Tablet-Based Mobile Credit Card Processing

It's no secret that the credit card processing industry is evolving fast. From online credit card processing services to mobile credit card processing, new products and trends are transforming the way consumers pay for their purchases.
One such trend is new tablet-based point-of-sale (POS) systems. There has been an explosion in the number of new products in this area recently. Some interesting solutions include GoPago, ShopKeep, Leaf and NCR Silver. And more players are entering the arena practically every week.
The question is: will these new tablet-based products become a popular form of credit card processing for small businesses?
Personally, I'm excited about their potential. They can provide many of the features of traditional POS systems at a small percentage of the price. Plus, they're easier to install and use for small business owners. For approximately $1,000 you can get a complete POS system, including the tablet, stand, money drawer, printer and barcode scanner. Yes, this is more expensive that a standard credit card terminal, but it's far less expensive that a traditional POS system, which can set you back $20,000 or more.
Given their price and usability, these tablet POS systems can be a great fit for many of your merchants. However, there are a few things to consider before recommending one:
· Processor Connectivity - Can the POS system connect to your preferred credit card processor? Some of these POS systems can connect directly to processors, but others can connect only through a payment gateway. Make sure the system can connect to the processor, and figure out if there are any extra connectivity charges.
· Network Connectivity - What connectivity options (e.g., WiFi, 3G/4G) does the system support or require? Can it process orders if the internet connection is temporarily lost? How does the tablet connect to the receipt printer, kitchen printer and cash drawer?
· Card Reader and Stand - Certain software is compatible with only certain card readers. Which ones work with your system? Are the card reader and tablet stand a good fit for your merchant's store?
· Type of Merchant - Some tablet POS systems work well for all industries. Others are designed for certain types of merchants, like restaurants or retailers. Match your merchant with a system that will work well for their business.
· Pricing - Tablet POS companies are offering a variety of pricing options, combining up front costs and ongoing monthly fees in different ways so that merchants can find a payment structure that works best for them. This is similar to what we've seen with mobile credit card processing. Find a pricing option that fits the needs of your merchant.
· Sales Channels - Does the tablet POS vendor sell solely through ISOs and agents, directly to merchants, or both? In some situations, the company will work with merchants directly, cutting agents and ISOs out of the process.
What do you think of tablet-based POS systems? Do you have a question about some other aspect of the industry, like online credit card processing services? Leave me a comment to let me know.

Article Source: http://EzineArticles.com/8256061

The 3 Mistakes I Learned From My Credit Card Use

Credit cards are just so convenient.
I remembered when I had my first credit card. I thought I already know how to handle my money back then. I know using my new MasterCard means that I'm going to incur loans that have a very high interest rate. I'm not sure what interest rate my card has; I never bothered checking. I just know that it is high and I resolved to myself that I will only use it for emergencies.
I guess I made three fatal mistakes in what I mentioned above about my first credit card. The first one is that I assumed that I already know everything on how to handle my money. Maybe, getting a credit card is a mistake in itself. Take note that I live in the Philippines, a country wherein most payments are still done with cash, even though credit card use has increased over the years. You can still get around with little money without these cards to back you up.
Bottom line, I was naïve. I still don't know much about handling money back then. That's because the first time I used my new MasterCard, I immediately experienced its convenience. I used it in many ways after that, and to make the long story short, I accumulated a lot of debt stemming from just that first use.
My second mistake is that I know very little and I settled knowing too little about these plastic cards. As I said, I never bothered looking at how large an interest rate I will need to pay. As soon as I incurred debt, I looked at my monthly account statements and realized that I can't pay all of my debt in one sitting. I had to make minimum payments for a few months and realized as well that this is another big mistake, since my card bill amount doesn't seem to get any lower from the previous month.
As it seems, I'm only paying the interest of my total debt every month, therefore trapping me in an endless cycle of paying debt. And that is another sign of knowing too little in finances.

