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Current info about structured settlement and reverse mortgage is not always the easiest thing to locate. Fortunately, this report includes some interesting information on structured settlement and reverse mortgage.

Both a structured settlement and a reverse mortgage allow recipients to draw income from sources that will give them the opportunity to outlive their financial obligations and maybe pass on a bit to relatives. It’s about peace of mind. With both, issues are involved that need to be understood in order to make the wisest decisions.

How a Structured Settlement Works

A structured settlement is an award of money resulting from an injury or illness suffered because of a company’s legal culpability or responsibility. Depending on how the recipient decides to get the payment, it can be paid over several years in a fixed annuity, invested in a mutual fund, or sold outright for one lump sum payout.

The most common choice is to place a structured settlement award into an annuity. The payments are set in stone up front and paid out on a regular basis, making it entirely predictable and stable. In most cases, the payments from a structured settlement fixed annuity are entirely tax-free, as long as the money was awarded as the result of physical injury or illness. An insurance company provides and manages the annuity, which keeps the money in its ‘in house’ account.

How a Reverse Mortgage Works

How can you put a limit on learning more, especially when the topic is about about structured settlement and reverse mortgage? The next section may contain that one little bit of wisdom that changes everything.

The federal government’s Dept. of Housing and Urban Development (HUD) concocted the most common form of reverse mortgage - the reverse annuity mortgage. To qualify, you must be at least 62 years of age and live in the home in question. The mortgage must be paid in full or have a large amount of equity built up. The government insures your reverse mortgage, so it’s fully protected. The purpose in establishing reverse mortgages set up around annuities is to give aging folks the opportunity to draw income from the equity in their homes.

Once approved for a reverse annuity mortgage, the homeowner receives regular, tax-free monthly payments. This type of mortgage is later paid when the home is sold or passed on to surviving relatives. In some cases, reverse mortgages can be paid in one lump sum to the homeowner. Qualified people can even open up a line of credit that is secured by the reverse mortgage. Basically, the amount a homeowner qualifies for is determined by age, credit rating, amount of equity, and the interest rate for which they qualify.

Structured Settlement and Reverse Mortgage Scams

Unfortunately, both structured settlements and reverse mortgages - because they deal with large sums of money - are rife with scammers seeking to make a quick buck off unsuspecting people. To avoid this unattractive possibility, it’s smart to hire a competent attorney who is well versed in these aspects of the law. You should also educate yourself fully about all the options available to you before you make any firm decisions.

When word gets around about your command of structured dettlement and reverse mortgage facts, others who need to know about structured settlements will start to actively seek you out.

Ken Austin is the webmaster at Structured Settlement Tips
and Structured Settlements and Annuities.

The Small Claims System

The Small Claims procedure was originally established to make it easy for the public to use the Court Service to recover legitimate compensation without recourse to expensive legal advisors. In practice, this system has moved away from the definition of ‘Small Claims’ and, as the monetary threshold has progressively risen over the years, it has encompassed an increasing percentage of legal claims not requiring substantial compensation for personal injuries.

The parameters for a Small Claim are:

Up to £5,000 for claims not involving personal injuries.

Up to £1,000 for claims including compensation for personal injuries.

The claim to be adjudicated by a judge in chambers.

Court fees can be recovered.

Fixed costs only can be recovered if appropriate.

Small Claims hearings are administrated by the Court Service at local County Courts.

Please note that the jurisdiction of the Small Claims Court is in England and Wales. In Scotland the procedure is administrated by the Sheriff’s Court and enforcement is not possible in Northern Ireland.

Action Prior To Issuing Proceedings

The court do require that all avenues of settlement are explored prior to the issuing of proceedings. This means that the other side should be given a reasonable period of time to respond to a payment demand before a claim is filed at court.

In many cases the other side may request extra time in order to investigate the potential claim. A reasonable period of time is between 7 and 14 days which should be allowed. After that, if there is no positive response, proceedings can be issued.

In all cases full documentary evidence of the claim should be disclosed to the other side at the earliest opportunity. Any omissions could result in the documents being ruled “inadmissible” by the judge.

