Triad Trading Formula 2: Trending Forex Training by Jason Fielder

Jason Fielder claims to be a top trading expert in the Forex arena and will be launching his latest training course Triad Trading Formula 2 on September 15, 2010. Jason makes some bold claims, and backs them up with experience.

Jason has been training people in these multi market trading methods for over a year now and his experience is from personal trading. He first started training other traders when he got fed up of attending costly trading seminars that only focused on one market trading method.

Triad Trading Formula 2 is the latest evolution after the huge success of the original Triad Trading Formula launched last year. As the name suggests Jason’s Triad Trading Formula 2 focuses of three trading principles rather than one, namely Trend, Counter Trend and Breakout.

Jason was also the driving force behind Correlation Code and Delphi Scalper both training courses released in the last 12 months and both with very successful reviews.

Triad Trading Formula 2 is advertised not as an upgrade to the original but rather a whole different method of trading. The course is expensive, so should really only be considered by serious traders, and is a 6 week training regime there is also the inevitable up to date software designed to help you take advantage of the trading methods in the course.

Jason has a live online video conference on Monday 14 Sept a day ahead of the Triad Trading Formula 2 launch, in which he has promised some excellent free tips as well as an overview of his latest course. You can register for the Triad Trading Formula 2 online conference via this link http://TriadTradingFormula2.com/webinar and judge for yourself.

An FTC ruling that takes effect on October 27th 2010 will stop debt settlement companies from taking any fees upfront. The rule is an ammendment to Telemarketing Sales Rules, and will stop debt settlement companies that opperate on a for profit basis from collecting advance fees over the telephone before they take any action to settle or reduce a customer’s unsecured debts.

Chairman of the FTC, Jon Leibowitz said. “This rule will stop companies who offer consumers false promises of reducing credit card debts by half or more in exchange for large, up-front fees. Too many of these companies pick the last dollar out of consumers’ pockets – and far from leaving them better off, push them deeper into debt, even bankruptcy.”

The final rule, regarding debt settlement and debt relief companies, places specific requirements on these providers and requires that they not charge any upfront fees and that any such fees are only payable on performance.

This rule will now allow consumers to contact debt settlement specialists with the confidence that any solutions will not put them further into debt and that they will not have to pay a dime until there debt situation is improved.

It is always advisable to use certified proffessional debt relief
companies and this will now be a lot easier.

Mortgage-Loans

Home sales are not in a steady state in the US, leading to struggles in order to bring it up. The Federal Reserve recently purchased $1.25 trillion in mortgage-backed bonds in order to sustain the market and to provide a steady amount of income passing through it. Mortgage Loans may start to be on the rise soon though, as mortgage rates fell to a record low this week, from 4.54% all the way down to 4.49%.

The drop in the mortgage rates was of an all time low, exceeding previous rates from up to the 1970s. More and more people are moving towards the refinancing aspect, and Dana Johnson, Comerica Inc’s Chief Economist had this to say about the trend, “It’s a great opportunity for people to refinance if they have the equity to reduce monthly payments.”

The declining rates are indeed an attractive proposition for people who seek to refinance or purchase a home for themselves. According to the Mortgage Bankers Association, refinanced loan applications have increased by 1.3%, while applications to purchase homes have increased by 1.5%. Still, the trend in the economy with high unemployment and tight credit will prove to cause difficulty for many who seek to buy their own homes.

Student-Loan-Consolidation-Rates-Change

The importance of education in society was further recapped with the introduction of the Health Care and Education Reconciliation Act earlier this year by President Barack Obama. Indeed, even former students who have been suffering under the stress of financial difficulty for repayment of the loans will be able to further improve their situation with the legislation as well. With the ability to achieve lower student loan consolidation rates for refinancing, many people will be able to benefit from the outcome.

According to Arne Duncan, U.S. Secretary of Education “Today is a historic day for Americans who are pursuing a college education. We are one step closer to achieving the President’s goal of having the highest proportion of college graduates in the world by 2020. These changes will expand educational opportunities for millions of students and families and will make it easier for them to pay for college.” This statement was made during early in the month of July when the first effects of the bill came into play.

The new student loan consolidation rates hovered around the mark of 2.47%, and the benefits of the new bill were apparent. Other than the changes in the student loan consolidation rates, other benefits included increases in the amount given by the Pell Grant Award and income based repayment amounts as well. In spite of the benefits for former students as well, most of the benefits from the legislation are for present and future loan holders.

The economic downturn has led to a high increase in the rate of foreclosures. Indeed, the reason for the foreclosure rate increase is due to the loss of jobs, but there may be some hope yet. With the $75 billion housing stimulus plan, homeowners will now be able to get no cost mortgage refinancing options in order to assist them in saving a lot of money. It could possibly the best refinance mortgage rate that homeowners could hope for.

According to President Barack Obama concerning the plan, “We must stem the spread of foreclosures and falling home values for all Americans and do everything we can to help responsible homeowners stay in their homes.”

