While bankruptcy may seem like an easy way to get out of paying bills, it is really not such a good idea if at all avoidable.  Once bankruptcy is filed, the credit of the filer is ruined.  This means it will be difficult to get a loan for anything such as a car, house, etc.  In the U.S. bankruptcy is under federal jurisdiction, with individual states filling in the blanks.

There are six different types of bankruptcy in the U.S. covering several different types of situation.  Chapter 7 includes the basic liquidation for individuals and businesses, while Chapter 12 calls for rehabilitation for farmers and fisherman.  Chapter 15 focuses on ancillary and other international cases.  The chapters in between provide plans for individuals filing for bankruptcy who have a steady income (Chapter 13) and rehabilitation used primarily for business owners (Chapter 11), among other criteria.  The most common types of bankruptcy filed in the U.S. are Chapters 7 and 13, with Chapter 7 making up 65% of bankruptcy filings.

To better understand bankruptcy, take a look at what happens should someone file Chapter 7.  The individual must surrender all non-exempt items to a trustee, who then liquidates the items and uses the money to pay off debt.  Exempt items include an older car, household goods and clothing.  Many people possess only exempt items and therefore have to surrender nothing.  An individual is only allowed to file Chapter 7 once every eight years.

1.)  9/11 economic stimulus package by Bush(2002)

As the world saw World Trade Towers crumble to dust, while 2,973 innocent lives laid down to peace, the attack also made a significant economic impact on United States. President George W. Bush then signed a multibillion-dollar economic stimulus bill into law on March 9, 2002. The bill accounted for the boosting the economy and working in the field of providing employment, encouraging business investments and so on.

2.)  Ebay and PayPal tie a partnership knot(2002)

The combination of an auction giant and an emerging electronic payment system with a deal valued at $1.5 billion became the prime key to eBay’s growth in the online marketplace. Currently, PayPal operates in 190 markets, and it manages over 73 million accounts. It has been reported that PayPal’s total value of transactions in the first quarter of 2009 was nearly $16 billion, 10% up, year over year.

3.)  EMC acquires VMware (2003)

Storage specialist EMC acquired Vmware for about $635 million. The world leader in information storage and management acquired the software company VMware that helped EMC reach further into the world of utility computing. As for EMC, the company achieved a significant market authority that it would never have commanded otherwise solely. Together they have taken the IT industry to great levels with server virtualization thus paving way for development of new applications and technologies. With the recent trio with Cisco, the three plan to accelerate Pervasive Data Center Virtualization and Private Cloud Infrastructures.  With 2008 revenues of $1.9 billion, more than 150,000 customers and 22,000 partners, VMware is the leader in virtualization.

4.)  Google  IPO(2004)

This was first time ever Google had strangely proposed initial public offering of its stocks that actually turned many Google employees into millionaires instantaneously. . The Google IPO that took place on 19 August 2004, offered 19,605,052 shares at a price of $85 per share. The sale of $1.67 billion gave Google a market capitalization of more than $23 billion. Google saw an outstanding stock performance after its first IPO launch when its shares hit $700 on 31 October 2007.

5.)  China emerges as World Financial Power in 2005

According to economists, China’s GDP grew 10.0% in 2003, 10.1%, in 2004, and even faster 10.4% in 2005.Country’s per capita income has grown at an average annual rate of more than 8% despite the global recession.  Producing $7.9 trillion, it places itself as the world’s third largest economy after U.S. and Japan. The most populated country is actually the largest banker of U.S. with its $800 billion.

6.)  UJF + Mitsubishi to form the Bank of Tokyo-Mitsubishi UFJ(2006)

Well this merger is said to be one of the most important financial event of the decade that created the world’s largest bank in terms of total assets. The Japanese bank BTMU , was launched on 1^st January, 2006 through the merger of The Bank of Tokyo –Mitsubishi Ltd. And the UFJ Bank Ltd. BMTU’s has more than 600 domestic branches and agencies while 99 international branches all across the globe.

