To put together a total estate plan, it needs to start with information regarding your finances.
The reason is that it's very difficult for you and your estate planning lawyer to put together a
coherent plan that effectively transfers your financial assets upon your death without knowing
exactly what your assets are. In addition, it may not be possible to know if your beneficiaries
are up to date if you don't review them. And, it's difficult to figure out if your assets are
properly titled if you don't know what names are on these titles.
That's why to establish an accurate and complete estate plan, you need a list or inventory of
your assets and debts which includes the name or names currently on the title of each asset. And
you need a list or inventory of your life insurance policies and your retirement plans including
the names of the primary and secondary beneficiaries.
Here are some of the points that will help you in finding the right attorney for your estate
planning
It is recommend that you hire an experienced estate planning or elder law attorney to prepare
the legal documents that will make up your estate plan. It's penny-wise and pound-foolish to
"do-it-yourself."
However, it is also necessary that you control your estate plan. You tell your attorney what you
want your plan to accomplish. Ask your attorney what options you have, including the cost, and the
positives and negatives of each option. Then you decide (not your attorney) which options best
meet your objectives.
How to Locate an Estate Planning Attorney
You want an estate planning or elder law attorney - an attorney who does estate planning for a
living and not as a sideline. Your best source of information is a satisfied customer, so ask
family and friends for suggestions. Your accountant and financial planner are also good sources
of recommendations.
Another source is your local Bar Association; call and ask for the names of estate planning and
elder law attorneys in your area.
Cost of the Initial Consultation
Most estate planning and elder estate planning attorneys do not charge for an initial
consultation. Take advantage of a no cost consultation. It will give you the opportunity to judge
whether you feel comfortable with the attorney and what his or her fees will be for the documents
that you need prepared.
Here are some of the questions you need to ask an attorney before hiring him/her
1. Make sure that estate planning is the primary area of practice of the attorney you hire
2. How will the advocate charge you, flat fee or hourly?
3. If you have questions will you be able to contact him personally by phone or email?
5. Do you return calls or emails promptly?
I'm sorry to say that some attorneys do not treat their clients well. If you are not treated
respectfully by the attorney and staff; if you are kept waiting for an unreasonable amount of
time; if fees are not readily and thoroughly explained; if your estate plan cannot be done in a
timely manner and if your phone calls are not returned promptly, find another attorney.
----------------------------------------------------
Seflin Lawfirm - Experienced and Caring Estate Planning Attorney Delaware County PA. Attorney
Seflin can assist you with all aspects of estate planning Delaware County Pa. Learn more at
http://www.seflinlawfirm.com
Posted by http://jrandallfrier.com/
Sunday, March 24, 2013
Monday, March 11, 2013
Finding A Competent Estate Planning Attorney
When the time comes for you to leave this earth, your assets stay behind. Everything you have
worked hard for will remain here, but you need to make sure they are left in safe hands. And for
this to happen, you need to come up with an estate plan. Estate planning is making plans to
entrust your assets to someone responsible when you pass on. And to avoid difficulties during
this process, it can be helful to work with a lawyer. An estate planning attorney is a
professional who is well versed with these issues, and who knows all the laws involved in that
area.
Finding an estate attorney can be a daunting task. You need to be careful while you look for
one, because your precious assets are involved here; be it your cars, apartments, bank accounts,
estates, businesses, etc. He should be competent enough to put things clear so your beneficiaries
will not have problems down the line. Toward this end, there are important attributes you need to
look for in a competent attorney. Here is just a look at some:
First, ensure that whoever you are going to hire has experience in that field. Ensure that your
lawyer has a license, check on his certificates and his working experience as well. He should
display his professional skills in the way he counsels you, and in the options he is giving you.
The attorney must also be ethical. He should give you advice that is legally accepted. Any
attorney who is giving you advice that is not legal and ethical will cause problems to your
beneficiaries in future.
Also, look for someone who you can trust as a 'friend'. He should be a person whom you can tell
him everything and how you want your final affairs arranged. He should be a good listener and
open-minded as well. He should be in a position to offer you a personalized service -- displaying
a sense of seriousness and commitment to your matter.
Just as said earlier, finding an estate planning attorney with all these attributes is not easy.
