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[ad_1] Come April 1, administered price of natural gas in India will more than double. Effective October, it could be more than four times the current level. ‘Market-determined’ price of gas produced from ‘difficult’ fields such as the KG-D6 block in KG basin operated by Reliance-BP combine, will also see a similar hike. While these are good tidings for India’s gas producers, Reliance Industries and ONGC, as they seek to ramp up production from both the existing and new fields — Reliance-BP, for instance, will start production at MJ fields in KG-D6 block in the last quarter of 2022, which will nearly double the block’s output — households and other non-industrial users will bear the brunt. City-gas distribution (CGD) companies like Mahanagar Gas, Indraprastha Gas and Gujarat Gas, being the main buyers of domestic gas, will find their costs going up. But analysts feel since they have been passing on cost increases to the consumers in a calibrated manner over the last few weeks, the impact of costlier gas on their margins would be moderate in the short term. A source from CGD firm confirmed this to FE on condition of anonymity. These companies enjoy considerable pricing power as demand for piped gas for cooking and CNG is largely agnostic to prices. For gas-based power, a fuel cost above $4.5/mmBtu (net calorific value basis) could be prohibitive. So any delay in a corresponding tariff revision could result in a further drop in their capacity utilisation. The prospect of a further reduction in gas-fired power unit’s plant load factor come at a time when elevated prices and short supply of coal are threatening to cause power outages as demand peaks during the upcoming summer. As for fertiliser companies, feedstock cost is a pass-through, but the government’s subsidy burden on the soil nutrients in FY23 could increase from the budgeted level of Rs 1.05 trillion to Rs 1.5-1.6 trillion owing to the rise in prices of imported LNG sourced via spot purchases and long-term contracts by the LNG-terminal companies. Jefferies predicted that domestic APM gas cost could rise sharply from $2.9 per million British thermal units (mmBtu) on a gross calorific value (GCV) basis for the second half of FY22 to $6.6/mmBtu in the first half of FY23 and potentially increase further to $ 9.2/mmBtu in the second half of FY23 (see chart for price estimates by ICICI Securities on net calorific value basis). The government sets the administered price of gas for normal fields every six months — on April 1 and October 1 — based on rates prevalent in select global gas markets but with a lag of one quarter. It remains to be seen if the government will intervene in the price-setting mechanism now given the big spike in prices and its potential to stoke inflation. Probal Sen, analyst at ICICI Securities, said: “Price hikes of Rs 13-14/kg will be needed for city-gas and Rs 12-13/scm for domestic segment in April, assuming no change happens in spot LNG blending from current levels of 15-18%. If this (blending) reduces to levels of 3-5%, net price increase will be limited to S 4-5/kg.” “Higher domestic gas prices will lead to higher input prices for all consuming industries like city gas players etc. But all the companies have pricing power and will pass the prices to end consumers, thereby maintaining margins,” said Avishek Datta, research analyst at Prabhudas Lilladher. He expects APM gas price (GCV) to be around $6/mmBtu for H1FY22. Deepak Mahurkar, partner at PwC, said: “The demand for gas from some global hubs has gone to record highs. A softening of prices is not in sight. Almost all sectors are looking at passing on the price rise to customers. It will be interesting to watch how the global suppliers of gas and crude will fund renewables using the unusual earnings. Since India is significantly import-dependent for gas, the benefits aren’t for India, except to the domestic producers (who have a relatively small share in the market), if their prices are indexed.” Swarnendu Bhushan, oil & gas analyst at Motilal Oswal Financial Services, said: “CNG prices could go up by 4 per kg with every dollar increase in price of APM gas. It would roughly translate to Rs 12-16 per kg increase due to a $4 hike in APM gas price from April. Piped natural gas prices could also see an increase by3/scm with every dollar increase in APM price, which would mean an increase of Rs 12/scm”. Currently, spot LNG prices are ruling at $35/mmBtu compared to $15/mmBtu a year ago. “If the price of crude drops to $80/bbl then long term crude linked contracts will fall to $11-12/mmBtu from $15 at present, while spot will come below $12/mmBtu,” Bhushan added. Quoting two unidentified sources, PTI reported that the government-dictated price for gas produced from fields given to state-owned explorer ONGC on nomination basis (APM gas) is likely to rise to $5.93/mmBtu from current $2.9/mmBtu. Simultaneously, difficult fields like the ones in Reliance-BP operated D6 block in KG basin, are likely to get $9.9-10.1 price compared to the current rate of $6.13, the agency added. Sharing his expectation that APM gas price would