Article Source: http://EzineArticles.com/8230028

New Years Resolution: Fix Your Credit In 2014

I pose a suggestion on a new years resolution. It's not too late to start, and I even offer advice on how to achieve it. This is a resolution, if executed, will impact probably most if not all of the other resolutions you have either already made or had in mind.
Fix Your Credit
The national average credit score is 634, which falls into the "poor" category. That means, the majority of American's have bad credit. This is attributed to by a lot of things such as:
1) It's not taught in school.
2) There isn't a focus on credit until you need it. (ie: mortgage, auto loan)
3) It isn't something most people truly understand.
Still, fixing your credit score will impact your other resolutions such as, getting that new car you wanted, getting the job you actually like, or getting the house you've always wanted. So, that being said, let's talk about how.

• Pay loans early and make double payments: If you can't afford double payments, then early payments are key. This feeds into your good credit history and builds upon what you have. Creditors like this.


• Setup auto bill pay on all of your credit cards and bills: Late payments are often not the cause of not having the funds, rather forgetting to pay the bill all together. Late payments are a killer on a credit history and drain your credit score right down.


• Don't close old credit cards: You want to increase your average age of open credit lines. I know that there is an itch to just close a credit card after you've paid it off, especially if it has a speckled past, but don't do it. Keep it open and in good standing.


• Variety: Having multiple types of credit cards is key. You don't want to have too many, but a credit card and a store credit card or two is important to have. Add this to your auto loan and mortgage and perhaps even a student loan and you have a decent variety of credit out there.


• Request higher limits: You can and should call your credit card company once every 6 months to increase your credit card limit. Having a higher limit helps boost your credit score and credit grade. The more available credit to you, the better. Lenders like this.


• Request a lower APR: You can also contact your credit card company and request for them to lower your APR. This is not unheard of and sometimes works.


• Don't max out your cards: Maxing out your credit cards is a bad thing. Carrying around max debt is viewed in a very negative light by potential lenders.


• Use your credit: The above being said, you do want to utilize your credit. Having a 0% utilization rate on your total available credit is a bad thing, just do not exceed 30% utilization if you can avoid it.


• BONUS TIP: Figure out your debt to income ratio. This will set you up good for the new year and help you identify how much money you can throw at your debts.

Article Source: http://EzineArticles.com/8236712

Credit Card Processing Services at the Point-Of-Sale: Exploring New Options

When it comes to credit card processing services, providing the best merchant service to your customers should always be a priority. One simple way to do this is by staying up-to-date and providing the latest options for processing payments at the point of sale. Unfortunately, keeping up with it all can be difficult--even for a merchant services provider.
New solutions are introduced to the payments world at a seemingly supersonic rate. Traditional terminals, and even virtual terminals, are familiar standbys, but mobile credit card processing, tablet-based POS systems and other computer-based POS systems are starting to make waves.
Many financial institutions have questions about these emerging technologies, so here are the topline details on the latest and greatest solutions designed to complement your credit card processing services.
Next Generation Credit Card Terminals
EMV is currently making headlines on the terminal front. In the U.S., many merchant credit card processors are questioning whether it will truly become commonplace, but terminal manufacturers are gearing up with plenty of options, and ensuring they're ready when merchants decide it's time for a new terminal. Processors are beginning to certify terminals to fully support chip cards for EMV, and new players are becoming prevalent in addition to the companies you may already be familiar with.
A few companies from outside the U.S. are making inroads include PAX and DejaVoo. Equinox also launched its first new terminal (called Apollo) since changing its name from Hypercom, and, not one to be left behind, Ingenico in the U.S. is also making a big push.
Mobile Credit Card Processing Services
New card readers for mobile devices are also becoming prevalent. MagTek and ID Tech are developing readers that can support EMV cards--two in fact: one with PIN verification and the other featuring signature confirmation. Additionally, Ingenico boasts a terminal that works in conjunction with a tablet POS application.
Tablet-Based POS Systems
At the 2013 ETA Annual Meeting & Expo hosted in New Orleans, tablet-based POS systems were popping up everywhere. Newer players like ShopKeep, GoPago, and Leaf were all developing solutions, as were more tenured companies like NCR.
These solutions appeal to a broad range of merchants because they offer many of the features and functions typically found in more costly POS systems--like those developed for conventional merchant locations, such as restaurants or retailers.
Cloud-Based POS Systems
Cloud-based systems have become popular for the same reason tablet-based systems have. These robust, data-driven systems are reasonably priced, they take the hassle and worry out of things like updates and upgrades, and they simplify data retention and disaster recovery. They allow merchants to focus on their core business instead of worrying about their credit card processing service, which is why they are quickly gaining traction at companies like retailcloud and Benseron.
Which technologies are you most interested in, and what do you want to see from your merchant services provider? Leave a comment on your thoughts regarding the methods discussed above.

