but it will happen.

For those reasons, it is important to avoid big bets. This year’s model portfolios (see Best bets for your RRSPs ), which I prepare each year, help you achieve opti mal diversification among asset classes, sectors and geographies. I continue to exclude bond funds from the Honour Rolls. Canadian bond yields have dropped to extremely low levels such that most managed funds would post flat or negative results after subtracting management fees. Therefore, rather than investing in a managed bond fund, you are better off filling the bond component of your portfolio with a cheap index bond fund or ETF.

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Debt Help for Your Secured and Unsecured Debt is the one site and the one solution for all of your debt consolidation needs. Let our staff of financial experts, innovative technology and collection of helpful articles assist you in finding your debt solutions. By providing simple and secure quotes for nearly a dozen different debt products, we help our customers to rid themselves of debt quickly and easily.

Debt Consolidation Loans, Settlement, and Credit Counseling

Whether you are looking for a consolidation loan, credit counseling, or simply to eliminate your debt quickly, has a solution for you. Debt consolidation comes in many different forms, so let our helpful guide. articles. and fast, secure solution finder assist you in finding your best course of action.

Debt Consolidation

Mortgage Refinance, Home Equity Loans, and Second Mortgages

Using your home and your equity to secure a consolidation loan can be one of the quickest and safest ways to eliminate high interest debt. By using your home for collateral, you can greatly improve your chances of acquiring a low interest loan, and you also can borrow more than you would be able to through a personal loan. There are important differences to understand between second mortgages, refinances, and home equity loans, so please read our guide. browse our articles. and use our solution finder to receive your quote.

Student Loan Consolidation Programs for Federal and Private Loans

Nearly 50% of all college graduates leave school with private or federal loans, and the average US student leaves with at least $10,000 to repay. This can be a substantial burden for recent graduates, which makes student loan consolidation a smart – and sometimes necessary – choice for any graduate in need of debt help. Consolidation of federal loans is easy, and might save you hundreds of dollars by lowering your interest rate. Read our guide to federal and private student loans, browse our articles on the topic .

Tax Loans, Offer in Compromise, Garnishments, Payment Plans

Dealing with the IRS can be a very daunting task to take on alone. Fortunately, tax specialists exist to help guide you through the process of eliminating tax debt. By using, you will be able to connect with top tax experts in the US and regain control over your taxes, rather than having your taxes control you. Browse our quick guide to tax debt. our large archive of tax articles. and then use our solution finder to contact a tax specialist.

You’re sinking fast in credit card debt, and there’s not a life preserver in sight. Loans and balance transfer offers involve applying for more credit. Follow these tips for rescuing yourself from the dangers of excess debt.

Even if you are following a debt reduction plan, it is important to try and build emergency savings.

Situations can arise that make paying your bills impossible, or that render you ineligible for participating in debt relief efforts such as credit counseling. When you’re enduring any of these circumstances, consulting a bankruptcy attorney can provide information about your rights and the consequences of filing bankruptcy.

Personal income declined in August, but personal consumption expenditures rose, according to the Bureau of Economic Analysis.

Are you paying more than one credit card bill each month? Have you overlooked a bill and incurred penalty interest rates or late charges? Consider credit card debt consolidation for simplifying debt management chores.

Are you a would-be student who would like to attend college, graduate school, or professional school, but are hesitant because you

Local credit unions increasingly are popular alternatives to traditional banks. While banks are privately owned,

Few people have more financial choices, yet more opportunities to be overwhelmed by those choices, than senior citizens. Seniors

Incurring debt sometimes is necessary in order to meet one s financial and personal goals, or to make payments for necessary

College costs nowadays are through the roof and are only expected to rise in the future. Most students and/or their parents

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Invoice Factoring

Its what your looking for

What is factoring:

Invoice factoring is essentially an advance on money / cash due to a business, by means of the sale of the invoices to a bridging company. This is not a loan against invoices but an outright sale of selected invoices ( one or many ) or the full debtors book, to a bridging finance company, but with recourse to the seller of the full invoice value.

Why use single invoice factoring or selective invoice discounting

This is a very simple and reasonably quick method (within 2 weeks of receipt of all documents) used by businesses to improve cash flow or working capital as and when needed. There is no lock in period and no penalty for early settlement. You elect to bridge one or a few invoices not the entire debtors book.

Costs Once

Once off set up fee of approx 3 % to 5 % depending on the size of the invoice bridging required. Monthly cost of between 4,5 % and 6 %

Pre-Conditions to Discount Invoices:
The goods /services must have been delivered / rendered and the customer must have accepted the goods / services with no pending disputes. The company requesting the bridging should be profitable and have a clean credit record.

