In an attempt to crack down on abuses in the debt negotiation industry, Senator Charles Schumer (D-NY) introduced the Debt Settlement Consumer Protection Act (DSCPA). The amendment would regulate in two key ways:
Read more on What Financial Reform Would Mean to Debt Relief…
Once a company has been liquidated either through a Creditors Voluntary Liquidation or winding up, the liquidator will produce a report on the conduct of all of the directors in the period running up to when the business stopped trading. If the liquidator believes that the directors did not act properly during this period, then they can accuse the directors of wrongful trading. If this accusation is upheld, the directors in question can be made personally liable for the company’s debts. They may also be banned from being a director. How do you minimise this risk?
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Debt is negative wealth. If you want to be wealthy don’t get into debt. But howsoever simple it may appear on paper, most people take the easy way out. If they want more, they simply spend without sparing a thought to affordability, thanks to availability of easy credit card debt.
The present global trend and the economical conditions prevailing around the world have a greater chance of worsening the situation of people in debt. A proper and good debt advice can save from drastic situations where the individual will not be able to tolerate any more stress of their debt either leading to suicidal attempts or declaring bankruptcy.
What is the effect of Bankruptcy for Directors, Sole Traders and Employees. What other options are also available if bankruptcy would be detrimental to your business.
For senior business managers or owners, Bankruptcy is not an option if you want to continue managing your business.
Read more on If I go bankrupt can I continue to run my business?…
The idea of a reverse mortgage has gained a great deal of attention in recent years. Many retirees have found them to be an ideal way to enjoy an additional source of income that helps to stretch pensions and other types of nest eggs that were built up over the years. Read more on Is a Reverse Mortgage Right for You?…
In contrast to Compulsory Liquidation, which is initiated through a court order, Voluntary Liquidation is, as the name implies, undertaken voluntarily. Either the shareholders of a company initiate voluntary proceedings or the company directors undertake them. The legal formalities differ in each case, but in either case, the services of a licensed insolvency professional will be employed.
Company voluntary arrangements (CVA’s) are legally binding agreements between companies and their creditors that outline in detail a plan for settling outstanding debts. The advantage of such an arrangement is that it is a way by which company directors can remain at the helm of their company and steer it away from liquidation proceedings.
If you’re a homeowner facing a need for a large amount of ready cash, the time has never been better for refinancing your mortgage. With interest rates near all-time lows, homeowners are in a great position to get a mortgage with a better rate than they currently have, and draw from some of the equity they’ve built up in their home since they received their current mortgage.
Read more on Refinancing Home Mortgage: Understanding Your Options…
The housing market may be slow, but with mortgage rates near all-time lows, the mortgage industry is doing a bustling business in refinancing, as homeowners trade in their high-interest mortgages for low-interest loans that can save them thousands. Read more on Take Advantage of the Lowest Mortgage Rates Today…
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