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Struggling with Minimum Credit Card Payments: Keep Struggling?
Los Angeles bankruptcy attorneys are very familiar with households struggling with debt. These struggles with credit card and other payments usually start with monthly payment requirements which grow to the point the card holder can only afford to make minimum payments on balances due on each card. If card holders don’t increase their debt from this level and the rest of their financial picture stays the same, they end up in a situation where payments are being made but the debt balances don’t get reduced by more than a few dollars each month, if at all. If spending continues or the card holder’s financial situation worsens, the card holder will start to miss payments.
In the first situation, where minimum payments are what can be afforded, the card holder is in for a long, one way relationship with each credit card company. Should the situation remain unchanged, it would take this card holder approximately 25 years to finally pay off the debt owed to each card issuer. At the time of the last payment, this card holder would have paid many times more than the original balance owed in interest to the credit card company.
Depending on the cause of the worsening a financial situation, the problems with making payments can grow gradually or unravel in a hurry. Either way, collection calls and letters start to arrive and the credit card companies start making noises about taking the card holder to court, wage garnishments, and liens on bank accounts.
Neither of these situations will go away on their own, meaning that people in debt have to make a decision as to whether they want to keep struggling with their debt or take decisive action. Where a Los Angeles bankruptcy attorney can make a big difference is by helping people in debt navigate either a Chapter 7 or a Chapter 13 bankruptcy process.
A Los Angeles lawyer will start the process by determining whether a means test will direct a filer toward a Chapter 7 or a Chapter 13 bankruptcy. The usual dividing line between the two is the median household income of the state of residence. Filers with household income below the median level typically file for Chapter 7 while those above file Chapter 13 bankruptcy.
A Chapter 7 is known as a liquidation where the bankruptcy court discharges all unsecured debts, leaving the debtor with no further obligations to make payments to the creditors listed by the Los Angeles bankruptcy attorney in the petition. The types of unsecured debt which will be discharged by the court include balances owed on credit cards, medical bills, department store debt, signature loans and more.
A Chapter 13 bankruptcy is a more complex process and should not be negotiated without the counsel of a Los Angeles bankruptcy lawyer. While it doesn’t result in the dismissal of debt, Chapter 13 bankruptcies offer significant debt relief on subordinated mortgages, vehicles, and unsecured debts. The end result of a Chapter 13 is the creation of a court approved payment plan designed to pay creditors an average of 25 cents on the dollar. These payments plans usually last 5 years and can include payments on credit cards, the mortgage, vehicles, and a variety of other balances.
Many people are now looking at their debt levels and have become resigned to the perception that they will face many years, if not a lifetime, of struggles with their debt. The truth is debtors no longer need to struggle with their debts indefinitely. Working with a Los Angeles bankruptcy attorney can end those struggles, stop collection efforts by creditors, and provide a fresh financial start. http://www.bankruptcyattorneyincalifornia.com
Wheat, Corn and Soybean Complex Market Commentary Report for 07-15-10
Corn Market Analysis for 7/15/2010
September Corn settled up 8 1/4 at 392 1/2, 5 1/4 off the high and 9 1/2 up from the low. December Corn ended up 9 at 405 1/4. This was 10 1/4 up from the low and 4 3/4 off the high.
December corn pushed past the 400 level late in the overnight session and then surged to its highest level since March 5th to start the day session. The market trimmed its gains into mid session with further selling prior to the close. Traders said that weather concerns, a lower dollar the sharp rally in wheat all contributed to buying in corn this morning, with buying by funds and commission houses a major feature in the early going. This week’s net export sales for corn came in at 678,100 tonnes for the current marketing year and 345,300 for next year for a total of 1,023,400. As of July 8, cumulative corn sales stand at 100.7% of the USDA forecast for the remainder of the old crop marketing year versus a 5 year average of 96.6%. For the new crop year (2010/11), sales need to average 782,600 tonnes per week to meet the USDA’s export projection.
September Rice finished up 0.005 at 9.825, equal to the low and 0.05 off the high.
Wheat Market Recap Report for 7/15/2010
September Wheat ended up 37 1/4 at 596 1/4, 2 1/4 off the high and 40 3/4 up from the low. December Wheat settled up 36 1/4 at 624 1/2. This was 40 up from the low and 2 1/4 off the high.