We use this Mass eMailing system.
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Orlando Bankruptcy and Personal Injury Attorney

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You’re reading this right now because you are considering bankruptcy but you are concerned how it will affect your future or if you will lose your car or house. The truth is most people don’t lose anything but their debt. After filing bankruptcy, you may become debt free. No more calls, no more lawsuits. Suddenly, the worlds feels a bit brighter and filled with possibilities. Filing bankruptcy is not failure. It is a unique financial planning tool that can change your life. But that word bankruptcy. When you think of the word bankruptcy, do you get a sick feeling? It is okay; most people do. No one looks forward to filing bankruptcy. But unfortunately, a great deal of people have no other choice. I know I didn’t. Yes that’s right. I filed bankruptcy before. And guess what? It is not nearly as bad as the word sounds. When your bills have gone unpaid for months and you continue to earn the bare minimum just scraping by, hiring an Orlando bankruptcy lawyer is sometimes the best option. Or maybe you are up to date on paying your bills since you have been withdrawing from your 401K and have finally come to the realization that you just can’t keep up the payments anymore. A great many people think they should enter into a program with a debt settlement company or a credit counseling program before filing bankruptcy. The problem is most times these companies get you into a worse situation than before.

There are others that may be reading this right now that think they are either too young to file bankruptcy or scared to file because they heard they will lose their car or family and friends tell them not to do it. I want to breakdown all the misconceptions and give you the truth during a free consultation with me. I want to share with you my own personal experience with filing bankruptcy and it how it can eliminate your debt, stop harassing debt collector calls and let you sleep at night again. Our Orlando Bankruptcy Attorney Firm helps clients obtain debt relief by filing Chapter 7 or Chapter 13 Bankruptcy and we will continue to help our clients restart their lives.

We understand that most unpaid debts are the result of medical issues, loss of job, divorce or bad luck. Many of our clients even find themselves in a situation where they are being sued by a debt collector; CACH, LLC, Capital One, Chase Bank, Portfolio Recovery. Did you know that if you file bankruptcy, these debts and most judgments against you will most likely be discharged in an Orlando Chapter 7 bankruptcy. You are probably in a situation where you are trying to figure out what to do. You have probably been thinking about filing bankruptcy in Orlando and Kissimmee for quite some time, but you were worried about what you have heard about filing bankruptcy. Stop worrying. Most people recover from a bankruptcy on their credit report within two years.

Bankruptcy Lawyers in Orlando and Kissimmee

The Orlando Bankruptcy Law Firm of Walter F. Benenati, Credit Attorney P.A. has a commitment to aggressive, relentless advocacy on behalf of each client to stop creditor harassment and to help individuals and families get a fresh start. Though as aggressive as we may be in defending your rights, you are not going to see us parading on websites or advertisements looking tough. WE DO NOT HAVE LAWYER EGOS. We understand what our clients are going through. We treat our clients with respect and compassion. That is how we do business. Whether you are the real estate agent that has not sold a property in months, the construction worker trying to put food on the table to feed his family, or the janitor down the street working two jobs, we have devoted our professional careers to helping our clients with their problems and take extreme pride in the results we achieve for them through Chapter 7 or Chapter 13 bankruptcy .

If you are feeling overwhelmed by your debts, we can help. We are not a law firm with twenty lawyers where you will get lost in the shuffle. In our bankruptcy law office, WE DO ALL THE WORK FOR YOU WHEN WE FILE YOUR CASE. Trust our dedication to providing effective representation while focusing on your needs. Like our slogan says, “Life Has A Restart Button.” Let us help you restart your life.

Call us today at 407-BANKRUPT (407-777-7777) or complete our online form to reset the clock and discuss your need for debt relief in a free office consultation with experienced Orlando, Kissimmee, and Sanford Bankruptcy Attorneys .

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With all the changes occurring in the higher education world, colleges are being challenged to offer students creative options in order to attract them to their institutions. Many colleges are meeting this new challenge through increased marketing as well as offering students courses in a variety of new formats. Today, thousands of colleges are offering online courses as a way to expand their reach and attract students without geographic boundaries. So, for the student who would like to take online courses to meet some of their degree requirements, how does a student decide?