There are many attorneys who claim to know all about estate planning, but not all of them are
well-versed in this area. Here is a list of resources you can consult while as you search for an
attorney:
1) Referral from your financial advisor.
2) Your accountant can also be of help.
3) You can consult other lawyers you have worked with on legal issues.
4) Ask for a referral from a local probate court.
5) Ask your colleagues, family and/or friends for a referral.
6) Search on the internet and/or check advertisements that have been posted on the newspapers or
there are those who advertise themselves on radio or televisions.
This list will help you find an attorney, and provided he/she possesses all the attributes
mentioned above, you should have a reputable estate attorney to help you manage your final
affairs.
----------------------------------------------------
Seflin Law firm - Experienced and Caring attorney Upper Darby PA. Attorney Seflin can assist you
with all aspects of estate planning Upper Darby Pa. Learn more at http://www.seflinlawfirm.com
Posted by http://jrandallfrier.com/
worked hard for will remain here, but you need to make sure they are left in safe hands. And for
this to happen, you need to come up with an estate plan. Estate planning is making plans to
entrust your assets to someone responsible when you pass on. And to avoid difficulties during
this process, it can be helful to work with a lawyer. An estate planning attorney is a
professional who is well versed with these issues, and who knows all the laws involved in that
area.
Finding an estate attorney can be a daunting task. You need to be careful while you look for
one, because your precious assets are involved here; be it your cars, apartments, bank accounts,
estates, businesses, etc. He should be competent enough to put things clear so your beneficiaries
will not have problems down the line. Toward this end, there are important attributes you need to
look for in a competent attorney. Here is just a look at some:
First, ensure that whoever you are going to hire has experience in that field. Ensure that your
lawyer has a license, check on his certificates and his working experience as well. He should
display his professional skills in the way he counsels you, and in the options he is giving you.
The attorney must also be ethical. He should give you advice that is legally accepted. Any
attorney who is giving you advice that is not legal and ethical will cause problems to your
beneficiaries in future.
Also, look for someone who you can trust as a 'friend'. He should be a person whom you can tell
him everything and how you want your final affairs arranged. He should be a good listener and
open-minded as well. He should be in a position to offer you a personalized service -- displaying
a sense of seriousness and commitment to your matter.
Just as said earlier, finding an estate planning attorney with all these attributes is not easy.
There are many attorneys who claim to know all about estate planning, but not all of them are
well-versed in this area. Here is a list of resources you can consult while as you search for an
attorney:
1) Referral from your financial advisor.
2) Your accountant can also be of help.
3) You can consult other lawyers you have worked with on legal issues.
4) Ask for a referral from a local probate court.
5) Ask your colleagues, family and/or friends for a referral.
6) Search on the internet and/or check advertisements that have been posted on the newspapers or
there are those who advertise themselves on radio or televisions.
This list will help you find an attorney, and provided he/she possesses all the attributes
mentioned above, you should have a reputable estate attorney to help you manage your final
affairs.
----------------------------------------------------
Seflin Law firm - Experienced and Caring attorney Upper Darby PA. Attorney Seflin can assist you
with all aspects of estate planning Upper Darby Pa. Learn more at http://www.seflinlawfirm.com
Posted by http://jrandallfrier.com/
Sunday, February 17, 2013
Property and Divorce
If you are going though a divorce you are likely to feel upset. Emotions will be running high.
However, you will have a lot to take care of at this time, whether you feel like it or not. One
of the matters which will have to be discussed is your property. For couples who drafted a
prenuptial agreement the property will simply be divided as outlined within it if a divorce
occurs. This avoids any unnecessary complications. The only way to contest your prenuptial
agreement is on grounds of unfairness.
If you did not draft a prenuptial agreement you have three options: no lawyers, mediators or
lawyers. It will be cheaper and less invasive for you both if you can manage to come to a
mutually accepted property agreement without involving lawyers. It is not necessary to involve a
lawyer in your divorce settlement. Many couples manage to come to an agreement about property
without the use of a solicitor.
The most common ways couples deal with a co-owned house are:
1. A partner will buy the other out, purchasing the co-owner's share of the property and making
it their own.
