Declaration Bankruptcy Option

Christmas is traditionally a season of merriment and relaxation where we normally get to let go of our concerns and just enjoy ourselves. However, this year many people are so focused on their financial challenges that they are finding it difficult to have fun. Some are extremely anxious about expanding debt positions and impending job losses, and wonder how they are going to turn around their finances. In the United States, it is fairly common for people who have been overwhelmed by debt to file for bankruptcy. According to Businessdictionary.com, bankruptcy is the legal procedure for liquidating a company, or property owned by an individual, which cannot pay its debts out of current assets. In Jamaica, only individuals file for bankruptcy as companies are placed in liquidation or receivership.

Is declaring bankruptcy an option for average Jamaicans who are mired in debt, and have no means to pay it back? I asked the Office of the Trustee in Bankruptcy to enlighten us about the process.

YM: What is the role of the Office of the Trustee in Bankruptcy (OTB)?

OTB: The OTB is a department under the Ministry of Justice and operates under the provisions of the Bankruptcy Act as well as the Companies Act. The OTB exists primarily to liquidate assets of bankrupts and companies in liquidation, and to as far as possible, make good on debts owed to their creditors. This is done by:

1. Assessing whether the individuals and companies are financially viable; 
   
2. Assisting in the restoration of their financial viability where possible; 
   
3. Providing them with a legal shelter, where necessary, and protecting creditors from unscrupulous debtors.
   

YM: Who can apply to the OTB for financial assistance?

OTB: Any individual who is unable to pay his debts may make an application to the Trustee. The Trustee then presents a petition to the court on his behalf for an Absolute Order in Bankruptcy to be made against him. Once the order is made then the Trustee in Bankruptcy becomes responsible for administering the affairs of this individual, and assisting him to discharge his debts.

YM: Can a creditor force a debtor into bankruptcy?

OTB: A creditor to whom a debt is owed may also present a Bankruptcy Petition against a debtor to the court, stating the grounds on which the petition is made. The creditor should have obtained final judgment from the court in respect of this debt. Once the grounds are satisfied then a provisional order is made against the debtor and the debtor is given an opportunity to come to court to show cause as to why the order should be revoked.

If the debtor is unable to show cause then an absolute order is made against him and the Trustee in Bankruptcy becomes responsible for administering his affairs until his debts are fully satisfied and he is discharged from bankruptcy.

YM: What are the implications for bankrupt individuals and companies in liquidation?

OTB: The law places restrictions on legal proceedings against a debtor or company in liquidation after an order has been made against them. Such action requires the leave of the court. The law also limits the circumstances in which interest on debts owed by a bankrupt or company in liquidation may be claimed by their creditors.

Once a bankruptcy order is made, all the individual's assets are now vested in the Trustee in Bankruptcy. If an individual who is still an undischarged bankrupt cannot be a director in a company, and should not access any credit from an institution without the Trustee's permission.

YM: What recourse do creditors have if an individual or company that owes them is declared bankrupt?

OTB: Once a bankruptcy order is made against an individual, or a company is placed in liquidation, the Trustee in Bankruptcy then advertises for creditors to file and prove their claims with him. Unless the creditor is a secured creditor, then all creditors rank equally in proportion to their debts, and in these circumstances no individual creditor can be paid in priority to any other creditor. Once claims are received and proved, the Trustee in Bankruptcy will satisfy the claims.

Deutsche Appoints New Loan

16 May - Deutsche Bank has appointed Stuart Lewis as global head of the bank's loan exposure management group (LEMG) as of July 1, 2005. He will succeed Betsy Gile, the group's current head, who has announced her retirement. Lewis, currently head of LEMG in Europe, joined Deutsche Bank in 1996. Prior to joining LEMG in July 2003, he was deputy chief credit officer of the corporate and investment bank and spent seven years in various roles within credit risk management. Lewis, who will be based in London, will report to Hugo Banziger, group chief credit officer.

Gile joined Deutsche Bank in March 2003 and spearheaded the roll-out of capital markets-based pricing for all new corporate loans and the implementation of active portfolio management. Sean Kavanagh will assume the position of deputy global head of LEMG based in New York. Kavanagh will be responsible for international securitisation and risk management within LEMG, in addition to his role as head of LEMG Americas. Kavanagh joined Deutsche Bank in July 2001 to run the credit derivatives hedging practice of the international investment-grade lending business. He will report to Lewis.

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Cash advance for Urgent Requirement

The credit crunch has made life financially difficult for countless people. A few money savings tips can make a real difference in terms of paying priority and even non-priority debts each month. It is essential that household bills are reduced in order to free up money to clear debts and pay bills punctually.