The Court procedure

Small Claims are not heard in open court but by a judge in chambers. Effectively, the evidence is heard in informal surroundings around a table and the judge will make an immediate decision. It should be noted that there is no formal appeal procedure - you get a full and final result on the day. However, if a decision is made in your absence because you could not attend through no fault of your own you can apply for the Judgment to be set aside.

Judges tend to be very patient with lay claimants as they know that they will be both nervous and unaccustomed to court procedures. However, there are strict rules of conduct and verbal abuse, interruptions and unreasonable behaviour are not tolerated.

Making a Small Claim

The Small Claims procedure starts with the completion of a standard form. This details the substance of the claim and who the Claimant and Defendant are. On completion the form is returned to the Court office with the Court Fee.

A summons will then be sent out by post to the Defendant who has the option to:

Admit the claim and pay you in full

Admit part of the claim and pay you in part

Admit the claim (or part of) and request to pay you in installments
Dispute the claim in its entirety

If the claim or part of the claim is disputed the matter will be set down for a Court hearing.

The ClaimsLink support service

ClaimsLink can advise you in respect of your Small Claims problem, complete your Court documents and liaise with the Court. For this service there is no charge from ClaimsLink (UK) but please note the Court and filing fees.

Please do not forget that if proceedings are issued you will need to pay the Court fees in advance and a fee to one of our panel of solicitors for the filing of the N1 form at the Court - these are recoverable on a successful conclusion. Please see Court Fees & Costs for the scale of fees. If you require it, we can refer you to one of our panel of solicitors for full legal advice - this will involve you in additional costs which may not be recoverable.

What you should do next

Please contact us using our online submission form from the Fast Track if you have any procedural or other questions in respect of the above. If you instruct us we will suggest a suitable solicitor to deal with your legal requirements.

http://www.small-claims.co.uk/
http://www.debt-collection-uk.co.uk/

Last year nearly 1.5 million consumers turned to the bankruptcy
court system to seek relief from their debts. Much of that debt was
consumer debt racked up on credit cards. Medical bills were the
second largest cause of debt.

Along with the rise of bankruptcy cases there is a veritable
explosion of nonprofit credit counseling agencies seeking to “assist”
consumers with their debt management. Unfortunately, the name does
not always describe the company these days.

Some state regulators and even the IRS are starting to investigate
these counseling companies for fraud and other corporate no-no’s.

Example 1: Nonprofit company A is hooked up with for-profit company
AA. When a client comes to company A, they pay a “voluntary” fee and
then are set up with company AA which makes them a debt consolidation
loan. Ergo, no counseling took place, lifestyles did not change, and
the consumer will be back in credit card trouble again within a few
short years.

Example 2: Nonprofit company C sets up an easy-once-a-month
repayment plan for the client. The fee for this plan can range from a
small “contribution” to equal to one months repayment amount. Then
the company fails to pay the bills on time, or at all, and the client
winds up with a worse credit history.

What can you do to protect yourself from these for-profit nonprofits?

Hopefully, the IRS will soon weed out the bad companies from the
legitimate counselors. The time estimate is from a year to more than
five, and that’s if the companies have not met the letter of the law
and are blatantly breaking a law. Until the bad apples are shut down
you have to do your homework and find a good counseling organization
that will help you set up a budget to ensure that you can afford the
repayment program.

When looking for a debt counseling company, I recommend that you go
online to www.google.com, and type in Consumer Credit Counseling
Service (CCCS) plus your state or city. This will help you narrow
your search down to the members of the Consumer Credit Counseling
Service in your locality. Also, you can look at www.nfcc.org which
is the website for the National Federation of Consumer Counselors,
many of whom operate under the label of Consumer Credit Counseling
Service. This label is a term used only be accredited agencies who
are true non-profit agencies legitimately operating for the good of
the debt burdened public.

One final word of warning, if it sounds too good to be true, it
probably is. When you seek a consumer counselor to help you set up a
debt management program, don’t sign anything unless they actually
counsel you and help you set up a budget you can live on and still
make the monthly payments to pay off your debts.

Roger Sorensen

America’s Financial Guide can be found at ==>http://www.Slave2Work.com Subscribe to Money Basics via http://www.slave2work.com/ezine.html

Slave2Work.com - Are you ready for financial freedom?