Article Source: http://EzineArticles.com/8256088

Convenience Fees and Card Payment Solutions

In my work at a payment processor, I get a variety of questions regarding technology, card payment solutions and many other topics. However, one of the most frequently occurring themes is convenience fees. Below are answers to three of the most commonly asked questions regarding this topic.
1. Are surcharges and convenience fees the same thing?
This is a tricky one.
Some card brands don't allow merchants to use a surcharge to recover payment acceptance costs or to penalize customers for using a certain payment type. But they do permit merchants to charge fees--fees that reward the merchant for offering alternative payment methods that give customers added convenience. As with many other facets of fees, it's important that merchants use the right terms and follow the rules of each card brand.
2. When and where can merchants charge convenience fees?
Much like the distinction between surcharges and fees, each card brand has specific rules when it comes to when and where merchants can charge convenience fees.
Visa's Operating Regulations state that merchants who operate in face-to-face environments may charge fees for purchases made via alternative channels like a website. On the other hand, merchants who operate solely in non-face-to-face mediums, like mail/telephone order or e-commerce, may not levy a fee.
Conversely, MasterCard allows fees on face-to-face transactions and on payments made via phone or the web.
Discover permits convenience fees (they call them surcharges), as long as the fee is applied equally for all card payments solutions (or card brands). This means that if merchants follow the rules of Visa and MasterCard, they must comply with those of Discover as well.
American Express also allows fees, but only for Government and Higher Education merchants category codes.
In addition to rules determining whether convenience fees are allowed, card brands also have rules for dictating whether the fees can be based on a flat rate (e.g., $4.00 per transaction) or a variable amount (e.g., 4% of the transaction). Visa, for one, permits variable fees, but only on credit card transactions. It's important to check the rules of the specific card brand.
Lastly, there are certain states where the law prohibits merchants from charging consumers a fee for credit card transactions. These include Oklahoma, California, Florida, Colorado, Massachusetts, Connecticut, Kansas, Maine, New York and Texas.
3. Can government entities and tax-exempt organizations charge convenience fees?
Both Visa and MasterCard have separate rules when it comes to government entities and convenience fees, but they do allow them to charge fees in some situations. For example, your county government might charge you a 3% convenience fee for paying your taxes online with a credit card instead of paying via check. It all depends on the specific rules of the card brand and its eligibility requirements.

