How Can You Stop Drowning in Overwhelming Debt?

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Stressed father looking at financesMany people buckle under the weight of an overwhelming debt, which leads them to lead a miserable life. Filing for a Chapter 7 bankruptcy can offer some relief to let you lead a good life.

It’s building up slowly and steadily and by the time you realize it, you’re now drowning in debt. Excessive consumerism, overbearing medical bills, or just terrible decisions can leave you in a financial pit. Skyrocketing interest rates on a limited income don’t help your cause either. Before you know it, you’re battling bill collectors left and right.

If you find yourself in such a situation, you’re in some deep water. So deep that you need to a life jacket to avoid drowning.

Address the elephant in the room

The first step to resolving such a situation is acknowledging that you have a problem. Playing hide-and-seek with bill collectors only serve to dig you deeper. Fortunately, the federal government offers a way out through Chapter 7 bankruptcy, and it would be wise to take this lifeline.

This provision relieves most unsecured debts, such as personal loans, medical bills, and credit cards. However, you need to prove that it would take more than five years to pay off the debt even after taking the most extreme measure. Therefore, you must pass the bankruptcy means test to become eligible for the debt relief program.

Seek legal counsel

Despite your best efforts, you’re unlikely to get through such a process without a legal counsel. Rather than take a chance and bungle it, it’s best to hire the services of a credible Chapter 7 attorney in Salt Lake City to have a better chance. One misstep can have your application rejected.

If your petition were thrown out, you would have to wait for up to six months before you’re eligible again. Proper legal counsel not only ensures a smooth process, but also helps to resolve matters quickly. Your lawyer will advise you on the best course of action, saving you considerable headaches.

Life situations can lead you to carry too much debt that it overruns your income by a wide margin. Rather than buckle under its weight, you should seek out ways to relieve such debt and avoid ruining your life.

Money Lenders: 3-Point Guide to Choosing the Best

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LoanThere comes a time when you need some cash urgently to pay for a pressing need. You check on your savings, and unfortunately, they can’t cover the whole expense. This is where the right lender comes in to help you meet the deficit or even the entire cost.

But how do you pick the right lender? Below is a guide to help you select the best one.

Interest rates

When it comes to taking a loan, never compromise on the interest rates. It beats logic to get a loan whose interest is so high that it will be a burden to you. Take your time and compare the interest rates offered by different lenders before making your final decision.

The approval processes

Whether you seek a title loan here in Salt Lake City or any other location, try to know the approval and closing process of the prospective lender. Inquire about how long it takes for its approval and the probability of the outcome.

This will help you decide if the lender is right for you, depending on the urgency of the matter at hand.

Capacity

Do your research and establish whether the lender has the capability to meet your financial need. You can start by looking at how they are trading in terms of their assets as compared to the liabilities. You don’t want to engage a lender who doesn’t have the financial muscle to bear the loan you require.

Choosing the right lender can be a daunting task considering the fact that there is a myriad of them out there. However, with the help of the above guide, getting the right lender for your financial need will be a breeze. Just make sure you think hard before you decide to select one.

Getting a Mortgage: Don’t Sabotage Your Application

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mortgage application being approvedIf you’re getting a mortgage to finance a home purchase, it’s important to be aware of the factors that can affect your application. Apart from prioritizing borrowers who can show their ability to repay, lenders also prefer credit-worthy buyers with good savings and strong employment history.

If you’re serious about getting a home loan, VIP Mortgage and other mortgage lenders in Phoenix share some things that can sabotage your application:

Changing jobs

A good employment history displays your ability to repay the mortgage. Even if you have work, moving from one job to another one indicates instability. Lenders don’t want to see this, as they prefer those that have been with the same employer for at least two years or more. If you suddenly become unemployed or take on a new job, your application might be denied.

Taking on new debt

This includes financing a major purchase like a vehicle or large furniture. It’s also not advisable to use your credit cards excessively, as it can only add to your debt-to-income (DTI) ratio as well as reduce the amount of loan you can qualify for.

