Bankruptcy Questions

Bankruptcy Questions
Don't you just hate it when your questions go unanswered?
Well I hate it as much as you do. Especially when you are
desperately seeking help and answers this setbacks have to
pull you down.

Well if you have answers regarding bankruptcy, you have
come to the right place because in this article I am going
to have answers to frequently asked questions about
bankruptcy.

So, read on and you will find out more about bankruptcy.
Bankruptcy has many negative effects on you personally but
if you know more you may be able to turn the negative
situation around. So, here are the questions:

1) What is bankruptcy and how does this happen?
Bankruptcy is a legally declared inability or impairment of
ability of an individual or organizations to pay their
creditors. This happens when creditors file a bankruptcy
petition against a debtor in effort to recoup a portion of
what they are owed. In majority of cases, however,
bankruptcy is initiated by the debtor.

2) What are the effects of bankruptcy?
Once you are made a bankrupt, all assets belonging to you
come under control of the Trustee, including your home. The
other main disadvantages of bankruptcy are the constraints
forced upon the bankrupt and the stigma of having to
declare oneself as a bankrupt for certain transactions.

3) How long does bankruptcy last?
A bankrupt may be discharged after a year. However,
discharge is not necessarily be automatic and can be
postponed by the court. In addition, the discharge may not
necessarily free that person from certain all liabilities
and does not mean that unrealized assets will be
safeguarded.

4) Are there alternatives to bankruptcy?
Basically, there are four main ways in which you can avoid
bankruptcy. They are:
- Take no action
- Self money management
- Negotiate with creditors
- Debt consolidation

5) Are there any other options in which I can settle debts?
If you need other options, you can consider:
- Selling your assets
- Working more
- Reorganizing your debts
- Getting help from a bankruptcy attorney

6) What is a bankruptcy attorney?
A bankruptcy attorney specializes in bankruptcy law and
provides legal methods for an individual or commercial
enterprise or business to either wipe out debts by
liquidating assets and distributing them among creditors or
resolve them by developing a court-approved reorganization
plan, or other plan involving the repayment of creditors
over time.

There you have it. All your questions answered. Now you can
have more confidence in dealing with your debts and how you
can avoid and deal with bankruptcy. Now you do not need to
worry about your questions going unanswered.

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Bankruptcy is no joke. If you are declared bankuptcy, this
record will stay with you for at least 10 years. Find out
how you can avoid bankruptcy by visiting this website ==>
http://www.outofbankruptcy.info

Use Your Credit Cards Wisely

Use Your Credit Cards Wisely
Credit cards can be very useful; they can be enjoyable;
and they can end up costing you a lot of money. You do not
need to be a financial expert in order to avoid unnecessary
pitfalls associated with credit cards-- basic information
and basic common sense can go a long way toward helping you
to use your credit cards to their best advantage. Using
credit cards does not have to be a negative experience.

One of the most basic facts about credit cards which many
people tend to overlook is that you will not only repay the
money you spend, you will also pay interest and any other
fees which your credit card company has applied. Many
people think of a credit card as "free money"-- and this
perspective can lead to financial disaster. The concept
"if you can't afford it, charge it" often leads to huge
debts and all of its consequences.

In order to avoid unnecessary debt, using your credit card
within your means to repay what you owe is essential. If
you are able to differentiate between something you need
and something you want, you are already ahead of most
credit-card users! You can then reasonably assess whether
you will be able to pay your credit card balance on time
and in full.

One drawback of credit cards is many people assume that if
they have been offered one, this means they are financially
qualified to use it. The fact is credit card companies are
in the business of making money. If you have very little
income, and especially if you are a student, it is wise to
think twice before acquiring a credit card. This is also
the case in instances of considering a credit card in order
to pay off other debts. If you have been offered a secured
credit card, not only does this mean you will be required
to put something of high value at risk in order to obtain
it, it means the company is requiring this because they are
not certain of your ability to pay off your credit card
bills. If a company is asking you to place something such
as your home at risk for a secured credit card, this is a
sign that obtaining the card is not a good idea.

After assessing your financial situation, you may have
decided that you would like a credit card. If you use it
wisely, it can be very beneficial to you. You will be able
to make purchases when you do not have the cash on-hand for
items you need, and you can use your card to make important
payments on time. Although there are plenty of "scare
stories" about the consequences of credit card debt, this
does not need to happen to you. All you really need to do
to ensure that you will not fall into the trap of credit
card debt, and the longterm implications of such debt, is
to put some careful thought and planning into your card's
use in advance. You will find that your credit card can be
very positive, if you use it wisely.