Article Source: http://EzineArticles.com/8255926

Credit Card Fraud in Australia

In recent years, Australia experienced an increase from the use of stored value and credit cards as a method of payment for services and goods. Although credit cards provide greater convenience for consumers, higher levels of theft of funds and fraud has been accomplished.
The Australian Payments Clearing Association published statistics indicating that card fraud increased by twenty-six percent from 2010 to 2012. The value of fraudulent transactions in Australia and overseas over the same period from 2012 to 2013 was AUD 262 million. The statistics also indicated that a large percentage of these dishonest transactions involved making purchases over the Internet or phone by using details of cards where it is not required to present the card physically.
Criminals operate in different ways to get their hands-on card holder's available funds, such as spyware or some other scam to obtain your credit card details. Police recently uncovered Australia's biggest credit card fraud committed by a Romanian syndicate. Criminals are very smart and Fraud International says they try to do everything they can to make phishing scams appear like it is genuine.
Phishing scams typically involve sending an e-mail purporting to be from a bank with a link or call to action for people to update their details. Once you clicked on the link, you may accidentally download a Trojan program, which could compromise your security.
Alternatively, after you clicked on a scam emails link, the system may ask you to enter your credit card details or banking information. The details you enter will give the criminals full control over your finances, and they are capable of many fraudulent actions, such as applying for a new credit card or home loan in your name and emptying your bank account. In Australia, an estimated AUD 1,300,000 was stolen during 2011 and almost 5% out of the 5,435 people who reported phishing scams lost a significant amount of money.
Not only do criminals have advanced skills to commit fraud through the Internet, but also at points of sale, which involves card skimming. Criminals use a device to copy information at bars or restaurants, or they place it over the Automated Teller Machine card slot. The information from the card gets transferred from the magnetic strip and is then used to make copies of the legitimate cards.
It is highly advisable to select a secure payment service when you do online transactions. Banks do not send emails requesting you to update information. Do not click on links to banking services. The best course of action is to delete scam e-mails immediately. In order to protect yourself, you should never give credit card details online or to anyone, you do not trust or know.

Article Source: http://EzineArticles.com/8259478

How You Can Survive The Strain of Bankruptcy

Bankruptcy is not something that anybody would want to face by choice; however, for a lot of people, bankruptcy appears to be the only choice when faced with financial problems. There is a stigma attached to bankruptcy that has a tendency to put fear into the hearts and minds of those people faced with it. However, for all the disadvantages of filing for bankruptcy, there are also a number of benefits as well.
Her is Why Bankruptcy Consultation is The Answer
In spite of the perceived stigma attached to bankruptcy, it is still a method that allows someone in financial difficulties to start afresh, and to be able to move forward with their lives. A straightforward and completely free bankruptcy consultation will be able to give you all the information that you need in order to make a claim for bankruptcy.
Bankruptcy consultation does not mean that you have committed yourself to going ahead with an application to file for bankruptcy merely that you are thinking about the pros and cons. A free consultation for bankruptcy is just an informal meeting that will furnish you with all of the information that you need in order to make an informed decision. Plus the consumer will be able to give details about their financial plight, and receive a more detailed analysis of what effects bankruptcy will have on their life in the future.
Understanding Bankruptcy
Making sure that you get a bankruptcy consultation is important because bankruptcy itself can be a bit of a mine field, as there is more than one kind of bankruptcy. Making sure that you file for the correct kind of bankruptcy is important, and it can be quite confusing for the uninitiated. Plus, a bankruptcy consultation will allow the consumer to acquire the answers to the questions that they may have.
Of course, the main advantage to getting a bankruptcy consultation is that it is completely free of charge. When someone is giving serious thought to beginning the bankruptcy process, they are already in financial difficulties, and they are not going to want to spend more money on finding out what to do next. That is why, a bankruptcy consultation is the perfect solution to the problems associated with filing for bankruptcy, getting questions answered, and finding out the impact on their future, and all this, without having to pay for the privilege in the first place.

Article Source: http://EzineArticles.com/7854263

How Much Does a Bankruptcy Lawyer Cost?

You have found yourself in a pile of bills and aren't sure what to do. You are behind on your mortgage, your car payment, and you have creditors calling you day and night. You feel overwhelmed and are on the verge of breaking. You actually feel like you might lose your house to foreclosure. Does this sound like you?
If you are more than 60 days behind on a majority of your bills and see no relief in sight and no way to catch up, it might be time to contact a bankruptcy lawyer.
What a Bankruptcy Lawyer can do for you:
Filing for bankruptcy is a complicated matter, a lot harder than most people think. There are many forms and documents that must be filled out, a lot of data to collect, and knowledge of when to file what. Just getting all the right forms for your specific case is no small feat. That is where a Bankruptcy Lawyer can help.
They are experts at this and know how to properly handle your specific case and when to file all the correct documents. They can anticipate any problems and handle them appropriately when they arise, and trust me, they DO arise. They also can help you on the path to financial recovery and give you invaluable advice on how to begin repairing your credit. Ultimately, your goal should be to get out of debt, and STAY out of debt by learning how to manage your finances and not spend beyond your means. Your bankruptcy attorney can point you in the right direction for these very valuable classes and counseling services.
Costs of Filing Bankruptcy:
Effective November 12, 2012, the fees collected at the time of filing chapter 7 bankruptcy is $306 and the fees collected for chapter 13 is $281. This does not cover any lawyer costs, this is specifically the cost of filing with the court.
For the cost of hiring a lawyer, there is a wide range of prices. The average cost for hiring a lawyer is $950-$2000 for chapter 7 and $3500-$5000 for chapter 13.
Overall, if you need help and fear you might lose your house, your car, or your paychecks might get garnished, the cost of losing those things far outweighs the cost of hiring a bankruptcy lawyer. It's always worth it in my opinion to seek the assistance of an expert when it comes to something as important as your financial future and your family's well-being.