The stimulus plan allows banks and mortgage lenders to better help homeowners who are in distress or need assistance. The way this plan works is that incentives are given to such financial institutions to encourage them, and the result is that applications are made to be more easily accepted.

The Obama “Making Home Affordable” plan is estimated to be able to help more than nine million homeowners in achieve more affordable payment for their homes on a monthly basis. Even homeowners with bad mortgage will be able to get refinancing.

(Click News) August 3, 2010-Understanding the pros and cons of debt settlement is crucial to
making the best attempt at relieving yourself of debt. There are often
lots of information in this regard, but not all of it is good
information. Here are some of the benefits as well as pitfalls of
choosing debt settlement as an option:

Cons (Disadvantages)
The main disadvantage of this option is that it’s not easy to find a
good company and if for any reason you choose to complete the process
on your own, the results may not be great. Another disadvantage is
that your credit rating may suffer slightly if you get a debt
settlement.

Pros (Advantages)
As an option, debt settlement has several benefits. The main one is
that it actually reduces your debt. Other debt solutions only prolong
your debt by reducing your payments, and even then you are not truly
protected from interest rate hikes.

Debt settlement is also good at helping you to recover from financial
setbacks. When your settlement is reached, you should see an
immediate surge in cash flow or disposable income. This could help you
to service other loans if you have any.

Another major benefit is that unlike things like bankruptcy, which
leave you with a bad credit record for a long time (up to 10 years),
debt settlement leaves you virtually unscathed.

For you to lock in the biggest benefits of debt settlement, use
professional debt relief
companies. It’s common for people to eliminate upwards of
70% off their total debt through professional help.

Bank-Bankruptcy

For a normal business to fail during the time of economic downturn is nothing out of the ordinary. However, when banks start to fail, then the public might have more to get concerned about. The total number of failed banks this year in the US has reached a number of 108, as another five banks failed.

The failing banks, situated in Washington, Georgia, and Oregon, with two in Florida, had to be taken over by financial institutions as they shut down their doors. The Federal Deposit Insurance Corporation managed to find buyers for the banks, though the growing rate of closure is a cause for concern.

The FDIC is expecting closures to come to its highest level this year, and not reach the level that was once incurred during the late 1980s. Most of the banks being closed were smaller community banks that succumbed to commercial real-estate loan portfolio failure.

About $335 million of the FDIC’s insurance fund was siphoned due the latest failure of the five banks.

Foreclosure-Bread

With the dramatic rise in the number of foreclosures this year, it was shown that the main cause was due to the loss of jobs. However, losing a job isn’t making Beverly Davis lose hope for her three-bedroom, two-bathroom house.

The Georgia woman lost her full-time job and got her part-time job scaled back as well, resulting in an urgent need for financial situations. However, the threat of foreclosure didn’t stop Davis a bit, as she continued to push the tide, and make cornbread.

Making various cornbread related pastries, such as cornbread souffle, chicken potpie with a cornbread crust, and more delicious items, the 48 year-old Ms. Davis is going to raise enough money to buy back her house and get it out of danger of foreclosure.

As mentioned by Ms. Davis on her website, “Investors who buy foreclosed homes or anybody else looking for a bargain WILL NOT get this house. I’m smarter and wiser now.” And indeed, it is so as there are others who have previously followed the same path. In previous news, a lady from New Jersey managed to sell enough $40 apple cakes to be able to qualify for a loan modification.

Home-Loan-Modifications

Of the various homeowners who are in possession of a home loan from JP Morgan Chase, it is understandable that they are needing assistance concerning their mortgages. However, homeowners who have been hopeful of the help might have been surprised at the results of the home loan modification cancellations by lenders.

Though the initial speculation of the scenario might indicate the result of unwilling lenders of the lack of qualification of homeowners, it seems that this is not fully the case. According to lenders, the reason for the cancellation of loan modifications was due to a variety of factors, such as missing documentation on their Making Home Affordable paperwork, an excessively low debt-to-income ration, or just that the home loan payment was too high that homeowners would not be able to afford it even with a loan modification in place.

Although homeowners who are denied the loan modification have been given alternative assistance for helping to make home loans more affordable, not all homeowners were able to obtain the luxury.  Many homeowners had to face bankruptcy and foreclosure, resulting an a battle to maintain their place of living.

Debt-Refinancing-McClatchy

The McClatchy Co, parent company of the Miami Herald, suffered an 83% drop in profits compared to previous results for the second quarter. The newspaper publishing company had to put up with higher costs on debt in order to recover from a prominent ad slump.

According to McClatchy CEO, Gary Pruitt, “While the economic recovery hasn’t been robust or smooth, we believe it is beginning to spread across the markets we serve.” However, inspite of the decrese in net income of 83%, the low 8% decrease of its ad revenue proved to be a point of relief.

The shares for McClatchy have left investors not all that happy, as they went down by 4% to $3.57 on Thursday. The reason for the economic slump for the publishing companies in terms of marketing revenue was something that had been occuring for them since 2007, and was the result of cheaper online alternatives, as well as a change in readership habits.

The refinancing of debt by the publisher has helped somewhat, as they have been able to extend their repayment schedule.

