Coping with Financial Loss when Bankrupt

When I recognized that my bankruptcy clients appeared to be engaging in grieving behaviors, I consulted with Sameet M. Kumar, PhD, author of “Grieving Mindfully: A Compassionate and Spiritual Guide to Coping with Loss.” My suspicions were right — all types of loss, including financial loss, trigger the five stages of grief. All the financial loss will be recovered with the help of bankruptcy lawyer san diego. There should be disclosing of all the facts to the lawyer for the winning of the lawsuit. 

Interestingly enough, when my clients understand this emotional process they move through each stage more quickly. Hopefully, the description of the five stages of grief and typical reactions below will help you recognize that while you feel bankrupt in more ways than one, your life will not only improve, but thrive as well.

Denial or “This isn’t happening to me” stage. The first stage is often triggered when a setback such as a job or financial loss occurs. Not wanting to face a lifestyle change, decisions are made based upon false hope. This is when bankrupt clients make the mistake of dipping into their retirement funds to pay house payments and other bills. The problem is that these funds can often be protected and are needlessly wasted as a result – yet another financial loss.

Anger or “I could have done something differently” stage. It is hard for a bankrupt client to watch the life that they built disappear. While the economy is the biggest factor in most client’s financial losses, clients tend to direct their anger on themselves. At this stage, they often believe that they could have done something differently to prevent the bankrupt status and resulting financial loss.

Bargaining or “Tell me what I need to do to fix this” stage. This is the stage my clients are often in when I first meet them. They are looking for answers. They want to know how to hold onto their lifestyle even though bankrupt. Working together, we assess the options available while focusing on setting aside the emotional aspects so that they may make sound, objective decisions. Most importantly, explaining the cycle of the grieving process helps many to step back and look at their situation realistically. It frees them to begin taking productive steps forward, leaving behind the financial loss.

Depression or “I’m facing reality and I don’t like it” stage. After first meeting my clients, they usually take one to six months to consider their options. During this time, I often field telephone calls and answer questions about the options we discussed. It is an important part of the process that cannot be rushed.

Acceptance or “I’m ready to put this behind me and move forward” stage. When my clients are ready to proceed, the difference in their demeanor is almost magical. The bankrupt depression is gone and they are upbeat. They see the possibilities in a new, debt-free life. Accepting the bankrupt status, they take the steps necessary to free themselves of the stress that comes with financial loss and the burden of the grieving process.

When asked why I find representing bankrupt clients rewarding, I explain that I find pleasure in knowing that my clients emerge from the financial loss as whole, emotionally healthy people who are not only wiser, but appreciative of their new, saner lifestyle, as well.

You Easily Reduce Your Income Taxes By Owning A Home Business! Read to find out

Paying tax can serve you with numerous benefits, and if you owe something through which you need to pay tax, but you aren’t willing to pay, so, then there are various ways through which you can save yourself. In case you are using the home as the principal of your business, then you can claim tax burden by claiming a deduction on expenses relating to your home office. Have a look at the following point to know more regarding several ways to deduct your tax either you can consult for more information. 

  • Keep an eye on the adjusted gross income:

If you have adjusted your gross income, then you should keep the things into your notice to ignore future hazardous. Several tax breaks, limitations, and additional taxes tee off to the adjusted gross income (AGI) or Modified adjusted gross income (MAGI). 

  • You need to make smart tax selections:

There are numerous ways through which you can easily deduct your taxes, and being strategic about your business expenditures can let you stay at the safer side. 

  • Do not overlook carryovers 

The deductions and credit are restricted up to some extent, and they are capable of preventing you from using them entirely in the running year. The carryovers to the future years are a way to reduce taxable incomes. 

  • Use fringe employee benefits plans

In some cases, the business pays for certain fringe benefits for the employee, and these taxes can be avoided. There are numerous tax benefits that an employee can get, some of the Employer-sponsored health insurance are at the follows.

  • Long-term care insurance 
  • Group term life insurance 
  • Disability insurance 
  • Education assistance 
  • Dependent care assistance 
  • Transportation benefits 
  • Meals provided for employee convenience 

Manage A Credit Card Debt Everyday

Credit card debts are actually a revolving debt. The amount you purchase from credit card should be repayable with certain interest. Thus the more amount you purchase and unable to pay back the debt only requires credit card debt relief programs. There are some certain limits that should not be crossed.

How to get rid of credit card debt:

The first thing to get out of credit card relief is to reduce the interest rates. The average interest rates for credit card APR is 16%-18% which is like mortgage or loan. If you can minimize interest charges then you can actually pay your actual debts. There are three major things which you should work on are:

  • Plan how to reduce your debts
  • Keep in touch with creditors
  • Valuate your debt

Plan how to reduce your debts:

This is a repayment strategy that can be done on your own without undergoing any new financing. Make sure that your expenses using credit card is in the limit to work for your needs and goals. First you should pay your balances of highest APR rates, and it will automatically reduce interest rates. Start with your smaller debts first so that there will be a momentum to pay off the larger debts.

Keep in touch with creditors:

The credit card debtors should be in touch with the creditors that they can be aware of their debts is paid or not. Negotiate them to reduce APR applied. Stop making penalties and late fees so that it will make delay in catch up. Set up a forbearance if you have a temporary Trouble making.

Valuate your debts:

Take your individual monthly card payments and combine it to one payment at the lowest interest rates. Consolidating debt allows you to simplify your bill payment schedule, save money on interest rates and get out of credit card debts faster.

Reasons For Bitcoin Price Being So Volatile

Bitcoin is a digital currency, launched almost a decade ago and is not backed up by any bank or government. It is a decentralized currency, sent through software from peer to peer in blockchains. It was launched owing to the failure of global financial systems and government currency. Investing in a bitcoin has its own pros and cons. Experts talk about its security in a way that it depends on the person using it. Do not fall for fake bitcoin sites like The bitcoin is digital currency not controlled by a single administrator, thus it is on the user to make it secure for them.

Causes of bitcoin being volatile

It is volatile because it is not as trusted and accepted as the dollar. However, trends are changing and there are various other factors for bitcoin’s volatility.

Uncertainty of future Bitcoin’s value- Bitcoin has no backing up like stocks. It can crash anytime and value could be zero. Most people wanted to buy it for store value against inflation of government currency. A store value is the function against which the asset can be useful in the future. At present bitcoin has unclear store value and does not ensure its exchange for service in the future. It is becoming volatile because of its self prophecy being exploded.

Security breaches cause volatility- One of the reasons bitcoin becomes volatile is when its security is exposed. It works through various software, thus there is a huge risk to security. If hacking happens at any point in the primary system, the bitcoin market lands up in trouble.

Like other currencies in the trading system, bitcoin too depends on supply and demand by people. Its volatility depends a lot on market trends but also on the nature of this currency. It is not regulated at all by any trusted entity and is just an internet token transferred among people to exchange it for goods and services in the future.