Article Source: http://EzineArticles.com/7857316

Get the Help You Need With a Bankruptcy Attorney

In an economy where many people do not have jobs, cannot find jobs, or have jobs where they are barely making ends meet things can get extremely stressful financially. Sometimes things become so financially difficult that people have to turn to whatever means is possible in order to get out from under their debt and get their head above water once again. For a number of people the only way that they can get their finances in order and start to get a bit ahead of the game again financially is to turn to bankruptcy. For many people, this is not the ideal option, but it is their only hope to get their financial lives back on track once again. When you have made the decision that you need to file for bankruptcy, then you need to find a bankruptcy attorney that can help you with all of the questions and concerns that will arise.
Get the Answers You Need from a Bankruptcy Attorney
Making the decision to file bankruptcy is a lot more involved than people realize. Taking the time to locate a quality bankruptcy attorney will help you with all of the difficult decisions and legal questions that will arise when it comes time to start working on your paperwork. You will need to get all of your papers, bills, and all other documentation in order to take with you to your bankruptcy attorney so that he or she can help you determine exactly which type of bankruptcy to file. Choosing the right way to file is the best way to help get your financial life back on track.
Most Common Types of Bankruptcy
When it comes time for you to file, a bankruptcy attorney will help you determine which of the most common types of bankruptcy you need to file. The two most common types of bankruptcy are Chapter 7 and Chapter 13.
Chapter 7 Bankruptcy
This is the most common type of bankruptcy filed by individuals. It is classified as a liquidation form of bankruptcy. The reason for this is property can be sold in an effort to pay off your debt; the exempt list to this includes items such as clothes and household furnishings. A bankruptcy attorney will help you understand what you can and cannot keep. They will also help you work out the best course of action related to secured loans such as car payments.
Chapter 13 Bankruptcy
If you have filed chapter 13 bankruptcy, you are making an agreement to pay back part of your debt. To qualify for this option you must have a reliable form of income with which to make payments. When filing this way you will be able to retain at least some of your assets.
If you are in a situation, where you need to file bankruptcy the most important step you can make is finding a good bankruptcy attorney. They will help you file all of your paperwork and help you determine what form of bankruptcy is right for you. Don't try to do it alone, get professional assistance.