Establishing a comprehensive means of money management can help identify areas where money savings can be identified. Minimising social outgoings and household bills can reduce payments to companies and clear debts a lot faster than would otherwise be the case.

Urgent need of cash? To delete all bills and expenses? So, cash advance loan is an instant solution that will help solve all their problems quickly. Cash advance loans with funds that offer easy and flexible terms.
Cash advance loans can be advanced to meet all its needs

• Payment of outstanding debt
• Payment of utility bills or electricity
• Medical expenses
• Family emergency
• the cost of repairing cars
• Maintenance costs
• College or fees

A small amount ranging from £ 100 - £ 1500 can be taken as cash advance loan. Cash advance loans are short-term loans. These are made available to a borrower up to 2 weeks or 15 days. The maturity date of the cash advance loan is your next payday. The repayment period can be extended if the borrower can not pay on time, but an extra charge out of it.
Being a short-term loan, cash advance loans carry comparatively higher interest rates. The stiff competition between lenders can help you get lower rates and affordable treat. To get a good deal all you have to do is look online for a lender that offers credibility best prices. The average online helps you to easily reach in the form of a loan without any problems.

Cash advance loans require no credit check. Even if bad credit, which is likely to favor cash advances to get approved for loans. Those with arrears, defaults, late payments, CCJs, IVA etc can cause this type of loans.
Get cash advance loans approved quickly and require no documentation. The borrower only need proof of income and employment data. Also, the borrower must be 18 years or more regular employees with a monthly income of £ 1500 and is valid bank account to qualify for loans.

Cash advance loans are short term and the quick fix solution to their small financial problems.
Abstract

Cash advance loans provide immediate access to funds to meet their daily expenses and other timely.

MAKE YOUR CREDIT REPPORT FINAL

How Identity Thieves Use Your Information

Once identity thieves have your personal information, they may:

• go on spending sprees using your credit and debit card account numbers to buy "big-ticket" items like computers that they can easily sell
• open a new credit card account, using your name, date of birth, and Social Security number. When they don't pay the bills, the delinquent account is reported on your credit report.
• change the mailing address on your credit card account. The imposter then runs up charges on the account. Because the bills are being sent to the new address, it may take some time before you realize there's a problem.
• take out auto loans in your name
• establish phone or wireless service in your name
• counterfeit checks or debit cards, and drain your bank account
• open a bank account in your name and write bad checks on that account
• file for bankruptcy under your name to avoid paying debts they've incurred, or to avoid eviction
• give your name to the police during an arrest. If they are released and don't show up for their court date, an arrest warrant could be issued in your name.

Protecting Yourself

Managing your personal information is key to minimizing your risk of becoming a victim of identity theft.

• Keep an eye on your purse or wallet, and keep them in a safe place at all times.
• Don't carry your Social Security card.
• Don't share your personal information with random people you don't know. Identity thieves are really good liars, and could pretend to be from banks, Internet service providers, or even government agencies to get you to reveal identifying information.
• Read the statements from your bank and credit accounts and look for unusual charges or suspicious activity. Report any problems to your bank and creditors right away.
• Tear up or shred your charge receipts, checks and bank statements, expired charge cards, and any other documents with personal information before you put them in the trash.

How To Tell If You're a Victim of Identity Theft

Monitor the balances of your financial accounts. Look for unexplained charges or withdrawals. Other indications of identity theft can be:

• failing to receive bills or other mail signaling an address change by the identity thief
• receiving credit cards for which you did not apply
• denial of credit for no apparent reason
• receiving calls from debt collectors or companies about merchandise or services you didn't buy.

What To Do If Your Identity's Been Stolen
If you suspect that your personal information has been used to commit fraud or theft, take the following four steps right away. Follow up all calls in writing; send your letter by certified mail, and request a return receipt, so you can document what the company received and when; and keep copies for your files.

PR: wait... I: wait... L: wait... LD: wait... I: wait... wait... C: wait... SD: wait...

MAKE YOUR CREDIT REPPORT PART-7

Advance-Fee Loan Scams

These scams often target consumers with bad credit problems or those with no credit. In exchange for an up-front fee, these companies "guarantee" that applicants will get the credit they want — usually a credit card or a personal loan.
The up-front fee may be as high as several hundred dollars. Resist the temptation to follow up on advance-fee loan guarantees. They may be illegal. Many legitimate creditors offer extensions of credit, such as credit cards, loans, and mortgages through telemarketing, and require an application fee or appraisal fee in advance. But legitimate creditors never guarantee in advance that you'll get the loan. Under the federal Telemarketing Sales Rule, a seller or telemarketer who guarantees or represents a high likelihood of your getting a loan or some other extension of credit may not ask for or receive payment until you've received the loan.