On April 20, 2005, President Bush signed into law the Bankruptcy Abuse and Consumer Protection Act, a piece of sweeping legislation that brought about the most sweeping changes in personal bankruptcy law in the last quarter century. This bill, which takes effect in October 2005, passed with the overwhelming support of both parties of congress, claims, through its very name, to offer “consumer protection.” Does it? How are consumers “protected” by this bill?

The purpose of the new legislation, is to eliminate “bankruptcy of convenience”. Sponsors of the bill allege that most consumer bankruptcy cases involve irresponsible spenders who have shopped or gambled their money away and now do not wish to pay their creditors. They rightly point out that bankruptcy costs the credit card companies billions of dollars each year and that those costs are passed on to consumers in the form of higher interest rates. By making it harder for those with problem debt to file for bankruptcy, legislators say that more people will pay their bills, the credit card companies will save billions of dollars, and the resulting savings will be passed on to consumers in the form of lower interest rates.

The bill is lengthy, but key points are as follows:

In short, most consumers are no longer protected from job loss or illness by being able to file under Chapter 7 and they will have less help from competent attorneys due to the new liability provision of the bill. There is little to “protect” consumers in the Bankruptcy Abuse and Consumer Protection Act. The sole benefit for consumers resulting from this bill will be lower interest rates and fees from the credit card companies, who will save billions of dollars as a result of this legislation. Of course, should the credit card companies choose to keep the savings, rather than pass them on to their customers, then consumers will be left with no benefit or “protection” at all.

©Copyright 2005 by Retro Marketing.

Charles Essmeier is the owner of Retro Marketing, a firm devoted to informational Websites, including End-Your-Debt.com, a site devoted to debt consolidation and credit counseling, and HomeEquityHelp.com, a site devoted to information regarding home equity loans.

A life in bankruptcy is not an unbearable phase if you look at it from a positive angle. If you found it unbearable, I’m sure you won’t want to go through it again. While the court ‘reorganizes’ you by selling your personal assets to pay off your debts, so too you must reorganize your thoughts and look forward to live a life of prudence.

Here are 7 tips you can apply to get your life back on track as soon as possible so that you can find a way to return to a lifestyle of less financial worries and gradually break free from the shackles of an unpleasant past.

1) Seek sincere help. In modern societies where urbanites get too busy in their own lives, it is not surprising to have people whom you know suddenly turn their backs on you when you seek their assistance. It’s like they are thinking, “I can’t believe it. I’ve never been a bankrupt so why are you so deep in the dumps?” Forget about these people. Your immediate family will be the first to know your situation and only they can give you continued love and support. Make a checklist of names and how they can help you as much as what you can do for them, as well as (very) close friends whom you know can depend on.

2) Be responsible. And I mean REALLY responsible. Once bitten twice shy; don’t get mired in debt again. You can blame on exorbitant increase in the cost of living, that business partner who sued you or the failing stock market but they are not going to say sorry anytime. It’s time to take a critical look at your spending habits and evaluate them, understanding where you have wasted and invested your money. Do a monthly plan-and-review for your savings and expenditure. A very good hint of wastage is putting your money in places you don’t know much of. Learn how to disengage from risks which you can’t afford to get involved.

3) Get paid work immediately. Get your life productive again. There is no more greater blessing than learning to appreciate your ability to earn your keeps. Within your checklist, you should have a couple of people whom you can approach in this area. Leverage on your experience and expertise to make an offer of what you can contribute to their benefit.

4) Join a credit union. Such helpful organizations can offer loans which normal institutions like banks will not do otherwise, but make sure there’s confidence on both sides that you can repay the loan.

5) Far too many people never had a concrete financial/retirement plan even though they know it’s important. Engage a financial advisor to be your personal counsel. Set aside cash reserves for rainy days or emergencies. Find adequate insurance to protect your remaining assets and family. Avoid high-risk ventures or ‘investments’.

6) Keep track of all debts due and paid to your creditors. Make sure your credit report is updated for the record.

7) Sharpen your financial literacy. Robert Kiyosaki, author of “Rich Dad, Poor Dad” is a strong advocate for personal fiancial education. You can always pick up financial literature along the way and think about how you may change the way you look at your wealth. You never know how truly rich people think differently about their money from the rest of us.