Article Source: http://EzineArticles.com/7935617

Chapter 7 Bankruptcy Laws: All You Need to Know

The financial market during favourable times acts as a robust engine of growth. Stock markets around the world exhibiting bullish tendencies favour buyers and agents in the market who buy stock and sell the same when the value of the stock has appreciated considerably. However, markets are open to external shocks in this integrated world financial community and the volatility of the market structure has felled many a giant. Recessions, cut down on production, inventory accumulation are all indicators of the fact that the market is about to experience a slump. With high levels of inflation and unemployment, the market is many a times engulfed in the jaws of stagflation. Investors often go bankrupt due to these unforeseen shocks which influence the market heavily and the only option open to them during such times is to file the chapter 7 bankruptcy law.
Bankruptcy: What it is all about?
Bankruptcy is essentially a procedure under the federal law whereby individuals and businesses can deal with their debts and get protection from their creditors. The bankruptcy laws were formulated to provide debtors/businesses with a fresh start to their financial careers. Filing bankruptcy enables individuals to get protection from the federal law whereby they are insulated from creditors and still get to hold on to their assets.
Chapter 7 bankruptcy laws
According to chapter 7 bankruptcy laws, there are two phases to filing for a bankruptcy under the federal law. The first phase is the planning procedure when the individual or the business organisation keeps a record of their debts and their assets with which they can either choose to pay back the creditors or file for bankruptcy. The second phase of filing for bankruptcy comes with an automatic stay period from the government which abolishes creditors from harassing you with debts during that duration. Chapter 7 bankruptcy information states that the second phase of filing for bankruptcy by an individual or an enterprise involves the hiring of the services of a bankruptcy attorney who assesses your debts and assets and what portion of the same can be made liquid so as to pay back your creditors.
The payment of debts is carried out in phases. Investors investing with your business organisation are classified under two broad types. The secured creditors are paid first because most of their investments are backed by collateral such as assets or shares of the company or other mortgages. The unsecured creditors are then considered and their status is upgraded to absolute priority in the books of the attorney handling the case.

Article Source: http://EzineArticles.com/7963900

How Can Bankruptcy Attorneys Help You?

You've got a mountain of debt. Whether you have accumulated this debt from student loans, credit card bills, medical expenses, or you were just laid off at work or went through a divorce, you are not alone. People all over the country are going through economic hardship. Some are overwhelmed with keeping up with monthly credit card bills, while others can't fathom how they'll even keep up with their daily expenses. Regardless of your reason for your financial struggle, bankruptcy attorneys are here to help. If you are considering the process filing, you should consult a legal professional in the field to way all of your options. This decision is very serious, and you should inform yourself as much as possible before deciding to file. A lawyer can help you to make informed decisions.
So just how can you benefit bankruptcy? Attorneys help people through this process everyday, and it is their job to ensure all of the proper paperwork is filed, no detail is overlooked, and most importantly, the client has peace of mind throughout the process. If you are finding it nearly impossible to pay your debts, and you are facing repossession or garnishment as a result, bankruptcy attorneys can help you to get relief from your creditors. This legal proceeding allows people to have a second chance at a financially healthy life. It can be useful to people in a variety of economic circumstances. Although it can help many people facing certain kinds of debts, the process is not right for everyone's situation. That is why hiring a lawyer can be quite beneficial to anyone considering filing and for people who are in dire financial circumstances.
During your initial consultation, your lawyer will sit down with you and fully assess your financial situation. He or she will evaluate all of your expenses, debts, and the value of your assets. The most common forms of the process are Chapter 7, Chapter 11, and Chapter 13. Each has its own unique benefits for people within different circumstances. If you decide to move forward with the filing process, your legal counsel will file your petition on your behalf. He or she will speak with your creditors on your behalf, and depending on which Chapter you file, your trustee and lawyer will determine how your debts will be paid back to your creditors. In some situations, many of your assets will be liquidated to go towards paying back your creditors. In other situations, a feasible payment plan will be created, and you will be able to retain your possessions.
Bankruptcy is an effective way to pay off your debts, but it is not right for everyone. Bankruptcy attorneys are here to provide you with the guidance that you need to determine which choice is right for you. If you need advice on this matter, call a reputable lawyer within this field today for your consultation.

