The Secrets of The Life Annuity Business, Webcast Series http://wp.me/pIc50-2h

The Secrets of The Life & Annuity Business, Webcast Series

The ECLAT is a dynamic nuance to the traditional CLAT design that provides the potential for:

• Charitable income to a non-profit of the donor’s choosing
• The potential for tax free benefits to the donor’s family upon passing
• The potential for large charitable income tax deductions for the donor

This webcast will educate you on the basics of the ECLAT concept and how it can generate guaranteed payments to charitable organizations, and certainty in planning for the donor.

For more info contact me:  jerrykays8@gmail.com

Recorded Webcast: Enhanced Charitable Lead Annuity Trust
Presenters: Jake Kujala and Claire Durand (of Transamerica)
Level: Intermediate

Note: Windows Media Player 9 or greater is required to view the recordings. If Windows Media Player will not play the video, please click here to download and install the latest version.

Who is ACE Capital Group? Please see my blog…http://wp.me/pIc50-2a

 

Who is ACE Capital Group

ACE Capital Group is a real estate company. We are not real estate brokers or financial advisors. We are the principals who purchase and sell carefully selected California pre-developed real estate. Our purpose is to assist the many individuals who buy property to participate in the strategy of land banking.

Our business has evolved from the extremely successful personal investments of our founders. Our proven three step formula provides individuals and business owners with an innovative option to secure a better retirement, a legacy for their children and grandchildren; and we have voluminous testimonials from our buyers attesting to their satisfaction.

Land banking is the strategy of purchasing property in the path of growth of a major metropolitan area, holding it and selling to developers/builders:

• We facilitate and instruct people about purchasing land for land banking.
• We help qualified retirement account holders to roll over their funds from the volatile stock market into California real estate.
• We have many, many testimonials from our buyers attesting to their satisfaction

“The goal of ACE Capital Group is to help our customers into the land banking process. Satisfied customers spawn a progeny of business and gainful employment. Our successful business model is founded on the concept expressed by John D. Rockefeller in these few words, “The major fortune in America have been made in land. ” Whether you’re a baby boomer entering your retirement years or an astute wealth builder, you will find that ACE Capital Group has a time-tested proven formula that provides one of the best alternatives for land banking.”

Also We Are Also Looking For New Agents!

For more information please contact me:

Jerrykays8@gmail.com

Thank You

Why Use Land Banking? http://wp.me/pIc50-1Z

 

“All a man has to do to get rich in America
is find out where people are going, get there first and buy land.”  
 - Gen. Douglas MacArthur

Land Banking is a historically proven long-term investment strategy used by government agencies, corporations, non-profit organizations and individuals. Governments purchase land for preservation or to prepare for future land needs; businesses leverage Land Banking to gain strategic or competitive advantage by retaining development control in critical areas; and  individuals use Land Banking as a long-term wealth accumulating strategy including: 

1. Historical Consistent High ROI
2. Protection of Principle
3. Risk Mitigation
4. Education
5. Retirement

Historical Consistent High ROI
Increasing populations and sprawling cities make land a hot commodity around the world.  Hungry corporations and developers identify and purchase open real estate for future commercial, retail and residential use in the paths of growth.  Successful Land Bankers can project future growth based on historical information from similar areas over almost any 10 year time period.  Therefore when holding land for typically 10 or more years a Land Banker can maximize his/her returns by capturing multiple value spikes on their parcels.

Protection of Principle
Individuals who have become disillusioned by the theoretical, high risk nature of stocks and bonds or those who question the quality of information received from commission based investment advisers, may find that Land Banking can be viable and secure alternative.

Land is real property, it is a tangible asset.  Its value seldom decreases and never disappears. Many individuals are already involved in Land Banking on a passive level – the land upon which their houses sit is a part of its overall value. Ownership of hunting, recreational or lake property is also a form of Land Banking. These purchases of land feel far more “real” or “tangible” than a stock or bond.  Land Banking is a near risk-free investment. Nobody can guarantee rates of return, but your initial investment is typically protected from dilution.  For many individuals Land Banking is a good balance to other more speculative investments in their financial portfolios.

