Category Archives: Bankruptcy

k Loans A Good Idea Move Or Not

The reason people have a 401K retirement plan is so they can fund their older years when they don’t have an income. Many financial planners advise against taking out 401K loans, because it means that you are taking away some of your secure retirement funds.

You can always withdraw funds from your 401K account, but the 401k rule and tax penalties make this a very costly action. If you are considering taking out a 401K loan, make sure it is for an excellent reason and only as a last resort. There are no government rules about the loans but many employers do set restrictions, such as keeping a minimum balance, how may loans you can have at once, and that married employees must get consent from their spouse.

It is the plan administrator who will impose the most conditions on your 401K loans. Most administrators require that you have a valid reason for applying for the loan, and generally will only approve it if it is for one of the following reasons: medical expenses, college tuition fees, deposit for first home buyers, to prevent bankruptcy or eviction because of falling behind with mortgage payments. A 410K loan should not be for day to day expenses.

The good parts of 410K loans are how easy they are to apply for; any interest you pay goes back into your account; interest rates are competitive, even for those who have a bad credit rating; they are risk-free because you are actually borrowing your own money.

The bad parts of 410K loans include some 401k rule limitations on new contributions while the loan is outstanding which affects any employer contributions you may have been receiving; the interest you pay is not tax deductible; there is a relatively short term of the loan compared to other types of loans.

There are several alternatives to a 410K loan available which may be a preferable way to go for these major expenses, which might be worth investigating before you apply. Consider both the good and bad aspects of 410K loans carefully, before you apply.

The Key to Building Wealth

Many people today believe in order to become wealthy they either have to be born into wealth or have a lot of money to make money. The fact is this just isnt true. Building wealth is a mechanical process and because its so simple its quite boring, therefore many people do not follow through with the formula.

The Problem

Too many people fall into a financial rut and it usually starts when we begin moving money from one credit card to another. Sure this works for a short while, but eventually it catches up with you and before you know it you have $5000 maxed out on your VISA card and $3000 maxed out on your Discover card.

The next genius move I consider was debt consolidation. While this does work and the phone calls will stop, its not a solution for the problem at hand. Your monthly payments become lower and this provides the temptation to go out and accumulate even more debt, eventually taking you back to square one. Not to mention having a history with debt consolidation leads to higher rates on things that count later in life.

Back at square one, the next step I considered was debt counseling and the idea sounded great, they even promised to lower my monthly payments by $300. I managed to avoid this one all together and now that I look back I am glad that I did. What I later found out is that debt counseling is viewed as bankruptcy.

By this time I decided to refinance my home with an equity line/2nd Mortgage loan on my home to get out of debt and it worked perfectly. However, let me tell you a little secret. When you take out a 120k loan on a home that is only worth 90k and the neighborhood starts going downhill like ours did, you cannot sell your home for what its worth. Again, we were stuck in rut where we had to borrow money from family to sell our home. Other home owners in the area were not as fortunate.

At this point in time I was seriously considering bankruptcy. If you think that after seven years nobody will know about your bankruptcy, you are mistaken. In some cases jobs wont even higher you if you ever had a bankruptcy. Most loan applications ask if you have ever filed for bankruptcy and they do take that into account even if it has been 10 years since you filed for bankruptcy. This is when I became desperate and finally cracked the money making formula.

The Solution

In 2005 I made a new years resolution to stop spending money on things that required me to make a monthly payment. Instead, I would take my paycheck and spend it on assets, or things that put money into my pocket month after month. I like to call these assets investment vehicles. It does not matter which types of investments you choose, just as long as they are all leading to the same place financially.

Why Athletes Go Broke

The “Real Deal” is broke.

Former Heavyweight champion Evander Holyfield is playing the real life game of Deal Or No Deal. It has been reported that his $10 million estate in suburban Atlanta is under foreclosure, the mother of one of his children is sued for unpaid child support. It appears that he has coughed up her cash. It has been reported that a Utah consulting company has gone to court claiming the boxer failed to pay back more than a half million dollars for landscaping. Just one more high profile athlete having to scale back his lifestyle to the level to which you have I have been accustomed. Why is it that athletes who seem to have everything are often completely unable to control anything related to finances?