Mortgages

With the use of mortgages amounting from sixteen failed banks, the Federal Deposit Insurance Corp. managed to close $409m securitization. A wide variety of different organizations made up the bulk of the investors in this case, and the result is the first time in this financial crisis that the FDIC has sold assets in securitization.

About 85% of the capital structure was sold today, amounting to about $400 million senior certificates. RBS Securities was shown to be the lead underwiriter, and the Bank of America/Merrill Lynch, Williams Capital, and Deutsche Bank were the co-underwriters.

In a statement by the FDIC, it was mentioned that, “The FDIC uses several strategies to sell assets from failed banks. Securitization is one of the ways in which the FDIC intends to maximize the value of these assets for the benefit of creditors of the failed banks.”

In the normal case, the FDIC sold failed banks as soon as possible to other lenders in order to provide protection for depositors. The heaviness of the financial crisis has led to a change in methods, such that the FDIC would be able to lighten the load of those assets.

Bankruptcy

Due to the economic downturn, many smaller brokerages are suffering from the pangs of bankruptcy. With the increase in foreclosures and bankruptcies for less stable companies, it seems that even Jesup and Lamont are not immune to the economic effects.

Jesup & Lamont Inc. is a small brokerage firm that was first founded in 1877. The resulting bankruptcy was filed on Friday in Manhattan. The results of the bankruptcy filing revealed a state of $24.6 million in debts, along with a further $41.2 million in assets. The largest creditor to which debts were owing was found to be the Internal Revenue Service.

Initially, there was a problem with trying to meet net capital requirements for the company. However, as a result of various factors, the main source of revenue was lost, resulting in the need for the business to be brought out.

The offices and reps of the failed brokerage were picked up by Anderson Strudwick Inc, a small firm based in Richmond, Va. This was the second time that Anderson Strudwick had picked up failing offices from failing brokerages, and the result was the takeover of nine new offices, as well as thirty-seven reps and advisers.

Foreclosures

With the coming of the recession between this year and the previous, the country has been hit hard with a loss of jobs and many other incidences. In the same news, the US economy is seemingly at risk with the rate of foreclosures going up by a very shocking rate.

Although in previous years, the foreclosures were said by experts to be due to people taking on mortgages that they could not really afford in the first place, the rising rate of foreclosures in recent times seems to be the result of another trend.

According to real estate data company RealtyTrac, the reason for the increase in foreclosures this year is due to the incidence of unemployment as a result of the economic downturn. Thus, the resulting loss of jobs is giving way to a substantial loss of homes.

Senior vice president of RealtyTrack, Rick Sharga, had this to say about the alarming increase in foreclosure rates, “We’re not going to see meaningful, sustainable home price appreciation while we’re seeing 75 percent of the markets have increases in foreclosures.”

Furthermore, foreclosure increases were found to be affecting three quarters of the largest US metro areas.

Credit Report

All three credit reference agencies in the UK have now conformed with a Labour government initiative to make statutory credit reports available to consumers online.

Previously this industry standard credit report was only available in a paper format for a nominal £2 fee often taking upto a week or more to arrive by post. In a move to make access to credit information easier and faster the Government ordered the big three, Equifax, Experian and Call Credit to make the reports available online for the statutory fee of £2.

Equifax made the statutory report, which allows consumers a snapshot view of their credit payment history, available online back in March of this year whilst Experian made theirs available 2 weeks ago and Call Credit conformed 2 days ago.

Major industry experts agree that this is a big step forward and recommend that everyone should check their credit history before applying for any major credit deals and there is no excuse now.

Courtesy Virgin Money

For many in these times of recession and global economic debt, both national and personal, crisis any small help to ease the burden is welcome.

Earlier in the year the new credit card joint industry agreement was drawn up and comes into effect in January 2011. In a move to hold up their brand ambition to make “everyone better off” Virgin Money has announced a plan to restructure their customers credit card balance payments.

In a switch to a positive payment hierarchy their customers that don’t pay off their full balance each month will now have their payments allocated to paying off their credit card balance that accrues the highest interest rate first, this will mean that in most case’s customers will be better off.

Virgin state that this will mean customers transfering a £3000 balance to a Virgin Money card at a 0% promotional rate and then spending an additional £1,000 at a higher standard rate over a 12 month period will save around £70 per year since their payments will go towards paying off the higher rate spending first. (Based on 0% for 12 months on purchases and balance transfers. Includes 2.98% balance transfer fee)

The new terms and conditions come into effect on September 1st 2010 and Grant Bather, spokesman at Virgin Money said: “Changing the order of payments is the next logical step in the enhancement of our credit card range. Our aim is to make everyone who is a Virgin Money credit card customer better off and we hope this change goes some way to achieving that.”

Having a car itself isn’t just a one time payment thing, even if you aren’t paying on installments.

Along with regular maintenance, and fixes when the car is down, auto insurance has proven to be something that has drained the consumer pocket from time to time.

If you are wondering whether you are paying a lot more insurance for your car than people in the neighboring state, you may be surprised to note that Massachusetts gets the most inexpensive auto insurance quotes in the country, according to a recent study by InsWeb.