7.)  Billionaire Warren Buffet’s Billion dollar donation(2007)

I know many of you may not take donation by world’s third richest man as a surprise. But why I count it amongst the top financial events is because giving away 83% of your multi-billion dollar fortune as donation is worth major acknowledgement. Billionaire investor and Berkshire Hathaway CEO Warren Buffett made history in June 2006 as he announced the donation worth $30.7 billion for the Bill & Melinda Gates Foundation. The true philanthropist has lived all his life with humility and simplicity. Fortune magazine praised Buffet saying, “Typical Buffett: rational, original, breaking the mold of how extremely rich people donate money.”

8.)  The rising housing and stock market ( 2007)

Well probably we were heading towards an economic depression soon but 2007 was a year that also saw the landmark financial moment when the Dow Jones Industrial Average broke two records in just a year. On April 27, 2007, the Dow created a milestone as it closed above 13,000, first time ever in the economic history. Markets continued to grow and Housing prices soared high. And just few months later on Oct 9, Dow hit another all time high closing of 14,164.53. But the bitter memories of what happened few months later and how the world economy smashed and plunged into the pool of global recession, are still afresh in our minds.

9.)  ABN Amro take over by RBS(2007)

A consortium comprising RBS, Fortis, and Banco Santander, acquired the Dutch bank ABN AMRO in 2007.This was the biggest banking takeover in history worth US$ 100 billion. The bank was one of the largest financial institutions in the world that had significant presence in European nations.

10.)  Obama economic Stimulus Package (2009)

The recession created an alarming situation amongst the investors and Obama just did not want people to lose their trust on the finance industry. The $787 billion economic stimulus package was thus approved by Congress in February, 2009 that included federal tax cuts, expansion of unemployment benefits and other social welfare provisions. It aimed 1.4%-3.8% GDP growth by the end of 2009. Well while it hasn’t reached its set target but Obama’s effort to rebound the economy did reap some fruitful results.

My list may not match with your preferences and I may have missed out some more potential events in the list. But as for the ones mentioned above, these do hold a paramount importance on the pages of the history of the last decade. Oh while it isn’t over as yet, we still have chances of some major event to create another economic forte. Hoping for the recession to finally wrap up and dispatch from the economic curve, we anticipate another decade to witness more awesome financial events.

Well, there are tons to choose from and they are all tailored to your specific needs. If you have a great job and money isn’t an issue, you can make higher payments and possibly pay off your loan in as little as 10 to 15 years.

For many people though, they don’t have great jobs and need to best plan for their budget.

Most cheap mortgages differ in just a few ways. They may require balloon payments up front or toward the end of the loan period or they might be influenced monthly by ever changing interest rates.

Fixed rate loans are very popular because you are guaranteed to have the same bill every month regardless of interest rates. If you are on a budget, this is a great option.

Adjustable rate loans differ from fixed rate as they fluctuate with current interest rates. Don’t worry though, they usually have a cap so you won’t be paying twice as much as the month before. The cap is usually just a couple percent.

These are just a couple of popular types of home loans. If you plan on getting a commercial loan, you will have many more mortgage types available.

Some of these have very low payments for the first year until your business is established and they they increase so you can pay them off quickly.

The best bet is to research the different types of loan you are interested in and discuss them with your broker.

To figure out cost of living, there are several “calculators” and formulas on the internet that can help, some of which are more specific to cost of living per city.  Others will compare the city you are moving from to the city you are moving to, and tell you if you can afford the city you are moving to and how your lifestyle will change if the cost of living is higher.

In order to get an estimate of your personal cost of living, there are several steps to follow.  First, collect all receipts for your expenses over the last six months and sort them on a month-by-month basis.  This includes rent/mortgage, utilities, healthcare, dental, entertainment (movies, concerts, magazine subscriptions), restaurant receipts, child/pet care, car payments, new clothes and shoes, etc.  Next, average the six months, and then add 5%.  The 5% will cover any unforeseen hardships, travel, holidays, etc.  This is now your estimated monthly cost.  Now, subtract this number from the amount you receive in income in a one-month period.  Hopefully, you are left with a number that is at least $500.  If you have a deficit, you are living beyond your means and need to change your spending habits.  While this is just a rough estimate of your personal cost of living, using this equation can help you to better budget and plan for future long-term financial goals.

When reviewing minimum wages for other countries we must also take in to consideration the cost of living. Even knowing the cost of living is quite a bit lower in South Africa than in New York City, it still seems shocking that the minimum wage in South Africa, one of Africa’s richest nations, is a mere $.55 (USD). A citizen of Angola may consider themselves lucky though, as the minimum wage is only $.25, and $.21 in Ghana.