Lying or fudging numbers

This can include lying about your employment history, exaggerating your income, or falsifying documents. Never do this, as banks and lenders will check and verify all information and documents you submit. Trying to mislead your lender could only get you in trouble and result in denied application.

Not saving enough

Lenders favor borrowers who have good savings and can pay a hefty down payment. Saving also proves that you can take on financial responsibilities. While there may be mortgage programs that allow little to no down payment, some of them have strict qualifications. You may also have to pay private mortgage insurance (PMI) when making a down payment less than 20% of the home’s purchase price.

These are a few of the things that affect your application negatively. Before applying for a mortgage, do anything you can to be an attractive borrower. You should also get in touch with a reliable lender to know more about the requirements and you loan options that suit you.

Why Retailers Should Offer More Payment Options to Its Customers

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a woman who loves shoppingCredit cards give consumers access to credit facilities to buy the things that they need, for payment later. However, there are some instances when credit card payments are not allowed, or the price of a product exceeds the credit limit of the buyer.

Offering other options to consumers affords retailers the opportunity to make sales on installment. Before a retailer sticks to a particular credit company, it should also consider a multi-lender platform for retail sales financing.

The limit of credit card sales

The first instinct of most buyers is to pay using their credit card. This allows them to pay for their purchases straight to the bank without the need to carry cash.

One problem with this is that not everyone remembers to record his or her purchases, resulting in possible overcharging. Another drawback is the high-interest rates. Additional charges can pile up every time a user fails to pay his or her dues on time.

Other payment options

Each store usually gives different payment options to its customers. These include credit and debit card sales, and various in-house financing or installment options. In most cases, a store would have a single tie-up with a financing company or a bank, or the item itself would have its own financing company to back it up. If there were only a limited number of financing options, the buyer might think that the terms are not affordable.

Presenting affordable options can only be achieved by having more choices for the consumer. This can be in terms of cost of financing or flexibility. With plenty of available financing options in the market, a store should not be limited to only one or two choices. The more options that you give to the customer, the fewer chances he or she will leave the store empty-handed.

Utah Launches Funding Program for Small Biz Owners’ Tech Projects

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Business consultancyCash-strapped small businesses in Salt Lake City that have promising technology projects may apply for funding grants from the Governor’s Office of Economic Development (GOED).

The Technology Commercialization and Innovation Program aims to distribute $2.5 million in 2017 to around 25 qualified companies. Clark Cahoon, TCIP Fund Director at the GOED, said that small businesses have until November 20 to submit their applications.

Funding Awards

The funding program will award between $100,000 and $200,000, according to Cahoon. A committee comprising 40 members will screen applicants based on their technology resources, ability to implement their plans and their understanding of the market.

The program will further uplift Salt Lake City and the Utah’s status as a technology and innovation hub. Wallet Hub ranked the state among the top 10 most innovative states in the US, according to Annie Davis of the Salt Lake City Department of Economic Development.

Friendly Environment

Those who plan to buy a business in Utah have another reason to do so, as the process becomes easier due the “friendliness” of the state. A Thumbtack survey revealed that the state ranked seventh most business-friendly place in the country. The poll based its findings on more than 13,000 small business owners in 50 states and 80 cities.

The rankings showed how easy it was to create, run and expand your business. With an A+ rating, Utah maintained its standing from the previous year. Thumbtack economist Lucas Puente said that respondents have a higher confidence in the state’s support for small businesses. They were 4% more positive about the system. In addition, the expansion of Comcast Business in the state and Boeing’s six funding grants to nonprofit groups represent some of the positivity.

Your company should take advantage of Utah’s funding program and business-friendly environment, as your business rivals may have already begun to do so.

 

How Community Banking Can Help You Plan Your Finances

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Bank signChoosing the best way and the best place to entrust your hard-earned money is one of the most important decision you must make in your adult life. Everyone wants to earn from their investments, and though there are ways to help you earn cash from these, many people still prefer to save it in a bank like Patriot Bank.

