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What Chapter 7 Bankruptcy Has to Offer And What It Does Not

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A person files for bankruptcy when their debt becomes unmanageable. When your scheduled debt payment becomes more than your monthly income, you can file for bankruptcy. In 2021, 399,269 cases of personal bankruptcy surfaced in the USA.

With today’s expenditures and interest rates, your debts may be out of your hands. If you cannot manage your debts, you can file for chapter 7 bankruptcy. It is necessary to let professional bankruptcy lawyers handle your case. Asset management can be a complicated process. If you fail at managing, you will be troubled by all the accumulated debt. Here are a few pros and cons of chapter 7 bankruptcy.

Keep A Specific Amount of Money

Many people fear filing for bankruptcy because they fear losing their possessions and savings. It is a rational fear of losing all financial control over your assets. When the bank appoints an impartial case trustee, it gives them the power to sell your assets.

Indebted people often mistake this for a complete loss of assets and money. Filing for bankruptcy does not mean that you won’t be able to keep a portion of your savings. In most states, an indebted person can keep 20,000 dollars in their bank.

After you file for bankruptcy, your bank credit will go a hundred points down. You may keep a credit score of 500 or 550 points after filing for bankruptcy. You can face a lower credit score if you have a low score before bankruptcy.

Liquidate Assets to Forgive Debt

Your case trustee will liquidate all your assets and ensure a fair market value of the assets. The liquidated assets will go to all your creditors to satisfy your debts. If you have taken debt from multiple sources, the bank will hold them for you.

To file for bankruptcy chapter 7, you need to make an appearance in court to elaborate and provide the record of your assets. You have to answer questions regarding the sale of your assets and how you acquired them. These questions are essential, according to the law, for you to get a chance to file for bankruptcy. You must comply with all the demands and jurisdictions that the courts request. Ultimately, the creditors will forgive your debt. You may lose substantial assets in court to the bank, and the creditors will forgive your debt.

Personal Property Exemptions

When the bank asks for the liquidation of your assets, it does not include your home. You do not have to worry about your personal property that sustains your life. If you have other property, you can liquidate or file bankruptcy, chapter 7. Take the help of a bankruptcy attorney to guide you through the burdensome financial crisis. Do not punish yourself by going through the system alone without any help. Make sure you hire a professional to deal with all the upcoming problems. A practiced lawyer who knows their way around the crises will help you navigate a safer and more suitable path to bankruptcy.

Buy Time for Mortgage

Many people buy their homes with mortgages. In the recent age of added and lifestyle expenses, it is almost impossible for people to build a house of their own. It is everyone’s dream to build a house for their children and with their partners. Most people take out a mortgage to get home. People think they can afford a large home because of low instalments. But in reality, the maintenance of a house also takes up a lot of money. You should buy a home that you can keep and maintain.

If you are stuck on your home mortgage, you can file for bankruptcy. Filing for bankruptcy may not remove the mortgage on your home, but it will buy you some time. You can use that time to resolve your financial issues and get back on your feet.

The bank will let you take more time from your creditors if you file for bankruptcy chapter 7. You can file for chapter 7 bankruptcy online or offline, as you see fit.

Chapter 7 Bankruptcy VS 13

Chapter 13 bankruptcy makes the indebted person pay their loan according to a plan. The lawyer or financial advisor makes a plan for the bankrupt person to help them get out of debt by paying it in instalments. For chapter 7 bankruptcy, the bank liquidates your assets to compensate for your debt, and the creditor may forgive the rest of the debt.

Both bankruptcies have different criteria for qualification, and all people have an equal chance of filing one. You must acquire the help of an attorney to get an explicatory idea of these filings and if you qualify for them.

Discharge From Personal Liability

After a person file for bankruptcy, the court discharges the person from all personal liability. The court issues a discharge order before the end of the trial for people to help manage their resources. Your creditors will not come from you after the court orders to discharge you from all the creditor’s debt.