be $6-6.5/mmbtu for H1FY23, Prashant Vashisht, VP & co-head-corporate ratings at Icra said: “For every $1/mmBtu increase in domestic gas prices, assuming that the CGD players maintain their current absolute contribution margins in /kg and/scm terms, they could increase CNG and PNG (domestic) prices by Rs 4.5-4.7/kg and Rs 2.5-2.7/scm, respectively in Delhi. Generally, we have seen costs being passed on by CGD entities. However, there may be a lag in the pass-through due to graded increase in prices which would impact margins.” As regards the fertiliser sector, which relies on domestic gas for nearly 32% of its gas requirement while meeting the balance requirement through R-LNG imports, Icra estimates that for every $1/mmBtu rise in the ‘pooled gas price,’ the subsidy requirement for the urea sector could rise by around Rs 4,500-5,000 crore. While spot

[ad_1] The title insurance space isn’t generally known for placing outsized bets on technology. But for First American, its shrewd investments in rising proptech companies are a core business strategy. As of Sept. 30, First American had deployed $292 million into 16 different venture-backed proptech companies, including Offerpad, Orchard, Roofstock, Side and Pacaso. By the end of 2021, the firm said it had invested in 20 proptech companies and its venture investments had produced $355 million in gains. The man spearheading these venture investments is Paul Hurst, who was promoted to chief innovation officer at First American earlier this month. As CIO, Hurst will be responsible for identifying opportunities to innovate through strategic venture investments, partnerships, and mergers and acquisitions. In addition, He will continue to serve as the managing director of the company’s venture investing arm. We caught up with Hurst to talk about his new role and why the firm is looking to invest in commercial real estate tech startups and mortgage tech firms. Here is how Hurst, via email, responded to our questions. This interview has been edited for length and clarity.  BH: When we spoke last fall, First American had invested in 16 different proptech startups and now, if I am not mistaken, that number is up to 20. Can you tell me a little bit about some of these new investments and why they stood out to you? Hurst: Over the first few years of our venture investment activities, we predominantly invested in new models for engaging customers and stakeholders in the residential purchase market. This included companies such as Offerpad, Side, Roofstock, Orchard, Pacaso, Sundae and Properly. These investments help us to understand what these customers and the stakeholders around them are likely to want from us in the future, enabling us to adjust existing products and services to meet those needs or create entirely new products and services. Since we now have good coverage across those segments, our more recent investments have primarily focused in two areas – mortgage technology and commercial real estate. Over the past few years mortgage technology venture investing has been dominated by point-of-sale systems. The newer opportunities are focused on loan origination systems, capital markets pricing and mortgage servicing. Two examples of investments we have made in this space are Vesta and Polly. By investing in and partnering with companies like these, we can understand what the mortgage infrastructure of the future may look like and how title and settlement services will interact with that infrastructure. The second area we have been focused on is commercial real estate. In general, I would say that venture investment in commercial real estate technology currently trails residential in terms of the number of companies funded and amount of capital invested. We are now seeing some of the innovative business models we have invested in on the residential side emerge in the commercial real estate arena. One example of this is Lev, a company that facilitates commercial real estate lending, starting with small- and medium-sized transactions. We’re working closely with the Lev team to explore synergies with our commercial platform, ClarityFirst. BH: What kinds of proptech investments is First American interested in these days? Hurst: On the venture investing side, the two areas I just mentioned continue to be a focus. We’re identifying and investing in new mortgage technology companies and capitalizing on the recent interest of entrepreneurs and venture investors in commercial real estate. More broadly, we are always looking for investment opportunities where we can leverage our position in the real estate ecosystem to innovate and provide value to our customers. An example of this is mortgage servicing, where we can both drive innovation and benefit our customers through strategic investment. Within First American, we have already invested heavily in and will continue to focus on three key areas — digitizing and automating the settlement process, making “instant” title decisions, and expanding our title plant and property data leadership, which fuels title and settlement automation and decisioning. We’ll continue to make sustained, significant investments in First