Veteran Business Loan

“Don't simply retire from something; have something to retire to”. - Harry Emerson Fosdick

Retirement can prove to be the golden period of one’s life, provided one pre-plans it properly. When you do not have a regular inflow of money, you might confront hard days to even meet your two ends. Hence it’s better that you set a business so as to support your means. There are lots of sources available for veterans to fund your business including both private and federal funds.

Below are some of the tips that would help you to get a business loan:

Prior to asking for a business loan, decide few things like the type of business you want to take up, the amount of money you need to set it up. Make a list of all possible loans; figure out your income and expenses, and revenues, the cash in your hand about the market and competition.

It is advisable to apply for both veteran and non-veteran loan. This is because you may qualify for one and not all. You can opt for the “Patriot Express Pilot Loan initiative” from the Small Business Administration (SBA). To know more about all options, you can visit the SBA site. The maximum available amount is $500,000.

Visit the website of the International Franchise Association, VetFran.com. This offer is especially meant for the veterans with available discounts and is supported by franchises. Go through the requirements thoroughly and apply for the most suitable.

Refer to several modules available on the business and loan information which will assist you well to create your won business. Thus a deeper understanding of al these will enable you to achieve success in the long run.

Can Bankruptcy be a Solution to Tax Debts?

“A man in debt is so far a slave.”- Ralph Waldo Emerson

Ever since the bankruptcy reform of 2005, Chapter 13 bankruptcy remains the last resort for most of the debtors. This proves to be very difficult to shed off the tax debts. Perhaps the debtor needs to meet certain criterions in order to qualify for the chapter 13 bankruptcy.

Chapter 13 Bankruptcy

A debtor opts for the chapter 13 bankruptcy with an aim to enter a repayment plan instead of discharging the debts. The Internal Revenue Service can assuage a portion of your tax debts. In chapter 13 bankruptcy the debtor has to pay off al the existing debts. If the income of the debtor is higher than the median income of the state, he cannot be eligible for the chapter 7 bankruptcy.

Chapter 7 Bankruptcy

The chapter 7 bankruptcy helps in discharging your debts by selling some of your non-exempted assets. A trustee would be appointed by the court, who would be responsible to carry on with the procedure. He sells off the assets and disburses the amounts to pay off the debts. The debt which is discharged is then forgiven.

Debt that are Discharged

Generally, the debts that are eradicated by bankruptcy are considered by the IRS as taxable income. Hence it can create a tax burden to a debtor. However, the IRS does not take the tax debts that are already discharged as income which eventually does not lead to new tax debts.