Breaking Down The Basics of Chapter 7 Bankruptcy

You know what Chapter 7 bankruptcy can do for you but it is important to understand the basics of this federal program. Read on to learn more about what this chapter entails. When most people think of bankruptcy what they’re really thinking about is Chapter 7 bankruptcy. This is the kind of bankruptcy where your assets are liquidated in order to pay off your debtors. You may have visions of your head regarding what this entails and how it truly affects people, like losing their house, losing their credit, and starting from zero again. These are all true about filing under this chapter but by breaking down the terminology, you can get a clear sense of what you’re in for if you decide to file for bankruptcy under this chapter.

Assets are things that you have that are worth the money, including money itself. What you have in the bank and in investments are assets. They are also things that you own, like your car and your house. injury attorney When talking in terms of Chapter 7 bankruptcy, what an attorney assess and what the federal courts will look at Liquidation means turning the physical property and financial investments into the most liquid form of asset, which is cash money.

Liquid means that it is the most immediate form of payment. Think of the difference between checks and actual money. A check is a promise that you have the money and one could then cash your check for actual money. If you give a vendor or person actual money, it is considered more liquid. A house, even though it may be worth a lot of money, is a very non-liquid asset. It cannot be converted to cash very fast.

The process of liquidating your assets helps to pay off your creditors immediately. This means that everything you owe, be it credit card debt, loan payments, or mortgages are instantly paid off so that you are no longer responsible. This can be a very emotional thing to go through because all of your valuables and long term investments are literally eliminated in order to pay off your debts.

It is also important to know that when you file for bankruptcy, your record is not completely clear. Your credit rating will be affected for a number of years. You will be able to earn back a good credit rating, however. Through small to moderate loans, well balanced and paid credit cards, and regularly paid bills, you can prove once again that you can be a financially stable consumer of goods and services.

Chapter 7 bankruptcy, like all other chapters to file under, requires legal representation from a lawyer, preferably one that specializes in this legal field. When you file for bankruptcy you do so with the federal courts. If you think this is the only possible way out of your debt, then it is available for you to petition for. If you qualify, it could help save you hears of worry and anxiety.



Home Hurricane Protection–The Homeowners To Do List

Hurricanes cause millions of dollars of damage to homes and businesses every year.  If you live in a hurricane-prone area, how do you protect yourself? This to do list for homeowners covers five important steps you should take before the storm hits.   The following homeowner’s to do list covers five steps to take before a storm hits to make sure your home is protected.


1. Secure your windowsThe vast majority of all hurricane damage is caused by high wind speeds.  High winds pick up debris and send it flying at incredible speeds. All it takes is one good sized tree branch to hit your window in just the right spot, and now your home has been breached.  Shattered glass from window breaks also poses a real danger, particularly if you are inside the home during the storm.Hurricane shutters are one of the best investments you can make to protect your windows.  Look for shutters that have received Dade County Product Approval, which is the highest standard in the industry for hurricane protection products. For a less expensive option, consider making your own shutters with 5/8″ thick plywood.

2. Secure the garage doorThis is particularly important if you have a home with an attached garage.  The garage door is a weak point in most homes, and it can be easily blown in by hurricane speed winds.  When the garage door is blown in and the wind pressure fills your home, it only takes a short time for the windows and doors to blow in, too.  In the worst case, the roof follows suit.Some garage doors are advertised as hurricane-resistant, but they can be costly. Securing your garage door doesn’t have to be an expensive proposal!  Consider boarding your garage door over with plywood, or using 2×4’s to brace it from the inside.

3. Install hurricane strapsGalvanized metal hurricane straps are used to secure the roof trusses to wall studs.  If you’re building a new home, be sure the builder uses hurricane straps, as this is one of the best (and most cost effective) ways to make sure the roof doesn’t blow off your home during a hurricane.  Note: It is possible to install hurricane straps on an existing home, but you may need to hire a contractor to do the job.

4. Eliminate possible projectilesWhen you know a storm is coming, walk all around your home and yard, and consider objects that could potentially be picked up by the wind and turned into flying projectiles.  

5. Trim your treesKeeping your trees in good shape is an important step in making sure that limbs won’t come down on your house during a hurricane.  First, trim any large branches that hang over your house. These trees are a hazard and should be taken out by you, so that they’re not taken out by a storm.

With a little time and forethought, you can minimize, and hopefully prevent, the majority of hurricane damage to your home.