The Chapter 7 Bankruptcy Timeline

Bankruptcy is when you legally declare that you can no longer repay your debts. Individuals have the choice of either declaring chapter 7 or chapter 13 bankruptcies, depending on the severities of their debts and the incomes being made. Of most, chapter 7 bankruptcy makes the most sense, although you should consider both carefully and do what is right for your. However, if you do declare chapter 7 bankruptcy, here is how it will play out:

First, your declaration officially begins when you sign the paperwork and file the proper documents with a bankruptcy court. In most states, you have to finish a counseling course regarding bankruptcy so that you can be sure this is the correct option for you. This can be done no longer than six months before file your paperwork. Upon filing, your wages will no longer be garnished and your creditors can no longer proceed with legal actions against you or, in most cases, even call you regarding your debt. The court will contact your creditors.

Next, you must meet with your creditors in what is called the 341 meeting. Creditors may or may not choose to attend, but you must be there. A trustee will be assigned to your case and presides. This meeting will typically only last five minutes, and creditors usually do not show up. Afterwards, your trustee will sell any of your possessions that are nonexempt. Creditors have up to 90 days to then file claims. A bankruptcy lawyer will be assigned to help you through this process.

After the 90 days are over, or after all of your creditor have files their claims (whichever comes first), you will be discharged and all of your debts will be written off, except certain exceptions, like student loans and child support payments. Other debts that cannot be wiped clean from your slate include alimony obligations and taxes.

Be aware that most of your possessions can be sold when you file for bankruptcy and will be sold rather quickly. In many cases, it is better to sell them yourself for more money before you declare bankruptcy and use them to help pay off debts. If you can do this effectively, you might not have to declare bankruptcy at all. If you can, look for options to avoid bankruptcy. You have choices, and debt counselors can help you figure out a financial plan that is right for you.

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Is Bankruptcy Right for you?

Bankruptcy is a financial practice that allows you to officially declare that you cannot repay your debts now and do not see how it will ever be possible in the future. Declaring Bankruptcy is a big step. For some people, there are other ways to get out of debt, like debt consolidation or negotiating with your lenders. However, if your best option for getting out of debt is bankruptcy, than you should take steps to make this financial situation work in the best possible way for you. A financial profession can help you do that. In any case, before you jump into anything, you need to fully decide if bankruptcy is right for you.

First, it is important to learn as much as you can about bankruptcy. For individuals, chapter 7 and chapter 13 are the two types of bankruptcy that can be filed. There are other options for businesses and entities. Learn the difference between the two so you can see how they work. If bankruptcy is right for you, you must be aware of your obligations and your lenders’ choices.

Once you have learned all you can about bankruptcy, take a moment to consider other options. For example, you can consolidate your debts into one large monthly payment. If you are considering bankruptcy because you just barely miss paying off your bills on time every month or if you feel overwhelmed by credit card debt, this may be a great option for you. You can also try doing nothing and living simply for a number of years, which works well if you have no family for which you are responsible. Another options is negotiating with your lenders. In the end, there are many different options other than bankruptcy, so make sure that your second step is to consider them all.

Next, check out the requirements for eligibility for declaring bankruptcy. If your debts are too high and your income too low, you probably will not qualify for chapter 13 bankruptcy. On the other hand, if your income is too high and your debts too low, you probably will not qualify for chapter 7 bankruptcy. In some cases, you may not qualify for either, and this is a sign that you did not think through your other choices.

Consider all of your property and debts if you do qualify. What will happen to your home? Your car? Your retirement plan? Every state has different specification when to comes to this, so make sure that you understand how your property will or will not be taken. Also, it is important to begin compiling lists of your assets and debts. Remember that some debts cannot be wiped out, like child support payments.

Once you have all your information compiled, you can begin the declaration process. It is best to work with a lawyer or financial professional to complete this task, and remember to always be completely honest. Declaring bankruptcy is not for everyone, but it can work for some people.

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How to get a Mortgage After Bankruptcy

Declaring bankruptcy can be a great tool if you find yourself drowning in debt. Bankruptcy is meant to help people who just cannot find another way out. It allows you to use all of your assets to pay back as much as possible over a set number of years are all at once and then start anew. When you declare bankruptcy, you free yourself from creditor and collection agency phone calls and have the chance to start over again with a fresh slate.

