Tips To Take Control Of Company Insolvency

There are so many companies going through liquidation today. Even though for most this is welcomed and planned, for others it is not a very much welcomed process and it can be the root cause of stress and worries. It is very normal to feel frustrated, helpless and angry when going through insolvency, but there are simple ways you can use to take control of the situation and it keep stress levels minimal. Here are some tips that can help you reduce the upset and worry that usually accompanies company insolvency.

1. Get as much information as you can about the process. There are very good insolvency practitioners you can involve in the process to make it easier for you. They can help you with deciding the next best course of action and to know the possible outcomes. Liquidation services can actually go a long way in reducing your stress levels because the experts offer you a better sight of the next path to take.

2. Remain focused on the future remembering that liquidation and insolvency is not a process that is unique to you. Gone are the days when they carried stigma; the recent recession has made them common. Therefore, the best you can do is to start by putting everything into perspective and work towards a better future.

3. Take some time out even though liquidation is a process that can be demanding. When you take a little time to breathe, you will find that you are more prepared and positive about the current business situation you are facing. Do some fun activities such as listening to music and dancing, walking the dog or even hitting the gym to take your mind off things for a while. It is a simple way of reducing stress and renewing your thoughts and moods.

4. Vent. When you have an ally you can share feelings and thoughts with without feeling judged, then you definitely will be in a better position to take control of the stressful state. Expressing how you feel about the process loud might not do much in stopping the liquidation or insolvency process but it does help relieve anxiety. You will feel calmer and relaxed when you share your deepest feelings with a trusted friend.

5. Accept things that cannot be changed. The liquidation process might be inevitable, but instead of regretting certain decisions you made in the past, it should be time to focus on areas that can be changed to improve the situation. Let go of issues that you can do little to change and focus on turning the situation around to your advantage.

6. Create a plan even in the tough situation. Don’t let the liquidation be the end of the world for you. Start by identifying areas that need help and find professional help and advice to help you pick the pieces. A qualified and experienced liquidation consultant should be professional enough to help you build a winning plan for the future of your business.

5 Tips To Select The Best Bankruptcy Attorney For Handing Your Case

Filing for Chapter 7 or Chapter 13 bankruptcy in a court can be a stressful process and can be bothersome, too, unless handled professionally by an experienced Bankruptcy Attorney. There is high chance of rejection by the honourable court in case the applicant makes some minor blunders while filing for bankruptcy. The filing and handling of the case needs immaculate planning, detailed preparation and consistence follow-up as per the norms in order to get the bankruptcy claims awarded by any court.

Role of a professional Bankruptcy Attorney:

A Bankruptcy Attorney is a legal advisor, who can make you understand the basic concepts of Chapter 7 and Chapter 13 Bankruptcy as per Federal Government norms. They can advise you and guide in preparation of all the legal documentations, paper works as per the local court regulations and procedures. They are also experienced enough to clarify any specific and critical queries in connection with the process of getting out of debt through filing a bankruptcy claim under chapter 7 or Chapter 13 bankruptcy regulations.

Although Bankruptcy Attorneys don’t come cheap and their professional charges are considered to be quite a bit on the higher side, with a sensitive analysis and informed decision you can always select the best Bankruptcy Attorney to proceed with your planning to get out of debt. Here we have a few tips to help you choose the best Bankruptcy Attorney for filing your bankruptcy case.

1. Search someone familiar with your local bankruptcy laws:

The regulations for bankruptcy vary from state to state and hence it’s always advised to select a Bankruptcy Attorney, who is familiar with the state law. If you are not sure about which attorney can handle your case of bankruptcy protection, you may seek some references from online forums. You can also check if your attorney is a member of The National Association of Consumer Bankruptcy Attorneys (NACBA).

2. Check the background of the law-firm you plan to hire:

You can also gather more information about your preferred Bankruptcy Attorney firm from their website. You must have a look at their experience; previous cases handled by the firm and take some references in order to ascertain the professional efficacy of your attorney. You can also check if the firm is associated with similar cases and have attained success in them.

3. Take reference from your state Bar Association:

Most of the Bar Associations in the states offer Lawyer Referral Services for individuals looking towards bankruptcy protection. You can search online for Bar Association of your area and check their website for such a referral service. They enlist attorneys who have experience in handling bankruptcy cases and they can be a real help to find a good attorney.

4. Contact a bankruptcy court in your locality:

In some of the states, courts also offer such Lawyer Referral services. If you are unable to find one in your area, you may call the courts, where you intend to file bankruptcy and get a few names to select from. Local courts can also help you in a legitimate manner to file a bankruptcy claim with pre-defined legal fees and procedures.