The study was based on the use of an affordability factor calculation. The media auto insurance rate  for each state was taken and divided by the median household income.

The lowest factor being achieved by Massachusetts indicates a lower average family spending on auto insurance.

In contrast, it was found that Louisiana had the least inexpensive auto insurance.


With mortgage rates at a 50 year low figures indicate that Mortgage refinance business made up 77% of last weeks mortgage business up 3% from the previous week.

A lack of invester confidence saw money moved into Treasury Bonds causing their yeilds to fall and with it interest rates. The lack of invester confidence is a result of speculation on the european debt crisis.

“Mortgage rates for all but traditional 1-year ARMs hit all-time record lows this week in our survey while activity in the housing market slowed in May following the expiration of the homebuyer tax credit,” said Frank Nothaft, Freddie Mac vice president and chief economist

Mortgage refinance for bad credit borrower’s could also benefit with HAMP helping stop foreclosures lower rates could make it advantageous to refinance under mortgage loan modification criteria.

Of course other factors need to be considered before commiting to a mortgage refinance such as arrangement fees which can often be the deciding factor because that sum needs to be recouped quickly from any savings of a lower interest rate to justify the mortgage refinance.

Stop Foreclosure

In a few days time on 1st July the US Treasury’s next directive under their HAMP (Home Affordable Modification Program) program will come into effect and is aimed at helping unemployed people stop foreclosure.

The Home Affordable Unemployment Program (UP) announced in March will help those who have found themselves unemployed re negotiate or even stop their mortgage loan payment’s. Under this forbearance initiative eligible borrowers will be able to have their mortgage payment’s reduced to 31% of their monthly household income, and in some cases suspended, for a period of 3 months or until reemployment occurs whichever is shortest.

In order to be eligible for a forbearance UP borrowers need to meet HAMP criteria and be without a job and receiving unemployment benefits during the month of the forbearance plan initiation.

Borrowers in a forbearance UP who gain reemployment will immediately be evaluated for HAMP modification or 30 days before the UP plan expires whichever happens soonest.

This new initiative is aimed at help those who become unemployed to stop foreclosure action. This will be the latest addition to the Obama administration’s actions and efforts to help stabilize the economy. The mortgage modification program announced last year in March has so far come under a lot of fire from critics.

# # #

In march 2009 the Obama administration introduced Mortgage Loan Modification in an effort to reduce the number of foreclosures in the US. Since then more than 250,000 homes have been saved from foreclosure under the Mortgage loan modification scheme.

Figures from the Treasury say that an increased number of people fell out of the trial period of the scheme in April this year. Under the scheme more commonly known as HAMP qualifying homeowners are put into a trial period to see if they can keep up with reduced payment’s. The people falling foul are those that either failed to provide the income evidence needed or in fact failed to maintain the reduced payment’s.

“As those decisions get made, it’s certainly expected that there would be some that fall out of HAMP,” said Phyllis Caldwell, chief of Treasury’s Homeownership Preservation Office.

Other figures indicate that 24.6% of trial modifications are now being made permanent which is up from a previous 19.8%.

Under a new rule introduced on June 1 new applicants for Mortgage Loan Modification or HAMP, are now required to submit evidence documentation up front where previously a verbal statement was accepted.

In a few weeks time, July 1 a new program aimed at the unemployed called forbearance will come to fruition. Eligible borrowers will be able to either have their payments suspended totally or have them reduced to less than 31% of the gross household income.

Remortgage levels in the UK still remain under pressure whilst Bank of England interest rates remain low. The low rates are helping decrease the incidence of arrears but remove the incentive to remortgage because property values are also held lower.

Figures from the council of mortgage lenders show that remortgage business is down 5% month on month and 10% down year on year. This is reflective of the increased activity in the latter part of 2009 in th run up to the end of the stamp duty holiday and the expect slow down in the first quarter of 2010.

It is to early to tell what effect government announcements of drastic measures due to a worse national fiscal situation than expected.

From the Council of Mortgage Lenders “Although we accept the government has limited room for manoeuvre, we urge it to use the forthcoming Budget to prioritise support for home-owners.”

With uncertain times ahead for UK homeowners only time will tell when the housing markets will rally.

A steady decrease in the cost of a gallon of gas could spell a busy summer on the roads the likes of which we haven’t seen since 2005. Usually from memorial day onwards gas prices increase but all indications at the moment are that they will continue to fall.

It is common belief among experts that the financial turmoil in europe is causing a pessimistic outlook on market investment which in turn is causing a fall in crude oil prices. It has dropped by around 15% roughly $13 in the last 3 weeks.

This is in contradiction to a rise in consumption which goes against the grain of traditional supply and demand theory.

Whilst the fall in crude oil prices is fairly substancial it is unlikely that gas prices will follow quite so quickly whilst gas-station owners struggle to manage their profit margins. Or so they will have you believe, in truth there is as always a little profiteering going on here.