Well, almost. When you declare bankruptcy, it appears on your credit history that you took this action. Bankruptcy means that your lenders probably did not get back all of the money you owed them. Therefore, if future lenders see that you have declared bankruptcy in the past, you are considered to be a very high-risk candidate, because you might not have changed. Getting a mortgage after bankruptcy can be especially difficult, but there are ways to go about doing it.

First, building up credit—good or bad—takes time. If you declare bankruptcy, you effectively wipe out your credit history. However, that includes any good credit you may have had as well. Therefore, you have to start from scratch. Just like a mortgage lender would consider a young adult a high-risk candidate because he or she has little credit history, you too will be considered a high-risk candidate. You can explain to your lender about how you’re going to change until you are blue in your face, but a more effective way to do that is to prove it. Build up your good credit again, and wait about two years before even considering approaching a lender regarding a mortgage.

You can also use special government programs to help you get a mortgage. Some will work with you to put less money down on your new home and to convince a lender that you should qualify, even if you have declared bankruptcy in the past. If you have a solid income now and are working to pay off debts, you can probably qualify for some of these government programs.

You can also use your current home as equity to convince a lender that you should qualify. The less money your want to borrow, the less risk you are to a lender. Therefore, if you can pay for the majority of your new home by selling your current home, your lender will be more likely to overlook the fact that you’ve declared bankruptcy in the past.
The real lesson here is that bankruptcy should not be declared lightly. You need to make absolutely sure it is the best option for you. Bankruptcy should be your last resort financially, because it will make it difficult to do things like get a mortgage in the future

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Doing Nothing and Avoiding Bankruptcy

Bankruptcy is the official declaration that you cannot repay your debts. This is used only as a last resort, when you have found no other way to get out of debt. For most people, this is not a good option. Bankruptcy can only be successful if you really have tried every other option and none of these options have worked. For some, bankruptcy might be the answer, but there are many options you should try first. One of these options is actually doing nothing.

Unlike most people think, you cannot simply be thrown in jail for not paying your debts. This only happens in extreme cases, like if you refuse to pay your taxes or don’t pay child support. As long as you pay these debts, there is not much a creditor can do to you. The key is, however, that you must live simply with only the basic needs until your debts are no longer collectable.

For example, a creditor can sue you for the debt you owe and take you to court. However, even if that debtor wins in court, which is most likely, he or she cannot take away your basic needs. Basic needs that cannot be taken include clothing, food, ordinary household items, like your bed and blankets (as long as they are not excessively ornate or valuable), and checks you receive for social security, public assistance, or unemployment. If you have nothing else, the creditor has nothing to take.

Be forewarned that you will not be able to save any money during this time period, nor will you be able to live with anything other than the basic human needs. If you start earning an income, anything you do not use for food and other basic human needs can be taken away. A court will decide how much your wages will be taxed.

After a number of years, the debt becomes uncollectable. The basic plan behind doing nothing is that you will live simply until this time arrives. It will probably be different for every debt you have, depending on what kinds of debts they are. However, after that time period, you can again start saving money, living more extravagantly, and even applying for new loans. Of course, you probably will not quality, but after seven years, all past debts are wiped clean from your credit history.

This method takes time and is not for everyone, but if you don’t want to declare bankruptcy, it is an option you have. Talk to a financial professional if you want to figure out the best course of action for you and your lifestyle.

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Debt Consolidation: An Alternative to Bankruptcy

Bankruptcy is when a person or business officially declares the inability to pay back creditors the money that was previously borrowed. This should only be done as a last resort, because bankruptcy will affect every aspect of your life. It will also affect your ability to get loans, mortgages, and credit card in the future. However, for some people, declaring bankruptcy means finding freedom once again. It wipes your slate clean so to speak, and you can start over again with your credit.

However, there are a number of things you should try before you declare bankruptcy. One of these things is debt consolidation. Deb consolidation cannot help everybody concerned with money problems, but for some, it is jus the boost needed to keep them from declaring bankruptcy.

Debt consolidation is basically taking all of your loans and paying them off using one large loan. You then have one monthly bill to pay instead of a number of smaller bills. This can save you money in the long run. Why? The one large loan will usually have a secured lower fixed interest rate. This is especially advisable if you are considering declaring bankruptcy because of high credit card debts.