American’s operations to automate processes, extend our leadership in data breadth and quality, and create products to continually streamline and improve the experience for our customers and all parties involved in real estate transactions. BH: A goal I frequently hear from many in the real estate industry is this idea of streamlining the real estate transaction experience and making it more like an Amazon checkout. Is this something you are thinking about? Hurst: While I understand the concept of putting everything under one roof – brokerage, mortgage, title and settlement – to create the “Amazon of Real Estate,” I do think this overlooks the reality that a real estate transaction is far more complicated than ordering groceries, household items or toiletries. It’s one of the largest financial transactions consumers will ever make in their lives and there are many interdependent parts of the purchase process. Through our venture portfolio and our own internal investments, I have seen firsthand that each component of the transaction is being innovated on extensively and often the people making the largest investments in these innovations are not the vertical integrators, but rather the leading players in the respective segments. So, I think the right analogy for the real estate transaction is not really Amazon, but rather more akin to Shopify, Stripe or Square. That is, consumers will get the streamlined check-out experience they have come to expect, but it will be delivered by an ecosystem of embedded brokerage, mortgage, title and settlement companies and the technology they use. That is what drives our innovation strategy at First American. We want to “specialize” and be the digital infrastructure layer for title, settlement and related services in a real estate transaction. That is the vision behind both our internal and external investment strategies. Brooklee Han: Let’s talk about your new role. What’s different about it from the previous job as managing director of venture investments?  Paul Hurst: In my new role, I’m responsible for evaluating – together with

[ad_1] If you’re looking for a credit card that can literally take you places—by earning accelerated rewards on everyday spending—look no further. The American Express Cobalt card boasts a valuable rewards structure, attractive travel perks and impressive earn rates. In addition to a welcome offer that’s worth up to $300 in travel, all of your card purchases earn Membership Rewards points—5 points on every dollar, for some purchase categories. Plus, you get tons of flexibility to redeem your points, including the ability to transfer them to other loyalty programs. You also receive a solid suite of travel insurance benefits, along with complimentary automatic membership in American Express Invites and Amex Offers that gives you early access to big-event ticket purchases and more. In fact, the American Express Cobalt ranks as the number one American Express card in Canada for 2022 and was named the Best Rewards Card for Everyday Spending for these reasons.   American Express Cobalt quick facts Annual fee $155.88 (charged in $12.99 monthly increments) Rewards 5 points per $1 spent on groceries and restaurants; 3 points per $1 on streaming services, 2 points for per $1 on travel, transit and gas; 1 point per $1 on everything else Welcome offer In the first year, you’ll earn 2,500 points when you spend $500 per month on eligible purchases—earning you up to 30,000 points total over the year Points value 1 point is worth $0.01 in travel credit (or up to $0.015 to $0.02 with AMEX’s Fixed Points program) Income requirement None Interest Rates purchases 20.99%, cash advances 21.99% Best features Big rewards on food, travel, and transit; super flexible rewards program that allows you to book travel with any airline Who it’s good for Foodies, millennials, urbanites, frequent travellers Get more details about the Amex Cobalt* 6 things to know about the Amex Cobalt 1. The card has an impressive earn rate At five points per dollar on purchases at grocery stores and restaurants (including cafes, bars, and delivery services), you’ll be earning back big rewards on virtually everything you eat or drink. For public transit, including rideshares, gas and travel spends—basically anything travel-related—earn two points per dollar, and you’ll get one point per dollar spent on any other purchases. In terms of earn rates, Amex Cobalt is in the top tier for travel rewards credit cards. 2. The card comes with a generous welcome bonus In the first year, you’ll earn 2,500 points when you spend $500 per month on eligible purchases—earning you up to 30,000 points.. This is worth at least $300 in travel rewards or $225 in Amex Prepaid Cards—about double the card’s annual fee. Do note, however, that you won’t receive all the points at once, which could be a drawback for those looking to redeem for a trip that is rapidly approaching. 3. You can refer a friend and get even more rewards If you refer friends or family to this card, you can get a bonus for each approved referral—this can add up to a maximum of 75,000 Membership Rewards points. 