We all played our violins to death when we heard of Latrell Sprewell’s financial troubles. On Halloween 2004, Sprewell, who was in the final season of a $62-million five-year contract with the New York Knicks, said he was insulted by the Minnesota Timberwolve’s offer of a contract extension that was reportedly worth between $27 million and $30 million for three seasons. Sprewell stated, “I’ve got my family to feed.” That quote become a national moniker for the public perception of athletes as greedy, out of touch individuals. Apparently, Sprewell still can’t feed his family. His yacht was recently repossessed and his multi-million dollar mansion is about to be foreclosed on.

While there is certainly the stereotype of the financially irresponsible NBA athlete, no professional sport is immune.

Let’s take a look at some high profile athlete financial sob stories over the years:

1. No one my age can forget Jack”The Ripper” Clark , star player for the Boston Red Sox who filed for bankruptcy in 1992 in the middle of his second year of a three-year, $8.7 million contract with Boston; he listed $6.7 million in debts. Jack was a master of financial planning and prudent asset acquisition. His bankruptcy petition listed assets such as 18 automobiles, including a 1990 Ferrari that cost $717,000 and three 1992 Mercedes Benz cars costing between $103,000 and $143,000. He owed money on 17 of the automobiles and was liable for about $400,000 in Federal and state taxes. He had also lost about $1 million in a drag-racing venture. Sounds like Jack would have been more at home in the NBA. You can read about it hereMike Tyson’s Bentley

2. Johnny Unitas, Hall of Fame quarterback for the Baltimore Colts, filed for bankruptcy in 1991 citing numerous failed business ventures in his petition These failed bits included bowling alleys, land deals and restaurants. He filed for Chapter 11 bankruptcy in 1991.

3. Mike Tyson The name speaks for itself. Mike’s bankruptcy was highly publicized. Despite earning hundreds of millions during his boxing career, Mike kept it simple. His bankruptcy petition simply stated: ” I am unable to pay my bills”. According to federal court records, his liabilities totaled about $27 million. You can read that story here.

CHAPTER 3.5 PREDICTIONS BY NOSTRADAMUS,ACCORDING TO KALAGNANAM ABOUT THE END OF PRESENT WORLD

FEW PREDICTIONS BY NOSTRADAMUS AND BY POTULURI VIRABRAHMENDRA SWAMI ABOUT THE END OF PRESENT WORLD AND HOW NEW WORLD WILL START.

1 . World War III will slowly start from November,2010, and bacteriological and chemical weapons will be used. One of the famous astrologists predicted that economic problems in 2010 will grow. Many large companies will declare bankruptcy. This will cause hunger, religious and ethnical conflicts, and ecological problems. Global warming will greatly damage agriculture.

2. Russia will suffer from a wave of earthquakes. One of them will destroy a huge building.. 3. Nostradamus had predicted the usage of nuclear weapon in the World War

3. He have mentioned about the nuclear plants and the nuclear missiles that will destroy the world and the mankind.

4. Third World War will be preceded by an unprecedented increase in large-scale natural calamities all over the world like big earthquakes, tsunamis, hurricanes, tornadoes, floods, famines etc. Localized wars, revolutions, political disturbances and large scale terrorist attacks will increase. Assassinations of high profile leaders will take place and tensions between various countries will rise. The economies of various countries will be severely affected, leading to unemployment or inflation. The actual war would be of a short duration but is said to be several times more destructive in terms of the cost of human lives and property than all the previous world wars taken together.

