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Archive for September, 2009

Most of my readers, friends and colleagues ask me about whether it would be good to opt for bankruptcy when you financial situations are extremely troubling and no other way seems to let you out of your financial troubles.

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What could I say is just to analyse the situations first. See, some debt strugglers are not genuine as well. I can say this considering the fact that sometimes, when people do not wish to pay for their debts and try to utilise the money that must be repaid to their creditors; this could harm them financially.

Personal loans prove really helpful when you are struggling with genuine financial deficiencies; no matter whether you are borrowing secured or unsecured loans, it depend upon your requirements and abilities to pay.

Many borrowers like to evade repayments of their loans by declaring them bankrupt or insolvent so that they would not need to repay them and they could enjoy utilising money for their fun and luxuries. The tenant loans, car loans and other loans for buying luxuries also come under it.

At their repayments, they can get exempted by their lender due to their bankruptcy, but the fact of their inability to obtain further financial products in future never leaves them alone. Hence, it would be better if you keep in mind all the aspects of bankruptcies before applying for it. Otherwise, no personal finance would be able to help you.

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A lot of individuals die with debts. On numerous occasions, the existing family members are left with financial adversity. Some individuals make plans for their credit card debt keeping in mind the event of their death. Either way, if an individual expires with credit card debt, the existing family members are left with another thing to be concerned at a quite miserable period.

Investment Properties and Assets

Creditors cannot attach assets like your IRAs (Individual Retirement Accounts) and 401k in the event of your death. This is a federal law and does not differ from one state to another. Life insurance is normally exempted from creditors attempting to recover a debt as well.

Nothing

If you die with credit card debts exclusively in your name, the credit card company frequently accepts the loss since there are not sufficient properties to pay off the debt. The credit card company lawfully cannot compel a family member for paying the debt if it was not a joint account.

Probate

If you have not prepared an official will, your leftover properties might undergo probate where an administrator would enumerate your debts and properties. Your properties are then liquidated to pay down your debts. The leftover assets are passed on to your successors or beneficiaries.

Joint Accounts

If the credit card account is a joint account and one accountholder passes away, the existing accountholder is still accountable for the debt. Nevertheless, if the second individual was only an approved user and did not sign any contract, the debt would only be of the person who passed away.

Community Property

In a number of states like Idaho, Arizona, Texas and some other states, the law takes into account any debt piled up at the time of a marriage to be the responsibility of the husband and wife. If any of the spouses dies, it can happen that the debt is transferred to the existing spouse.

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Friends, I have stated you about the drawbacks of being emotional with your personal finance. However, I have also suggested you some ways to overcome your emotions for the easy and convenient settlement of your debts and other financial matters.

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Now, I want to precede with the same topic in a slightly different manner i.e. the advantage of being emotionally attached with your financial matters. See, if you really love your financial stability, you will remain attentive towards the timely repayment of your all expenses and debts.

Generally, debts emerge when you either become irresponsible towards your personal finances or the arrival of any uncertain financial situations make you incompetent to deal with them efficiently. It specially happens when you deal with car loans, tenant loans or unsecured loans where interest charges are quite higher. However, your emotions could become helpful for your financial management as when you get scare of falling into debts, you will definitely try to overcome through the possibility of debt emergence.

However, your emotional sickness must not come in between your responsibilities that could lead you towards the debt troubles. Do not become too emotional with your cash loans and avoid borrowing them continuously; otherwise, they could become the reason for the emergence of debts for you.

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