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Credit Card Info:
http://crditcardsinformationonline.com

Small Business Accounting Software Selection And Priorities

Small Business Accounting Software Selection And Priorities
The best choice is often dependent upon the size of the
business and the employment of full time accountants,
accounting staff, bookkeepers or management of the
accounting records by the proprietor. Every business needs
to choose the most appropriate accounts package according
to both the requirements of the business and the
capabilities of the person or people who will operate the
accounting solution.

Many small businesses do not benefit from sophisticated
accounting software if the technical requirements of that
software exceed the abilities of the users to produce
efficient financial records and use the full capabilities
of the accounting software to maintain a high level of
financial control.

Alternatively a simple bookkeeping package may not offer
the degree of financial control over such financial matters
as debtors and credit control, creditors and cash flow
liquidity that may be required. Financial control and cash
flow is of supreme significance and importance when credit
is tight.

Every business needs to maintain a set of books and
accounts to satisfy the legal obligations to calculate the
net taxable profit which has to be both declared to the
taxation authority and provide sufficient financial records
to support that calculation.

Up until the mid twentieth century it was common practise
to produce accounts handwritten on paper, Typing being
reserved for the final set of accounts for publication as
required. Handwritten accounting records are largely
obsolete for medium and larger businesses although still
used by many small business organisations.

With the advent of computers accounting software has become
the norm and there are many simple bookkeeping packages
that can be easy to understand and offer sufficient levels
of financial control for even the smallest business.

In essence each small business has a choice between
preparing a handwritten set of accounts, using a simple
bookkeeping package which could be based upon spreadsheets
or a more sophisticated accounting software package that
almost invariably use a data entry system into a database
which can then be queried to produce the required financial
control.

Choosing handwritten accounts would only be applicable to
the smallest business where the proprietor had no
employees, limited numbers of transactions and had full
financial control without the need for written information.
Such handwritten accounts would not be suitable for any
business that required control over debtors and creditors
or that needed to produce a balance sheet.

For those businesses that could suffice with handwritten
accounts there are better options available such as using
computer spreadsheets. Minimal knowledge would be required
and the benefits substantial compared with being
handwritten.

An accounting package based upon computer spreadsheets is
suitable for most small business as it can be no more
difficult than maintaining handwritten accounts but in an
organised format. The sophistication of the format would be
according to the ability of the designer of the accounting
solution or the bookkeeping knowledge of the person
preparing the accounts.

Accounting software written on computer spreadsheets have
advantages in that they can save time in data entry,
improve accuracy, can be changed to correct errors, highly
visible and provide all the basic bookkeeping needs of a
small business. Accounting solutions written on
spreadsheets are normally limited in relation to financial
control and medium sized businesses that require additional
control over debtors and creditors may be more suited to a
database accounting software system.

Generally if a business is large enough to employ a full
time bookkeeper or accountant then that business
potentially has the accounting knowledge and skills within
the accounting function to use a database accounting system
and achieve the additional financial control elements which
become available.

Accounting software that uses a database has the facility
to produce regular financial and tax reports, debtors
reports and statements, creditors reports and statements,
cash flow statements and a set of monthly and final
accounting reports such as profit and loss accounts and
balance sheets.

The disadvantage of such accounting solutions is that to
get the most and best out of the system you also need to
understand how the package works and how technically to
obtain from it the benefits of increased financial control
that are available.

The main priority in choosing any accounting package is to
first determine the final requirements you need from that
administrative system. If detailed financial control,
particularly over individual supplier or client accounts is
essential and the business is large enough to employ office
based staff including an accountant or full time bookkeeper
then a database system may be the appropriate choice.

If the business is smaller and requires detailed accounting
records to support the year end financial statements while
financial control is already sufficient to be in the hands
of the business owner then accounting software based upon
spreadsheets would probably be adequate. The degree of
adequacy being dependent upon the level of expertise
contained and automated within the accounts program.

Handwritten books would be the lowest choice. Adequate for
some small businesses but only suitable if a computer based
option was impossible.

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Terry Cartwright, accountant and CEO at DIY Accounting,
designs Accounting Software at
http://www.diyaccounting.co.uk/ providing accounting
solutions for small to medium sized business in the UK with
payroll software at
http://www.diyaccounting.co.uk/payroll.htm for up to 20
employees