Business & Finance

Sunday, January 3, 2010

The Chapter 13 Meeting of Creditors

Have you recently filed Chapter 13 Bankruptcy? Do you have an upcoming Meeting of Creditors hearing? Many Chapter 13 debtors get a little nervous about the meeting since they are not exactly sure what to expect. So, I decided to take some notes on exactly what happens during the meeting for the benefit of those who have an upcoming meeting. Of course, I knew what was going to happen since I've done these hearings before for my clients, but I wanted to note the exact words this hearing officer (trustee) was using and the exact questions she was asking. Sometimes, clients have visions that creditors are going to sit there and hammer them all day with questions or something. This is just not the case, in my experience. Let's start with some basics.What is the Meeting of Creditors?The Meeting of Creditors is a hearing that is held 20 to 40 days after the bankruptcy petition is filed. The debtor must attend this meeting, at which creditors may appear and ask questions regarding the debtor's financial affairs and property. If a husband and wife have filed a joint petition, they both must attend the creditors meeting. The trustee also will attend this meeting. It is important for the debtor to cooperate with the trustee and to provide any financial records or documents that the trustee requests.The trustee is required to examine the debtor orally at the meeting of creditors to ensure that the debtor is aware of the potential consequences of seeking a discharge in bankruptcy, including the effect on credit history, the ability to file a petition under a different chapter, the effect of receiving a discharge, and the effect of reaffirming a debt.In some courts, trustees may provide written information on these topics at or in advance of the meeting, to ensure that the debtor is aware of this information. In order to preserve their independent judgment, bankruptcy judges are prohibited from attending the meeting of creditors. This paragraph was adapted from Bankruptcy Basics, a FREE publication, to receive a copy go to http://www.bankruptcyzone.com/index.php/free-ebook/.What Can You Expect at the Meeting?Well, that's what this article is all about. Let's talk about that:If you have an upcoming meeting of creditors hearing, the best way to overcome your fear of the unknown is simply to go to a meeting(before yours) and just sit there and observe. That will probably prepare you much more than if you learn about it second hand.So what I've tried to do is give you blow by blow of what happened at this particular meeting of creditors about a week ago (December, 2005). I primarily practice Bankruptcy in the Northern District of California, although I can practice anywhere in California.Disclaimer: The following is an example of what occurred on a particular date in my jurisdiction (Northern District of California, Oakland Division) at a Chapter 13 Meeting of Creditors hearing in December, 2005. This may vary dramatically

Top Ten Wholesale Drop Shipping Tips For Your Success

For those who aren’t familiar, dropshipping is a business term used for a situation where a seller sets a retail price for an item, collects the payment, sends the wholesale cost to a dropshipper and the item ships directly from their warehouse. In most cases, the seller never even handles the merchandise because every aspect of shipping is handled by the dropshipper. As successful as the industry has become, there are concerns that arise from this method of selling. In order to familiarize you with those concerns and other helpful information, a list of 10 tips has been compiled. Anyone in the dropshipping industry, or who is considering it, should take their time and gather as much information as possible.Tip 1: Check out the dropshipper’s reputation with the Better Business Bureau in their area. How long have they been in business? Has anyone ever filed a consumer complaint against the company? If so, has the complaint been resolved? This information can be found at http://www.BBB.org.Tip 2: Ask the dropshipper how quickly they will be able to fulfill and ship the order. Be sure to inquire about whether or not a tracking number will be available. The tracking number will be very important because, if an item doesn’t arrive, you will need to have some means to track the purchase and to make sure that it was shipped. If a customer doesn’t receive a product, they will look to you for answers.Tip 3: If you are dropshipping, this means that the item you are selling is not in your possession. It’s very important to let your customers know this. Sellers should indicate that the item will ship directly from your supplier.Tip 4: An important factor to consider is the delivery time. It’s pertinent to let buyers know that, because the item is shipping directly from your supplier, they may need to allow extra time for delivery. Make sure to ask your dropshipper how long delivery takes so that you may pass this information on to your buyers.