I truly believe that there is no reason since their supplier prices fluctuate why the end user should not gain the benefit of such dips in raw material cost.

On a recent trip to the UK I couldn’t help but notice that their gas prices were more than 4 times US prices and I was even more surprised to find out that over 75% of that was duty or taxation.

However they seem to suffer the same “rise like a rocket and fall like a feather” phenominon.

Would you really believe that there awards for credit card company’s. You would think that in todays economy they would like to keep a low key and not draw undue attention to themselves.

Well they do and today it was announced that BarclayCard has taken 2 prizes at that most prestigous of events the 2010 Cards International Awards. Sounds like an award for some greetings card company doesn’t it but I assure it isn’t.

Sarah Alspach, Marketing Director for Barclaycard Freedom, said: “These two awards demonstrate our investment in innovation, and our commitment to developing card technology across the board for the benefit of our customers. Barclaycard Freedom is giving customers a simple, modern way to enjoy rewards. At Barclaycard we are committed to improving products and services for businesses and consumers alike, and are thrilled to have been recognised with these awards.”

So Barclaycard were awarded for their innovative loyalty programme and their Visa CodeSure card. Barclaycard Freedom was launch on march 17th this year and immediately became available to over 8 million users. Around 30,000 retailers agreed to participate making it possibly the biggest incentive and loyalty scheme ever.

The scheme is said to bring a new level of simplicity and convenience to the concept of loyalty and rewards.

The second award was for their Commercial Barclaycard which is a card that has additional functionality. It is a standard corporate card that has an LCD screen a keypad and battery embeded into it which allows it to be used as a platform for secure applications, such as extranet.

Michel Barnier, EU Internal Market Commissioner, says that a network of national funds should be put in place so that tax payers don’t have to meet the cost of bank failures. He says that the funds would be part of a larger system to help prevent future financial crises.

Under the scheme, banks would be required to pay a levy into a fund, but it would not be used to bail out failing banks, instead it would be to manage failures in an ‘orderly way’.

Mr Barnier said “”I believe in the ‘polluter pays’ principle. It is not acceptable that taxpayers should continue to bear the heavy cost of rescuing the banking sector. They should not be in the front line,”

He says that future bank failures should be paid for by the financial sector. “That is why I believe that banks should be asked to contribute to a fund designed to manage bank failure, protect financial stability and limit contagion – but which is not a bail-out fund.”

He added: “Europe must take a lead in developing common approaches and providing a model for co-operation which could be applied globally.”

The funds would remain within national borders but there are disagreements about management of the funds. The proposal also states that uninsured creditors and shareholders need to be made aware that the funds would not be used as an insurance policy.

The proposals will be presented to EU Finance Ministers, heads of state and the G20 in June this year and a draft EU law would be proposed early in 2011.

This past Friday saw Germany’s chancellor Angela Merkel convince the country’s parliament, by the narrowest of margines, to approve their part in a multi billion euro rescue package to stabilize the continents economy.

This one subject has seen the rats crawl from their holes within the German parliament revealing the underlying problems in an already unstable coalition government. I have to wonder how the newest european coalition in the UK is going tofair over the coming months and years. What will their undoing become!

The current fiscal situation in Europe is perhaps one of great speculation, which is reflected in market reactions. A group of nations each with their own nation fiscal interests that share a common currency has all the ingredients of a recipe for disaster.

What with France organising their finances whilst in fear of deflation and Germany operating in a near paralysing fear of inflation. Then add into the mix Greece’s reckless extravagance and there is no wonder that after a decade and more of single currency the problems are starting to emerge.

Germany’s stake in the euro bailout is likely to be around 183 billion euro’s no small contribution for any european nation state.

The markets closed for the weekend in a state of disarray I wonder what the new week will bring..

Economic problems in the United States have caught up with us in a big way. As much as people tried to do more with less, consumer bankruptcy filings across the country in 2009 rose by nearly one-third over 2008 numbers, from just over one million to about 1.4 million. Illinois was in the top ten states per capita in filings in 2009, coming in ninth at 5.75 bankruptcy filings per 1,000 residents, over 70,000 filings last year alone.

Given the breadth and depth of our economic problems, bankruptcy as a solution for personal financial disaster currently cuts across all spectrums and income levels in our society.

Samuel Gerdano of the American Bankruptcy Institute predicts that the rate and number of bankruptcy filings will continue to grow through 2010. Commentators speculate about many reasons for the current increase in filings:
-High personal debt
-Job loss
-Unrealistic mortgages
-Falling home and other real estate values
-High medical expenses
-Fixed senior incomes not keeping pace with inflation and growing needs
-Tighter credit availability
-Low personal savings, including lack of emergency funds
-Inadequate financial management skills

Bankruptcy Basics

Bankruptcy is a legal action for debt relief filed in the United States Bankruptcy Court. Consumers usually file so-called Chapter 7 or Chapter 13 bankruptcies. The chapter numbers refer to the corresponding chapter of the United States Code laying out the specific requirements of each type. For the most part federal law governs bankruptcy, but state law also can play a significant role.