Recognizing an Advance-Fee Loan Scam

Ads for advance-fee loans often appear in the classified ad section of local and national newspapers and magazines. They also may appear in mailings, radio spots, and on local cable stations. Often, these ads feature "900" numbers, which result in charges on your phone bill. In addition, these companies often use delivery systems other than the U.S. Postal Service, such as overnight or courier services, to avoid detection and prosecution by postal authorities.
It's not hard to confuse a legitimate credit offer with an advance-fee loan scam. An offer for credit from a bank, savings and loan, or mortgage broker generally requires your verbal or written acceptance of the loan or credit offer. The offer usually is subject to a check of your credit report after you apply to make sure you meet their credit standards. Usually, you are not required to pay a fee to get the credit.
Hang up on anyone who calls you on the phone and says they can guarantee you will get a loan if you pay in advance. It's against the law.

Protecting Yourself

Here are some tips to keep in mind before you respond to ads that promise easy credit, regardless of your credit history:
• Most legitimate lenders will not "guarantee" that you will get a loan or a credit card before you apply, especially if you have bad credit or a bankruptcy.
• It is an accepted and common practice for reputable lenders to require payment for a credit report or appraisal. You also may have to pay a processing or application fee.
• Never give your credit card account number, bank account information, or Social Security number out over the telephone unless you are familiar with the company and know why the information is necessary.

Credit Repair Scams

You see the ads in newspapers, on TV, and on the Internet. You hear them on the radio. You get fliers in the mail. You may even get calls from telemarketers offering credit repair services. They all make the same claims:
"Credit problems? No problem!"
"We can erase your bad credit-100% guaranteed."
"Create a new credit identity — legally."
"We can remove bankruptcies, judgments, liens, and bad loans from your credit file forever!"
Do yourself a favor and save some money, too. Don't believe these statements. They're just not true. Only time, a conscientious effort, and a plan for repaying your debt will improve your credit report.

The Warning Signs

If you should decide to respond to an offer to repair your credit, think twice. Don't do business with any company that:
• wants you to pay for credit repair services before any services are provided
• does not tell you your legal rights and what you can do yourself — for free
• recommends that you not contact a consumer reporting company directly
• suggests that you try to invent a "new" credit report by applying for an Employer Identification Number to use instead of your Social Security number
• advises you to dispute all information in your credit report or take any action that seems illegal, such as creating a new credit identity. If you follow illegal advice and commit fraud, you may be subject to prosecution.
You could be charged and prosecuted for mail or wire fraud if you use the mail or telephone to apply for credit and provide false information. It's a federal crime to make false statements on a loan or credit application, to misrepresent your Social Security number, and to obtain an Employer Identification Number from the Internal Revenue Service under false pretenses.
The Credit Repair Organizations Act
By law, credit repair organizations must give you a copy of the "Consumer Credit File Rights Under State and Federal Law" before you sign a contract. They also must give you a written contract that spells out your rights and obligations. Read these documents before signing the contract. The law contains specific consumer protections. For example, a credit repair company cannot:
• make false claims about their services
• charge you until they have completed the promised services
• perform any services until they have your signature on a written contract and have completed a three-day waiting period. During this time, you can cancel the contract without paying any fees.
Your contract must specify:
• the total cost of the services
• a detailed description of the services to be performed
• how long it will take to achieve the results
• any "guarantees" they offer
• the company's name and business address

Where to Complain

If you've had a problem with any of the scams described here, contact your local consumer protection agency, state Attorney General (AG), or Better Business Bureau. Many AGs have toll-free consumer hotlines. Check with your local directory assistance.
Identity Theft
An identity thief is someone who obtains some piece of your sensitive information, like your Social Security number, date of birth, address, and phone number, and uses it without your knowledge to commit fraud or theft.
How Identity Thieves Get Your Information
Skilled identity thieves use a variety of methods to gain access to your personal information. For example, they may:

• Get information from businesses or other institutions by:

• o stealing records or information while they're on the job
• o bribing an employee who has access to these records
• o hacking these records
• o conning information out of employees

• Rummage through your trash, the trash of businesses, or public trash dumps in a practice known as "dumpster diving"
• Get your credit reports by abusing their employers' authorized access to them, or by posing as a landlord, employer, or someone else who may have a legal right to access your report

• Steal your credit or debit card numbers by capturing the information in a data storage device in a practice known as "skimming." They may swipe your card for an actual purchase, or attach the device to an ATM machine where you may enter or swipe your card.
• Steal wallets and purses containing identification and credit and bank cards
• Steal mail, including bank and credit card statements, new checks, or tax information
• Somplete a "change of address form" to divert your mail to another location
• Steal personal information from your home
• Scam information from you by posing as a legitimate business person or government official

MAKE YOUR CREDIT REPPORT PART-6

Debt Consolidation

You may be able to lower your cost of credit by consolidating your debt through a second mortgage or a home equity line of credit. Remember that these loans require you to put up your home as collateral. If you can't make the payments — or if your payments are late — you could lose your home.
What's more, the costs of consolidation loans can add up. In addition to interest on the loans, you may have to pay "points," with one point equal to one percent of the amount you borrow. Still, these loans may provide certain tax advantages that are not available with other kinds of credit.

