Home Equity Can Boost Personal Finance Standings


For most homeowners, their home is their number one asset and the largest line of financial security and equity they have. For this reason, coming up with home improvement plans can be quite frightening. Homeowners know that improving their home is a good thing for the bottom line, but they also know how expensive it can be to do. Many homeowners do not have the skills or talents necessary to perform home improvement duties on their own. What they find themselves needs is some guidance as to what tools, materials, and jobs are best selected for improving the worth of their home.

Home improvement plans need not be pricey, nor should they put you in danger of having to file bankruptcy. In fact, there are many projects that the main requirement for performing them only requires the ability to read and follow directions. These types of projects will allow you to repair or make improvements to the home for only the cost of the materials.

For example, if you intend to or would like to paint or tile any areas in your home, you may be able to perform the duty yourself. Be sure to include using positive self-talk to motivate you, and doing your research and homework by talking to professionals and reading the tips online before starting any home improvement task. You should also consider writing your plan of attack for completing the task you have selected.

Part of successfully completing projects is to properly plan and prepare for them. This includes properly preparing a financial plan and a long-term project scheme that outlines remodeling wants, needs, and anticipated expenses. By listing everything out, you can best adjust your financial planning and timelines by available funds. Also, you can see ahead to plan researching and attending demonstrations to help you learn to do a lot of the work yourself which will free up your need to rely on expensive contractors.

In attempting to make improvements on your home, try to avoid applying for a second mortgage to cover materials and supplies. Instead, use your long term map to prepare budgets and time lines that are reasonable. Use the pre-scouted plan to identify what items can be picked up ahead of time, especially on sale. All of these techniques will help you save a lot of money on the home improvement projects. Remember too, that you don’t have to buy all the tools, but you may be able to lease or rent some things like tile cutters, etc. All of these tips can help you stretch your home improvement dollars into more equity and savings in your home, and that really is a good thing.

The financial arena is full of places to accrue debts. Some like house loans and car loans are secured by tangible assets; others like credit card bills, small loans, medical expenses, and other miscellaneous debts are not. It is the smaller unsecure loans that are so easily obtained and ultimately that begin to close down upon the unsuspecting borrower and squeeze the air from them. First it’s a feeling of helplessness, then it becomes suffocation, an almost drowning effect that leaves the person feeling there is no other option available but to file bankruptcy.

Filing bankruptcy is never the perfect solution to solving debt management issues. Sure, it relieves the debtor from all the stresses associated with repaying the volumes of debt amassed, but it also leaves a distinct mark on future credit options. Debt management through a consolidation plan may offer a better solution. Debt consolidation when obtained through credit counseling services, can focus energies on creating a result-oriented plan of action for getting out of debt in the shortest amount of time possible. The results are measurable, and the long-term effects of the process are much less drastic on the credit history.

Is Debt Consolidation for you?

There are many debt counseling organizations currently available and working to help individuals recover from the devastating effects of financial mismanagement. These professionals can assist in consolidation and/or negotiation and they can help individuals regain some financial status within a short period of time.

Finding a debt counseling professional to help you has never been easier. There are literally hundreds if not thousands of qualified providers able and willing to assist you. Contact them, and ask what they have to offer. They will ask you to complete some forms identifying your current debts, your income, and other relevant information and then they will look at what particular components of their programs can help you the most. Take time to research the companies that offer the services you are considering. Don’t sign any participation contracts without reading all the paperwork very carefully and do ask around for referrals. This is a business agreement with someone who can realistically make or break your financial future. Take care to make sure you hire the best agent for the job.

After determining whether you are qualified to participate in their various debt management programs, the credit counselor will calculate a feasible budget for you that places monies aside to make your debt settlement payments pursuant to the plan created specifically for your situation. A plan and program like this is nothing short of a life saver if getting out from underneath too much consumer debt is really your goal.

Once you have the current debt problems under control, be sure to enroll in a money management education program to assist you in recognizing the spending habits and issues that led to the debt laden issues in the first place. Debt management is a skill most people are born with, it is a learned behavior. In particular managing credit card debt is an area most individuals are extremely poor at handling. Most debt counseling programs offer programs to help you clear your debts, restore your credit worthiness, and avoid filing bankruptcy. They help you find the light at the end of your short term debt tunnel and they can help create financial goals, budgets and other tools that will keep you debt free for years to come. By identifying behaviors that lead to overspending, they prepare you to deal with future decisions and make sounder choices when it comes to financial planning.

I am going to assume that you are seeking a bankruptcy lawyer because you have already exhausted all other possibilities to avoid filing bankruptcy. If you have not yet done that, I would strongly encourage you to thoroughly investigate all other options and alternatives, since bankruptcy should be considered only as your very last resort. A filing of bankruptcy will remain on your credit report for 7 to 10 years, and it will be a major red flag any time you apply for credit or a loan in the future, as well as having the possibility of you not getting a new job based on a credit report run on you.

It is not entirely necessary to hire a lawyer or attorney when filing for bankruptcy, but in the vast majority of cases, it is highly advisable to do so. The various legal forms and requirements can be a full time job for someone who is not intimately familiar with the legal system, and one wrong move can mean the difference between favorable terms, or perhaps even terms that put you in a worse situation than you are now.

Even with all bankruptcy lawyers combined, not all bankruptcy attorneys specialize in the same type of cases, so you need to make sure that you are finding a lawyer who is very familiar with the type of financial difficulties that you are facing. Unfortunately, this is not nearly as easy as walking through the yellow pages and browsing page after page of lawyer listings. Our web site contains a form where you can identify your specific situation and then be referred to a bankruptcy lawyer who is both LOCAL to you, as well as being familiar with your particular type of situation and circumstances.

When you meet with the bankruptcy lawyer, you want to maximize both your time and his time, so make sure you bring all pertinent information with you. Bring a list of all creditors, your required monthly payment to each, the current outstanding balance of each, the account numbers, and the status of each debt in terms of being current, 30 days past due, 60 days past due, etc. Also provide information on which creditors you have spoken with, as well as any particular arrangements you may have already made with any of these creditors.

Your bankruptcy lawyer can prevent creditors from harassing you, and this can start immediately after you have retained his services. With all the stress of this type of financial situation, the constant telephone calls from creditors, with each call being more threatening or sinister than the previous one, can add a huge amount of additional stress that you just do not need right now in your situation.

Your bankruptcy lawyer will be familiar with the new laws that affect bankruptcy filings. It is not nearly as easy to file bankruptcy today as it was only a few short years ago. In some situations, you may be required to go through credit counseling before being allowed to file bankruptcy. In fact, after becoming familiar with your specific situation, your lawyer may recommend other options or alternatives instead of bankruptcy, perhaps options that you had not previously considered.

In summary, be aware that just because someone has passed the bar exam does not mean that they are able to be a competent bankruptcy attorney. Be sure to find one who specializes in your particular type of bankruptcy to obtain your best bet of resoling this situation as easily and with as less pain as possible.