4. The fee is charged monthly The American Express Cobalt has an annual fee of $155.88, but unlike most other cards, it charges you monthly rather than annually, so it feels more manageable. As an additional draw, the card allows for up to nine free supplementary cards at no charge, so your spouse and family members can spend and earn points on the same account—a cost-effective way to boost your rewards even more. 5. It comes with great travel insurance Travel insurance is a competitive area when it comes to credit card perks, and the American Express Cobalt makes a strong showing with its included package. Use the card to make your travel purchase and you’re automatically covered on that trip for up to $5 million in travel medical emergency insurance plus add-ons like $250,000 in travel accident protection, lost or delayed baggage, hotel/motel burglary, and flight delay coverage. The car rental collision/loss/damage waiver insurance covers you up to $85,000—more than the standard $60,000 offered by most cards. While these benefits are all valuable, cardholders need to be aware that trip cancellation/trip interruption coverage is not included, and the emergency travel medical coverage is only for people under the age of 65 and lasts for only 15 days, so it’s not suitable for older travellers or for longer trips. 6. You’ll receive American Express Invites and Amex Offers As an American Express card, the Cobalt gets account-holders automatic access to exclusive ticket-buying and money-saving opportunities. American Express Invites grant access to advance tickets or reservations to sought-after events or experiences through their Front of the Line Presale & Reserved program. Through Amex Offers, cardholders can get deep discounts and special promotions when they spend at certain retailers. Find your next credit card.What kind of credit card are you looking for? Get matched with the best cards for you in under 2 minutes at ratehub.ca. Let’s get started. I want to earn rewardsI want to pay low interest You will be leaving MoneySense. Just close the tab to return. How do I redeem my American Express Membership Reward Points? Redeeming for travel can be done in three ways, all of which have their own benefits. 1. Amex’s Flexible Points Program Those who crave simplicity will want to look at the Flexible Points Program, which gives you a flat rate of $10 in travel credit for 1,000 points. This credit can be spent against purchases of everything from flights to hotel stays, and can be used to offset the cost of a purchase made anywhere, not just on the Amex proprietary rewards site. 2. Amex’s Fixed Points Travel Program When redeeming through the Fixed Points Program, you use a redemption chart where there is potential to get a better rate on round-trip flights within Canada and abroad. Unlike with many other travel rewards programs, the value of your points towards your desired flight doesn’t change based on when you wish to travel, or the number of seats already booked

[ad_1] The post How We Can Become Financially Independent Women appeared first on Millennial Money. Most of the time, women are not centered in financial conversations. We’re more likely to be taught how to save money and pinch pennies than grow our wealth. But, that’s absurd. Women have just as many incentives as men to invest in their future, and build wealth for a better life. Women, more so than ever, need to strive for financial independence. Here’s how to get started. What Is Financial Independence? Financial independence is the ability to live off of means you’ve acquired for yourself, without needing to rely on a job. You’ve spent time and energy amassing wealth to protect you from life’s misfortunes and you no longer need to work. You may still choose to work, but you don’t have to. Financial independence can be a way to bring gendered financial equity. Steps That Will Make Every Woman Financially Independent While you can’t become financially independent overnight, you will become financially independent if you stick to a financial plan. Becoming financially independent is a process that will take years. How many years will it take? Some financially independent women have achieved it in five years, like Purple from the blog, A Purple Life. Kitty from Bitches Get Riches is retiring at 35. For others, it takes longer. There’s no right or wrong way to achieve financial independence. Personal finance is personal, and you’ll have to decide what works for you to reach financial freedom and increase your net worth. Start by Improving Your Financial Literacy The first thing you’ll want to do is ensure that you’re financially literate. Do you budget well and are you capable of saving money? If not, it’s going to be harder to achieve financial independence. If you’re having trouble budgeting, try using one of the popular budgeting systems, like the envelope method or the zero based budgeting method. There’s also plenty of budgeting apps that can make this process easier. One of our favorites is You Need A Budget. If you’re having trouble saving money, try automating your investments. It’s easier to save money if you’re not part of the equation. Let technology do the heavy