4 First Steps When You Need to File for Bankruptcy

Deciding to file bankruptcy is a difficult and complicated decision. While taking this step gives you relief from your mounting debts and the persistent calls from your creditors, it also comes with a price. 

Depending on the type of bankruptcy you file, you could be looking at damaged credit for the next seven to 10 years. As such, it’s important to approach your bankruptcy with your eyes open. If you stick to the following four tips, you’ll stand a better chance of getting rid of your debt burden through bankruptcy.

Identify Your Creditors

In order to get as much relief from bankruptcy as possible, you need to identify all of your creditors. These creditors need to go on your creditors list that you’ll submit to the courts. 

If any of your creditors don’t make it onto the list, then these businesses can still come after you even if you’ve filed bankruptcy. Putting all of your creditors on your bankruptcy papers allows you to get relief for all of your debts, with some exceptions like student loans.

Organize Your Assets

You will need to list your debts in two columns, one for your secured debts and one for your unsecured debts. Unsecured debts are debts like credit card and personal loan debts. Secured debts (collateral debts) are items like cars, personal possessions, and other physical objects. 




According to Nerd Wallet, in order to complete your bankruptcy, you may have to give collateral like cars or other items back to the business you bought it from. You may also have to sell off some of your physical collateral items; the money you earn from the sale would go to the creditors you owe money to. 

You’ll need to indicate in your bankruptcy paperwork which types of debts you have. Be sure to make a complete listing of both to ensure that no debts are missed.

Hire an Attorney

Choosing the right type of law firm services ensures that your bankruptcy will go as smoothly as possible. A knowledgeable bankruptcy attorney can look over all of your paperwork and offer you suggestions for how to deal with your assets, your debts, and other bankruptcy-related matters.

Choose the Right Kind of Bankruptcy

Two kinds of bankruptcy exist for individuals, Chapter 7 and Chapter 13. People who need complete debt relief - that is to say, the eradication of all of their debts - choose Chapter 7. It stays on your credit for 10 years.

Chapter 13 is a debt reorganization plan. It’ll be on your credit for seven years. People who choose this type of debt do so in order to make their payments more manageable. Chapter 13 will get rid of some of the overall debt. More importantly, this type of bankruptcy allows debtors to take control of their debt while still giving some money to their creditors.

Filing for bankruptcy can bring you some immediate financial relief. However, it also negatively impacts your credit. By following the previous four tips, you ensure yourself the best chance of having the best outcome from your bankruptcy. While this decision is difficult and comes at a great cost, it can also put you back on the road to financial recovery if you approach it right.

4 Steps to Take Now to Protect Your Finances in the Future

It is important to never underestimate the significance of properly maintaining your finances and planning for your future. Many people spend their lives working in order to save up money and to obtain assets, such as a home or cars. 

It can be difficult to know what the future holds for us, and many unexpected circumstances can arise. This is why it is paramount to take a strategic approach when it comes to managing your affairs and to create contingency plans, which will be helpful in the event that something unexpected occurs. 

The following information will provide a closer look at four beneficial steps you may want to take into consideration, which you can start working on now in order to protect your finances in the future:

Open a Savings Account

Setting aside a specific amount of money each month can be very helpful. As previously mentioned, there will likely be many unforeseen circumstances that occur in your future that can negatively impact your financial state. For example, you may unexpectedly lose your job and potentially have to spend several months or longer searching for a new one. 

You may also develop an illness or condition that may leave you unable to work. There are also other things to consider, such as car troubles and necessary home repairs. If you are not properly prepared for these things and have enough money set aside, it can often cause a lot of potential issues.

Create a Budget

Creating an effective and detailed budget is another important step towards safeguarding your financial future. In order to be able to save money each month, you need to understand how much extra money you will have left over after expenses. 

Therefore, you should take the time to deduct your expenses from your monthly income and closely track your spending habits. If you notice you are wasting too much money on unnecessary purchases, it may be time to cut back and make more financially sound decisions.

Purchase the Proper Insurance

Additionally, insurance is another factor you should consider. You might want to look into purchasing homeowner’s insurance from a reputable company, such as Philadelphia Contributionship. Other types of helpful insurance include renter’s insurance, payroll deduction insurance, and long-term care coverage.

Plan for Retirement and Long-Term Care

Retirement can really take you by surprise if you don’t start planning ahead of time. You might want to speak with your employer to see if they offer any 401k benefits, and you should begin setting aside money on your own. 

You will also need to take into consideration the different types of care you need as you age, which can be incredibly costly. Long-term care insurance, as previously mentioned can be helpful and will assist you with some of these costs.

Overall, preparing for your future finances can be quite challenging. There are many factors you will need to take into consideration. One of the most important tools at your disposal is planning ahead. 

When you take the time to do your research and understand all of your options, you will be able to start saving up and managing your money more wisely in order to ensure your future is secure.