As the saying goes, “Time heal all wounds.” It will take years to be a ‘normal’ person again, but once you know you have attained the discipline to practice good habits, there’s no reason how you can fall back to the old self. As you become wiser, you can better inform others about the unhealthy influences of commercialism and consumerism.

Justin Koh is a freelance writer whose articles have appear in most major ezines. You can find more of these at: http://www.bankruptcycentral.info

You have permission to publish this article electronically or in print, free of charge, as long as the bylines are included. A courtesy copy of your publication would be appreciated.

What you are about to read may stop you making the biggest mistake of your financial life.

In today’s debt ridden society many people are in severe financial difficulties, often for reasons outside their control. Bankruptcy for many, is the last step in a long road of financial pressures but many opt for this solution too early and without considering suitable bankruptcy alternatives. Whilst bankruptcy may get rid of the immediate pressures it isn’t necessarily the end of the problems.

When you file for bankruptcy your life becomes an open book for the court appointed bankruptcy officials. They will pry into all aspects of your life and you will be required to provide all your financial information, including bank accounts, savings, investments and assets. Anything that can be sold or converted to cash, including your family home and any valuable contents, will be disposed of and you may still have part of your income deducted from your salary to pay some of your debts.

But there are bankruptcy alternatives that may be less painful for many. Here I’ve listed 5 bankruptcy alternatives

1. Negotiate with your creditors.

When you get into difficulties you should contact your creditors as soon as possible. Contacting them sends a signal that you want to repay them.

Lenders are anxious to get their money back and sometimes they will go to great lengths to help you. They may be prepared to re-finance your debt to have it paid over a longer period with lower installments.

They will often be prepared to reduce or freeze the interest rate and will even cut the balance owing up to 75%.

2. Refinance your mortgage.

If you have a property, which you own outright or on a mortgage, there is the real possibility of you being able to refinancing your debts using a secured mortgage or re mortgage.

Refinancing your debts involves taking out a new mortgage, or an additional mortgage. Some lenders will lend up to 125% of the property value allowing you to pay all your outstanding debt and may even have some spare cash to treat yourself.

As the new loan is repayable over a long period of time (often 25 - 35 years) the monthly repayments are significantly lower than with short term debt and should be far more manageable

3. Refinance your debts using a debt consolidation loan.

Debt consolidation is where you take a new unsecured loan and use the funds to pay off your outstanding debts. Debt consolidation loans are repayable over a longer term at a relatively low interest rate and as a result the monthly repayments are lower. If the loan is secured on your property then the interest rate and payments may be even lower.

4. Sell your home and downsize.

One of the easiest ways to get out of debt is to sell your house or apartment and downsize or move into rented accommodation. The surplus cash can then be used to pay your debts and you can continue with your life without the pressure.

Selling up and moving home is, however, a difficult and often painful option. If you do sell however. you can determine the price and remain in control. If the house falls into bankruptcy, you lose control and the house may be sold by
your mortgagor at auction for a price often considerably less than the price you can obtain in a normal sale.

5. A formal arrangement with your creditors.

A formal arrangement with your creditors can often be negotiated by specialist debt management companies and is filed with the courts. These arrangements are for 5 years. You pay an agreed amount each week or month to the debt management company and it is then divided between your creditors. While you continue to pay they are prevented from approaching you.

After the 5 year period is over any balance still owing is wiped out and you are free to live your life free of debt. If however you break the arrangement the normal result is bankruptcy.

As you can see, there are several sound bankruptcy alternatives for you to choose from. Everybody is under financial pressure from time to time, however you should not compound your problems by declaring bankruptcy too soon. Instead, choose the bankruptcy alternative that sounds the best for your particular situation and start working to repair your credit now.

Using a bankruptcy alternative means that in a few years you will have rebuilt your credit and will be back on track, whereas with bankruptcy it could be ten years before you can get back to normal.

John Edmond worked for many years in insurance and finance and now writes on credit card management at Credit Card Debt. Go to and Seven ways to get out of credit card debt for another article on credit card debt.

Federal bankruptcy laws are only for companies and firms that wish to file for bankruptcy, individuals cannot go for these options. Chapter 11 and Chapter 7 are the two main categories of federal bankruptcy laws that businesses can choose from.