Risk Mitigation
Any investment decision requires balancing risk. Different types of investments carry different risks in different types of markets. Over time, as market conditions and personal investment needs change, an individual investor will desire various levels and types of risk.  Many consumers value land investments– with their historic performances as tangible assets-as an important part of an overall investment portfolio.  Again seldom, if ever, is your principle at risk with Land Banking.

Education
A primary investment goal of many parents or even grandparents is to provide an education for their children. Eighteen years from now, a four year college education is estimated to cost over $600,000. Concerned parents must plan ahead to meet the rising costs. A Land Banking acquisition at today’s prices which is held while children and grandchildren grow is one of the most reliable ways to ensure secure assets to fund a quality college education. 

Retirement
Land Banking is an ideal vehicle for retirement planning since typically most Land Banking parcels are held for ten or more years. As part of a long-term retirement strategy, individuals should balance investments in stocks and bonds through Land Banking.  An experienced trained Land Banking Specialist can help you build the real estate portion of your portfolio so that you are properly prepared for future financial flexibility and liquidity. 

We Are Always Looking For New Agents!

For more information please contact me:   jerrykays8@gmail.com

Real Estate in Your Self-Directed IRA………http://wp.me/pIc50-1L

• Earning potential using real estate inside an IRA has caused many individuals and small business owners to rethink their current retirement strategies. David Nilssen, co-founder of Guidant Financial Group Inc, conveyed, “I can’t tell you how many people I talk to everyday who say they wish they had heard about this strategy three or four years ago. People can see the power of real estate. It is more real than stocks or mutual funds. You can touch it and see it.” Nilssen’s company, Guidant Financial Group Inc, specializes in IRA facilitation. Their purpose is to help average people get started in non-traditional IRA investments like real estate. “It is rewarding to help people whose retirement savings have been devastated by the bear market recover their savings through non-traditional investments I have personally lost a great deal of money in the stock market, so I can empathize with the powerlessness one has over Wall Street.”
• Using leverage inside your IRA can be very complicated. Using a qualified Custodian, who can help you through the process of switching into a Self-directed IRA and provide a network of professionals familiar with IRA investing, is very important. Nilssen specified, “If you decide to invest with a Self-Directed IRA, don’t try to do it yourself. Use a professional to handle the process and avoid the severe penalties of doing something incorrectly.”
• President Franklin Delano Roosevelt signed the Social Security Act on August 14, 1935, which established a basic compact between generations: younger workers would contribute payroll taxes, and retired workers would have a more secure retirement. Presidents from Dwight Eisenhower to Ronald Reagan have signed landmark Social Security reforms to expand Social Security to provide disability insurance (1954), index Social Security benefits so people would not become poorer as they grew older (1972), and reform Social Security to add decades to its life (1983).
• What follows are some facts about Social Security that may surprise you. Read the facts. Then decide again whether Social Security is a valuable “safety net” in America.
• About half of the elderly have incomes that, without Social Security, leave them below the poverty line. Social Security lifts 13 million elderly Americans above the poverty line.
• Without Social Security benefits 46.8 percent of Americans aged 65 and older would have incomes below the poverty line. With Social Security benefits, only 8.7 percent of the elderly do. Some 13 million elderly Americans are lifted out of poverty by Social Security benefits.
• Social Security does more to reduce poverty among children than any other government program.
• In 2002, one million children under age 18 were lifted above the poverty line by Social Security benefits. No other government program except the Earned Income Tax Credit (EITC) lifts more children out of poverty. In addition, if a broader poverty alleviation measure is used that includes reductions in the severity of poverty (for those who remain poor), then Social Security does more to alleviate poverty among children than any other government program, including the EITC
• Social Security is more than just a retirement program: one-third of Social Security beneficiaries receive survivors’ benefits or disability insurance benefits. 10 million beneficiaries are adults below the age of 65, and 4 million are children.
• Social Security is more than just a retirement program. Of the 48 million beneficiaries in July 2005, 6.6 million received survivors’ benefits and 8.2 million received disability benefits. In total, 10.3 million adults below the age of 65 and 3.9 million children received Social Security benefits. The Social Security Administration’s Office of the Chief Actuary has estimated that an illustrative family whose breadwinner dies at a young age can receive a total of $403,000 in survivors’ benefits, while an illustrative family whose breadwinner becomes permanently disabled can receive a lifetime benefit of $353,000 from Social Security disability insurance. The Social Security Administration estimates that almost one of every three young workers will become disabled before reaching retirement age.