How To Pick a Financial Adviser

Picking out a financial adviser should be a careful, thoughtful process. This is the professional you trust to help you navigate your wealth building efforts, after all. That means you need to be sure they are properly credentialed and their performance is within the norms of their role. 

Finding that information in the right regulatory database is not difficult, and with that info will come any complaints or disciplinary action summaries that might be of use to you. 

There are a lot of advisers with no problems on their record who just wind up being incompatible with certain investors, though. So how can you tell which of your potential advisers will be the best fit for you? You need to do some research and dig deeper.

Check Out the Adviser's Firm

Whether you're looking at someone who works alone or an adviser at a large firm, there should be some electronic records or even a company landing page online. This will give you a chance to see what professionals say about themselves, their goals, and their approach to investing. 

Some firms even make a point of including a mission statement and other information about their underlying philosophies in their online company information. These resources also typically outline the kinds of investors they work with on a regular basis and the kinds of investments they are most informed about.

Reviews By Investors

Other resources about the firm might be available through other online resources like reviews as well. Also, consider whether you want to work with advisers within brokerage firms or RIAs who work totally independently. There are important considerations to make as you read each one. 

Check for reviews of the firms overall, but also read any reviews you can find about the adviser you specifically want to work with. Every organization has its stars and its specialty players, after all, and you will want to know how your adviser fits into the bigger picture in an organization.

Other Resources To Consult

Beyond review sites and the online resources placed by the firm for customer education, you can also check out resources like the Securities and Exchange Commission's information page about financial advisers and how they are regulated. These background resources fill in the information you need to make sound judgments about the firms and advisers you consider. By looking for more neutral information sources, you gain perspective on:

• Industry norms
• Recourse for dispute resolution
• Common issues investors encounter
• General strategic advice for new investors

The best thing to do is to fold this stage of research into the beginning, middle, and end of your process, so you are researching these factors ahead of your first look into potential advisers and throughout the process. This will allow you to keep checking out fresh viewpoints and considering new angles on your decision-making process.

Brokerage Firm Advisers or RIAs?

Whether you are working with a planner or adviser based in a brokerage firm or an RIA, there are advantages and disadvantages to consider, and you need to understand them before making that final choice. 

Many new investors work with advisers based in their brokerage firms, but those with large accounts or a fair amount of experience often opt for an RIA when looking for advice. If you're not sure which to go for, researching the differences in their approaches and the advantages of each kind of adviser will help you get started.

Don't rush this decision, because while you can always change advisers if you need to, you will have to go through a similarly thoughtful process to make a good decision if you do. That means rushing into a relationship with an adviser that doesn't quite work out could cost you more time than just being thorough and deliberate the first time.

4 Benefits of Meeting with a Financial Planner as You Age

A survey from 2018 found that roughly one-third of all Americans had no more than $5,000 in their savings accounts for retirement. Most Americans do, in fact, earn more than enough money to easily save enough to make it through their golden years. However, since the average American’s personal finance knowledge isn’t the greatest, they often end up not properly planning for retirement.

Meeting with financial planners as you age offers several benefits. Here are four of the most prominent such benefits.

Your Advisor Will Make Sure You Won’t Commit Rookie Mistakes

According to Money Marketing, most financial advisors serve anywhere from a few dozen to some 250 clients at any given time. Since they’ve got so much experience in helping people plan for retirement, they will significantly increase the likelihood of you not subjecting yourself to rookie mistakes.

In most cases, preventing these basic mistakes is simple. However, without the guidance of a trusted financial advisor, you won’t be familiar with preventing such problems from occurring.

Can You Say “tax Shelters”?

The wealthiest Americans regularly shelter more of their earnings from the Internal Revenue Service’s legal reach using a wide variety of tax sheltering strategies. Experienced financial planners are inherently familiar with tax shelters that you could easily take advantage of. With their help, you could save thousands of dollars in taxes each and every year.

They Can Legally Protect Your Estate’s Assets from Outside Interests

Most people take pride in saving up enough money to pass on substantial sums to their loved ones, friends, and family members after they die. Unfortunately, many people’s savings get dipped into by creditors and other interests before being distributed to beneficiaries, resulting in less money and fewer valuable assets for them.




Financial advisors, especially those who are experienced in estate and will planning, either directly know how to protect your estate from creditors and other claimants or can hook you up with estate-planning attorneys who specialize in the practice.

You Can Rest Assured Knowing Your Nest Egg Is Safe and Constantly Growing

With help from financial advisors in the management of your investments, earnings, and holdings, you will save yourself from experiencing tons of stress. Further, the less stress you experience, the longer you’re likely to live.

Financial planners widely offer their services to clients across the world at reasonable rates. Unless you’re a financial professional yourself, you can’t go wrong with meeting with financial planners as you age.