5. Set-up personal appointment with an attorney offering free first consultation:

Most professional Bankruptcy Attorneys will be willing to offer you a free first consultation to estimate the case and determine if they can help you. Check for some of the reputed law firms to avail such a consultation. Discuss your problems with them and they can guide you through the legal procedures if you can file for the bankruptcy protection.

How Crowdfunding Can Help Pay Medical Bills

Crowdfunding can help pay for medical bills… it really is that simple. You can crowdfund for just about anything, including medical bills. Many times people are placed in a medical crisis and aren’t sure where to turn. Medical bills can accumulate in no time and medical bankruptcy is a real thing. You’d be amazed by how many people in “your own crowd” are willing to help.

In a study published in January 2014 from the Center For Disease Control (CDC), one in four families experienced financial burdens of medical care.

This “financial burden” of medical care equates to medical bills that they can’t currently pay and are forced to pay monthly over time.

This study goes on to share that families with lower incomes were more likely to experience the financial burdens of medical care. Those families with incomes at or below 250% of the federal poverty level had the highest levels of any financial burden of medical care.

250% of the federal poverty level (based on guidelines for 2013) means that a family of four with an annual income of $58,875 or lower were at the highest level of the population feeling the financial burden of medical care for a loved one. That’s our middle class America. Those are the families living paycheck to paycheck and not prepared for a medical crisis.

The is a baby with his eyes closed and an oxygen canula in his nose. He was born with a bad heart, a weak immune system, and problems eating which caused a condition labeled by doctors as “failure to thrive”. Isaac spent the first year of his life in and out of hospitals in Las Vegas and at Stanford where he underwent multiple heart catheterizations and procedures, open heart surgeries, and had a feeding tube placed surgically to ensure he received the proper amount of nutrients. Isaac’s family had great insurance, covering 80% of all medical costs. But, they still spent over $100,000 out-of-pocket the first year of his life in deductibles and medical related expenses.

Shocking… right?

I know… My name is Kathy, and I’m Isaac’s mom.

I remember people asking us if they could have fundraisers for us, give us money… they would offer to do anything just to help. At that time, I could not have imagined the costs that we would incur, nor could I imagine all the things that insurance doesn’t cover. You assume that you pay for insurance, you’ll have a deductible… The End.

If that were only so.

Words of Advice:

Start a Crowdfunding Campaign Immediately

Don’t be too humble to let other people offer to help you. You really can’t imagine the costs of things in the medical world and how they add up. It is TOO hard to think about money when you’re talking about the healthcare of someone you love. You want anything and everything done… you’ll worry about the bills later.

From a Mom that’s Been There

Don’t expect the people in the middle of a medical crisis to be thinking clearly (well, I sure wasn’t). If you’re related to the family or just a loving friend… talk to them about the medical bills and the reality of the situation. Talk with them about what they need now and what their needs may be in the future and help them come up with a budget and plan to get everything their loved one needs. From bills, equipment, therapy sessions… even therapy dogs, all these things can be a necessity now or in the future.

How exactly will crowdfunding help pay my medical bills?

Well, they can’t send a check to the hospital for you, but they can offer you a platform that will help you tell your story as well as share it with your friends and family. The right crowdfunding platform will provide support for you all along the way, from guidance writing your story, picking pictures to post, sharing on the social media channels, and even help writing press releases to get national exposure.

Crowdfunding can help you pay for your medical bills by allowing YOU to take care of your family and letting your “crowd” help YOU. Donations will be made by people you have inspired and want to help you. These people will have a platform to donate to you on their schedule and an amount that is within their means.

How Do the Consequences of Bankruptcy Alternatives Compare?

Let’s talk about avoiding bankruptcy and what you can expect will happen in each situation. Some options are more favorable than others and once you have explored all of your options for getting out of debt, you may find bankruptcy to be your best fit after all.

1. Make More Money

This is a no brainer actually. When you’re looking to get out of debt and avoid bankruptcy, the best thing you can do is make more money. I know, it’s easier said than done, but have you really explored creative out-of-the-box ways to raise your monthly income? Here are some of my suggestions that have helped past clients:

Rent a room to create rental income;
Get a second job;
Ask for a raise at your current job;
Put the kids to work and if the are working, STOP PAYING THEIR EXPENSES;
Have a yard sale, or sell items you no longer use on Craigslist;
Start a side business repairing or repurposing items for resale

2. Cut Expenses

There are only two sides to the budget ledger; income and expenses. Another best strategy is to not only increase your income, but cut expenses too. Any money left over can then go to paying off debts and avoiding bankruptcy. Here are some often overlooked ways to cut expenses:

Transportation: Cut transportation expenses by taking public transportation to work. You would be surprised to notice your stress will go down with public transportation. If you plan to drive, be sure your car is well-maintained and paid off. Maybe you need to downsize and get a cheaper car that is paid for to cut out the car payments.