Bankruptcy

Personal bankruptcy generally is considered the debt management option of last resort because the results are long-lasting and far-reaching. A bankruptcy stays on your credit report for 10 years, and can make it difficult to obtain credit, buy a home, get life insurance, or sometimes get a job. Still, it is a legal procedure that offers a fresh start for people who can't satisfy their debts. People who follow the bankruptcy rules receive a discharge — a court order that says they don't have to repay certain debts.
The consequences of bankruptcy are significant and require careful consideration. Other factors to think about: Effective October 2005, Congress made sweeping changes to the bankruptcy laws. The net effect of these changes is to give consumers more incentive to seek bankruptcy relief under Chapter 13 rather than Chapter 7. Chapter 13 allows you, if you have a steady income, to keep property, such as a mortgaged house or car, that you might otherwise lose. In Chapter 13, the court approves a repayment plan that allows you to use your future income to pay off your debts during a three-to-five-year period, rather than surrender any property. After you have made all the payments under the plan, you receive a discharge of your debts.
Chapter 7, known as straight bankruptcy, involves the sale of all assets that are not exempt. Exempt property may include cars, work-related tools, and basic household furnishings. Some of your property may be sold by a court-appointed official — a trustee — or turned over to your creditors. The new bankruptcy laws have changed the time period during which you can receive a discharge through Chapter 7. You now must wait eight years after receiving a discharge in Chapter 7 before you can file again under that chapter. The Chapter 13 waiting period is much shorter and can be as little as two years between filings.
Both types of bankruptcy may get rid of unsecured debts and stop foreclosures, repossessions, garnishments, utility shut-offs, and debt collection activities. Both also provide exemptions that allow you to keep certain assets, although exemption amounts vary by state. Personal bankruptcy usually does not erase child support, alimony, fines, taxes, and some student loan obligations. Also, unless you have an acceptable plan to catch up on your debt under Chapter 13, bankruptcy usually does not allow you to keep property when your creditor has an unpaid mortgage or security lien on it.
Another major change to the bankruptcy laws involves certain hurdles that you must clear before even filing for bankruptcy, no matter what the chapter. You must get credit counseling from a government-approved organization within six months before you file for any bankruptcy relief. You can find a state-by-state list of government-approved organizations at usdoj.gov/ust. That is the website of the U.S. Trustee Program, the organization within the U.S. Department of Justice that supervises bankruptcy cases and trustees. Also, before you file a Chapter 7 bankruptcy case, you must satisfy a “means test.” This test requires you to confirm that your income does not exceed a certain amount. The amount varies by state and is publicized by the U.S. Trustee Program at usdoj.gov/ust.
For more information, see Before You File for Personal Bankruptcy: Information About Credit Counseling and Debtor Education, Knee Deep in Debt, and Fiscal Fitness: Choosing a Credit Counselor at ftc.gov/credit.

Avoiding Scams

Turning to a business that offers help in solving debt problems may seem like a reasonable solution when your bills become unmanageable. Be cautious. Before you do business with any company, check it out with your local consumer protection agency or the Better Business Bureau in the company's location.
Ads Promising Debt Relief May Really Be Offering Bankruptcy
Whether your debt dilemma is the result of an illness, unemployment, or overspending, it can seem overwhelming. In your effort to get solvent, be on the alert for advertisements that offer seemingly quick fixes. And read between the lines when faced with ads in newspapers, magazines, or even telephone directories that say:

"Consolidate your bills into one monthly
payment without borrowing"
"STOP credit harassment, foreclosures,
repossessions, tax levies, and garnishments"
"Keep Your Property"
"Wipe out your debts! Consolidate your bills! How?
By using the protection and assistance provided by federal law. For once, let the law work for you!"

While the ads pitch the promise of debt relief, they rarely say relief may be spelled b-a-n-k-r-u-p-t-c-y. And although bankruptcy is one option to deal with financial problems, it's generally considered the option of last resort. The reason: it has a long-term negative impact on your creditworthiness. A bankruptcy stays on your credit report for 10 years, and can hinder your ability to get credit, a job, insurance, or even a place to live. What's more, it can cost you attorneys' fees.