• For two-thirds of the elderly, Social Security provides the majority of their income. For one-third of the elderly, it provides nearly all of their income.
• In 2002, Social Security provided 50 percent or more of the income of 66 percent of elderly people (those ages 65 or older). Social Security provided 90 percent or more of the income of 34 percent of elderly people. For 22 percent of seniors, Social Security is the sole source of retirement income.
• Social Security provides benefits to 48 million Americans, with the average beneficiary receiving $10,500 per year.
• In July 2005, Social Security provided benefits to 48.1 million Americans, with benefits averaging $876.70 a month, or $10,500 annually.
• 
  Social Security is especially beneficial for women.
• Some 57 percent of adult beneficiaries are women. Women pay 39 percent of Social Security payroll taxes and receive 50 percent of Social Security benefits (This includes survivor and disability benefits as well as retirement benefits). Women benefit disproportionately from a number of the program’s features, including its inflation-protected benefits (because women live longer), its progressive formula for calculating benefits (because women tend to have lower incomes), and its benefits for non-working spouses and survivors. Certain reforms could make Social Security even more effective for women, particularly widows.
• Social Security is particularly important for African Americans.
• African Americans benefit from Social Security’s progressive benefit formula and from its disability and survivor benefits. A wide range of studies, both by respected government agencies and by leading private scholars, have found that these benefits more than make up for the fact that African Americans have a lower average life expectancy. African Americans make up 13 percent of the population but represent 17 percent of those receiving Social Security disability benefits and 21 percent of the children who receive Social Security benefits.
• Social Security provides good benefits for Hispanics.
• Hispanics benefit substantially from the design of Social Security because, on average, they have lower incomes, a higher incidence of disability, more children per family, and longer life expectancies. One study by Harvard economists Jeffrey Liebman and Martin Feldstein found that Hispanics get a Social Security rate of return that is 35 to 60 percent higher than the rate of return for the general population. In addition, Hispanics are less likely to have access to employer-sponsored pension plans and consequently are much more reliant on Social Security for income in retirement. This should be an important motivation for improving Social Security for Hispanics, especially in terms of coverage issues. It is important to remember, during this time of so much pressure on illegal aliens that Social Security benefits are only available to legal citizens and workers.
• Social Security provides a progressive benefit that keeps up with increases in the cost of living.
• Social Security retirement benefits are calculated based on a progressive benefit formula. For the first dollar of average lifetime income, you get a Social Security benefit of $0.90. At higher incomes, a $1 increase in average lifetime income adds only $0.15 to annual benefits. Once benefits are computed, they are automatically adjusted for inflation annually, helping to ensure that people do not fall into poverty as they age. In contrast, most annuities sold by private insurance companies are very expensive and do not increase with inflation.
• This last fact may surprise you. Social Security is an extremely efficient program, with administrative costs equaling only 0.6 percent of retirement and survivors benefits.
• Administrative costs account for only 0.6 percent of total Social Security retirement and survivors benefit payments. According to the most optimistic estimates, even private accounts plans with very limited choices and services would have administrative costs more than ten times as high. The Office of the Chief Actuary of the Social Security Administration generally assumes that with private accounts that offer limited choices and services, administrative costs would ultimately consume about 0.3 percent of account assets each year. At that rate, administrative expenses would ultimately eat up about 7 percent of a worker’s retirement benefit, more than ten times as much as the administrative costs under the current Social Security system.
• There is a wealth of information regarding Social Security and it’s past and future. You can discover some very eye-opening information at the Economic Policy Institute http://www.epi.org/content.cfm/issueguide_socialsecurity there you can download a PDF of the entire Social Security Facts guide from the Institute and read about many other interesting topics the Institute pursues.
• Use the following links to find more information about retirement issues, life’s rewards, funding, current state of IRA’s, 401k’s, income, investments etc:
• Sorry! A Fulfilling Retirement Is Not For Sale
• When planning for retirement, money may not be the most important consideration. Millions of Americans buy the retirement industry’s familiar song: Unless you save upwards of a million dollars, you are likely to end your days living on the street eating cat food… More
• Social Security: A Look Back
• None other than President Eisenhower, the self-proclaimed “militant liberal,” spoke highly of New Deal programs such as social security and campaigned for national health care. He wrote that his administration was “committed to … More
• Retirement Lifestyles – Early Retirement
• At age 55, Billy and Akaisha Kaderli have more information and experience regarding early retirement and living a financially independent lifestyle than 99% of others in their peer group… More
• Five Key Issues in Retirement Planning
• “Retirement” is when most workers apply for regular, monthly Social Security retirement benefit payments. Until the end of 1999, the “normal” age to begin receiving full Social Security retirement benefits was 65. In January 2000, however, the Social Security Administration…
• Posted on July 15th, 2009 in Land Banking by Randy Burchfield
• Because of the current downturn, most Californians are expecting slow population growth. According to a survey done by the Public Policy Institute of California, California will continue to grow at historical rates. The population is expected to grow by 10 million people over the next 20 years. That means more housing, more jobs and a demand for Land!
• One of the reasons for the growth is the continued birth rate. California is a fairly young population so we will see growth internally. Immigration is another reason California population will continue to grow. The third reason is due to the current downturn. The Baby Boomers who were planning to cash out, retire and move are finding that they must wait for home values to increase and wait for retirement funds to grow. So the Baby Boomer generation is staying put and continuing to work.
• For ACE Capital clients, this is a huge opportunity, because the growth will continue in the growth path of the major population centers. The most diverse job and housing opportunity that is growth friendly is Los Angeles County, specifically in North Los Angeles County.
• So now is the time to focus on a methodology to recover retirement funds more quickly through the acquisition of pre-developed land in North LA County
• Posted on June 5th, 2008 in Land Banking by admin
• Land banking is a long-term appreciation strategy, so we recommend owners hold their property for more than one full real estate cycle or approximately 8-10 years. However you are free to sell your property at any time—either when a developer or builder is knocking on your door or when you decide to place your property on the market with a local real estate agent.
• Scott Bachman
• Posted on May 29th, 2008 in Land Banking by admin
• There is no specific minimum purchase price. However, we encourage our customers to purchase as much as they are comfortable with. By purchasing a Tenant In Common parcel our customer’s can participate in much larger tract of land acquisition. Larger parcel of land are typically more attractive to developers. With a TIC parcel you still receive a grant deed and title insurance giving you free and clear ownership of your property.
• Jerry Hart
• Posted on May 28th, 2008 in Land Banking by admin
• Section 408 of the IRS tax code opened the door for you to roll over your IRA including Traditional, SIMPLE, SEP and Roth as well as qualified 401k, Solo 401k and 403b plans into real estate without a tax penalty. If your plan administrator or custodian does not provide a land banking service, you will need to find one. If you like, we can refer you to one of our partners in the ACE Professional Network.
• Scott Bachman
• Posted on April 23rd, 2008 in Uncategorized by admin
• Welcome to our Public Blog! There has been a tremendous effort by a lot of people to bring you our dynamic and innovative websites. A place for REAL information… not just about ACE Capital Group, but information on the tremendous opportunity called “Land Banking”.
• As we all know the financial services sector is taking more than just a few lumps. The marketplace, including major financial institutions, have lost billions; the U.S. Dollar at record lows and Wall Street as volatile as ever. Traditional investments are making a lot of people a little bit nervous in these trying times. The financial service companies are being forced to be more creative with how they first attract and then manage your hard earned money.
• ACE is the pioneer in “rolling your IRA into real estate” and has now taken an industry leadership role in showing people that there are alternatives to how they should think about building their personal wealth. There are ways to think “outside the box” and still feel safe and secure and make a great return for you dollar.
• Get started by contacting us for a webinar to watch. It’s all good stuff and we are proud to bring it to you as a service to our friends, clients and associates. If you’re a professional in a related field, by all means, check out our APN page and sign up for a FREE listing in our professional network. We look forward to a long and valued service. Thanks.