Take Me to the Bank

Choosing a bank to grow your finances gives you protection from risks and uncontrollable events, such as a sudden fluctuation in interest rates. Unlike buying shares of stocks, your bank savings are protected from changing share values.

You can also withdraw your savings with fewer restrictions, unlike government bonds. This makes it essential during emergencies. You can also choose to put your money on various saving options: savings, checking accounts, time deposits or trust funds.

But not all banks are the same. There are commercial banks that offer an array of sophisticated deposit products, savings instruments and credit lines while private banks cater to specific clients (companies and small businesses). Community banks operate as your friendly neighborhood bank.

We are Family

Community banking means you don’t go far and away in choosing where to invest your money. This is a model that some banking companies use, and some have become excellent models for this type of operation.

The firm aims to be seen as a neighbor rather than a business through active participation in community life such as local fundraising events. Its lending rules cater to the borrower in the communities it serves, and lines of credit can be extended to professionals and entrepreneurs without the stringent lending requirements of big commercial banks.

Closing

Community banks operate with the mindset of a local, and as such, their products and services cater to the needs of their co-residents, which is an excellent way to grow from where they are planted.

Trends You Should Expect with Hospitality Loans

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Business people talking about loan termsSome business forecasters and analysts project that the hospitality industry will continue to increase its metrics in the future than the current trend. Based on the latest research, the growth in higher revenue per available room (or RevPAR) is expected for most hotels in major markets in both secondary markets and the tertiary markets. Research points out that such an increment is attributed to an expanded recovery in the economy and the declining rates of unemployment. 
 
Such changes will result in three major trends in hospitality loans: persistent growth in short-term mortgage demands, steady construction lending, and continued attractive loans. 
 

Persistent Growth in Short-Term Mortgages

 
Some factors drive the growth of short-term mortgages, and this rising demand will be associated with the current trends within the hospitality industry. These include the increasing volumes of hotel transactions. During the recession, most plans to renovate hotels were delayed because of poor performance in the financial sector. Since the economic landscape has improved, the previously planned renovation and refresh programs are now moving steadily to the implementation stage.

Steady Construction Lending

 
Today, there is an upward growth in the development pipeline although not as fast as the demand. This implies that overbuilding is not a threat. Financing the construction of new hotels will be done following proper vetting and awarded by qualified lenders. It is riskier to finance new constructions since it takes at least four years to realize profits.
 

Continued Attractive Loans

 
Mortgage rates are expected to be more attractive for projects within the hospitality industry, and there will be an increased demand among new investors. It is anticipated that new investors will enter the hospitality market with hopes of cashing on the rising capital demand. However, borrowers need to understand both long and short term merits of working with a loan expert in the industry as financing partners understand the essential of speeding up the process to access loans. 
 

Conclusion

 
Financing hospitality industries are expected to assume an upward trend in the future with more and more players entering the market. These three major trends that will be seen in the future and it pays to know how the market will turn in a few years.

The Complex Bankruptcy Law Warrants the Assistance of a Professional Legal Aid

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Bankruptcy LawWhen it comes to filing for bankruptcy, the attorney you enlist can make a huge difference in making the process easier or more difficult for you. An attorney who doesn’t have extensive familiarity or experience in handling bankruptcy-related cases will not just make the case harder to deal with; he/she may also put all your assets at a greater risk.

For this reason, it’s crucial for you to know how to choose the right person to seek the legal expertise of. This should include learning the differences between those who specialize in Chapter 7 and those more adept to Chapter 13 bankruptcy laws in Sandy.

Knowledge of Bankruptcy Law

Bankruptcy is not just complex; it is also a specialized area of the law that requires in-depth knowledge, technical expertise, and dedication.

