Bankruptcy Best Bet?Written by Alli Ross
Filing bankruptcy is a common practice among U.S. Over 2 million people file for bankruptcy every year. So many families today are swimming in debt, which is not surprising with amount of credit that is being offered. If you pay your bills, you're given opportunity to run up more bills. For young people, this is often too much responsibility to handle. Many people choose bankruptcy in order to gain a fresh start. However, bankruptcy leaves you with a bad record. This makes it harder to buy a house, a car, or any other big-ticket item soon after you have filed for bankruptcy. Mortgage lenders will certainly be more cautious before granting a loan to someone with a history of bankruptcy. Luckily, there are other choices. Debt Consolidation It seems like every other TV commercial is talking about debt consolidation. Why? Well, it's a big market and many people are opting for debt consolidation before taking plunge into bankruptcy. Before you decide to take this route, you must ask yourself: Will I be able to pay all of my other bills on time and still be able to survive monthly? Failing to pay a debt consolidation loan could cause you to lose your home to a creditor. So, before you decide to consolidate your debt, make sure you can handle payments. Know all of facts.
| | Life Settlement OverviewWritten by Grant Shellhammer
A “Life Settlement” is a lump sum settlement paid to owner of a life insurance policy by one of many funding sources in exchange for ownership of policy. Never before have non-terminal policyholders been able to receive capital in excess of their policy’s cash or surrender value to increase their wealth. A Life Settlement can usually provide anywhere from 2 to 5 times cash surrender value of policy. "With life settlement option availble, there is no reason to surrender or lapse your life insurance policy." says Grant Shellhammer, of http://www.lifesettlementpro.com/.Generally, anyone over age 70 who has $100,000 or more in life insurance coverage may qualify for a Life Settlement regardless of health condition. Other factors considered in negotiations are policy’s cash surrender values and cost of premiums. A basic principle to remember is that older age of insured and/or more health complications exist, higher settlement. However, each individual’s situation is different from case to case. The fundamentals of Life Settlement transaction have technically been around since 1989 in form of “viatical settlements”. Individuals at any age can qualify for a viatical settlement if they have a chronic or terminal illness such as cancer or HIV. Viatical Settlements have always been contingent upon health of insured, whereas Life Settlements are contingent mainly upon age of insured. In most states a terminally ill senior applicant will need to use a licensed viatical broker and/or funder in order to abide by state rules and regulations and to retain tax-exempt status of settlement.
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