lifting for you. I’ve personally found it helpful to have a personal accountability partner. We check in with each other a few times a month to see how our spending is going and to ensure we’re on track to meet our goals. We also track our spending together. Peer pressure, if used correctly, can be a powerful tool. Learn More: What’s the Difference Between Financial Freedom and Financial Independence? Why You Need an Abundance Mindset for Financial Independence How a SWOT Analysis Can Help You Become Financially Independent How Overcoming a Scarcity Mindset Will Lead You to Financial Freedom Figure Out Your Financial Independence Number Next, you’ll want to create a financial plan for achieving this goal. You can work with a financial planner or build your own plan, if you’re comfortable with that. Either way, you’ll want to make sure that your financial goals are achievable. If you choose to build your own plan, start by saving an emergency fund. That should be 3 to 6 months worth of assets in cash. Next, you’ll want to follow the 4 percent rule and build SMART goals. The 4 percent rule is based on the idea that your portfolio should allow you to withdraw 4 percent of it a year without depleting the funds. If you’re not sure about your math, there are plenty of FIRE calculators that can help you determine what your retirement number should be. Creating a Plan for Financial Independence Once you know what your number should be, you need to create a roadmap towards financial independence. The math here gets a little tricky, because you should be investing your money into the market. I recommend using a retirement calculator to help you see how many years it should take. Let’s say we’re making $50,000 a year (after taxes), and only spending $40,000, this leaves us with $10,000 to put into savings a year. If we were to save without investing, it would take us 100 years to save $1,000,000. That’s a bit too long of a timeline. If you invest the money instead, assuming a 7 percent return, you’ll have a million dollars in 35 years instead. If you’re able to cut down your expenses or start earning more, it’ll take less time than that. Creating Passive Income to be Financially Independent Another way to become financially independent is to create passive income. Passive income is income that you earn while doing nothing. Sounds pretty sweet, no? Sometimes it takes quite a bit of upfront work, say if you’re writing a book or creating a product. But the goal of passive income is that it makes money over time. The possibilities of passive income are endless.  You could: Start a blog, podcast, or Youtube channel Write a book Create printables  Sell stock photos  Rent out your garage with a service like Neighbor Invest in real estate Ideally, you’ll replace your need for a job with your passive income. You could diversify your income streams and do several different passive income generating projects, or you could stick to just one. This, like everything else, is customizable to your needs as a woman. Common Roadblocks for Women Who Strive Toward Financial Independence  While I’d love to say that once you figure out your personal formula, the road to financial independence is easy; unfortunately, it isn’t. Just like all good things in life, it comes to those who diligently pursue it. You’ll have to work hard and stay consistent to reach a place of financial security. Burn Out Burn out is a huge problem to those who seek financial independence. If you try to do too much, too fast, you won’t be able to do anything at all. Seeking financial independence is like running a marathon. It takes a lot of

[ad_1] Wow! This is a great deal on this popular Haakaa Silicone Breast Pump & Silicone Cap! Amazon has this Haakaa Silicone Breast Pump & Silicone Cap for just $14.62 when you clip the 5% off e-coupon and use the promo code 5E2G3APW at checkout! This has thousands of amazing reviews. Sign up for a free trial of Amazon Prime to get guaranteed FREE two-day shipping (and possibly one-day or same-day shipping!). And don’t forget you can sign up for Swagbucks to earn free gift cards to use on deals on Amazon. Thanks, Midwest Money Saving Mommas! [ad_2] Source link

[ad_1] Russia Plays Down Progress in Peace Talks, Intensifies Attacks in Eastern Ukraine  The Wall Street Journal Ukrainian and Russian delegates begin peace talks in Turkey | USA TODAY  USA TODAY Biden pledges $500M more in call with Zelenskyy; Russia taking a beating, needs to regroup, Brits say: Live Ukraine updates  Yahoo News U.S., Ukraine wary of Russian promise to scale down military operations  Reuters Where Putin, Zelensky Are Open to Compromise on Deal to End War  Newsweek View Full Coverage on Google News [ad_2]