The most common filing is the Chapter 7 bankruptcy, which in 2009 accounted for almost three-quarters of consumer filings; the other quarter were mostly filed under Chapter 13. In very simplified terms:
-A Chapter 7 bankruptcy, often called a liquidation, straight or fresh-start bankruptcy, allows the debtor to keep a limited amount of certain kinds of property exempt from creditors’ reach, with the sales proceeds of the remaining nonexempt property, if any, divided among most of the creditors to satisfy debt. Remaining unsecured debt is discharged and must not be repaid.

-A Chapter 13 bankruptcy, also referred to as a wage-earner bankruptcy, allows a debtor with regular wages to set up a three-to-five-year repayment plan for at least part of his or her debt. Generally, most assets can be kept if the repayment play is successfully completed under the supervision of the court. If the debtor is unable to make the scheduled payments, his or her nonexempt property may become available to satisfy debt.

Exempt Assets

A debtor in bankruptcy is allowed to keep certain assets that are shielded from creditors; exempt assets are protected from being used to satisfy the debtor’s unsecured debts. Federal law provides a schedule of exempt property, but also allows each state to determine whether state exemptions should apply instead of or as an alternative to the federal exemptions.

Only about a quarter of the states allow the debtor to choose whether to use the federal exemptions or those articulated by state law. Most states require debtors to use their own states’ property exemptions in bankruptcy. One of those states is Illinois.

Illinois Exemptions

The major property exemptions in Illinois include:
-Homestead interest up to $15,000
-Most life insurance proceeds and policy face value payable to a spouse; or to a dependent child or parent, or to another dependant
-Most retirement plans and pensions
-Certain annuities
-Many government benefits, including social security, unemployment compensation, public assistance and veterans’ benefits
-Alimony or spousal maintenance to “extent reasonably necessary for the support of the debtor and any dependent of the debtor”
-Necessary clothes of the debtor and his or her dependents, and certain other personal property of nominal value, including family pictures
-Any other property worth up to $4,000
-Money received as a crime victim
-Personal injury damages up to $15,000
-Vocational tools up to $1,500 in value
-A portion of weekly wages, the percentage of which depends on the income level
-Most contributions to the Illinois College Savings Pool
-Certain property traceable to or owing from the sale of other exempt property

The exempt property categories in this list may be subject to certain exceptions and legal nuances depending on the details of a particular case. Anyone contemplating bankruptcy should get specific, up-to-date legal advice about property exemptions.

Consult a Knowledgeable Illinois Bankruptcy Attorney

If you are sliding into financial trouble gradually or you find yourself in a sudden financial crisis because of job loss or major medical emergency, bankruptcy may be a good solution. It is important to get the advice of a skilled bankruptcy lawyer with knowledge of all of your legal options for debt relief. If bankruptcy is ultimately your choice, your attorney can help you make an informed decision about which type of bankruptcy to file.

Article provided by Illini Legal Services
Visit us at www.wardbankruptcy.com

New figures released from the Bank of England show the number of mortgage approvals fell in February, continuing the slow start to 2010 for the housing market.

Mortgages approved for house purchases fell by around 1,000 to 47,094 and this was the third monthly fall in numbers since the end of the stamp duty holiday.

The savings market saw a jump in balances held; the Building Societies Association showed that balances held at mutual institutions increased by GBP807 million in February, the first increase for a year.

There have been many reports and reasons given for the slow start to the year for the housing market, mainly the end of the stamp duty holiday and the bad weather. New figures from the Bank of England and the British Bankers Association now show that this has continued in to the New Year;

The number of mortgages approved for house purchases was 47,094, lower than the previous 6 months which stood at 55,130.

The number of remortgages increased in February to 27,297 from the previous 6 months average of 25,985.

Craig Gedey, Marketing Manager at Debt Advisory Line said: ‘Home movers have been taking advantage of the Governments Stamp Duty Holiday and this has obviously helped bolster the UK housing market.’

‘You would expect to see the housing market pick up as we move in to spring 2010 and remortgage numbers continue to increase.’

‘Anyone in the UK looking for help with their debts and who is considering a remortgage should speak to a professional and DEMSA approved debt Management Company like Debt Advisory Line – Visit our web site http://www.debtadvisoryline.co.uk or call us FREE on 0800 157 7254 today.’

Imagine returning to your home to discover a note on the door that reads: “THE BANK HAS FORECLOSED ON YOUR LANDLORD’S PROPERTY AND NOW OWNS IT YOU WILL BE REQUIRED TO VACATE YOUR HOME IMMEDIATELY.” Countless Americans have faced similar situations, situations which amount to illegal eviction.

After a landlord’s property has been foreclosed upon, residential tenants have many rights which can be asserted against illegal eviction, personal harassment and neglect of their property.

Illegal Eviction

The federal Protecting Tenants at Foreclosure Act generally allows residential tenants to remain in their homes for 90 days after their landlord’s property has been foreclosed upon. Tenants may also remain in their homes for the remainder of their lease, if that time period is longer than the prescribed 90 days. Eviction in violation of these allowances is illegal.