When you hire an attorney who doesn’t practice this law regularly, he/she may fail to foresee all the potential pitfalls associated with your particular case. This can then lead to the dismissal of your case, resulting in you having to show up to even more court hearings. Worse, you may even suffer from major losses of assets and properties.

Thus, choose an attorney who, if not entirely devoted to this area of the law, commits a majority of his/her practice to it.

Familiarity with Both Federal and Local Laws

Federal laws aren’t the only ones governing bankruptcy; the local government also has a say in this matter. So as you search for an attorney, make sure that the one you’ll hire has a complete understanding of the bankruptcy law in Utah.

Adequacy of Experience

Each bankruptcy case has unique characteristics, so the cases vary widely in terms of complexity and length of time needed for settlement. For instance, a self-employed debtor with a Chapter 13 case most likely has more issues than an unemployed debtor with a simple Chapter 7 case does.

Regardless of the case, however, you need the legal aid of someone with adequate experience to help you navigate your way through bankruptcy more smoothly.

From what you’ve read, you can already have an inkling of how complex bankruptcy is. As such, the best way to increase your chances of having a favorable outcome is to work with an experienced bankruptcy lawyer.

Starting Your Own Business: Loans for Veterans

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Business loan application forms with pen and glassesSome veterans have difficulty readjusting to civilian life after coming home from service, particularly when it comes to working or starting a business.

Fortunately, the Veterans Affairs not only offer assistance for those who want to buy or refinance a house through the VA loan program; it also supports those looking to start their own business.

Business Loans for Veterans

Many state and local organizations assist veterans who want to be their own bosses. If you want a loan guaranteed by the government, you could consider the Small Business Administration’s Express Loan, which will provide you access to revolving credit lines typically within 36 hours of approval. Depending on your specific circumstances, your fees might even be waived.

The SBA also offers the Veterans Advantage Program, which lowers the upfront guarantee fees on non-Express loans if the loan amount is between $150,000 and $500,000. Fees vary depending on the loan term, and you can get discounts if you already have a business that’s SBA guaranteed.

Another option is the Military Reservist Economic Injury Disaster Loan or MREIDL. However, while other SBA loans could be used for starting a new business or to cover related business expenses, an MREIDL could only be used in the event that an important individual in the business gets called for service. The maximum amount you could borrow is capped at $2 million, with 4% interest rate. You would also need collateral if your loan exceeds $50,000.

You have several options if you need funds to put up a business. Start with the Veterans Affairs Department to see which option is the best for your situation. Create a plan and turn your vision into reality in no time.

The Advantages of Taking Out a Housing Loan

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Housing LoanFor most people, buying a home without a housing loan is next to impossible. Not too many people are liquid enough to buy a home with ready cash. Most home buyers can only afford to save for the down payment and get a loan or a mortgage for the rest.

The good news is some lenders offer different types of a Utah housing loan. Ogden and other cities in the State have many lenders who could find the right package for you, whether you are a first-time home buyer or you are looking to remortgage. Here are the advantages of getting a mortgage from these lenders:

With a Mortgage, Home Ownership Becomes Affordable

A home could be anyone’s biggest purchase, and a home loan is your biggest debt. But, the loan repayments are spread over many years, making your monthly payments more affordable and manageable. First mortgages are usually taken with a 25 or 30-year term, bringing your monthly payments lower. The obvious downside is that you will be burdened with the debt for a longer period.

It is ideal to go for the shortest possible term that you can afford. You will not only pay off your debt sooner, but you will also save a lot of money in interest rates.

A Home Loan is Cost-Effective

A mortgage is secured by your property; interest rates are lower than most other types of loans. This means that in case you default on your payments for whatever reason, the lender can sell your property to recover the money you borrowed.

Through the years, interest rates on home loans have continued to change. This led to the popularity of tracker and fixed rate mortgages. However, other loan products are aimed for landlords and first-time home buyers. There are also offset and discount mortgages available.

A home mortgage provides people with an affordable way to own their home. Consider the benefits when making a buy or rent decision.