Bank finance articles and tips

WHAT IS THE "AUTOMATIC STAY" IN BANKRUPTCY?

When a person files for bankruptcy (Chapter 7, 13, or 11), all his or her creditors are immediately prevented from attempting to collect the debt. This is called the "automatic stay." This means that filing for a bankruptcy immediately relieves a person from creditor harassment such as annoying phone calls, lawsuits, repossessions, foreclosures, and any other method for collection of a debt.

Likewise, prior to Bankruptcy, a creditor may initiate the wage garnishment procedure against you in order to take 25% of your wages. The filing of a Chapter 7 Bankruptcy automatically stops the creditor from proceeding with the wage garnishment. In the same manner, your finance company can be stopped right away from repossessing your car. These are all examples of the "automatic stay" of Bankruptcy....

Mobile technology has come a long way since the days when you had to carry the battery for your phone in a custom-made bag. You can now access the Internet, navigate your way around the country and access all of your favourite songs and films all through the multi-function marvel that is the smart phone. However, does this interactivity extend to applying for payday loans?

It would have seemed ridiculous to even consider that you could even contemplate applying for a loan over the Internet, let alone on a phone 15 years ago. However, sure enough, banks and other lenders have continuously sought to employ the latest technologies in order to provide customers with a more convenient level of service. In fact the payday loan industry exists almost entirely online, with very few companies now operating out of physical stores....

In a recent deficit-reduction plan submitted to congress, the president has included a provision that would make it easier for debt collectors to call the personal cell phones of private citizens. If signed into law, this would allow debt collectors to aggressively pursue debtors by means that previously haven't been legal. Collectors would be allowed to call consumers' cell phones to collect money that's owed to the government, primarily in the form of student loans. This comes despite other legal measures to make it easier for individuals to consolidate and negotiate student loan payments. Though the plan is already unpopular, Obama's administration justifies the decision by arguing that it's necessary in an age when most people don't use landlines anymore....

When it comes to heat treated lumber suppliers, it may seem like there's not much difference from one to the next, but that couldn't be further from the truth. Just as with other types of businesses, it's important to choose quality heated wood suppliers so that you know you're getting quality materials and that they will actually arrive at their destination....

There are two types of lenders in the loan market - direct lenders and finance brokers. Finance brokers do not lend money; instead they match lenders with potential borrowers. Brokers will have access to several lenders and many different loan products. Direct lenders on the other hand do lend money directly, cutting out any middleman and handling the whole loan process from start to finish.

So, when you need a loan do you approach a direct lender or a broker? Both have their merits and the answer really lies in your circumstances and the type of loan you need....

If you have had a small business for any length of time, you know quite well that there are occasions where having access to an extra five or ten thousand dollars could make a huge difference. Regardless of your specific reasons, those extra funds could keep you from losing sleep, could give you the ability to jump your business to the next level or even give you the leverage you need to skate through the holiday sales season with ease. Standard loans can be problematic for many reasons so getting a `merchant loan may well be the leverage you need to get you over the hump.

Standard bank loans usually take months to process, require some form of collateral and take years to pay off. Even though you'll want this type of loan for initial start-up, major expansion, other capitalization needs and large scale purchases, they're more hassle than they're worth for a short term need. Merchant loans on the other hand usually take a couple of days to get approved, are based on incoming cash and can be paid off in weeks or months instead of years.