The only situation in which tenants would not be allowed the 90 day term or remainder of their lease is if they were to be evicted on legal grounds, such as failure to pay rent. Additionally, there is an exception which allows a new owner to evict a tenant after 90 days even if their lease term is longer than 90 days, if the new owner will be occupying the tenant’s unit as a primary residence.

There are additional situations in which a tenant may not be evicted at all. For example, if a tenant lives in a building with five or more apartments and the tenant is at least 62 years old or physically disabled, the tenant cannot be forced to move, period.

Notice and “Cash-for-Keys”

After a landlord’s property has been foreclosed upon, the bank or new owner is required to furnish tenants with a “Notice to Vacate,” which supplies the information that tenants will be given 90 days or until the end of their lease to vacate. The 90 day period cannot begin until after the foreclosure process has been completed.

Banks, realtors and new owners may offer tenants to move out more quickly than the 90 day period or term of lease allowed, but any “cash-for-keys” offers must adhere to strict guidelines. Many tenants have been offered illegal offers that are two low, or are illegally offered “instead of” the return of a tenant’s security deposit. A security deposit must always be returned unless good cause, like extensive damage to the property, exists for the owner to retain it.

If a tenant is offered money for vacating their home early, the tenant must be offered the higher of two months’ rent or $2,000. This means that a tenant must always be offered at least $2,000 and a greater offer may be required. The tenant may also be offered two times the amount of their security deposit, plus any applicable interest. However, the tenant cannot, under any circumstances, be forced to accept a “cash-for-keys” offer. As accepting such an offer will mean giving up one’s place of residence, a tenant should only accept a “cash-for-keys” offer if the money is enough to adequately move and if the tenant has a new residence to move to.

Upkeep Concerns

While a foreclosure is being processed, the original landlord owns and is responsible for the property. After the foreclosure process is complete, the bank or a new landlord owns and is responsible for the property. Whoever owns and is responsible for the property will be the one collecting tenants’ rent payments and is the one responsible for repairs, maintenance and any utility payments specified under the lease.

The new owner, whether that be the bank or a new landlord, is responsible for any repairs, maintenance or utility payments that the original landlord was responsible for. If the new owner stops providing these services, it is important to contact the authorities or an attorney, as tenants are entitled to the services specified under their lease, even after the property has been foreclosed upon.

The new owner is also responsible for returning a tenant’s security deposit, once the tenant has vacated the property. An attorney or the authorities can also help tenants get their security deposits back, if the new owner refuses to return their full value without just cause.

For Further Reference

If your landlord’s property has been foreclosed upon and you are being harassed or if your new landlord is not upholding required obligations, please contact in experienced attorney.

Experian, the global information services company, has announced that it has partnered with HypoVereinsbank (HVB), one of the largest commercial banks in Germany, to provide the bank and its corporate customers with a data validation and conversion service to aid compliance with the latest SEPA (Single Euro Payment Area) standards. HVB is part of the UniCredit Group, the 10th largest European financial institution.

To make payments to and from all 31 countries participating in the SEPA scheme, banks and their corporate customers must supply a valid IBAN (International Bank Account Number) and BIC (Bank Identifier Code). Currently, the data held by HVB’s customers is in a domestic format and will need converting to the new, SEPA-compliant format.

Experian will check, validate and convert existing domestic BBANs (Basic Bank Account Numbers) to the required BIC and IBAN standard in bulk. This will enable HVB’s customers to avoid rejection or failed payments, thereby reducing transaction costs and improving straight through processing of payment instructions. In addition, the bank’s customers will also be able to identify invalid records that require further or correct information to be obtained or verified, including invalid account numbers and closed bank branches.

Markus Straussfeld, head of international cash management sales at HVB, said: “We want to ensure the transition to SEPA is as smooth as possible for our customers and Experian’s systems help them to overcome the hurdle of not always having the appropriate data at hand to efficiently make SEPA transactions. As organisations within the Eurozone face the prospect of contacting potentially millions of customers for SEPA payments, we have turned to Experian Payments as an expert with a proven track record in data validation and conversion. As a result, we are in a position to support our customers in areas outside of our core competences, offering them additional services from trusted partners.”

Jonathan Williams, Director of Strategic Development at Experian Payments, added: “Corporates may not realise that they, not the banks, are responsible for their BIC and IBAN conversion. However, this is hugely expensive and virtually impossible. Our partnership with HVB is enabling a growing number of the world’s largest businesses to make SEPA payments efficiently and cost-effectively while, at the same time, helping the bank to provide an additional service to its customers.”

About Experian Payments
Experian Payments develops global strategic payment software solutions and services to meet the requirements of the world’s leading banks and corporate organisations. Focussing on the specific challenges of data validation and payment processing, Experian Payments’ platform-independent solutions help organisations control costs, reduce risks and improve customer service through the minimisation of payment errors. Experian Payments has over 1,000 customers across all sectors of industry and commerce. Experian Payments is a division of Experian

Experian plc is listed on the London Stock Exchange (EXPN) and is a constituent of the FTSE 100 index. Total revenue for the year ended 31 March 2009 was $3.9 billion. Experian employs approximately 15,000 people in 40 countries and has its corporate headquarters in Dublin, Ireland, with operational headquarters in Nottingham, UK; Costa Mesa, California; and Sao Paulo, Brazil.

