Important Bankruptcy Questions Answered by Brian Linnekens

Anyone filing for bankruptcy undoubtedly has plenty of questions like what is bankruptcy? How does it work? What can bankruptcy do to anyone’ credit? Who should file for bankruptcy? What happens to debt and property after filing for bankruptcy? We have compiled a list of most frequently asked questions about bankruptcy. Get answers of these most common questions about bankruptcy from one of the popular bankruptcy attorneys of California, Mr. Brian Linnekens.

What is Bankruptcy?

Brian LinnekensThis is the most common question frequently asked to Brian Linnekens in his 10 years of bankruptcy law career. Brian Linnekens defined bankruptcy as a proceeding in which an individual legally declares that he is not able to pay all of the money that he owes. Bankruptcy grants that individual a fresh financial start while providing him an opportunity to potentially repay creditors in an orderly fashion.

What are the advantages of filing for bankruptcy in a court?

Bankruptcy makes is possible for debt collectors to stop foreclosure on bankrupt’s (a person who is declared insolvent) home and property. It provides an opportunity to debt collectors to catch up on payments that have been missed by an individual or bankrupt. Filing for bankruptcy helps a bankrupt prevent his home vehicle or other property from being repossessed. In addition, bankruptcy can prevent a bankrupt from wage garnishment and harassment by debt collectors. It can also provide a bankrupt a discharge of some of his debts.

What is the difference between bankruptcy chapter 7 and Chapter 13?

In bankruptcy Chapter 7, the debtor nonexempt property (if any exists) is liquidated to pay as much as possible to pay the debtor’s debt. On the other hand in Chapter 13 a proportion of the bankrupt’s future income is used to pay as much of the debtor’s debts as is possible under the bankrupt’s  financial circumstances.  This is a basic difference between Bankruptcy Chapter 7 and a Chapter 13. In the case of bankruptcy chapter 7 individual loses his nonexempt assets and receives a discharge from his debts. While in chapter 13, the individual retains his nonexempt possessions, but must pay back as much as feasible for the individual to pay over 3-5 years. Chapter 7 cases are less expensive and take less time than chapter 13. However, Chapter 13 allows an individual who is above the median income or who has a lot of nonexempt assets to keep their assets and receive the protection of bankruptcy.

What is an Automatic Stay?

An automatic stay is a restraint provided by a court after filing for a bankruptcy chapter 7 or chapter 13 to a bankrupt. An automatic stay prevents a bankrupt from his debt collectors to take any subsequent action to collect debts. The automatic stay is filed immediately after the bankruptcy petition is filed.

Will My Employer Know I Filed for Bankruptcy?

Bankruptcy petitions are public records. Normally; however, your employer will not know you have filed an appeal for bankruptcy unless you owe him money and your employer is your creditor.

What filing for bankruptcy won’t do for a bankrupt?

This is the most frequently asked and most important question that every bankrupt should keep in his mind before filing for a bankruptcy in a court. Remember, bankruptcy will not cure all of your financial problems. It should be understood that bankruptcy will not eliminate your secured debts such as mortgages and car loans. Bankruptcy also will not discharge your special treatment debts such as certain student loans, alimony, child support, certain taxes and criminal fines.

Strategies from Brian Linnekens to Determine a Professional Bankruptcy Lawyer

Absolutely nothing may be more complex along with difficult as compared with filing for a bankruptcy in the court. Filing for an individual bankruptcy without having right knowledge of courtroom principles and also personal bankruptcy legal guidelines contains a minimal recovery rate. To have an simple and easy , thriving individual bankruptcy case, you’re not allowed to make bankruptcy errors which can enhance the likelihood of getting the case refused via the courtroom. The crucial reason behind a good number of declined bankruptcy situations is getting a drastically wrong lawyer for the position. Employing a incorrect law firm may make blunders that may place you right into a substantial damage. For numerous attorneys, personal bankruptcy filings have grown to be a volume business. Debtors are receiving poor legal solutions through lawyers that put them into loss. Due to this, you’ll have to do some investigation before hiring a personal bankruptcy attorney. Here are a couple points according to Brian Linnekens that you need to look in a personal bankruptcy legal counsel before employing her or him whilst submitting a bankruptcy.