2. Both partners agree to sell the property, split the profits and go your own separate ways.
If you only wish to involve lawyers to ensure your agreement is legally binding this is possible.
You can come to an initial property agreement without involving a lawyer and then apply for a
'consent order' to secure the agreement you have made with a legal contract. This consent order
will need to be drafted with a solicitor.
However, often divorce lawyers or mediators do need to become involved in the divorce proceedings
so the couple can reach a property agreement. This is often due to a breakdown of civil relations
between the two individuals. If you are in this situation mediation is generally quicker and less
expensive than court. During mediation a neutral party will be present to ensure that the
discussion between you and your partner remains civilised and that each person is given a fair
chance to speak.
If mediation does not work you will have to contact a solicitor who specialises in family law and
go to court. The court will then decide how the property will be divided between you and your
partner with a 'financial order'. You may need to go to court if your home is in your partner's
name and they are not willing to be reasonable. You do have some rights in the eyes of the law
even if the sole owner of the property is your partner, particularly if you have children
together that need to be supported and housed.
----------------------------------------------------
Need Birmingham Solicitors? http://www.lawfirminbirmingham.co.uk/
For Family Law Birmingham specialists contact Roskell Davies.
http://www.lawfirminbirmingham.co.uk/family-solicitor-birmingham/
However, you will have a lot to take care of at this time, whether you feel like it or not. One
of the matters which will have to be discussed is your property. For couples who drafted a
prenuptial agreement the property will simply be divided as outlined within it if a divorce
occurs. This avoids any unnecessary complications. The only way to contest your prenuptial
agreement is on grounds of unfairness.
If you did not draft a prenuptial agreement you have three options: no lawyers, mediators or
lawyers. It will be cheaper and less invasive for you both if you can manage to come to a
mutually accepted property agreement without involving lawyers. It is not necessary to involve a
lawyer in your divorce settlement. Many couples manage to come to an agreement about property
without the use of a solicitor.
The most common ways couples deal with a co-owned house are:
1. A partner will buy the other out, purchasing the co-owner's share of the property and making
it their own.
2. Both partners agree to sell the property, split the profits and go your own separate ways.
If you only wish to involve lawyers to ensure your agreement is legally binding this is possible.
You can come to an initial property agreement without involving a lawyer and then apply for a
'consent order' to secure the agreement you have made with a legal contract. This consent order
will need to be drafted with a solicitor.
However, often divorce lawyers or mediators do need to become involved in the divorce proceedings
so the couple can reach a property agreement. This is often due to a breakdown of civil relations
between the two individuals. If you are in this situation mediation is generally quicker and less
expensive than court. During mediation a neutral party will be present to ensure that the
discussion between you and your partner remains civilised and that each person is given a fair
chance to speak.
If mediation does not work you will have to contact a solicitor who specialises in family law and
go to court. The court will then decide how the property will be divided between you and your
partner with a 'financial order'. You may need to go to court if your home is in your partner's
name and they are not willing to be reasonable. You do have some rights in the eyes of the law
even if the sole owner of the property is your partner, particularly if you have children
together that need to be supported and housed.
----------------------------------------------------
Need Birmingham Solicitors? http://www.lawfirminbirmingham.co.uk/
For Family Law Birmingham specialists contact Roskell Davies.
http://www.lawfirminbirmingham.co.uk/family-solicitor-birmingham/
Wednesday, February 13, 2013
Offshore Trusts: Fundamentals And Advantages For Estate Holders
Trusts are legal organizations that enable an estate holder (the trustor or settlor) to give
fiduciary control of assets to a different institution (the trustee), for the advantage of a
third party (the beneficiary). In such an agreement, assets placed in a trust like cash or
perhaps real estate will be managed by the trustee until the beneficiary reaches the age of
maturity or fulfills certain requirements decided by the trustor.
There are various forms of trusts, one of which is the offshore trust. Offshore trusts are
basically comparable in nature and effect to trusts made onshore in that an estate owner can give
a trustee the authority to hold assets for their heirs; the only real difference is that an
offshore trust is done within the laws and regulations of an offshore jurisdiction. Just like its
onshore counterpart, an offshore trust is an desirable way to disperse properties due to its
versatility. Practically any type of resource can be placed in a trust. Examples include cash,
bonds, stocks, real estate properties as well as uncommon things like valuable paintings and
sculptures, jewellery, clothing, antiques as well as automobiles. Besides versatility with regard
to the sort of resources held, trusts may also be used to accomplish any purpose and they can
include certain procedures that beneficiaries must satisfy. This means that a trust can be
created for the lone intent behind funding a beneficiary's educational or health requirements or
that all assets in the trust will be given to charity once the estate holder passes away.