It helps keep the pressure down in an unmanageable situation for many people. The court orders provide you with more time and the help of an impartial case trustee. You can let the bank and the court take care of your assets. Going bankrupt is not a pleasant experience, but it makes your life bearable after the immense burden of debt.

Rejection of Bankruptcy

If you fail to comply with the court dates and requirements, your application will be rejected. You have to make sure you reach court on time and provide all the relevant records. If you have filed for bankruptcy before and the court denies it for a reason, or you hold your lieu, you will not be eligible to file for bankruptcy again. If you file for bankruptcy once, you are not eligible for it for the next eight years.

Conclusion

Therefore, you must keep your financial affairs in order and hire a lawyer for legal representation and guidance in the event of bankruptcy. Apply for chapter 7 or chapter 13 bankruptcy, whichever suits your situation.

Dana White’s Net Worth is $500 Million, How is That?

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Have you ever wondered how much money Dana White makes? White is a well-known successful executive, but you might be surprised by his wealth. Dana White has led the UFC to become a multibillion-dollar corporation while serving as its president and a minority shareholder.

Dana White, the charismatic figurehead of the Ultimate Fighting Championship (UFC), is a name that resonates with both die-hard mixed martial arts (MMA) fans and casual sports enthusiasts. With a net worth of $500 million, White’s financial success is as staggering as the fighters he promotes. But how did he amass such wealth, and what’s the story behind the man who transformed the UFC into a global powerhouse?

Dana White’s net worth has increased dramatically because to his yearly pay and ownership stake in the UFC. This article will describe White’s wealth accumulation process.

Fighter Management

White managed Chuck Liddell and Tito Ortiz while they were performing in Las Vegas in the late 1990s and early 2000s.

White’s influence in the industry started to increase as he served as the manager for two well-known fighters. His position also gave him the chance to develop connections with the UFC’s corporate management.

He would learn about the chance of a lifetime thanks to these relationships.

Company Acquisition

White started to hear whispers that the parent company of the UFC, Semaphore Entertainment, wanted to sell the business.

In response, White called a wealthy boyhood friend named Lorenzo Fertitta.

Fertitta, a co-owner of Station Casinos, and his restauranteur older brother Frank came to an agreement in 2001 to purchase the UFC for $2 million.

The company was a significant risk when they bought it because it had few assets or inherent value.

White was appointed president and awarded a 9% ownership stake due to his vision and drive to expand the business.

This can be seen as “sweat equity” because it gave White, the President, a financial incentive to expand the company successfully. White’s shareholding was less than $200,000 at the time of purchase.

MMA Rise

White was able to significantly increase its revenue between 2001 and 2016. The business generated nearly $600 Million in revenue in just one year.

Under White’s direction, the UFC has conducted events in more than 175 nations and has distributed pay-per-view programming to tens of millions of households worldwide.

Additionally, it is the residence of some of the most well-known fighters alive today, like Jon Jones, Anderson Silva, and Conor McGregor.

For his efforts in recovering the flagging brand and becoming the UFC the biggest Mixed-Martial Arts (MMA) organisation in the world, White has received accolades.

The UFC was sold to several investors in WME-IMG for $4.025 billion in July 2016. At the time, White’s investment was worth more than $360 million.

Soon later, it was revealed that White would remain in that position while receiving a larger ownership stake.

Dana White has a net worth of $500 million as of September 2022. White’s net worth has significantly increased along with the UFC’s brand value in recent years. Conor McGregor and Rhonda Rousey, among other specific starfighters, can be credited with a large portion of the brand’s expansion.

The UFC has already propelled to one of the top 10 most valuable sports business brands in the world because to the company’s remarkable expansion.

White sold 9% of his UFC stock in 2016, and as president of the organisation, he now earns $20 million annually. White’s net worth will only increase over time because of his salary and the ownership of the company.