Insurance: Home and auto insurance costs can be cut by examining the amount and type of insurance policies you have. If your car is older, consider cutting out any physical damage coverage (comprehensive/collision) and maintain liability only. Liability limits on insurance policies only need be enough to protect your assets. So, if your car and home have no equity, then you don’t need a high limit insurance policy. Also, shop around for insurance.

Utilities: Turn off the lights and air conditioning. Cut that cell phone bill, or cut the land line. Call each company to reduce services that will reduce your bills, or cut them completely.

Groceries: Take up couponing only where it makes sense by buying your shampoo, soap, toothpaste, dish and laundry items on coupon. Paper products are another great household item to buy on coupon. Cut your grocery bill by planning your weekly meals before shopping and consider other meals that you can use similar ingredients for. Cooking at home can not only save money because it’s cheaper than dining out, it can also help you live healthier.

The consequences of tightening the budget by increasing income and reducing expenses are that it’s a long-term lifestyle commitment that could take longer than five (5) years to pay off all your debts. Even after maximizing this strategy and applying all your disposable income toward debt, it may not be enough and you may still be faced with bankruptcy. However, I still believe that knowing your numbers is an important step in financial transformation and eliminating debt no matter which direction taken.

3. Debt Settlement

If you’re behind on paying credit cards, they can be negotiated; sometimes for pennies on the dollar. This can seem like a money saving strategy, but can leave your credit score in shambles in the wake. First, you’ll need a hefty savings account so that when you strike a deal, you can pay a lump sum to settle the debt. Be sure to get any settlement in writing and ask them to remove the trade line from your credit report. You may not get credit clean-up, but it doesn’t hurt to ask either. This can be an effective debt elimination method if you only have one or two debts to work with. Any more than that and a bankruptcy case would be a cheaper, better, faster way to get out of multiple debts at once.

Avoid These 10 Mistakes If You’re Going to File Bankruptcy


In theory, consolidating seems like a good and viable option. However, in practice, consolidation rarely works out, and experience shows that in the long run, people don’t save money but in fact it ends up costing them more.


If you aren’t going to be able to catch up on all your bills and get ahead, you are wasting your money. Filing bankruptcy will get rid of all your debt. There is no point paying bills that will be wiped out anyway. Save your money to pay the fees of filing anyway, that will much cheaper than paying bills you can’t afford to pay.


Really??? If you are unable to pay your bills, your credit probably already stinks. Filing bankruptcy is not going to make your bad credit any worse. To the contrary, by filing your credit will begin to rebound if you’re smart about building it after you file. Bankruptcy is a way to fix your credit and debt problems, it did not cause them.


Now I know what your thinking, it sounds wrong, but by not paying your family and friends you are actually saving them from a big headache and problems. In bankruptcy, the trustee (the person overseeing your case) can go after your parents and friends and take the money you have paid them to pay that money to other creditors. Your family and friends won’t be happy if you get them involved in a legal proceeding because you paid them.


By having a lien on your car, you protect the car in the bankruptcy. The trustee is trying to find any asset (like your car) you own that may be used to pay back your creditors. The loan on your car usually makes that option not viable and the trustee likely will not pursue the sale of the car.


Failing to list any property you own can potentially lead to criminal action against you for bankruptcy fraud and make it so you lose your discharge (the thing that wipes out all your debt) in bankruptcy. Plus, its like the trustee is magic, he usually ends up finding out about everything, it’s just not worth it considering the penatly you face if you’re caught lying.


In the list of the worst things you can do when filing this may be 1(b) coming in just behind the one we just talked about. The trustee could very likely go take the money and property back. This goes for any transfer within a year of filing. Like number 6 above if you do this you risk not being able to have your debt forgiven.


Your retirements are protected, by liquidating them you take them from being a protected asset to a general asset than the trustee can come after to pay debt with. You are still going to need retire someday so save if for what it’s there for.


Look, this isn’t meant to be a phylisophical or religious statement. If you’re broke, your number one responsibility should be to your family’s needs. The law allows people to file bankruptcy as a way of dealing with debt. The creditors use the law to help themselves in the same way through tax subsidies, charge offs and law suits. Whether or not this is a justification for filing it’s the reality, it’s you’re right to file.


Take time to think about your options, but not too much time. You’re wasting your money and stress on things that can be taken care of so easily.