Website: http://www.experianpayments.com/

Unless Congress amends the current law, for the first time in 2010, anyone dying will not be subject to federal estate taxes. Many will find that these changes have unanticipated consequences.

Benjamin Franklin once famously wrote, “In this world nothing can be said to be certain, except death and taxes.” American humorist Will Rogers followed it up by saying, “The only difference between death and taxes is that death doesn’t get worse every time Congress meets.”

Both men might be surprised to learn that their statements aren’t entirely true, at least this year. Federal estate taxes are no longer certain, and for some families whose loved ones die in 2010, the repercussions could compound their grief at the passing of their loved one.

Unless Congress acts to amend the current law, for the first time in 2010, anyone dying will not be subject to federal estate taxes. This may sound like terrific news, and for some people it will be. But others may find that the change in estate taxes this year has unanticipated and unintended consequences.

How did this happen, and how can individuals plan for an uncertain tax future? The answer to the first question lies in the behind-the-scenes deal making that accompanied the Economic Growth and Tax Relief Reconciliation Act of 2001.

Congressional Action and Inaction

Republicans in Congress have long favored eliminating the federal estate tax, and in 2001 (when they controlled Congress) they passed a bill which gradually reduced the estate tax burden each year until 2010, when it eliminated the tax entirely. To get the bill passed, though, they included a “sunset” provision which stipulated that (unless Congress acted) the tax would return to its 2001 level in 2011.

Because of the drastic changes which would occur in 2010 (no tax) and 2011 (high tax rates that hadn’t been seen in a decade), most observers expected Congress would act in 2009 to extend the then-current estate tax rates (45% tax on estates over $3.5 million) into 2010, and possibly beyond. But although the House of Representatives passed a bill to do just that, the Senate failed to take up the bill before the end of the year and thus, for the moment, there is no estate tax.

Complications for Some

Although this sounds great, it may have far-reaching complications because of how some wills are written. A common provision in wills is to designate that the non-taxable part of the estate go to the deceased person’s children or other beneficiaries, while any amount over that (which is generally taxable) pass to either the surviving spouse or to a charity. Generally, this allows the entire estate to pass to others without being reduced by federal taxes, because bequests to spouses and charities are never subject to the estate tax.

But in 2010 when there is no estate tax, all of the estate is non-taxable. That leaves no “taxable” portion to go to a spouse or charity. Thus a widow could discover that her husband’s entire estate passes to his children, and nothing passes to her.

Because many wills have been drafted with the language which grants the taxable part of the estate to one beneficiary and the rest of the estate to another, now is a good time to review your will with an attorney, who can amend your will to clarify your intentions.

Consider Gifts

In 2010, the tax rate for gifts above $13,000 is 35 percent, down from 45 Percent last year. Congress could change the rate for 2011 and beyond, or it may allow the 2001 levels to return. Further complicating matters, some predict that Congress will try to make any changes for 2011 retroactive to 2010, as well. In any case, many expect rates will rise to 45 percent or even 55 percent next year, which means that 2010 will likely be the best year for transferring wealth to loved ones.

Because of the uncertainty about future Congressional actions, some financial planners are setting up special trusts for their clients which allow a spouse to either accept the money (as a non-taxed spousal gift) or to disclaim the money and allow it to pass to grandchildren, depending on which situation will best avoid taxes after Congress acts.

Other Taxes May Still Apply

Although 2010 looks to be an excellent year for saving on federal taxes, other taxes may still apply. New Jersey imposes its own estate taxes on estates valued over $675,000, at a progressive rate ranging from 4.8 percent up to 16 percent for the largest estates. New Jersey also taxes inheritance, so the recipient can be subject to taxes.

Furthermore, some inherited investments may be subject to capital gains taxes, which tax the increase in value of investments at the time they are sold. For example, if someone inherits shares of stock that were purchased for $20 per share and valued at $50 at the time of inheritance, then later sells the shares at $60 per share, usually only the increase in value of $10 since inheritance is subject to capital gains taxes. But for amounts over $1.3 million, the full $40 per share increase is subject to capital gains taxes. In some cases, this capital gains tax is greater than the inheritance tax would have been if it had been in effect in 2010.

Right now, no one is certain what will happen next–after all, most experts agreed in late 2009 that Congress would act to prevent the current situation from happening in the first place. Although in 2009 only a quarter of one percent of estates were valued at over $3.5 million and were thus large enough to be affected by the federal estate tax, if the 2001 rate returns, it will affect any estate over $675,000–a much more substantial portion of the population.

It’s a good idea to review estate plans from time to time, and the situation with the federal estate tax laws in 2010 is a vivid reminder that wills and trusts drawn up years ago may not be appropriate today. Talk to an experienced estate planning attorney who understands how the federal and state laws can affect your plans for your spouse and other loved ones.