Brian Linnekens

Decide How Much You Can Actually Spend to Your Bankruptcy attorney

Bankruptcy attorney’s expenses may vary by region. In America intended for Chapter 7 bankruptcy, costs ranges from about $1,000 to $2,500. In the case of personal bankruptcy you will get what you spend on. Determine your budget, but don’t forget the fact that legal representatives who promise their expenses on their site or charge under the prevalent market fees work on quantities rather than on top quality. By no means acquire this type legal professionals. They can take as many cases as is possible at the cheapest prices possible, with simply one objective to generate income. Don’t be surprised to invest a minimum of $1500.00 on the bankruptcy case. Although, pricing of bankruptcy is dependent upon the number of collectors involved, judgment liens, and the sophistication of the matter. Try to not get a inexpensive attorney at law. Devote on some excellent legitimate companies to make certain that your assets are protected, and creditors are no longer knocking on your home.

Have a list of Finest Bankruptcy Attorneys within Your Area

Create a list of potential bankruptcy attorneys of your spot and continue to narrow down your list by doing some investigation on yelp or another websites which can help you find a good attorney exactly like you execute when you seek out the most effective hotels within the area. Think about looking at their scores and also testimonials on yelp as well as other sites. Be sure the attorneys on your list really practice bankruptcy law. Whenever employing an attorney, do not select one without having examining him or her on the web.

Make contact with their Earlier Clientele

If you have selected one don’t conclude a contract with him for filing your bankruptcy before talking to their previous buyers. Consult their prior buyers if the attorney communicated with them promptly or not and also did he or she answer all the questions on time or otherwise. It’ll guarantee that they basically serve in the most beneficial method.

Contemplate Checking out Their License in addition to Expertise

There are countless of internet sites accessible that would probably aid you to identify a possible law firm where they list their own practice and also specialization areas. Guarantee that the attorney is definitely licensed and has went through required methods in addition to certification of bankruptcy attorney. Decide on an attorney that’s acquainted with your local policies of your section and understands the actual trustees. It assists you go easy during the entire situation.

Economical tips from Brian Linnekens to help you pile up wealth and also free from debt

Successful financial preparation just isn’t investments, this is the answer to a tension free as well as flourishing existence. Acquiring beneficial financial ideas as well as investing selections link one to your primary goal which help you gather wealth and remain out of debt during your life. Brian Linnekens has put in the past 10 years advising some of the most prosperous as well as well-to-do families in the states. Based on his understanding in addition to experience during the last Decade, Mr. Linnekens gives you his expert suggest that was successful for his consumers. His advice can help you deal with and grow your hard earned dollars. Learn how to build, foster in addition to sustain cash.

Brian Linnekens cautions not be mastered by your desires

The very first and most essential money advice Brian Linnekens provides to accumulate wealth and remain debt free is actually “not to be mastered by your wants”. To reach your goals and live a booming lifestyle first, it is advisable to find out the art of delaying gratification. Stalling your own gratification will encourage you to keep your finances in order. Don’t be in rush to receive all of your current desires. If you’ve got your sight on a thing that you can’t manage to own, delay until you could have enough income to purchase it. Don’t effortlessly purchase an item on your credit card the instant you desire it. Delay the impulse to obtain for the time being and also wait until you’ve truly secured the cash to pay for that merchandise.

Make a good use of your credit cards advices Brian Linnekens

If you would like experience the convenience factor and also advantages of your credit cards, do not come up with a habit of putting all of your purchase on credit cards. Make use of credit cards sensibly as well as sparingly. Make sure all your expenses are not on your own credit card. Limit the use of your own credit card and a have a plan to pay for the balance As quick as possible. Be certain that you’re not really shelling out what you can’t pay off at the end of the month and then try to pay your balance completely once the monthly bill comes. Don’t carry more credit cards that you simply can’t keep an eye on.

Make a plan for your current bills

Budgets play a critical part to help remaining free from debt together with keeping most of your hard-earned cash. Successful cost management makes certain that your current expenses are not going above your income. Track your income movement. Monitor your own obligations for a month utilizing your smart phone, app or perhaps paper and pen and be certain to record each and every purchase, irrespective of how tiny. When you’re familiar with your expenses and also your cash movement, you may realize keeping track of money flow provides a major impact on finances. An efficient cost management will aid you to enjoy the benefit selection on how to allocate funds.