Credit cards have very high interest rates—usually much higher than any other kind of loan. If you miss just one month of paying your card in full, you may never get back on track for paying off the balance. This can really start to add up if you find that you have more than one card. If you are far into debt, you can probably not get an unsecured loan from a financial institution, like a bank. However, you should be able to get a secured loan. A secured loan uses your house, car, or other possessions as collateral. With a lower interest rate, you can start making headway into your debt instead of simply making the minimum monthly payments. This will help you to avoid bankruptcy.

Consolidating your debts may not be the best choice for everyone. In fact, in some cases, bankruptcy is really the best way to get back on the financial fast track. However, it is important to realize that you have choices. If you don’t have to declare bankruptcy, avoid it and you will find that your life will be financially easier to handle in the future. It depends on your unique situation. Talk to a financial professional if you want more help learning about debt consolidation.

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Exotic Bangkok Golf Vacation Mini Guide

Thinking of places to enjoy a golfing vacation adventure and go somewhere exoticConsider Thailand as a Golf Vacation destination and you will never forget your experience and the adventure.In this article I will be talking to you about Bangkok Golf Vacations in particular, although there are hundreds of golf courses throughout Thailand.First a little about Thailand from Wikipedia. Thailand is home to several distinct geographic regions, partly corresponding to the provincial groups.The north of the country is mountainous, with the highest point being Doi Inthanon at 2,576 meters (8,451ft.).The northeast consists of the Khorat Plateau, bordered to the east by the Mekong river. The centre of the country is dominated by the predominantly flat Chao Phraya River valley, which runs into the Gulf of Thailand.The south consists of the narrow Kra Isthmus that widens into the Malay Peninsula.The local climate is tropical and characterized by monsoons. There is a rainy, warm, and cloudy southwest monsoon from mid-May to September, as well as a dry, cool northeast monsoon from November to mid-March.The southern isthmus is always hot and humid. Major cities beside the capital Bangkok include Nakhon Ratchasima, Udon Thani, Nakhon Sawan, Chiang Mai, Surat Thani, Phuket, and Hat Yai, in Songhla Province.Bangkok, known in Thai as Krung Thep, is the capital and largest city of Thailand, with an official census population of over 10 million. Bangkok is located on the east bank of the Chao Phraya River, near the Gulf of Thailand.Its also in the World Book of Records for the longest named city, Krung Thep is abbreviated.Bangkok is one of the fastest growing, most economically dynamic cities in Southeast Asia. It is emerging as a regional center to rival Singapore and Hong Kong.The World Meteorological Organization has dubbed Bangkok the world's hottest large city. Moreover, it is one of the world's most popular tourist destinations. Bangkok is also known for relatively low retail prices.Bangkok is the place to visit for breathtakingly beautiful temples, magnificent palaces, Thai dancers, Thai kickboxing, museums, and island hopping, with 6 international airports , destinations all within one hour or so flights within Thailand. You will also find great bargains while shopping country wide. Thailand's new airport is a work of art which stands alone and sets a new international standard for travelers, with all the latest hi-tech equipment , and visitor friendly features no where else to be found, just now opening in July through September. So, besides the enjoyment of your golfing vacation, you will also be able to enjoy the visit to Bangkok, Thailand in many other ways, not the least of, which is the fantastic Bangkok nightlife and world-class hotels at rates you won't believe.All in all, a golf vacation to Thailand is more than just an average golfing vacation, it's an adventure to remember.Lets talk about some of the particular Golf Clubs and Golf Courses in Bangkok.Windmill Park Golf & Country Club: Designed by Nick Faldo, this 18-Hole, Par 72, golf course is very challenging from the back tees. It features a lot of water for most of the entire course and the Par 5 holes are all doglegs. The last hole is probably the biggest challenge where you have to hit onto an island where the clubhouse is also located.Bangpoo Country Club: This 18 hole course was designed by Arnold Palmer and is one of the most popular golf vacation destinations. It is located about 60 miles southeast of Bangkok. You will not contend with as much water as you will on the Windmill course but wind will be a factor in your golf game at Bangpoo. Wide Fairways make the course a little easier for the average golfer.Vintage Golf Clubs: There is a lot more here than just golf. It features a glamorous clubhouse with tennis courts, a swimming pool, and even a fitness center. This 18 hole, Par 72 golf course was designed by Arthur Hills and is a rather flat course. However the greens, fairways, and water hazards are well placed. The Par 5 holes will give any golfer the challenge they are looking for and the 18th hole is especially challenging with a narrow green sporting water on two sides.Bangpakong Riverside Country Club: Built by the Bangpakong River, this 18 hole course presents unique challenges for golfers at any skill level. The river intertwines through the golf course and into some of the greens themselves. It sports thick rough areas even though the fairways are wide. Golfers will also have to contend with strong winds in addition to the obvious water hazards.Thana City Golf & Country Club: This Golf Club is located along the Bangna-Trad Highway. A beautiful course designed by Greg Norman gives golfers a chance to play holes of varying skill levels. There are Par 4, 300 yard holes up to Par 4, 440 yard holes. Very fast greens make this golf course a real challenge.Dynasty Golf & Country Club: Designed by Dennis Griffiths, Dynasty is an 18-hole golf course about an hour-and-a-half drive from Bangkok. The greens are well placed and the course is fairly flat. There are creeks that provide good water hazards and the trees and flowers that surround this beautiful golf course are something to be admired.Subhapruek Golf Club: (Formerly Bangna Country Club). The name, Subhapruek, was given to the golf course by Princess Maha Chakri Sirindhorn in 1995 and means Beautiful Plants. This golf course is one of the most beautiful courses in Thailand. Every single one of the 18 holes was designed by Pete Dye as a signature hole. The course presents physical and mental challenges that rival the best golf courses in the world.Natural Park Ramindra Golf Course: (Formerly Winsan Golf Club until taken over by the Natural Group in 1992) Designed by Jack Niclaus, this 18-hole golf course features holes with sandy wastes, water hazards, and bunkers. Like any golf course designed by Jack Niclaus, it presents challenges golfers at all skill levels can enjoy. It is located near Safari World, about and hour drive from Bangkok.These are only a few of the golf courses in and around Bangkok, Thailand. You will enjoy exploring to find other courses such as those I will recommend below. A trip to Thailand for a golf vacation is one you will never forget. Other recommended Golf courses you can search for online before booking your Bangkok, Thailand golf vacation.Green Valley Golf Club, Rose Garden Golf Club, Kiarti Thanee Country Club, Royal Gems Golf & Sports Club, Krisda City Golf Club, President Golf & Country Club, Krung Kavee Golf Club, Pinehurst Golf & Country Club, Lakewood Golf & Country Club, Panya Indra Golf Club, Lum Luk Ka Golf Club, and Navatanee Golf Club. Note from the author: Although there are many excellent choices, my personal favorite is Pinehurst Golf & Country Club, minutes from Don Mueng International Airport, great accommodations in a country setting , excellent service with a smile, and moderately priced to fit within your budget.Just watch out for the water traps. I've donated 100's of golf balls over the years.