Much like onshore trusts, an offshore trust can be private and needs only minimal or even no form
of reporting. This means that any data held in the trust are off the public record, making it
possible for the trustors to disperse their properties anytime they want. The private nature
associated with trusts is caused by the absence of probate for such a commitment. And because
trusts need not go through a long probate procedure, assets can be easily and also quickly
distributed to chosen beneficiaries.
However, there are certain advantages that are related more with an offshore trust. These include
significant asset security as well as tax benefits. Trusts created in offshore jurisdictions
usually have minimal or even absolutely no liability to tax, causing them to be an attractive
vehicle for tax planning. Assets within this kind of trust can also be susceptible to laws from
the offshore jurisdiction and cannot be affected by laws and regulations of foreign lands. This
successfully safeguards property from being seized as any litigation over the assets must be held
in the nation of the trustees-a costly endeavour that can easily discourage parties that are
interested in obtaining the assets.
----------------------------------------------------
This properly secures property from getting seized as any litigation within the assets will have
to be held in the nation of the trustees-a costly endeavour that can easily discourage parties
that are interested in getting the assets. http://www.laingrose.com/trusts/offshore-trusts
Posted by Randy Frier a Tallahassee Bankruptcy Attorney
fiduciary control of assets to a different institution (the trustee), for the advantage of a
third party (the beneficiary). In such an agreement, assets placed in a trust like cash or
perhaps real estate will be managed by the trustee until the beneficiary reaches the age of
maturity or fulfills certain requirements decided by the trustor.
There are various forms of trusts, one of which is the offshore trust. Offshore trusts are
basically comparable in nature and effect to trusts made onshore in that an estate owner can give
a trustee the authority to hold assets for their heirs; the only real difference is that an
offshore trust is done within the laws and regulations of an offshore jurisdiction. Just like its
onshore counterpart, an offshore trust is an desirable way to disperse properties due to its
versatility. Practically any type of resource can be placed in a trust. Examples include cash,
bonds, stocks, real estate properties as well as uncommon things like valuable paintings and
sculptures, jewellery, clothing, antiques as well as automobiles. Besides versatility with regard
to the sort of resources held, trusts may also be used to accomplish any purpose and they can
include certain procedures that beneficiaries must satisfy. This means that a trust can be
created for the lone intent behind funding a beneficiary's educational or health requirements or
that all assets in the trust will be given to charity once the estate holder passes away.
Much like onshore trusts, an offshore trust can be private and needs only minimal or even no form
of reporting. This means that any data held in the trust are off the public record, making it
possible for the trustors to disperse their properties anytime they want. The private nature
associated with trusts is caused by the absence of probate for such a commitment. And because
trusts need not go through a long probate procedure, assets can be easily and also quickly
distributed to chosen beneficiaries.
However, there are certain advantages that are related more with an offshore trust. These include
significant asset security as well as tax benefits. Trusts created in offshore jurisdictions
usually have minimal or even absolutely no liability to tax, causing them to be an attractive
vehicle for tax planning. Assets within this kind of trust can also be susceptible to laws from
the offshore jurisdiction and cannot be affected by laws and regulations of foreign lands. This
successfully safeguards property from being seized as any litigation over the assets must be held
in the nation of the trustees-a costly endeavour that can easily discourage parties that are
interested in obtaining the assets.
----------------------------------------------------
This properly secures property from getting seized as any litigation within the assets will have
to be held in the nation of the trustees-a costly endeavour that can easily discourage parties
that are interested in getting the assets. http://www.laingrose.com/trusts/offshore-trusts
Posted by Randy Frier a Tallahassee Bankruptcy Attorney
Saturday, February 2, 2013
The Inheritance Tax Threshold
In the UK, depending on the value of your estate when you pass away, you will have to pay a
different amount of inheritance tax. If your estate is worth more than the inheritance tax
threshold you will pay inheritance tax. Your estate is all your capital, possessions and
property.