Also We Are Looking For New Agents!

For more information contact Jerry Kays at:           jerrykays8@gmail.com

Land Banking for Legacy Building http://wp.me/pIc50-1z

 

All investors share the common desire to build a financial legacy that can be passed on to loved ones or worthy causes.  Land Banking, as a proven long-term appreciation strategy, can be a valuable component of that legacy. Moreover, land is a tangible asset that loved ones can see, touch, feel.

Proven Strategy
It is estimated that over 80% of the millionaires in America built their wealth through real estate. Bob Hope, Donald Trump, Gene Autry, and Howard Hughes are just a few of the notable individuals who used wise investments in land to build their legacy. Since Land Banking is a long-term appreciation strategy, holding land for 20, 30 or 40 years only increases the opportunity for exponential growth in value.

Legacies can create wealth for investors’ children and even their children’s children, funding educational and professional goals that might be otherwise beyond their financial reach.

WEALTH THROUGH LAND BANKING

Land Banking is the proven wealth building strategy of acquiring pre-developed land in the growth path of a major metropolitan center; waiting for its value to mature, and then selling it for a significant profit.

GreenDeed is carefully researched and selected pre-developed land for the specific purpose of land banking. All GreenDeed parcels are purchased with a grant deed, fee simple and title insurance.

GreenDeed provides individuals with opportunity for a safe and profitable alternative for building their retirement nest egg, paying for a child’s or grandchild’s education, creating a legacy, or building a family dynasty.

Also We Are Looking For New Agents!   

Contact Jerry Kays at jerrykays8@gmail.com

BEST INVESTMENT YOU CAN MAKE? PAY OFF YOUR DEBT QUICKLY!

The Xodus Solution: A Powerful Program

Very Small Investment… HUGE RETURN!

The Xodus Solution is one of the most powerful programs available today to help people eliminate debt. The key to the Xodus Solution is an advanced financial application and debt elimination system developed originally in Australia. That program is currently being used by millions of people all over the world. Like them, you will find that the Xodus Solution can truly help you change your life.

The Xodus Solution uses highly sophisticated software technology that takes your current income stream and applies mathematical algorithms and advanced debt reduction strategies to help you pay off debt far faster than you may have thought possible. You establish an “Xo Account” that is either a line of credit or an interest bearing account. You then use that account in place of your existing checking account. By managing what’s called “money float” in a similar way the banks do, by paying off high cost debt with lower cost interest, and by putting in place a consistent debt repayment program, you can pay off your obligations faster and eliminate debt.

The results are dramatic.

The Xodus Solution is surprisingly easy to use. The user interface and tools are very intuitive and make working with the program a relatively simple process. It even gets to be fun. If you’re like most people, you don’t need to add to your income or dramatically change your lifestyle. The key to the program is that it helps you make appropriate payments toward your debts, helps you take advantage of money float and cheaper interest to help pay down debt, and then funnels the associated savings to further help reduce debt.

The Xodus Solution is a tremendous tool. But it is just that, a tool. And like any tool, you only get out of it what you put into it. Your Xodus Solution will only work if you do the things you need to do to make it work. That means being a disciplined, consistent user who applies the principles of the product and puts forth the effort to achieve success. But if you’re like most people, you can do the things you need to do to make it work.

Isn’t it time you took control of debt and started building wealth?

You can start today with the help of the Xodus Solution.       Just click on to my website for more info  http://www.jerrykays.xodus.com

Land Banking as a Retirement Strategy

“Real estate cannot be lost or stolen, nor can it be carried away. Purchased with common sense, paid for in full, and managed with reasonable care, it is about the safest investment in the world.” -Franklin D. Roosevelt

A good retirement investment policy is to roll your IRA into real estate. As the stock market heads south, rolling over a portion of your IRA into real estate could vary and lessen your risks. There can be tax profits in converting IRA funds from one kind of asset to another. Also you could roll your capital gains on the land into a future real estate purchase, avoiding the need to pay tax on the capital gains.

