Wednesday 27 February 2013

Some Important Facts You Should Know About Bankruptcy

The word "bankruptcy" is usually used when someone is unable to pay up/back his or her debts. Bankruptcy is simply a way of dealing with debts you cannot pay.

It helps to free you from overwhelming debts so you can make a fresh start, subject to some restrictions; and make sure your assets are shared out fairly among your creditors.

Bankruptcy is an option if you are completely unable to pay back your debts and a court appoints a trustee or Official Receiver to take over the management of your financial affairs for a limited period of time.

In this situation, the Official Receiver will be entitled to sell your assets - such as your house and possessions - in order to raise the money needed to pay off your creditors.


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Sunday 24 February 2013

Financial Plan: Top 5 Financial Goals You Should Consider In 2013

A good financial plan should be able to enable you to set a financial goal or target you will be working towards achieving. Financial plan does not only apply to an individual; it also applies to a small or big business or organisation.

Generally, what financial plan simply means is a set of steps, moves or goals through which an individual or business can attain certain financial goal such as being debt-free (getting out of debt), retirement plan, etc.

Nowadays, we are all living in a world where achieving a financial goal is an elephant task. It is one of those things that when you look at the magnitude of it, you get this sense that it’s just hopeless, pointless, just too big like eating an elephant.


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