The current inheritance tax threshold is £325,000. If your estate is worth more than this
amount you will automatically pay inheritance tax at a rate of 40%. However, you can reduce this
amount by ten per cent to 36% if you have given to charity. You must give away 10% of your total
estate to a qualifying charity to be able to be given this reduction.
If you have to pay inheritance tax, this responsibility will usually lie with the executor of the
Will. They will have to ensure that the tax is paid directly to Her Majesty's Revenue and Customs
(HMRC) within 6 months from the time that the individual passed away. These 6 months will be
calculated from the end of the month in which they died. If you do not do this you will begin to
pay interest on the amount, something you definitely wish to avoid as it can become very
expensive.
When you are calculated the amount the estate is worth, you will have to make sure that you
follow the guidelines given by HMRC. The following items must all be included in the valuation:
- Vehicles
- Houses
- Stocks and shares
- Land
- Savings
- Money
- Life Insurance payments
- Items in the house - furniture, jewellery
You must include everything in the valuation, including all items which were gifted by the
individual within the 7 years before they passed away. This is so people cannot reduce the value
of their estate to avoid paying inheritance tax. However, you do take off any costs you are going
to incur to the estate when repaying any outstanding bills and pay for the funeral.
If the valuation is going to take you more than 6 months, you can pay inheritance tax on an
estimated value. This is a good decision to make as it will prevent you having to pay interest on
you outstanding bill and you will be refunded if you overpay on your tax.
If you need any help with understanding the law surrounding inheritance tax and are interested in
inheritance tax planning, you should contact a solicitor who specialises in inheritance tax issues
today.
----------------------------------------------------
Thomson Wilson Pattinson can help you with Inheritance Tax Planning
http://www.twpsolicitors.com/uk-inheritance-tax-planning-advice/
Looking for Cumbria Solicitors? http://www.twpsolicitors.com/
Posted by J. Randall Frier
different amount of inheritance tax. If your estate is worth more than the inheritance tax
threshold you will pay inheritance tax. Your estate is all your capital, possessions and
property.
The current inheritance tax threshold is £325,000. If your estate is worth more than this
amount you will automatically pay inheritance tax at a rate of 40%. However, you can reduce this
amount by ten per cent to 36% if you have given to charity. You must give away 10% of your total
estate to a qualifying charity to be able to be given this reduction.
If you have to pay inheritance tax, this responsibility will usually lie with the executor of the
Will. They will have to ensure that the tax is paid directly to Her Majesty's Revenue and Customs
(HMRC) within 6 months from the time that the individual passed away. These 6 months will be
calculated from the end of the month in which they died. If you do not do this you will begin to
pay interest on the amount, something you definitely wish to avoid as it can become very
expensive.
When you are calculated the amount the estate is worth, you will have to make sure that you
follow the guidelines given by HMRC. The following items must all be included in the valuation:
- Vehicles
- Houses
- Stocks and shares
- Land
- Savings
- Money
- Life Insurance payments
- Items in the house - furniture, jewellery
You must include everything in the valuation, including all items which were gifted by the
individual within the 7 years before they passed away. This is so people cannot reduce the value
of their estate to avoid paying inheritance tax. However, you do take off any costs you are going
to incur to the estate when repaying any outstanding bills and pay for the funeral.
If the valuation is going to take you more than 6 months, you can pay inheritance tax on an
estimated value. This is a good decision to make as it will prevent you having to pay interest on
you outstanding bill and you will be refunded if you overpay on your tax.
If you need any help with understanding the law surrounding inheritance tax and are interested in
inheritance tax planning, you should contact a solicitor who specialises in inheritance tax issues
today.
----------------------------------------------------
Thomson Wilson Pattinson can help you with Inheritance Tax Planning
http://www.twpsolicitors.com/uk-inheritance-tax-planning-advice/
Looking for Cumbria Solicitors? http://www.twpsolicitors.com/
Posted by J. Randall Frier
Monday, January 28, 2013
Attaining Sole Ownership Of A Property
Many unmarried couples, and many married couples, jointly own property. If you partner passes away
or you and your partner divorce or separate you may wish to become the sole owner of a property.