There are some broad classifications that might help a student narrow their choices for finding the best online courses to meet their specific needs:

  • Affordable, Semester-Based
  • Fixed Rates
  • Ongoing Enrollment
  • Self-Paced, Independent Study
  • Access to Syllabus Before Enrolling
  • Flexibility with Course Prerequisites
  • Non-Proctored Exams
  • Science Courses with Labs
  • Textbooks Included
  • Non-Regionally Accredited Schools
  • Online Christian Ministry Degrees
  • Low-Priced Online MBA Courses and Degrees

There are thousands of colleges offering online courses in addition to the ones listed in the categories below. The schools included, however, have been chosen because they are both reasonably priced and regionally-accredited unless otherwise noted. The list is far from exhaustive, though, and not meant to purposefully exclude any colleges. They are primarily mentioned to give students an understanding of the types of course formats that are available today. A student may find it helpful to do their own research to find the courses that best fit their budget, schedule and degree plan.

The following colleges offer affordable online, semester-based courses in eight or sixteen-week formats. Courses from this list of schools can be found starting from lower than $100 per credit hour.

Another emerging trend in higher education is the offering of creative tuition plans. Fixed rate tuition is a unique option being offered by a few colleges. Western Governors University in Utah charges a flat $3,000 per six-month term and the student can complete as many courses as they want in that period. Courses begin the first of each month and a student can enroll in as many sessions as they like.

Many colleges are now offering students the ability to begin taking online courses throughout the year instead of following traditional fall and spring semester formats. Some schools begin classes every month. Courses generally follow eight or sixteen-week schedules, but students can begin any month that fits them best. The following colleges in this category offer tuition beginning at less than $175 per credit.

Self-Paced, Independent Study

The number of courses being offered in this category by today’s colleges and universities is growing very quickly. Students are demanding flexibility and schools are responding. Students can work through the course material at their own pace, which can prove to be very helpful both for those wanting to move quickly and for those needing to go more slowly.

The course material directs students through each subject and often requires written assignments and tests. Instructors are available for questions and grading, but the course is directed by the material and not the teacher. Students should assume these courses are just as challenging as traditional courses, but can offer greater flexibility to students with demanding schedules.

Many colleges such as Louisiana State University, Portland State University, and the University of Oklahoma have no admission requirements, and students simply register and pay for courses. Colleges usually allow students between six and twelve months to finish, but may give extensions of time for an additional fee.

Most colleges offering self-paced online courses also offer other online courses in traditional semester-based formats. However, one benefit of self-paced courses is the ability for students to begin any day of the year. These courses might also be referred to as “self-paced,” “quick entry,” “correspondence” and “open entry-open exit”. The colleges below offer flexible, independent, self-paced courses beginning at less than $100 per credit.

Access to Syllabus Before Enrolling

Many students may benefit from having the opportunity to review a course syllabus before enrolling. This allows students to research the course content, work requirements, grading system, and time commitment needed to earn a satisfactory grade. The following colleges place their syllabi online for students to review prior to enrolling. Colleges in this category can be found with tuition starting under $100 per credit hour.

Flexibility with Course Prerequisites

Colleges normally require students to take basic courses before proceeding to more advanced courses. As a result, students must follow college policies to prove that course prerequisites have been met before they will be allowed to enroll in an advanced class. College prerequisite policies can vary a great deal, but Louisiana State University’s policy is especially easy to follow for their online students.

LSU’s website is very informative and it clearly explains course content, lesson assignments, grading formats, and more. They offer more than 175 online, self-paced courses for less than $100 per credit hour, including many upper level courses.

Many colleges require students who take online courses to take their tests under the supervision of an approved proctor. Local college testing centers and libraries are common locations for students to arrange for a proctor. Some colleges, however, allow their students to take some of their exams without a proctor. Each course has different testing guidelines. Some instructors feel comfortable assessing a student’s knowledge through writing assignments, projects or group discussions, and allow their exams to be taken online. The following colleges have offered some courses with non- proctored tests. The colleges from this category begin tuition at less than $100 per credit hour.

Science Courses with Labs

One of the challenges of earning the majority of a degree online is the common requirement for a science course with a lab. Many colleges offer online science courses, but only a handful will include the lab. The following colleges include an online lab with some of their science courses. Colleges in this category offer courses for as little as $100 per credit hour.

Some colleges are including the cost of textbooks and learning materials in their tuition price. They sell themselves on the idea that their costs are all-inclusive, with no hidden fees. Two affordable online colleges offer students this option. Colleges in this category currently offer all-inclusive tuition beginning around $250 per credit hour.