December wheat posted the biggest 1-day gain that has been seen so far during the June-July rally. Traders said that support came from weather, higher prices in Europe and a sharply lower dollar. Today’s rally featured a late push to new highs for the day on which took the December contract to its highest level since January 12th. The December contract posted a substantial gain on the deferred July 2011 contract and it also managed to post more modest gains against the December KC and Minneapolis contracts. European wheat surged to a new contract high today after setting a new 13-month high yesterday. France is a producer and exporter of soft wheat and it is on the long list of major and minor producers that have recently made significant downgrades in their production estimates. This week’s export sales were on the soft side according to one analyst, coming in at 309,400 tonnes. As of July 8, cumulative wheat sales stand at 26.1% of the USDA forecast for 2010/11 versus a 5 year average of 26.8%. Sales need to average 430,000 tonnes each week to reach the USDA forecast. Wheat gained sharply on corn this morning in active trade by spreaders.
December Oats settled up 10 at 275 1/2. This was 10 up from the low and 2 1/2 off the high.
Soybean Complex Market Recap for 7/15/2010
August Soybeans closed up 21 1/2 at 1019, 2 3/4 off the high and 30 up from the low. November Soybeans finished up 26 at 988. This was 28 1/4 up from the low and 1 3/4 off the high.
August Soybean Oil ended up 0.48 at 38.59, 0.03 off the high and 0.69 up from the low.
August Soymeal ended up 9.3 at 307.6. This was 10.2 up from the low and 0.1 off the high.
November soybeans rallied late in the overnight session, and then surged to near the April highs to start the day session. The market then moved past its April highest in early afternoon to trade at its highest level since January 12 before finally closing near the highs of the day. Meal gained sharply on oil on the day, although the oil market also posted impressive gains. Traders said that a variety of factors all added support this morning including an eroding dollar, very strong old crop export sales in soybeans, an extended hot forecast for major growing areas in the Midwest and a surging wheat market. This week’s net export sales for soybeans were 666,500 tonnes for old crop and 558,500 for next year for a total of 1,225,000. Net meal sales came in at 61,000 tonnes for the current year and 28,300 for next year for a total of 89,300. Sales need to average 118,000 tonnes each week to reach the USDA forecast. Net oil sales were 13,000 tonnes for the current marketing year and 40,000 for next year for a total of 53,000. Sales need to average 9,000 tonnes each week to reach the USDA forecast
With today’s analysis talking mostly about weather concerns and a lower dollar, traders might want to take a peek at the commercial traders momentum. The Commercial Trader momentum can be tracked by using the Commodity Futures Trading Commission Commitment of Traders reports. Our idea is that, in a value driven commodity futures market no one knows fair value like the people who produce it or, have to use it. In fact, it is precisely their sense of value that provides the commodity market’s rhythmic meanderings that swing traders love so much. Let’s face it, producers know when their product is overvalue and it should be sold just as well as end line users know when they should be stocking up at low prices. Therefore, trader should be able to incorporate this valuable information into their future market education.
This blog is publicized by Andy Waldock. Andy Waldock is a financial advisor, analyst, broker, asset manager and traderfor Commodity & Derivative Advisors, located in Sandusky, Ohio. For that reason, Andy Waldock may have positions for himself, his family, or his customers in any commodity future market reviewed. The blog is meant for educational purposes and to develop a dialogue among those with an interest in the commodity future markets. The commodity markets employ a high degree of leverage and commodity trading may not be appropriate for all investors. There is considerable risk in investing in commodity futures. If you are interested in reading other published articles, commenting on his writings or subscribing to Andy’s blog, please visit http://blog.commodityandderivativeadv.com, or if you have any questions, please call 1-866-990-0777.
The daily commentaries provide a recap of each commodity’s traded price activity, an analysis of the factors that influenced price activity, a recap of any reports released that day, and a look ahead at the schedule for the next day. CME Group provides market commentaries for wheat, soybeans, corn, silver and gold. The information in the Market Commentaries was obtained from sources believed to be reliable, but we do not guarantee its accuracy. Neither the information nor any opinion expressed therein constitutes a solicitation of the purchase or sale of any futures or options contracts.