Thursday, November 26, 2009

Rental Property Secrets

As a rental property owner, I am always looking for ways to maximize the rental income and keep my units marketable without having to do any major renovations. I am always keeping my eye out for potential properties that I can buy, and easily rent out that will cover the mortgage and a little more. That being said, one of the biggest mistakes that I see other landlords and rental property owners make is that they are reluctant to or just flat out won’t put any money into their properties because they don’t think they will see a return for that investment. When I tell some of my counterparts that I put new kitchens and bathrooms into all of my rental units they think I am nuts. To quote one of my friends who has some properties, “Why would you spend $4,000 on an apartment that is just going to get destroyed by the next people that rent it?”. To answer his question, I thought I would write this article.First, let’s think about the mathematics behind it. Granted each market or city is going to have a different result, but for where I live in the Philadelphia area this holds true. By doing a little research and finding comparable apartments in your market, you can find out what the magic number is. What are the three features that are going to stick out about any apartment? The condition of the rugs, the bathrooms, and the kitchens. If any of these items look worn or beat up, it is going to be harder to rent and you won’t be able to get as much for it… that is just a fact of life. So let’s say you spend $3,000 to upgrade the kitchen and bathroom(s). Yes, it is possible to spend that little on upgrades and I will show you how later on. Assuming the rest of your unit/building is in good condition, that $3,000 investment can produce an extra $200 a month in rent for me per unit. At $200 a month, you made your investment back in just over a year and you are now making more money per unit. Think about it. If a prospective renter is looking at two apartments: one with a dated kitchen and one with a modern kitchen and bathroom, which one is he/she going to choose? Not only that, but a nicer apartment is going to command a higher rent which in turn brings in a higher income renter who is less likely to abuse and destroy the apartment.For some of you, I am sure that $3,000 to renovate a kitchen and bathroom(s) probably made you chuckle

Welcome to Biz4ge – Dedicated to Business Transformation

Welcome to the Biz4ge website – dedicated to the success of business transformation efforts in organisations of all types and sizes, but especially to those who must manage much of it without the benefit of expensive external specialist support!
The content of this website has been forged by the decades of collective experience it’s authors have (see About Us) of working with and for large organisations around the globe and in most sectors on their change management efforts. This website assembles our extensive knowledge of business transformation and business architecture techniques.
Very importantly, it does so in a way that cuts through much of the technical jargon and complexity surrounding them thereby making them more accessible, relevant and an essential performance improvement and benefits delivery tool for mid-market and larger organisations.

Use a Payday Loan for Your First Car

Use a Payday Loan for Your First CarSo you are fresh out of university and you got yourself a nice job. You’re earning quite well and you are all set to live a life of your own finally. There is only one problem – you need a car that you can call your own. You probably had one during your uni days – your parents might have gotten it for you or you inherited it from your dad. The thing is, it is probably going bonkers on you. As old as it is, you probably want one that would serve you better. Am I painting a familiar picture here?I am sure that you would want a car of your own, something a bit better than that old piece of junk you have. Then again, being relatively new on the job, you might not have had enough time to save up for something flashy and brand new. How about a used car? Maybe you can find one for relatively cheap and yet do the trick.So you find one for several thousand pounds, maybe less. What is your next step? You are probably thinking about dealer financing or taking out a car loan from your bank. Both are feasible, of course, but what if you could get some cash to augment what you might have stashed away in a much easier manner and without too much hassle?For some cases, a payday loan could work for you. For example, if you only need about £1,000 to £1, 500 more to purchase that car using cash, you can save a lot more than if you took up the dealer’s offer for financing. Same thing for a car loan from a conventional bank. You merely have to look for a good payday loan provider and you

Thursday, November 19, 2009

Telstra's NBN speed hump

One of the most common questionings of the proposed National Broadband Network is: "What if they build it and no-one comes?" Well, we may be about to find out even before the NBN is built.
Telstra’s announcement that it will switch on its upgraded hybrid fibre coaxial cable network in Melbourne from December 1 will provide something of a preview of the early years of the NBN.
The network upgrade was announced in the dying days of the Donald McGauchie/Sol Trujillo regime and in the lead up to the announcement of the outcome of the original NBN tender process – the one that didn’t produce a conforming or acceptable tender and led to the brilliant political strategy of, not announcing a failure, but the glittering new fibre-to-the premises network at a cost to taxpayers of up to $43 billion.
McGauchie and Trujillo didn’t know what was coming towards them. They thought the government was within weeks of announcing that a consortium, not including Telstra, would build a fibre-to-the-node network, cutting across Telstra’s copper lines, at a cost to the taxpayer of $4.7 billion or so.
So they came up with an idea designed to demonstrate Telstra’s ability to threaten the new network, protect its own position in the sector and provide a two-finger salute to the government in the process.