Thinking Of Declaring Bankruptcy? A List Of Some Things You Should Never Do: Part Two
In the last article in this two part series I provided you with a brief summary of what bankruptcy was, what the Chapters mean, and a list of things to avoid doing once you have made the decision to file for bankruptcy. Continuing on, if you are declaring bankruptcy, don't liquidate your retirement account. First, it is not necessary to do this because retirement accounts are usually exempt property under the law, no matter which chapter you file. Also, if you withdraw this money early, this means liability for penalties and taxes which may not be discharged in your bankruptcy.
This next "don't" won't make you feel so good, but it is prudent to do so. When you are paying back creditors, don't favor your family members. This is because even though they may be your blood, as far as the law is concerned, relatives have the exact same legal status as all of the other creditors that you owe. It is understandable that you may want to pay back the people you love nearly and dearly the most, but bankruptcy courts are not exactly known for eliciting warm, fuzzy, sympathetic feelings.
Before you file for bankruptcy, do not transfer property out of your name. If a reasonable price wasn't received, this action can be canceled out, and it can certainly be undone if it were made with the purpose to hinder, defraud, or delay a creditor. Relatives and friends can fall into this category as well.
Do not utilize your equity line of credit to pay off your creditors. This is because under most state and federal laws, you have the ability to claim exemption for your home equity. So if you do not use your equity line, you can go through bankruptcy and still be able to hold onto your equity. Think about it this way: if you used your equity line to pay back debt or to take out another mortgage, what you would be doing in a nutshell would be converting debt that would have been discharged in bankruptcy into debt that you will still have to pay in order to keep your home.
To finish the article I will leave you with one DO: make sure you have a good lawyer, and always tell her the full truth and let her know all of your worries and concerns. Courts take themselves and their rules very seriously and have the ability to file criminal charges if you intentionally commit fraud. And even if they did not go that far, they always have the capacity to hold you accountable for any debt that they want, or even to simply dismiss your entire case.
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Comments on Thinking Of Declaring Bankruptcy? A List Of Some Things You Should Never Do: Part Two
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Max,
The issue is one that I think the theory of electricity markets has done a very poor job of capturing. Wholesale power trading has only the most indirect impact on retail rates which – throughout the region – are set through processes that are heavily politicized. (Indeed, even where utilities have a pass-through tariff for wholesale fluctuations as you note, they still have differential capital recovery rates in various tariffs that can insulate some customers – especially big industrials – from the full cost of power.) Thus we end up with a situation where there are massive opportunities for capacity additions – whether through on-site generation or DR – that are made based on economic signals that are poorly connected the underlying market need.
Meanwhile, on the upstream side, there are still many states that are part of wholesale markets but remain wholly or partially regulated (WV, IN, etc.) such that the GenCos operate under a set of economic incentives to deploy capital that have virtually no bearing on wholesale spot prices. The regulated markets are fine for what they are – and to be sure, have done a fantastic job at rationalizing dispatch of existing assets – but have largely failed to incentivize new investment, and the proof of that is in the pudding: 10+ years into dereg, we still have steadily dwindling system reserve margins. The credit crunch has made this worse still, as the only "markets" with long term price certainty are the regulated gencos (through rate-payer guarantees) and end-user efficiency measures (through retail rate displacement). But the former is predisposed to building uneconomic generation and the latter is – in most cases – not exposed to the full price of power because of the politicalization of rate cases. (Note that this latter point has been the fundamental failure of market restructuring, inasmuch as by keeping the regulatory constraint on the "last mile" of wire, it has kept the best options for cost mitigation out of any direct way to participate in markets. Some markets – ISO-NE most notably – have taken good steps to fix, but they have a long way to go, and ultimately cannot unpack all that baggage so long as the DISCO remains regulated.)
Perhaps the best proof of all this is simply by looking at the capacity additions that the system has made over the last decade. As far as I can tell, the three biggest sources of new capacity during that period were central-station natural gas (about 200 GW), load-sited CHP (about 45 GW) and wind (something like 10 GW). Of those three, the gas is the only one that was set up to chase wholesale power prices and markets have "learned" that this game isn't winnable, for exactly the reasons you note: the market gives you marginal prices, and equity takes it on the chin. As a result, construction of new gas assets has essentially stopped. The CHP has almost all been displacing retail, isolated from wholesale for the reasons noted above. And the wind is basically chasing tax incentives, almost fully divorced from market forces. (Indeed, wind rather uniquely remains pretty hostile to markets in many cases, since it is so dependent on subsidized transmission.) So we basically have a system wherein (a) we aren't building the capacity we need and (b) the capacity that is being built is being built largely external to the structured markets. That doesn't mean that markets haven't played a role – but they have yet to prove their ability to meet capacity needs. (And to be clear, I use the word "markets" in a specific, lower-case "m" sense. I'm not critiquing Markets generally, but making an observation on those partial markets we have right now.)
As far as I know, the only thing that ruins your credit history is having a collection agency on your record or declaring bankruptcy. The best way to develop a credit history (no matter what age) is to collect some credit cards. Get a Sears Card and other store cards. Anyone can get one. Buy stuff with the card, but pay it off immediately before the interest accumulates because the interest rates are astronomical. Get a VISA card. Pay it off promptly. Presto! You have a credit rating. Having a bank account is also good. Don't make the mistake of cashing all your cheques at one of those Money Mart places.
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I would like to share a little bit of information about the way Transocean promotes! I have a few family members that work for Transocean and the promotion process is done by who you know NOT YOUR EXPERIENCE!! This is a proven fact that I have seen done to some family members! This could have played a HUGE part in the Horizon. We all agree this is a tragedy that NO ONE was prepared for and are hearts and prayers are with the family members of those who lost loved ones! But perhaps if investigated we may find that it was due to friends promoting friends instead of experience!!!!!!! Thank you for taking time to read this and I hope this is looked into farther!
Concerned Citizen
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Were it not for wise and frugal folks such as have posted here, the entire nation would be declaring bankruptcy. As it is, maybe only the various governmental entities will have to. Makes very little difference, does it? We're all in the stew together and no matter what tid bit makes the news, it will be a long and painful recovery, if that is even possible with all of the permanently lost manufacturing jobs.
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Instead of circling the drain with Republicans, at least some of the family income was poured into an occasional vacation and night out at the concert hall or ballpark.
The beauty of putting your life in God's hands is that you can see that the value of your retirement accounts is "funny money" until you need to take it out to pay for life's necessities.
When I retire, my retirement accounts will be worth what they are worth. I will probably be fine. And if I'm not and I have to struggle, it'll be an opportunity to unite my cross to Christ's.]]>
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