Article Source: http://EzineArticles.com/8019015

Hiring a Bankruptcy Attorney Can Be Like Building a Football Team

Every fall football season comes into full swing and many armchair quarterbacks sit home and talk about what changes they would make to their favorite team to have a successful season. Dealing with serious financial matters can be very similar. When putting together a football team every member is of utmost importance. Most of the focus is usually on the quarterback who is the center of the team. When it comes to filing bankruptcy one could use the analogy of drafting a football team on how to proceed. Knowing this, just like the quarterback on a football team, one of the most important members would be the bankruptcy attorney. Everyone knows filing for bankruptcy can be one of the most stressful times in anyone's life. That's why it's important to accumulate the proper legal team to have the most successful bankruptcy filing.
Hiring a bankruptcy attorney should be looked at as acquiring an invaluable team member no different than what a sports team would do. Considering that, there is a very stressful dynamic that goes on when people are filing bankruptcy one should be very careful on making their selection. Not having someone you trust or can count on will make the process more complicated ending up in undue stress. You have to consider that you will be sharing the deepest secrets about your financial past and failures. If you're not comfortable with the person there might be details that you fail to include.
Finding a bankruptcy attorney that you can trust with your family's financial future is invaluable. When you spend the money to hire someone to protect you and your bankruptcy filing, you will want to make sure that your family's best interest is at heart. Some people search for the best deal and don't consider any kind of personality conflict that might go on. Although during this time where money is tight, it is better to spend a little bit more and have the confidence that everything is being done properly letting you sleep better at night. The individual filing bankruptcy should have someone that they are comfortable opening up to and are not embarrassed to call when problems arise. An individual should feel at ease sharing their failures as well as their past successes.
People need to remember that this is not a person that you are trying to impress but is there to help them. Filing for bankruptcy is stressful enough and there's no reason to pile stress on top of it by having a bankruptcy attorney that you are fighting with. Once the trust is broken, all confidence will be out the window and the added worry of the outcome will ensue. A person should take the time to interview a few different attorneys and see which one they are most comfortable with and think they could trust.

The author started DebtFreeBankruptcyAttorney.Com which is a website that helps individuals with debt problems by putting them in touch with a local bankruptcy attorney that specializes in a filing bankruptcy under Chapter

Article Source: http://EzineArticles.com/8072998

Bad News for Bankruptcy Attorneys, Bankruptcy Filing Numbers Down

Recently, the numbers of Americans filing bankruptcy were released by the U.S. Bankruptcy Court and it showed a steady decline in filings. While this sounds good for the economy, it also will affect the career choice of a bankruptcy attorney. Bankruptcy attorneys typically strive in a bad economy as many Americans need to use their services to get out of debt. In 2010, the US had a record 1.6 million Americans filing for bankruptcy because of the financial debacle back in 2007. At the end of fiscal 2012, that number had dropped to 1.3 million bankruptcy filings and we are expected to finish this year off around 1 million. Realistically, this number is still very high if we compare that to the record high back in 2005 when it was about 1 million. Back in 2005, there were a large number of people filing for bankruptcy prior to the bankruptcy code changes because of fear of not being able to qualify. When the dust settled and the bankruptcy code was changed it included a means test that made people now qualify to file Chapter 7 bankruptcy. Because of the new regulations of the code, many Americans raced in to get their bankruptcy filed before it went into effect.
Although I'm sure a bankruptcy attorney would be concerned for this decline, many economic experts are now saying this might be the calm before the storm. Governments around the globe have their printing presses running at full speed, printing their own currencies. The United States is no different, as the US has quadrupled the amount of dollars over the last five years. As history teaches us, this kind of behavior ends up badly for everyone involved.
Every country that was the reserve currency for the world that has followed the quantitative easing type of model, lost their global reserve status. Many experts believe that this will lead to hyperinflation forcing bankruptcy filing on many Americans. So for someone that's a bankruptcy attorney, this is good news because many more people will be using bankruptcy in the next few years. It was also recently reported that close to 5 million homes in the US were at least two months past due on their mortgage payment, default or in some phase of foreclosure. This is one of the things that economic professionals look at for future economic growth. With all these homes hitting the market, real estate is sure to take another hit. Only time will tell, but I don't think too many attorneys are really concerned about this. Remember the old adage whatever goes up must come down and this economy is once again overheated and on the verge of boiling over.

The author started DebtFreeBankruptcyAttorney.Com which is a website that helps individuals with debt problems by putting them in touch with a local bankruptcy attorney that specializes in filing bankruptcy under Chapter 7 and Chapter 13 bankruptcy. Check our website for more answers to bankruptcy questions and ideas on how to have a debt free future.

Article Source: http://EzineArticles.com/8185577