[ad_1] The last date to link PAN with Aadhaar has been extended. Under the provisions of the Income-tax Act, 1961, every person who has been allotted a PAN as on 1st July, 2017 and is eligible to obtain Aadhaar Number, is required to intimate his Aadhaar to the prescribed authority on or before 31st March, 2022. On failure to do so, his PAN shall become inoperative and all procedures in which PAN is required shall be halted. The PAN can be made operative again upon intimation of Aadhaar to the prescribed authority after payment of a prescribed fee. In order to mitigate the inconvenience to the taxpayers, a window of opportunity has been provided to the taxpayers upto 31st of March, 2023 to intimate their Aadhaar to the prescribed authority for Aadhaar-PAN linking without facing repercussions. As a result, taxpayers will be required to pay a fee of Rs. 500 up to three months from 1st April, 2022 and a fee of Rs.1000 after that, while intimating their Aadhaar. However, till 31st March, 2023 the PAN of the assessees who have not intimated their Aadhaar, will continue to be functional for the procedures under the Act, like furnishing of return of income, processing of refunds etc. After 31st March, 2023, the PAN of taxpayers who fail to intimate their Aadhaar, as required, shall become inoperative and all the consequences under the Act for not furnishing, intimating or quoting the PAN shall apply to such taxpayers. The government through a notification issued on March 29 has brought in Income-tax (Third Amendment) Rules, 2022 to be effective from the 1st day of April, 2022. The rules makes it clear for every person to link Aadhaar number with PAN number, failing which one will be liable to pay a fine. “It is now mandatory to link the Aadhaar number with PAN to complete income-tax-related tasks such as filing returns on income. This move has been made by the government after its come to their notice that fake PAN numbers are being used. According to the notification, where a person fails to link his Aadhar with his PAN by 31 March 2022, the person will be liable to pay a late fees upto Rs 1,000 and further, the existing PAN number will become inoperative,” says Neeraj Agarwala, Partner, Nangia Andersen LLP As per the notiofiocation – “Every person who, in accordance with the provisions of sub-section (2) of section 139AA, is required to intimate his Aadhaar number to the prescribed authority in the prescribed form and manner, fails to do so by the date referred to in the said sub-section, shall, at the time of subsequent intimation of his Aadhaar number to the prescribed authority, be liable to pay, by way of fee, an amount equal to, — (a) five hundred rupees, in a case where such intimation is made within three months from the date referred to in sub-section (2) of section 139AA; and (b) one thousand rupees, in all other cases.” If you already have the PAN card and are eligible to obtain Aadhaar number or you have already acquired one, then you are required to intimate the Aadhaar number to the Income Tax Department. Your PAN Aadhaar linking needs to be completed, else the PAN will become ‘inoperative’. Once the PAN becomes inoperative, one will not be able to undergo several transactions where PAN is required to be quoted mandatorily. The Income Tax Department has specified 18 financial transactions where quoting of PAN is mandatory by an individual. In such cases, the transactions could be carried out only when the PAN and Aadhaar are linked, thus making the PAN re-active. How to link Aadhaar with the PAN card To link Aadhaar with the PAN card, one may go to the e-filing website of the Income Tax Department. One may use log-in credentials or even without logging, the linking of Aadhaar and PAN can be done. The Income Tax Department has made it clear that for filing of ITR, Aadhaar and PAN linkage is mandatory unless specifically exempted. [ad_2] Source link

[ad_1] This is a frequent question of anyone who is carrying an uncomfortable level of debt. Bankruptcy should never be taken lightly since there are consequences. But there are times when it becomes absolutely necessary. For example, if you’re carrying a level of debt you can’t hope to repay, or if the monthly payments are impairing your ability to survive, bankruptcy needs to be a consideration. More than 544,000 people filed for bankruptcy in 2020, which is down significantly from the 750,000+ filing each of the previous several years. Should you file for bankruptcy, and what are the implications if you do? #ap86355-ww{padding-top:20px;position:relative;text-align:center;font-size:12px;font-family:Lato,Arial,sans-serif}#ap86355-ww #ap86355-ww-indicator{text-align:right}#ap86355-ww #ap86355-ww-indicator-wrapper{display:inline-flex;align-items:center;justify-content:flex-end}#ap86355-ww #ap86355-ww-indicator-wrapper:hover #ap86355-ww-text{display:block}#ap86355-ww #ap86355-ww-indicator-wrapper:hover #ap86355-ww-label{display:none}#ap86355-ww #ap86355-ww-text{margin:auto 3px auto auto}#ap86355-ww #ap86355-ww-label{margin-left:4px;margin-right:3px}#ap86355-ww #ap86355-ww-icon{margin:auto;padding:1px;display:inline-block;width:15px;height:15px;min-width:15px;min-height:15px;cursor:pointer}#ap86355-ww #ap86355-ww-icon img{vertical-align:middle;width:15px;height:15px;min-width:15px;min-height:15px}#ap86355-ww #ap86355-ww-text-bottom{margin:5px}#ap86355-ww #ap86355-ww-text{display:none}#ap86355-ww #ap86355-ww-icon img{text-indent:-9999px;color:transparent} Ads by Money. 