If you choose to invest your IRA into real estate, you will be responsible for a speculative investment. If you have selected your land well, you are bound to get quite good gains. Conversely, should the land never get planning permission for development, you could discover yourself sitting on an expensive white elephant. It is important that your due diligence is comprehensive.

Land banking, done the right way, has the potential to return higher-than-average investment gains in the long term. A land banking specialist can provide information about past returns and investment opportunities. However, there are risks involved in shifting from paper assets to land banking, and you should obtain professional advice to ensure that you are fully aware of the risks before making a decision to change your investment strategy.

Contact me   jerrykays8@gmail.com

Also We Are Looking For New Agents! 

No license needed

How Land Banking Works

“More money has been made in real estate that all the industrial investments combined.
The wise young man or wage earner of today invests his money in real estate.”
 – Andrew Carnegie

Land Banking can be understood very simply: buy low and sell high. Land Banking combines personal financial and investment goals with a significant understanding of the real estate market. 

There are three basic phases to Land Banking: Planning, Accumulation (buying), and Distribution (selling). Each new purchase of a land asset follows this process. The first buy can be intense, but subsequent purchases leverage past experience, and comfort levels rise quickly. 

As with any real estate purchase or investment decision, individuals may want to secure the help of a professional, specifically a Land Banking Specialist, to guide them through the Land Banking process. 

Planning Phase
There are two aspects of the Planning Phase.  First, and most importantly, as a potential Land Banker you should understand how Land Banking fits into the goals and strategies of your personal financial planning. It is absolutely critical to understand when you will need liquidity, what risks you are willing to accept, and how land assets fit into your overall portfolio. 

Second, as a potential Land Banker you should carefully research available land in your designated Land Banking area and then identify specific parcels for purchase. Most real estate investments companies that hold or sell land in desirable Land Banking areas will have a team of land acquisition specialists who have already done extensive research and prepared market comparisons on the entire land inventory.  Connecting with a Land Banking Specialist may save an individual investor hundreds of hours of research.

Accumulation Phase
During the accumulation phase an individual Lank Banker typically purchases and holds the land. They do not develop it. They do not use it for recreation. They hold it.  

Individuals may use available cash or tap into their retirement portfolios to make an acquisition. There are a variety of legal structures through which land can be held to ensure taxes and management obligations are fulfilled.  A certified Land Banking Specialist can help you walk through this process. 

Building one’s portfolio is the process of accumulating more and more land in a manner consistent with one’s personal financial goals. This may involve putting additional financial resources into Land Banking. It may also involve selling land and reinvesting the money into additional land. 

Distribution Phase
Land is sold during the distribution phase – at the right time, at the right price, to the right buyer. This phase can be part of an ongoing accumulation – resulting revenue is reinvested into new land. It can also be the final stage – the equity is transferred into other investments which meet more immediate financial goals. 

One of the key components of the Distribution Phase is the allocation of the proceeds from the sale of your land.  If the proceeds are not being used for ongoing Land Banking, it’s best to document a clear strategy on how to minimize your tax consequences and maximize your wealth or future income allocation by using tools such as 1031 exchanges.

Professional Support
Many people have turned to real estate professionals or Land Banking Specialists to help them through the Land Banking process. Making smart Land Banking decisions can be challenging, and few people have the experience, expertise or time to become their own specialists. An LBI Certified Land Banking Specialist can be helpful from the beginning of the process and will be available to provide professional and timely ongoing support. 

Contact me   jerrykays8@gmail.com

Also We Are Looking For New Agents! 

No license needed!

The Proven Formula

The Proven Formula 

 

Land Banking is the proven wealth building strategy of acquiring pre-developed land in the growth path of a major metropolitan center; waiting for its value to mature, and then selling it for a significant profit.

GreenDeed is carefully researched and selected pre-developed land for the specific purpose of land banking. All GreenDeed parcels are purchased with a grant deed, fee simple and title insurance.

GreenDeed provides individuals with:

Land ownership purchased with a recorded grant deed, fee simple and title insurance.

An opportunity for a safe and profitable alternative for building a retirement nest egg, paying for a child’s or grandchild’s or education, creating an enduring legacy.