Sometimes this is simple but sometimes it is difficult and a legal battle ensues. If you are a
co-owner of a property you cannot sell the property or part of the property without getting
consent from the other co-owner or co-owners.
There are two types of joint ownership - beneficial joint tenancy and tenancy in common. If you
own your property as beneficial joint tenants all the decisions regarding the property, e.g.
sale, must be made by all co-owners. The property will automatically be left to the surviving
co-owner or co-owners if one of the owners passes away. In contrast, when you own property as
tenants in common you have the right to sell your share in the property and leave your share in
the property to an individual of your choosing as outlined in your Will.
If you are seeking sole ownership of a property you should contact a solicitor. Whether the
agreement is simple or a legal battle it is important you have a solicitor involved so all the
paperwork is done to the correct standard. The only situation in which you may not need to
contact a solicitor is if there is one co-owner in a joint tenancy and they pass away. In this
case the property will automatically be transferred into your sole ownership. You must, however,
remember to send a copy of the co-owner's death certificate to the Land Registry as they will
need to update the documentation linked to the house so it is now solely your name on the title
deeds. If you feel confident doing this alone you can do this without instructing a property
lawyer. If you are confused in any way about how to correctly transfer a property into your name
you should consult a specialist property lawyer.
In the case that you divorce your partner you will need to come to an agreement about the
property. You may be able to do this amiably, or you may not, depending on the circumstances in
which your relationship has broken down. The most common way to deal with gaining sole ownership
of a property following a divorce is to sell your share of the property to your partner or buy
your partner out of the property. Alternatively many couples agree to jointly sell the property,
split the profits and go their own separate ways.
It is advisable you deal with the legalities of your mutual property rapidly, so you do not have
to continue having any responsibility for the property in the eyes of the law if you no longer
want it and you can bring all aspects of your separation to a mutually accepted conclusion.
Contact a specialist property solicitor today if you need any legal advice regarding property
ownership and property rights.----------------------------------------------------
Need Birmingham Solicitors http://www.lawfirminbirmingham.co.uk/
Roskell Davies are specialist conveyancing solicitors Birmingham.
http://www.lawfirminbirmingham.co.uk/conveyancing-solicitors-birmingham/
Posted by J Randall Frier
or you and your partner divorce or separate you may wish to become the sole owner of a property.
Sometimes this is simple but sometimes it is difficult and a legal battle ensues. If you are a
co-owner of a property you cannot sell the property or part of the property without getting
consent from the other co-owner or co-owners.
There are two types of joint ownership - beneficial joint tenancy and tenancy in common. If you
own your property as beneficial joint tenants all the decisions regarding the property, e.g.
sale, must be made by all co-owners. The property will automatically be left to the surviving
co-owner or co-owners if one of the owners passes away. In contrast, when you own property as
tenants in common you have the right to sell your share in the property and leave your share in
the property to an individual of your choosing as outlined in your Will.
If you are seeking sole ownership of a property you should contact a solicitor. Whether the
agreement is simple or a legal battle it is important you have a solicitor involved so all the
paperwork is done to the correct standard. The only situation in which you may not need to
contact a solicitor is if there is one co-owner in a joint tenancy and they pass away. In this
case the property will automatically be transferred into your sole ownership. You must, however,
remember to send a copy of the co-owner's death certificate to the Land Registry as they will
need to update the documentation linked to the house so it is now solely your name on the title
deeds. If you feel confident doing this alone you can do this without instructing a property
lawyer. If you are confused in any way about how to correctly transfer a property into your name
you should consult a specialist property lawyer.
In the case that you divorce your partner you will need to come to an agreement about the
property. You may be able to do this amiably, or you may not, depending on the circumstances in
which your relationship has broken down. The most common way to deal with gaining sole ownership
of a property following a divorce is to sell your share of the property to your partner or buy
your partner out of the property. Alternatively many couples agree to jointly sell the property,
split the profits and go their own separate ways.
It is advisable you deal with the legalities of your mutual property rapidly, so you do not have
to continue having any responsibility for the property in the eyes of the law if you no longer
want it and you can bring all aspects of your separation to a mutually accepted conclusion.