5.RICH PEOPLE WILL BECOME EQUAL TO MIDDLE CLASS AND MIDDLE CLASS PEOPLE WILL BECOME EQUAL TO POOR PEOPLE (IF a=b and b=c ,then a=c),I mean rich people will become equal to poor people. IN OTHER WORDS,BECAUSE OF NATURAL CALAMITIES RICH PEOPLE AND MIDDLE CLASS PEOPLE WILL LOOSE EVERY THING AND BECOME EQUAL TO POOR PEOPLE AND ATLAST THERE WONT BE ANY DIFFERENCE BETWEEN RICH,MIDDLE AND POOR PEOPLE.

6 .India will produce the immortal ruler, Seeing wisdom and power of unlimited scope, Asia will bow before this conquering scholar. Nostradamus is making it clear that the conqueror will be a Hindu from South India. He will bind Asia together under his rule. The Hindu leader will win over the communists by persuading them of the timeless varieties of Hinduism. Russia will become India’s ally.ACCORDING TO -‘KALAGNANAM -‘ BY POTULURI VIRABRAHMENDRA SWAMI, THE NAME OF THE IMMORTAL RULER IS LORD SHIVA(THE DESTRUTOR OR THE RECREATER)

7.Meanwhile, NOSTRADAMUS predicts, after furious warfare, the Moslems will be totally wiped out. There will be no trace left of either Mecca or Medina. The creed of Muhammad will vanish forever.

The empire of Islam by Hindus overthrown, The majority of Moslems will succumb, To radio-active fall-out by India blown, Making Muhammad forever silent and numb. Interestingly, in his prose-introduction to the “Centuries”, the seer dwells at some length on the destruction of Islam and Mecca. The city will be smashed up in such a way that all those who enter it will sicken and

die. Intrestingly, even Islamic texts predict doom in the 15th century of their religion.

8. The Pope will fly from his lair. Much of Europe will repudiate the false tenets of Christianity. The Bible-chanting clergy dies. The ancient sway of Hinduism will be restored. Vedic chants will again fill the air..

9. New political and economic theories will start to form, and they will drastically change the future. People will forget about NEWTON AND EINSTEIN.

10. New robots-androids will appear and will be introduced to day-to-day life. Households will use robots to help with chores.

11. Scientific evidence of the existence of soul will be discovered..

12. The UFO mystery will be solved, and our planet will be visited by guests from other planets..

13. Solar activity will drop..

14. A very bright, previously unknown comet will appear and coincide with the time of great geological troubles, with earthquakes and volcanoes erupting and disrupting weather systems. This will cause widespread famines, droughts, and social upheavals in unexpected places. Nations that are considered prosperous and powerful, particularly western nations, will be weakened.

15. LAKES,RIVERS WILL DRIED UP.ACCORDING TO -‘KALAGNANAM” RIVER GANGA WILL DRY UP-..

16. There will appear so vast a plague that more than two thirds of the world will fail and decay.

17. USAGE OF AIR ,WATER AND SUN WILL DECREASE AND USAGE OF BRAIN AND SPIRITUALISM WILL INCREASE…

18.SOLAR ACTIVITY WILL disrupt communication and power grids.

19. A large bird will fly over the USA, Satan himself will lay a bomb, and people will cry bloody tears.

20 WHEN LAST TREE WAS DESTROYED ON EARTH ,INDICATES END OF ONE SET OF WORLD AND NEW WORLD (NEW EVOLUTION OF LIFE ON EARTH ) WAS STARTED.

.21..THE world will begin new after the World War 3 and the peace will the restored.ACCORDING TO MAYAN CALENDER PRESENT WORLD WILL END ,BY THE END OF 2012 AND NEW WORLD(NEW EVOLUTION OF LIFE ) WILL START ON EARTH FROM THEN.

According to Potuluri Vira Brahmendra swamy, the Basavanna (stone nandi) of Yaganti will come alive and shout when Kali Yuga ends- NANDI IS THE VEHICLE FOR SHIVA.