Practice Target personal savings with regard to comfortable retirement and emergencies

Practice target savings are very critical for your current retirement together with emergencies. Your own financial savings could save you within your difficult financial circumstances. Set a maximum target for the savings that you may preserve inside a certain period of time. In case you keep preserving over a long period of time your own cost savings can grow routinely and stay there for you when you need it. In case you have cost savings you don’t need to face poor financial conditions and you’ll generally remain out of debt. Saving a lot of money over time maintain your recurring month to month expenditures as small as possible. Don’t spend your cash, create a prudent utilization of your finances simply by doing budgeting.

Build your financial plan with excellent investments

Investing your finances is definitely critical part of an excellent financial plan that could be employed in times of emergencies and retirement. It will help to make sure that your complete hard – attained bucks don’t go away. The first step in developing your financial plan is to meet a financial advisor who provides you with impartial suggestions about expenditure. You will have to shield your current riches simply by employing a excellent financial advisor such as Brian Linnekens that can guide you choosing the right types of investment funds which fit your needs, personality, in addition to goals.

Is Bankruptcy a Good Idea for You?

6Bankruptcy is a process in which consumers and businesses can eliminate or repay some or all of their debts under the protection of the federal bankruptcy court. For the most part, bankruptcies can be divided into two types – liquidation and reorganization. According to Brian Linnekens there are several types of reorganization and liquidation bankruptcies but Chapter 7 bankruptcy comes under the liquidation and 13 is most commonly used by reorganization.

Figure out what bankruptcy options you have

These are types of bankruptcy most commonly used by individual filers in the United States:


Chapter 7 bankruptcy: According to chapter seven (7) Bankruptcies preceding that can wipe out many of your debts in a three to six month period. However, you may lose some of your personal property.


Chapter 13 bankruptcies: According to chapter thirteen (13) Bankruptcies preceding you will be required to make a repayment plan based on your income, showing how you will pay off your debts in the next three to five years.


Consider your alternatives


Bankruptcy is not for everyone. Indeed, many unnecessary bankruptcies are filed each year. You should sit down with your financial documents and consider your situation carefully before making a decision. You may find that you do not need to file bankruptcy because you can fix your financial woes with a few simple changes.


Ensure that you are eligible to file for the type of bankruptcy you want to file


There are certain requirements that you must meet in order to file for certain types of bankruptcies. For example, you may not be able to file for Chapter 7 bankruptcy if your income is high enough to pay off your debts through Chapter 13. Also, if your income is too low, or your debts too high, you may not be able to file for Chapter 13 bankruptcy because you cannot show that you are able to meet your repayment plan.


Find out what debts will and won’t be forgiven There are certain types of debts, such as child support, money and tax debts, that cannot be wiped out through a bankruptcy proceeding, no matter whether you file Chapter 7 or Chapter 13. Be sure that the debts that you have are types that can be addressed in bankruptcy before you file. It won’t do you any good to file only to find out that bankruptcy will afford you no protection.


Find out if your credit card debts will be wiped out


Bankruptcy has become an effective tool for wiping out credit card debt. You should figure out if your credit card debt will be wiped out by a bankruptcy proceeding before you file. If you lied on a credit card application or spent well beyond your means, bankruptcy may not be able to forgive your credit card debt.


Ensure that your pension plans are safe


Most pension plans and life insurance policies are protected by state laws in a bankruptcy scheduled. Before filing for bankruptcy, it would still be a good idea to find out whether your pension plan (401(k), IRA) and/or life insurance policies will continue to be protected.

Preparing to file bankruptcy – A few tips you’ll need.pptx

Receive credit counseling certificate just before recording your current scenario. It really is must that you get certificates from sanctioned vendors recorded on United States Courts Website. This normally takes about six month. Until and unless you go through counselling you’re not allowed file the case. Undertake it promptly in order to avoid last minute delays.

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How to Invest in Real Estate

About Real Estate

Real estate is a property consisting of land and the buildings on it as well as the natural resources of the land including uncultivated flora and fauna, farmed crops and livestock, water and minerals.

Real Estate Investment Trusts

A REIT is a special corporate organizational form, under the tax laws, invests in large-scale, income-producing real estate. These may include office buildings, shopping malls, apartments, hotels, resorts, self-storage facilities and mortgages or loans. Instead, a REIT buys and develops properties primarily to operate them as part of its own investment portfolio.