Moving to Asia the high and low countries are South Korea and Mongolia, respectively. South Korea tops the charts with $3.30, while Mongolia scrapes in at $.02. The top European nation is Ireland at $10.92, a far cry from the $1.90 in Hungary. Australians earn a minimum of $10.42/hour, Canadians a modest $6.13, and El Salvador $.31 with Chili being the breadwinner of South America at $1.44 USD/hour.

Minimum wage is determined by the government and is calculated with cost of living in mind as well as what an increase would do to jobs and the local and global economy.

Taxes in the USA are basically configured by three different entities: local government, state government, and federal government.

Local taxes are often thought of as sales tax, the extra six or seven cents added on to every dollar of purchases made in the town. This money can possibly go towards municipal buildings, schools, park improvement, transit, and paying for the police and fire departments. There is often a vote to raise or lower sales tax on a town-by-town basis.

The money from state taxes often goes towards road construction and bridge repair, paying for state government officials and buildings, etc. State taxes include income tax and property tax. Many states also have what has been dubbed “sin” taxes which are additional taxes on items such as cigarettes or alcohol.

Federal taxes are a little more in-depth and difficult to understand. Federal taxes go towards paying Medicare, Social Security, and government officials, as well as several other items. Federal taxes include income tax, gift tax, estate tax, and many, many other taxable items. The tax system is set up on a scale, indicating individuals who have a higher salary pay more in taxes. On average, Americans are estimated to pay 40% of their annual income in taxes.

On the other hand, there are several options for tax breaks. Couples or individuals with children receive a tax credit, particularly if they are paying for daycare. New home buyers also receive tax incentives to help stimulate the economy. Retirement accounts and charitable contributions are two other ways to receive tax deductions.

While most Americans agree they are paying too much in taxes, compared to several other nations we are relatively low. The great partisan debate is and always will be this: are our taxes still too high, or are they too low for what we want to achieve? Or are we getting too much/not enough as citizens for how much we pay?

You can apply for credit cards and secured credit cards in person from bank, online, phone or by filling in the application procedure. How to apply for credit cards amongst these options is your take and comfort level .Before deciding upon how to apply for credit card and fetch one in your hand you should consult for rates, terms and conditions, defaulter penalties. Information about how to apply for credit cards are floating in high density over the net and various financial magazines as well, which can be browsed through easily. It is always advisable to get in touch with the officials of that corresponding credit card institution in person or over the phone (usually toll free)rather than going through third party or agents .While you apply for written credit card application form please do check the authentication of the form.

One can apply for credit for credit card online, which is the most preferred avenue in the information age. Online application of credit card is the most fastest and recommended method these days. With a minor search operation you will be rendered with all the requisite information regarding how to apply for credit card, credit card rates ,credit limits ,penalties, grace period(period within which you do not have to pay any extra interest amount),attractive offers ,cash advances that can be availed . Moreover the implied costs in various credit cards by various credit card companies can easily be deciphered by going through vivid discussion forums.

While applying for credit card online you should read the privacy policy distinctly. Online credit card applications do require some information like date of birth, address proof, social security number, driving license number which needs to be cross checked properly before submitting .Moreover you should be cautious about phishing sites which is the only demerit in online procedure of credit card application. Some banks do not even require any prior bank account of the concerned person whereas some other has condition of minimum balance in respective bank account. There are various categories of credit cards which you should consider while you apply for credit card for example student credit cards, visa credit cards, etc.

An accountant was recently charged with evading taxes by use of a Swiss bank account. Michael Steven Rubinstein of Boca Raton, Florida, is the most recent case prosecuted by the US. Rubinstein in an accountant of the super rich.

Rubinstein allegedly failed to report income that he hid away in a Swiss bank account. I guess he didn’t want to look for CD rates like a normal person. The government recently came to an agreement with UBS that disclosed tax payers that were using swiss bank accounts to evade taxes. The Rubinstein case is the first case of many that resulted from the agreement with USB. The government will likely go after the largest accounts and most well known people on that list first. Rubenstein failed to report his UBS savings account rates or income to the US and will now be paying the price for his greed.