Family Finances: 4 Ways to Make Money Management Easier

Running a household can be a wonderful thing for people who are organized. It can be especially wonderful for those who know how to handle their finances properly. Lack of financial management savvy can make you feel lost and overwhelmed. It can negatively affect the people in your family, too.

Sign up for a Free Checking Account

If you want to keep updated on all of your finances, getting a checking account can do a lot for you. You don’t have to spend any money on getting a checking account, either. 

That’s because you can always open a free checking account with certain banks and credit unions. Monitoring your checking account closely can stop you from feeling frustrated and disoriented about your financial status.

Create a Family Budget

Family budgeting is essential for money management success. If you don’t have a budget, you can’t be shocked if you live beyond your means. Budgeting can keep your spending habits in check. 



They can keep your family members’ spending patterns in check as well. You need to be aware of the exact amount of money you have to work with each month. This awareness can stop you from making major mistakes of all kinds.

Hire a Financial Advisor

You don’t have to take care of managing your money all by yourself. If you want to simplify your life, then your best bet is to recruit a knowledgeable and seasoned professional. 

The guidance of a credible financial advisor can do a lot for your bank account. If you want to make intelligent spending decisions, then nothing can top soaking up the wisdom of a talented financial advisor, period.

Use a Money Management App

There are apps that can accommodate all sorts of things nowadays. If you want to take control of your family’s money situation, then it can be smart to download a money management app. 

Financial management apps can help you stay on top of your money situation. They can help you make intelligent decisions that involve your spending practices as well. If you want to steer clear of financial dilemmas, then the assistance of a rock-solid app can work well.

Handling your money no longer has to be something that has to take a huge toll on you. It doesn’t matter if you download a widely known money management app. It doesn’t matter if you recruit an adept financial advisor, either. Financial smooth sailing is in your near future.

All You Need to Know About Heavy Machinery Loans

Through the necessity of money for a peaceful life is still a point of debate but no one can deny its role in living a standard life. Most importantly finance is an important aspect in the planning of any business. Especially if you are planning for a construction business, you will need equipment to start the business. 

And construction equipment is expensive. But you need not to worry as heavy machinery loans are you savior in these aspects. These financing associated with the heavy machinery helps one to buy new or used equipment for constructions with warranty.

What is heavy machinery?

If you are wondering what this construction equipment or the heavy machinery are, let’s get the idea. These pieces of machinery are that equipment that are enabled to perform heavy duty function and these types of machinery covers equipment like tractors, excavators, bulldozers and other engineering equipment. Heavy machinery loans enable an entrepreneur to buy this equipment that can help immensely in the construction process.

However, if you are thinking that you’ll have that much money to buy all these machinery even then, it is advisable to opt for heavy machinery loans so that you can invest that money in some other aspects of the construction process or some other business. 

Heavy machinery loans come with certain terms and conditions and to get the loan one need to qualify some specific field. But before knowing these things let’s have a glance on what are the misconceptions associated with heavy machinery loans.

Aspects to know before opting for heavy machinery loans:

• Differs from equipment financing

As mentioned, certain misconceptions are prevailing in the society regarding loan associated with heavy machinery. One of the prime aspects that one should keep in mind is that heavy equipment financing, or heavy machinery loans are not like equipment financing. 

Heavy machinery is engaged in performing heavy duty task. If you are applying for heavy machinery loans, it required to be used for purchasing huge machinery. But equipment financing is primarily for small items like computers, desk etc.

• No need for full payment

A good construction business required to have enough equipment so that a project can be finished before or on deadline. The right equipment for does not only cut the cost of the construction process but simultaneously it helps to grow the business with happy customers. 

But as it was mentioned earlier also that the price of heavy machinery is high, so buying them is worrisome. Most importantly paying all entire amount for the equipment is also daunting. But in heavy machinery loans are beneficial for the business persons who want to get new equipment. Also, to attain those one need not do the full payment at once.

Know How to Qualify for The Loan:

If you think to opt for heavy machinery loan, you should know that to get the loan you need to qualify for it. The loan is for those businesspersons who meet the necessary requirements or the qualifications. Primary there are various aspects to qualify for the loan. These are mentioned beneath:

1. Minimum Business duration: The first step to attain the loan is the duration of the business. One needs to be in the business on at least one year in order to get the loan. The addition of the credit score is also considered here.

2. High Business Revenue: If your business holds potential to gain high revenue in comparison to the price of the equipment that you are qualified to get the loan. Even if the credit score of your business is not good still you can get the loan based on your revenue.

3. The option for down payment: Another step to qualify for the loan is down payment. If you have a not good credit score, also your business is not helping you to gain handsome revenue than also you can get the loan with the help of down payment.

Lastly, one thing that you should keep in mind is that, the interest rate of the loan differs based on the base of the business owner. You might have to pay a high-interest rate if the credit score of your business is low. But heavy machinery loan is flexible in nature. You can seek for the loan until there is an issue of bankruptcy. These loan help in the growth of the business also support the financial situation of a business owner at large.