The bankruptcy code acknowledges the validity of the homestead exemption.Written by John E. Roush
Many times subject of bankruptcy seems baffling in its complexity. Actually basic principals of bankruptcy are fairly simple even though federal statuses on bankruptcy are extensive. The reason that statutes are so complex is because in as effort at social engineering, lawmakers want to cover every possible contingency. The very complexity of Bankruptcy Code gives lawyers ample opportunity to try to obtain interpretation of law which best serves their clients interest. This results in extensive litigation and occasionally in interpretations of Code which were not what legislature intended. This on turn results in additional legislation, which results in additional litigation and on and on. Nevertheless, underlying principals are not as complex as Code makes them seem. Here we will discuss personal nature of bankruptcy. The concept of bankruptcy is an old one in English common law. If a person could not pay his debts, his creditors hauled him into court, took all of his assets, and used those assets to satisfy their debts. If assets were insufficient to satisfy debts, debtor was taken from bankruptcy court to debtors' prison. Since this is a rather extreme remedy, Article 1 Section 8 of U.S. Constitution gives Congress right to establish "?.uniform Laws on subject of Bankruptcies throughout United States."
| | Investing In Real Estate InvestorsWritten by John E. Roush
With never-ending changes in our Real Estate Markets real estate professionals are starting to pay attention to sound of new commission streams of income. Some realtors have either shied away or ran-away from such terms as "Cap Rate," & "Cash-on-Cash Returns." Terms that only 'savvy' and 'numbers-oriented people use to determine if a Real Estate purchase is a "Good Deal", or not. A majority of realtor brethren attended real estate school because they are excited and passionate about promise of selling real estate and making a fantastic living. That being said "Times are a Changing." Even if you live in a Hot Market where residential real estate sells in 2-3 days there is an old approach to real estate that is growing faster by day?..Residential Real Estate Investors. This deft group of real estate investors is taking real estate and real estate investment world into a new era! No longer accepting wild volatility of Dow Jones and NASDAQ families, and unwilling to accept investment practices of their fore-fathers, these Investors throw caution to wind for returns above traditional 5-6% in their Roth or IRA accounts. These Investors are bold and oftentimes aggressive. Today's Real Estate Investors are all about fast fix-n-flip, high appreciation, and rock solid monthly cash-flows. Cutting their teeth on investment in their own home-towns is only beginning as Serious Investors turn to points outside their own back-yards to other regions that demonstrate greater promise and higher returns. You may say well how does older adult view these investment opportunities? For starters age of these stealth hunters ranges from 28 to 68. From "Rich Dad-Poor Dad" book series to Trump's magical presence on "The Apprentice," young real estate entrepreneurs are making their dreams happen to tune of 3-5 acquisitions a year! Got your attention now? The typical Investor has good to great credit scores, excellent cash reserves or hidden resources of partners with cash, and a willingness to make deal happen at nearly any cost. The best kept secret of all is that these investing beasts travel in packs. Where you see one, another is very close behind. In other words they know people that you need to know to grow your investor database even larger. If real estate professional does a good job happy clients are likely to refer many of their fellow-investors. Not just investor clients but their regular every-day real estate business. Face it, if you can demonstrate to your clients how adept you are with their investment portfolio, then wouldn't you suppose they would carryover this trust in looking to you in buying a basic home, condo or beach house? So what if you haven't been focused in real estate investment sector, and you are thinking this all sounds pretty good, let's give it a try. First question to ask yourself is who have your clients been working with or exploring their options of real estate investing with over past 3-4 months. Statistically 6 out of 10 clients have considered investing in real estate or have already begun doing so before their realtor even has a chance to blink an eye. Got your attention now? How about fact that in less than one year I increased my annual commissions by 30% by just positioning myself within my primary data-base of clients. All I did was let them know that I was ready, willing and able to begin assisting them with their "Investment Realty" needs. What I learned during first year was that if I could create an environment for my clients to learn more about real estate investing that they would thank me in a variety of ways?most importantly they would call me before writing a contract and would make sure that I was involved in every contract where they wanted to make a real estate purchase. Before long 30% went up to 45% and further.
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