How to Understand the Market

There are two main markets when dealing in real estate. One is Private real estate and the other is Public real estate.

Private real estate:

Manager would earn money on rent paid by tenants. This is a very direct way of investing in real estate. Owners are responsible for the property.

Public real estate:

Manager paid dividends as the trust collects rent and value from the multiple properties it owns. Owners are not responsible for the real estate. This is a less direct approach to investing.

How to invest in property

The four sectors in real estate investments are: public equity, public debt, private equity, and private debt.

Public equity:

If you choose public equity, you will want to look at investment trusts.

Public debt:

If you choose public debt, you should investigate mortgage securities, which are the debt equivalent of investment trusts, where various mortgages are bundled together to form a single investment.

Private equity:

If you select private equity, then you will most likely be purchasing residential or commercial property and acting as a landlord.

Private debt:

If you choose private debt, you will invest in private mortgages.

Investing in debt:

If you lend money to someone so that they can buy interest in a property. You earn money in the form of interest payments on a mortgage.

Investing in equity:

If you are investing in ownership of the property. This means you are assuming all responsibilities for the operation of the land and buildings.

Hire a real estate agent

If you want to invest in real estate, you’ll find it invaluable to use an agent experienced in the field of investment properties.
Find a good agent who can help you shop for ideal investment properties.

How can help Agent investing in Real Estate

Discuss your goals and your investment plans.
A good agent can show you properties that fit your investment strategy.

Investment in Real Estate

Four broad categories based on its use: residential, commercial, industrial and land.

Residential:

Residential real estate revolves around the wants and needs of a homeowner and his family. It involves property purchased for individual use, most often to provide housing for families.

Commercial:

Commercial real estate is business-focused. It involves property that is sold, leased, or used to achieve a predetermined business objective. It’s used as an investment to achieve an anticipated rate of return on the funds invested.

Industrial:

These are manufacturing buildings and property, as well as warehouses. The buildings can be used for research, production, storage and distribution of goods.

Land:

This is not only includes vacant land but also working farms and ranches. There are several specialties within vacant land, including undeveloped, early development or reuse, subdivision and site assembly.
To know more details about Brian Linnekens feel free to visit here: http://www.brianlinnekens.net/

Preparing to file Bankruptcy – A few tips you may need

The worst storms can make even the big ships sink. There are times in life when an entity or an individual is unable to pay back the credits or loans due to many unforeseen circumstances like job loss or income loss. At these harsh times, in order to file bankruptcy, it would be wise to know a few tips and tricks to handle this situation effectively and efficiently.

You might be encountering the same problem and are here to look for a solution. Brian Linnekens has a very in-depth knowledge about debt and credit markets and wants to share a few vital tips in order to prevent your ship from sinking.

What is Bankruptcy?

When an individual or business entity is unable to pay off the out-standing debt the state and federal court announces them legitimately as bankrupt. This process can eliminate or repay a part or all of the debts. It is ideal to investigate other accessible alternatives altogether before you choose to run with it as there are some long lasting consequences to it.

It would be very hard to take cash from money related foundation as insolvency will affect your record of loan repayment antagonistically. In addition, this procedure itself is expensive and awkward.

Filing for Bankruptcy?

Apart from having detailed report of debts you owe, your financial information (includes income, expenditure, assets and liability) and providing information to debt collectors so that they no longer approach you to recover money once the bankruptcy petition is filed in the court. Following four tips will help you to understand how to proceed when filing for bankruptcy.

1)            Receive credit counseling certificate before documenting your case. It is must that you get a certificate from authorized providers recorded on United States Courts Website. This normally takes about six month. Until and unless you go through counseling you are not allowed file the case. Get it done on time to avoid last minute delays.

2)            Hire a lawyer. Though not necessary it is still important to seek advice of attorney.

3)            On the off chance that you can’t bear to contract an attorney you can pick free legitimate services. For more help on this, check with American Bar Association. This is a very cumbersome and risky process, therefore it is better to consult and hire an attorney.

4)            Documentation in addition to the whole process for bankruptcy ought to be finished in the federal court not in the state court. This will cost a few hundred dollars. Take care of all the expenses beforehand.

If you are considering filing for bankruptcy, follow these tips before you proceed to the next step, as this will help you to reach the goal swiftly.