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Let an expert help! Credit Repair companies help identify and dispute mistakes on your credit report that could be weighing down your score. Click your state to learn more. HawaiiAlaskaFloridaSouth CarolinaGeorgiaAlabamaNorth CarolinaTennesseeRIRhode IslandCTConnecticutMAMassachusettsMaineNHNew HampshireVTVermontNew YorkNJNew JerseyDEDelawareMDMarylandWest VirginiaOhioMichiganArizonaNevadaUtahColoradoNew MexicoSouth DakotaIowaIndianaIllinoisMinnesotaWisconsinMissouriLouisianaVirginiaDCWashington DCIdahoCaliforniaNorth DakotaWashingtonOregonMontanaWyomingNebraskaKansasOklahomaPennsylvaniaKentuckyMississippiArkansasTexas Repair My Credit What Happens When You File for Bankruptcy? Filing for bankruptcy can seem like an intimidating process, but the initial results may be something closer to relief. Once you file for bankruptcy, your debtors are legally barred from pursuing you for payment. That will not only end the payments that are making your life a financial nightmare, but also the harassing phone calls from debt collectors. What’s more, creditors are also barred from pursuing collection. That can include garnishing your wages or seizing bank assets. In effect, the bankruptcy filing provides you with an immediate dose of breathing room. That’s the good news. The bad news is that your financial ability to maneuver will be greatly restricted, especially in the near term. For example, once you file for bankruptcy, you’ll be unable to obtain new credit. You may also be unable to be approved for an apartment lease. And you may not be eligible for certain jobs where credit considerations are a major factor. You can think of bankruptcy as being something like a financial time-out. You’ll get relief from the immediate stress of your debt burden, but your options will be severely limited. What Happens to Your Debt When You File for Bankruptcy? The answer to that question depends on what type of bankruptcy you file. Under a Chapter 7 bankruptcy, most debts will immediately be dissolved. But under Chapter 13, some or even all of your debt may be subject to repayment through an installment plan. It’s also important to understand that your debts will be discharged only if your bankruptcy is granted and completed. For example, if you file for Chapter 7, and fail to meet the qualifications, the bankruptcy discharge will be dismissed by the court. If you file for Chapter 13 and fail to complete the installment repayment satisfactorily, the discharge will be invalidated. In either situation, the damage to your credit will be more severe than it would have been had you not filed for bankruptcy. That’s because not only will you have the bankruptcy filing on your credit report, but you’ll also have a bunch of unpaid debts, all reporting as past-due or in the collection. You should also be aware there are certain types of debt that cannot be extinguished even by filing bankruptcy. The list includes the following debts (applying only to Chapter 7): Debts not included in your bankruptcy Debts that were incurred fraudulently Income tax debt under three years old Taxes other than income tax (i.e., payroll or sales tax) Federal tax liens Unpaid child support or alimony Debts to government agencies for fines and penalties Student loans Debts for personal injury caused by driving while intoxicated Debts owed to certain tax-advantaged retirement plans Court fines and penalties, including criminal restitution Attorney fees in child custody and support cases Homeowner’s association (HOA) fees Some of the above debts can be discharged by filing Chapter 13. These include non-criminal government fines and penalties, non-support marital debts pursuant to a divorce or settlement agreement, debts incurred to pay a non-dischargeable tax debt, HOA fees, and loans owed to a retirement plan. How Many Types of Bankruptcy are There? For personal bankruptcy, there are two primary types, which we’ve already discussed briefly. Those are Chapters 7 and 13. Chapter 11 is the bankruptcy of a business entity. Chapter 7 Bankruptcy Chapter 7 bankruptcy is probably the “TV version” of bankruptcy. That’s where nearly all your debts are discharged, but where you may also be required to liquidate assets. That doesn’t mean you’ll lose every possession you own. Each state sets a limit on Chapter 7 bankruptcy exemptions. This extends to both the type of asset and the dollar limits that will be exempt. The amount will be different in each state. A number of states give you a choice between the state’s bankruptcy exemption and the federal bankruptcy exemption. You can choose whichever is more beneficial to you. Examples of property that can be exempt under federal law include: Homestead exemption of up to $25,150 (primary residence only) Benefit and support, including alimony, child support, life insurance paid to a dependent, Social Security benefits, unemployment compensation, VA benefits, and other government benefits $25,150 for personal injury recovery, exclusive of pain and suffering Compensation for loss of future earnings necessary for support Payments received in connection with the wrongful death of a person you depended on necessary for support Compensation as a

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