In the -Brahma-Vaivarta Purana-, Lord Krishna tells Ganga Devi that a Golden Age will come in the Kali Yuga – one of the four stages of development that the world goes through as part of the cycle of eras, as described in Hindu scriptures. Lord Krishna predicted that this Golden Age will start 5,000 years after the beginning of the Kali Yuga, and will last for 10,000 years.EVEN IN -‘KALAGNANAM” IT IS WRITTEN THAT GOLDEN AGE (SATYA YUGA) WIL START 5000 YEARS AFTER THE BEGINNING OF KALIYUGA. Mayan Prophecy Matches Hindu Prophecy. It is amazing that both calendars began at about the same time over 5,000 years ago and both calendars predict a totally new world and/or golden age after about 5,000 years into their calendars.

22. .AFTER THE END OF WORLD THERE WONT BE ANY LIFE FORM ON EARTH WHICH DEPENDS ON AIR ,WATER AND FOOD..

23 .AFTER THE END OF THE WORLD FEW HUMANS WILL LEFT AND THOSE HUMANS WILL TRASNFORM IN TO GODS.( NOTE::::::::::::ACCORDING TO PURANAS AND VEDAS PEOPLE WHO DRINK NECTAR OR AMRUTA ,FOR THEM THERE IS NO NEED TO TAKE AIR ,WATER AND FOOD.I MEAN THOSE PEOPLE CAN ALSO STAY ALIVE WITH OUT TAKING AIR,WATER AND FOOD..

24. INDIA WILL BECOME SUPER POWER COUNTRY.

Dominican Republic Salmonella

Many cases of Salmonella have been reported in the Dominican Republic over the past 18 months and holidaymakers have complained of vomiting and diarrhoea symptoms after eating food in all inclusive hotels.

Holidaymakers who have saved up for months for a dream holiday in the Dominican Republic have quickly realised what a nightmare it can turn into when poor standards of health, food and hygiene cause food poisoning and holiday illness. The Dominican Republic has several all inclusive hotels which serve breakfast, lunch and dinner to guests. When the standard of food and hygiene is poor, holiday illness plus symptoms of vomiting and diarrhoea can quickly result.

In some hotels groups of holidaymakers and members of the same family have been struck down by illness and in many cases it could have been prevented if kitchens were cleaned regularly and food was not allowed to become contaminated with Salmonella food poisoning. One of the biggest causes of food poisoning at Dominican Republic hotels is food being served raw or undercooked and this occurs frequently in buffet-style restaurants and from holiday barbecues.

Never eat pork, chicken or burgers if they are pink in the middle and seafood can be particularly dangerous if not served at the correct temperature. Salads should also be chilled and covered when served and you should always avoid ice in drinks and local water. Only drink bottled water which has the seal intact and avoid any raw seafood such as sushi or oysters if served in a buffet-style restaurant.

If you become ill abroad with gastric illness, stomach cramps, vomiting, diarrhoea, fever or headaches, get checked out by the local doctor as soon as possible and make sure you keep a copy of all medical receipts as you may be able to claim for them when you return to the UK. Once you return home, contact a no win, no fee personal injury solicitor as soon as possible and see if you can make a claim for compensation from the tour operator. If you were staying in a holiday package hotel when you became ill and if the tour operators negligence caused your illness, you could have a strong claim for compensation for loss of enjoyment of your holiday, discomfort and any related medical expenses. You have a right to not be exposed to holiday illness of any type when staying in a package tour hotel in the Dominican Republic and the tour operator has a responsibility to take all reasonable precautions to keep you safe from harm and illness.

You can contract Salmonella food poisoning in the Dominican Republic by eating undercooked or raw food, by drinking contaminated water or from eating food which has been cross contaminated. This may occur if foods are not stored properly in the fridge, particularly if raw meat is stored above cooked foods which are ready to eat. Other common causes of cross contamination included foods being prepared on the same chopping board, which has not been cleaned in between. Also, all kitchen utensils should be cleaned and washed in hot, soapy water, kitchen surfaces should be thoroughly cleaned and dishcloths should be boiled in detergent at the end of each day.