Contact a specialist property solicitor today if you need any legal advice regarding property
ownership and property rights.----------------------------------------------------
Need Birmingham Solicitors http://www.lawfirminbirmingham.co.uk/
Roskell Davies are specialist conveyancing solicitors Birmingham.
http://www.lawfirminbirmingham.co.uk/conveyancing-solicitors-birmingham/
Posted by J Randall Frier
Tuesday, January 1, 2013
Bouncing Back From Bad Debt
Good credit is essentially important. A person's credit score can affect many essential aspects of
life, such as renting or owning a place to live, finding a job, running a business, and making
important purchases. Having a heavy debt load can also cause stress, especially when creditors
persistently call and send letters. Insolvency practitioners can help you find a solution, such
as determining whether you qualify for bankruptcy, and if this is the best solution to get you
back on track.
One of the first steps to achieving good credit is to know what your credit report says. You can
receive one free credit report from all three agencies each year, but it is advisable to check
your report more often. How much your reports are checked are one factor that affect your score
(with more checking lowering your score) but you can sign up for a service that allows you to
check your score without affecting it.
When you check your credit report, carefully review it. If you find any charges that you do not
believe that you owe, some may be disputed. Even if you pay off bad debts, some may stay on your
report for up to 7 years. Recent activity carries more weight than past activity. Credit
counselling may be an option if you believe that you may still be able to repay your debts. If
you realize that you cannot pay back your debts, you may wish to consult an attorney about your
options. Although bankruptcy seems like a drastic option to many people, for some, it is a fresh
start. In some cases, a person's credit score may actually improve after bankruptcy.
Debt recovery is a process that takes time, and it is more about consistency than a task that
can be accomplished overnight. Make a habit to live within your means, and have savings in case
of emergencies. You want to use credit to build a good history, but you want to make sure that
you use it responsibly. Even one late payment can negatively impact your score, and you want to
make sure that you pay off all debts in a timely manner. Try to pay off your credit cards every
month and not carry a balance. This helps avoid interest, and it is also better for your credit
score. Consistent habits over time are the key to rebuilding your credit score.
----------------------------------------------------
John Greyson is one of the most knowledgeable guys in town, he knows everything you need to learn
about business and law. Stay tuned for more of his practical tips and legal advices about debt
recovery, visit http://www.redchip.com.au/services/debt-recovery/ .
Posted by Randy Frier
life, such as renting or owning a place to live, finding a job, running a business, and making
important purchases. Having a heavy debt load can also cause stress, especially when creditors
persistently call and send letters. Insolvency practitioners can help you find a solution, such
as determining whether you qualify for bankruptcy, and if this is the best solution to get you
back on track.
One of the first steps to achieving good credit is to know what your credit report says. You can
receive one free credit report from all three agencies each year, but it is advisable to check
your report more often. How much your reports are checked are one factor that affect your score
(with more checking lowering your score) but you can sign up for a service that allows you to
check your score without affecting it.
When you check your credit report, carefully review it. If you find any charges that you do not
believe that you owe, some may be disputed. Even if you pay off bad debts, some may stay on your
report for up to 7 years. Recent activity carries more weight than past activity. Credit
counselling may be an option if you believe that you may still be able to repay your debts. If
you realize that you cannot pay back your debts, you may wish to consult an attorney about your
options. Although bankruptcy seems like a drastic option to many people, for some, it is a fresh
start. In some cases, a person's credit score may actually improve after bankruptcy.
Debt recovery is a process that takes time, and it is more about consistency than a task that
can be accomplished overnight. Make a habit to live within your means, and have savings in case
of emergencies. You want to use credit to build a good history, but you want to make sure that
you use it responsibly. Even one late payment can negatively impact your score, and you want to
make sure that you pay off all debts in a timely manner. Try to pay off your credit cards every
month and not carry a balance. This helps avoid interest, and it is also better for your credit
score. Consistent habits over time are the key to rebuilding your credit score.
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John Greyson is one of the most knowledgeable guys in town, he knows everything you need to learn
about business and law. Stay tuned for more of his practical tips and legal advices about debt
recovery, visit http://www.redchip.com.au/services/debt-recovery/ .
Posted by Randy Frier
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