Month : May 2011

Guest Post

Chapter 7 Versus Chapter 13 Bankruptcy

Over the last two years, millions of Americans have lost jobs, suffered paycuts, and had working hours
reduced. These dire economic circumstances have led a record number of people into foreclosure and
millions into bankruptcy. Although bankruptcy should always be an absolute last resort, at times it can
be the best decision. Of course, this decision should be made in conjunction with a bankruptcy attorney
and other financial professionals in order to ensure that bankruptcy is, indeed, the best decision.

If you have decided that bankruptcy is the best way to handle your financial situation, there are typically
two paths—Chapter 7 and Chapter 13.

Chapter 7

This is the type of bankruptcy most people tend to be familiar with. In a Chapter 7 proceeding, a person
turns all property and cash to a bankruptcy trustee who then distributes it to creditors. Several months
later, the debtor will typically receive a discharge of all dischargeable debts. Then, the debtor essentially
begins with a “fresh start.” However, a Chapter 7 bankruptcy will remain on a person’s credit history for
10 years and it will be public record.

Chapter 13

This type of bankruptcy is significantly different than Chapter 7. This type of bankruptcy is generally
referred to as a reorganization bankruptcy, and it involves a restructuring of a person’s debts, including
small business loans if the person is a sole proprietor, so that he or she can repay the debts in a period
of three to five years.

People who own a home and other non-exempt assets often prefer this type of bankruptcy. Chapter 13
has several advantages to Chapter 7. First of all, the bankruptcy will only be on a person’s credit history
for 7 years instead of 10. Second of all, a person will be able to keep non-exempt assets such as a home,
car, etc, whereas a Chapter 7 filer must surrender all assets to the court.

A primary advantage of both types of bankruptcy is to escape the immense pressure of significant
debt. In both instances of bankruptcy, a person will be immediately freed from harassing creditors and
collection agencies.

Bankruptcy should never be considered lightly. It is often described as a very painful and difficult
process, and it should only be considered in the company of financial and legal professionals.
Bankruptcy should definitely be considered as a last option.


Guest Post

The benefits of renting desk space

If you’re in business on a small scale, such as a brand new venture or you work on your own, then keeping an eye on costs is essential. While working from home can be one of the best ways of ensuring that your expenditure doesn’t go overboard, this isn’t a practice that’s for everyone. While it’s handy because you don’t have to commute, and you’ll save plenty of money that way into the bargain, it can be a rather solitary business.

Out and about

Another angle worth pursuing is that of the rentable office space or even desk space which is avaialbe in shared and serviced offices. Thanks to the internet, there are now plenty of ways of tracking down good quality working areas online, comparing the different options open to you and then deciding which one to go for. In fact, finding desk or office space to suit both your budget and your business needs is much like comparing deals on broadband or the latest mobile phone deals.

The benefits of renting a desk or an office if you’re a relatively small-scale business or prefer to work on you own are numerous. For a start, it gets you out of the house and into prime networking territory. If you’re looking to expand your venture then it’s vital that you get out there and start talking to people. Having a base in an already established office is one of the best ways to do this.

You’ll find that rental schemes start from just a single desk, often in a bustling office where there will be plenty of other people to bounce ideas off. That’s going to be good for productivity, as well as hopefully securing more work and new clients into the bargain. While there won’t be much in the way of extra trimmings if you go down the route of the desk rental scheme, you will at least get basic office amenities and also broadband internet.

Onto bigger things

Another aspect of the desk rental concept that will prove highly beneficial if you’re a fledgling business that needs to keep a firm grip on costs and overheads is that there is little complexity regarding the legal side of things. Contracts are often on a rolling basis and invariably short term too. This means that you don’t have to commit to a long legal deal and also allows you to expand as and when you need to.

If you want to grow your business then many landlords who rent out desk space will probably have shared office space available too. This is like the next step up the expansion ladder, and many shared office scenarios will have the benefit of receptionists, post and IT support. The other great thing about many of these rental offers is that they’re generally in prime locations, either in major city areas or on business sparks that are purpose built for providing services to the likes of you and your venture.

One thing is for sure – if you don’t want to spend too much money but do want to grow your business then investigating the desk or office space angle could be the best thing you’ve ever done. What’s more, thanks to the internet, it’s possible to find out what’s on offer without sending any cash or having to take a trip round the offices to take a look at things. It doesn’t get much easier than that.

About the author: Rob Clymo writes writes on behalf of, the UK’s first proper online marketplace for desk space and shared office space.