Conclusion

Dana White’s journey from a humble upbringing to a net worth of $500 million is a testament to his unwavering dedication, business acumen, and vision for the UFC. His story is not only interesting and informative but also educational and entertaining. Through hard work, innovation, and perseverance, White has transformed the UFC into a global phenomenon, revolutionising the world of combat sports. His ability to market the sport, connect with fans, and build a financial empire demonstrates that Dana White is not only a master promoter but also a shrewd businessman. As the UFC continues to grow, so does Dana White’s legacy as one of the most influential figures in the world of sports and entertainment.

How To Use Existing Assets To Finance An Important Business Project

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To finance a new or important business project, many entrepreneurs and small business owners turn to their existing assets. This can include anything from personal savings and investments to using the assets of the business itself. There are several ways to use existing assets to finance a new project, and each has its benefits and drawbacks.

Read on as we explore some of the most common methods for doing so and discuss when it makes sense to use each method and how you can go about getting started.

Using A Mortgage Or Home Equity Loan

If you own a home, one option for using existing assets to finance a new business project is to take out a mortgage or home equity loan. This can be a good option if you have built up equity in your home and you need a large sum of money to finance your project. The benefit of using a mortgage or home equity loan to finance your project is that you will likely get a lower interest rate than you would with other types of loans. When shopping for a mortgage or home equity loan, be sure to compare rates from multiple lenders and choose the one with the lowest rate. The downside is that you will be putting your home at risk if you are unable to make the payments on the loan.

Using A Personal Loan

Another option for financing a new business project is to take out a personal loan. This can be a good option if you have good credit and you need a smaller amount of money to finance your project. The benefit of using a personal loan is that the interest rate will likely be lower than if you were to use a credit card. When shopping for a personal loan, be sure to compare rates from multiple lenders and choose the one with the lowest rate. The downside is that will be putting your assets at risk if you are unable to make the payments on the loan.

Using A Business Loan

If you have a business, another option to finance a new project is to take out a business loan. This can be a good option if you have good credit and you need a larger sum of money to finance your project. The benefit of using a business loan is that the interest rate will likely be lower than if you were to use a personal loan or credit card. When shopping for a business loan, be sure to compare rates from multiple lenders and choose the one with the lowest rate. The downside is that you will be putting your business at risk if you are unable to make the payments on the loan.

Using A Credit Card

A final option for financing a new project is to use a credit card. This can be a good option if you need a small amount of money and you have good credit. The benefit of using a credit card is that you may be able to get a 0% APR introductory rate for 12 months or more. This can help you save on interest if you can pay off the balance within the intro period. The downside is that credit cards typically have higher interest rates than other types of loans and you may be putting your assets at risk if you are unable to make the payments on the card. For example, if you have a $5,000 balance on a credit card with a 20% APR and you only make the minimum payment each month, it will take you over 25 years to pay off the balance and you will end up paying over $14,000 in interest!

Using A Line Of Credit

Another option for financing a new business project is to use a line of credit. This can be a good option if you have good credit and you need a small to medium amount of money to finance your project. The benefit of using a line of credit is that the interest rate will likely be lower than if you were to use a personal loan or credit card. When shopping for a line of credit, be sure to compare rates from multiple lenders and choose the one with the lowest rate. The downside is that you may be putting your assets at risk if you are unable to make the payments on the loan.

There are a few different options available to finance a new business project. The best option for you will depend on your circumstances, such as the amount of money you need to borrow and your credit score. Be sure to compare rates from multiple lenders before choosing a loan so that you can get the best interest rate possible. And remember, when borrowing money, you always put yourself at risk of defaulting on the loan if you are unable to make the payments. So be sure to only borrow what you can afford to repay!

Conclusion

By leveraging your existing assets wisely, you can finance your important business project while maintaining financial stability. Careful evaluation, asset valuation, and risk management are key components of this strategy. Remember to seek professional guidance when necessary, and with strategic planning, you can turn your assets into valuable resources for growth.

With these insights, you are well-equipped to embark on your journey to finance your vital business project using your existing assets, ultimately ensuring your business’s continued success and expansion on both domestic and international fronts.