Non-Regionally Accredited Schools

Some students may want to consider taking courses from Penn Foster College, even though this school does not have regional accreditation. Students who plan on graduating from a college that accepts ACE credit may be able to take advantage of Penn Foster’s more than 180 online courses that have been recommended by ACE. Colleges that do not normally accept credits, from non-regionally-accredited institutions, may still allow these courses to be transferred because they have been approved by ACE.

Penn Foster offers manageable, self-paced courses that students are allowed to take twelve months to complete. Students can begin these courses anytime and textbooks and study materials are included in the tuition. They also offer multiple options for acceptable exam proctors. These courses will not work for every student, but may be considered by students choosing colleges with generous transfer policies. Penn Foster currently offers courses for less than $100 per credit hour.

Online Christian Ministry Degrees

Some online private Christian colleges offer affordable tuition for students wanting to earn a ministry degree. Some of these colleges offer undergraduate degrees while others focus on the post-graduate level. Colleges in this category currently begin tuition at less than $200 per credit hour.

Low-Priced Online MBA Courses and Degrees

College tuition for a masters degree is usually higher than tuition for undergraduates. This often places these degrees out of the financial reach of many students. Students looking for affordable graduate-level courses may want to research the following colleges, with tuition starting at less than $250 per credit hour.

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Will consolidating my debts help?

Key message

Get advice about all your options before:

  • taking out a new loan to pay all your existing loans
  • taking out a loan to consolidate your debt

For free, independent and confidential financial counselling, call MoneyHelp service on 1800 007 007.

What is involved in consolidating debts?

Lenders offer a range of refinancing and consolidating loans to people with debts.

Refinancing means you get a new loan to pay out an existing loan.

Consolidating is a type of refinancing that usually means getting a new loan to pay out a number of other loans.

Many home loans have an option that allows the loan to be extended to consolidate other debts.

The most common reasons people consolidate debts are to:

  • Reduce monthly debt payments,
  • Manage one debt instead of having a number of debts,
  • Save money by getting a consolidation loan with a lower interest rate to pay off debts with a high interest rate.

Debt consolidation rarely saves you money. In most cases, debt consolidation is more expensive than keeping your loans as they are. Avoid debt consolidation companies as they usually charge exorbitant fees.

It can put you, co-borrowers and other people who guarantee your loan, at increased financial risk.

Should I refinance my home loan?

If you want to include all your debts in your home loan it will probably be cheaper to extend the length of your current mortgage than to refinance.

A new personal loan to pay out other debts will have a higher interest rate than your home loan and will likely have establishment and other start up fees.

Will consolidation save money?

In most cases, consolidating won’t save you money. If a new loan has a lower interest rate than the interest rate on your largest loan, then it might save you money to consolidate. But the cost of establishing the new loan, combined with early payment fees on your old loan, is usually higher than any savings you make on interest charges.

Talk through your options with a financial counsellor before making a decision. MoneyHelp can be contacted on 1800 007 007.

Should I use a guarantor or co-borrower?

If you don’t own a house, a lender might offer you a consolidation loan if someone else, usually a family member or friend, signs as a guarantor or co-borrower.

If you do not keep up with payments it can lead to the guarantor or co-borrower losing their home. Get advice about other options first.

Can I cut years off my mortgage?

There is no magic loan that cuts years off your mortgage or debts. For most people, the best debt reduction strategy is to:

  • Stop using more credit,
  • Continue paying your mortgage,
  • Pay as much as you can towards your non-mortgage loans,
  • When other debts are paid out, pay those extra funds towards your mortgage.

What are my other options if I do not want to refinance or consolidate my debts?

Your options will depend on what your main aim is and what constraints you have. If you have no assets, you may consider bankruptcy. If you have a mortgage, you may consider a Part IX Debt Agreement. Talk through your options with a financial counsellor before making a decision. MoneyHelp can be contacted on 1800 007 007.

I want to pay off my debts off sooner

  1. Work out how much money you can allocate to your debts each month.
  2. Apply any excess funds to the most expensive debt, usually your credit card.
  3. When that debt is finalised, apply the excess to the next most expensive debt.
  4. Eventually you will probably be left with your home loan and you will be allocating all excess funds to it. This will reduce the term of your home loan.

I hate having so many debts

Consider easier ways of managing payments. Consider using bill payment services offered by your credit union or Australia Post that allow you to make one monthly payment.

I cannot pay one or more of my debts

Debt consolidation is not reversible, so always start by seeking advice from a financial counsellor about your debt problems.

If you are having particular problems with one debt, for example threatened legal action or harassment by debt collectors, you should access free legal advice about your rights.

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