Chapter 11 provides the company or firm with an opportunity to rebuild the business in spite of crippling debts. The federal court plays an active part in such cases, as it has to give the approval for all the business decisions made once the case is filed. Chapter 11 is preferred to Chapter 7 because the company will not be closed to liquidate its assets in this instance. Also, unlike in Chapter 7, the company does not become a security asset for lien and can still be run as usual.

Like a trustee in Chapter 7 and Chapter 13 cases, the SEC plays an important role in Chapter 11. The SEC has to determine if the case is fraudulent and if the company or firm really needs to file the case instead of just pretension for the benefit of the shareholders and investors. If the company is involved in trading after it has filed for bankruptcy, then the details relating to such must be registered with the SEC.

The money will be repaid to the creditors as decided by the law. Bondholders and investors with secured collateral are usually paid first. Stockholders will be paid only if the company is able to stand back on its feet and able to make some profits in spite of filing the bankruptcy case. However, they may continue to trade with their existing stock in the local stock market unless the company liquidates these shares. Owners will be paid last after all the debt is returned to all the above-mentioned people involved with the company.

During bankruptcy, the company might not be able to provide the bondholders with principle and the stockholders with dividends, but they might try to make up for this by providing then with new stock that they put on the market for regaining their stand. The stockholders might not even receive this if the company has more liabilities than assets. A re-organization plan is prepared by a committee of creditors and stockholders of that company and of those appointed by the trustee to enable the company to buy more time while trying to get on to its feet. This plan is reviewed by the SEC and then has to be approved by the court before being put into action.

Bankruptcy provides detailed information about bankruptcy, bankruptcy attorneys, bankruptcy faqs, and more. Bankruptcy is affiliated with New Bankruptcy Laws.

Bankruptcy is a choice many consider when faced with unmanageable multiple debts. But finance experts agree that declaring oneself bankrupt should be an indebted individual’s last resort to meet his dues. It may free a person’s mind from the pressure of paying his debts but it can also seriously damage the person’s morale and credit history for a long time. Aside from this, people who declared themselves bankrupt are often met with hostility by the people around them. But as an option to reduce financial burden, bankruptcy is still worth considering.

By filing for and declaring oneself bankrupt, a debtor’s relationship with his creditors is adjusted. Many of his debts are forgiven and he is also allowed to keep some properties labeled as exempt items. However, all of his valuable properties are sold off and the proceeds are distributed among his creditors. As a result, some of his debts can be paid in full or just partly. If most of his valuable properties (i.e. house, car) are named as collateral for any debt such as mortgage or a car loan, the proceeds from the selling of these items are used to pay these specific debts. Only the balance or excess is used to pay off the other debts. In a sense, bankruptcy fulfills two ojectives: it frees the debtor from paying his debts and ensures that all assets are distributed among the his creditors.

Bankruptcy happens in two ways: voluntary or involuntary. Declaring oneself bankrupt is categorized as voluntary whereas being forced into declaring bankruptcy by creditors is involuntary. Lawyers who specialize in finance cases advise debtors to cooperate in cases of involuntary declarations. There are also different types of being bankrupt. One is filing for a straight bankruptcy wherein all your properties are sold to pay off debts and the other is arranging for a repayment plan to avert foreclosure or repossession of properties. People whose debts are incurred by temporary setbacks (sickness, divorce) are usually considered for the partial type.

Although being bankrupt does lighten one’s financial burden, it also has drawbacks. First, the debtor loses all control over his properties and assets. Any business the debtor owns is closed and all its employees are dismissed. Second, his credit accounts are closed such as loans, credit cards, and bank accounts. Also, bankruptcy remains in a person’s credit history for 10 years which can seriously damage his credit reputation. Third, his bankrupt state is made public by advertisements in local papers. In addition, the bankrupt individual must inform every person he deals with about his bankrupt state unless after he is discharged. As a result, the bankrupt often faces hostility, or prejudices in terms of business or professional opportunities.

Finance experts generally recommend assessing financial situations before filing for bankruptcy. It is often the case that debtors declare bankruptcy without first exploring other options to settle their debts. However, if it is unavoidable, they advise debtors to seek professional help such as financial advisors or finance lawyers to help them understand the process and its effects. Debtors need to pay court application fees, but if they cannot afford it, there are non-profit legal aid organizations that are willing to help.