Owning GreenDeed In Your IRA

You no longer have to rely on the stock market “roller coaster” with your retirement dollars and hope the time is right.  Did you know that section 408 of the IRS tax cod opened the door for you to roll over your IRA (Traditional, SEP, SIMPLE, or Roth) as well as some qualified 401k, Solo 401k and 403b plans into real estate without additional cash or tax penalties?

Watch this video http://208.179.55.228/GreenDeed Email me to set up a 1-on-1 for more info!

jerrykays8@gmail.com

When would I consider debt Settlement?

When would I consider debt Settlement?

Debt Settlement: Credit Cards bills cannot be paid down within an acceptable time frame or you are unable to make your minimum payments then a debt settlement plan might be for you. Debt settlement will reduce your monthly payment and we will settle with your creditors with the funds you have built up in your escrow account.

This will negatively impact your credit but not as bad and as long as bankruptcy.
The debt settlement payment may be less then the state appointed BK payment.
You can miss payments and pull money back if needed, unlike BK.
You can avoid the stigma related to filling bankruptcy.

Credit Counseling CCC: Though we do offer credit counseling, we DO NOT believe in it. Credit Counseling will lower your interest rate on your credit cards and not the balance. During the time period the interest rate is lower clients will try and pay down the principle. This does negatively impact your credit and does not have much value in our opinion.

When would I consider Bankruptcy?

• Sale Date: You have a sale date on your home that the lender is unwilling to extend for a modification. Filling bankruptcy will stop this process.
• Lien Stripping: Removing the 2nd or 3rd mortgage from the title of your home via bankruptcy to have an affordable mortgage.
• Business Debt: Filing business debt and bankrupting you company.

What are the consequences of bankruptcy?

• Reporting on Credit: BK will report on your credit for up to 7 yrs. This will have a negative impact on your FICO scores.
• Credit Cards and Loans: You may not qualify for new types of credit, like mortgage loans or credit cards.

DEFINITIONS:

Chapter 7
Chapter 7 bankruptcy is preferable for people who do not want to be “locked down” to a stringent budget for up to five years, or who don’t have a consistent income stream that is sufficient to pay all monthly bills as they come due. Chapter 7 is a “liquidation” procedure, which actually works best for most people. The typical timeline for Chapter 7 is only 90 days start to finish and it works like this:

You (and your attorney) prepare the “bankruptcy petition package” and file it with the Bankruptcy Court. The “bankruptcy petition package” is a bunch of forms and information needed by the court. The purpose of the “bankruptcy petition package” is, in essence, to create three categories of information.

You list all of your “assets.” Assets are the things that you own: cars, house, clothing, household furnishings, money in the bank, etc.

You list all of your debts: credit cards, loans, medical bills, car payments, mortgage, judgments, liens, unpaid taxes, etc.
You list your monthly income and your monthly expense budget: Monthly income for bankruptcy purposes is wages from your job and any other money that you regularly receive, e.g. unemployment, disability, social security, alimony, etc. Monthly expenses are all of your normal monthly bills that you have to pay to support you and your dependents like rent, house payments, utilities, car payments, insurance, food for you and your family, taxes, basic necessities, medical and dental expenses, support for children and elders that you care for, and all the other bills that you have to pay in order to live.

Chapter 13
Chapter 13 bankruptcy is a “debt repayment plan” that is designed to allow people to “catch up” on missed house or car payments by making up the missed payments over a period of time.

It works well for people with regular income and who can pay their normal expenses but have missed house payments due to a temporary interruption in income, such as an illness, a period of unemployment, or other temporary circumstance.

The benefits of Chapter 13
It allows you make up missed house payments over time, but you must have a consistent and provable source of income and be able to make all your regular payments every month, and pay a little extra toward any delinquency.

The down side is that Chapter 13 requires you to live on a specific budget for a period of three to five years. Chapter 13 does not work for people who have a mortgage payment that has “reset” to a higher amount that they cannot afford, or are facing a large debt load that cannot be paid off over a three to five year period.

 For more information on debt and how to control it please go to this website.  Contact me if you have any questions regarding the above information

http://jerrykays.xodus.com

jkays@jerrykays.com

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