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Golf in Thailand

Thailand – ‘Best Up and Coming Destination’ for Golf VacationsFrom the beach resorts in the south, to the mountainous surroundings in the north, or the bustling cities of Bangkok and Pattaya, there are golf courses to suit every preference. All are located in highly accessible areas with fast and convenient door-to-door transfers possible within several hours’ travel time. This provides visitors with a vast choice for planning a golf holiday.With modern facilities, internationally designed golf courses, and an excellent infrastructure, the availability of golf has developed significantly in Thailand. This has been evidenced by the World Golf Travel Agents Association recently awarding Thailand the ‘Best up and coming destination’ for golf vacations.Thailand has hosted world class golf tournaments attracting such players as Tiger Woods, Ernie Els, and Vijay Singh to name but a few. Such courses as Blue Canyon in Phuket have played host to international tournaments together with Thai Country Club and Alpine Golf Club in Bangkok during the last few years. Thai Country Club will in fact host the high profile Asian Volvo Masters for the next 3 years.Following a brief slow down after the economic crisis in 1997, the development of new championship standard courses in Thailand continues at a phenomenal rate. To date there over 250 courses located throughout the country. This number is expected to grow to 300 as new golf courses currently under construction come on stream at a rate of 1 course per month. This new investment being made in the golfing sector in Thailand will further enhance the facilities and courses available to visitors.

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