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  • Different Ways of Supplementing Your Income

    Different Ways of Supplementing Your Income

    Los Angeles is one of the most expensive cities in America, where the cost of living is 43% more than the national average and cost of housing is more than Two times the national average. This has led many people residing here to live under debt or impatiently wait for their pay cheque every month. Many people are looking for alternatives to supplement their income. The gig of short-term work is on the rise. Selling your stuff on the internet to increase your income is a great way. Thanks to the internet, A lot of options are available for people to sell particular belongings either online or offline for cash.

    Know Everything about Selling Stuff Online

    Many online marketplaces are thriving thanks to the internet boom. In case you wish to sell stuff online, some of the popular options include:

    • eBay — Here any object is sold at a fixed price auction to the highest bidder. The stuff that is mostly sold on eBay combines vintage merchandise, niche products, collectors’ items. It is important to remember that there are a number of fees associated with the site listing fees, final sale fees, Paypal processing fees, etc.
    • Craigslist – IS a common choice for one-off sales. Listing and selling here are free where most sales are completed personally unlike eBay where the entire transaction takes place online.
    • Facebook Marketplace – Here, You are selling to people you already know. FB Marketplace accounts are linked to Facebook profiles so you are aware of the identity of the buyer as well as a seller here, Unlike Craigslist where there is anonymity.
    • Amazon – In case you have a number of the same type of products to sell, Amazon is a great option.
    • Etsy – Etsy is the preferred listing and selling the place for all creative and crafty items.

    Since first-timers often end up making some mistake while attempting to sell stuff online, it is important to be aware of tips which can help make more money.

    1. Never ship product till payment is received. If you are selling stuff online, trusting the other party is important, However, Not at the cost of getting fooled or being cheated. Blind faith while selling the stuff will result in you being in for a monetary loss. It is important to see that the payment is credited before dispatching the stuff.
    1. Keep margin for shipping costs. Shipping off stuff requires money. You need to be aware of how much money you will require to spend on shipping before actually putting a price on your stuff. U.S. Post Office postage cost calculator comes in handy in such cases.
    1. Ensure personal safety. In case an online business deal is to be completed in person, It is important to ensure your personal safety. Choose a public place during normal business hours for the meet. In case a local police station offers SafeTrade Stations where online buyers and sellers can exchange goods and cash that is a better option. If you do not wish to share your address with strangers, You can always rent a P.O. Box from the local post office.

    Everything about Selling Stuff Offline

    In case you wish to sell your stuff directly without any additional charges like shipping costs, transaction fees and avoid any shady people you meet online, then offline selling options are also available. Offline sale options include:

    Garage sale – If you wish to sell off stuff the traditional way, holding garage sale is an excellent option. All you need to do is find out the local rules to figure out the details and advertise about it. It is a great way to get rid of all your unwanted stuff.

    Pawn shop – If you want instant cash for your stuff, pawn shops are your best bet as they pay you immediately. However, The price that they pay is generally below the market value of the item.

    Consignment shops – Though they might appear similar to pawn shops, consignment shops are different. In this case, your property is under your ownership till it is sold. The proceeds are split with the shopkeeper once it is sold.

    Trade-ins – People can use this way to sell off the automobile and similar stuff to reduce the price. Many businesses allow people to trade stuff (gaming consoles, old video games, smartphone, etc.) at a discount, in-store credit or cash.

    Taxes are an integral part of your pay. When you work for an employer, Your employer cuts taxes at source, however, When you make any earning as an independent contractor or a freelancer or even by selling your stuff, every penny you earn is yours. It is important to remember that you do owe taxes in this case too. You need to assure that your income is set aside and provisions are made to cover the income tax bill as well as the self-employment tax. Though there probably won’t be any form listing available for the money you earned by selling your stuff, You are required to report the same to the government. Understanding what you had originally paid for the stuff can help as you can deduct that amount while paying income tax.

    Though both online and offline selling methods are lucrative, it is important to make a decision regarding the best one for you. In case there is an urgent requirement for cash, then pawn shops or trade-in are a good option (Sometimes, Facebook Marketplace or Craigslist can also give quick results). In case, time is not short, then all options are open for you. If monetary problems are the reason why you are wishing to sell your stuff, then it is important to consult bankruptcy lawyers. They might find another way where you don’t have to sell your prized possessions and yet get out of trouble. Consulting with lawyers makes you aware of your options vis-à-vis bankruptcy and clearing debt problems without losing any property.


      *Are you more than 60 days past due on your mortgage?

      *Do you own a home?

      Are you currently working?

      By clicking “Submit”, whether I do or do not purchase any products or services on this website, I hereby give my express written consent to receive calls and SMS/text messages, including calls and SMS/text messages made and sent using automated dialing equipment and/or pre-recorded or artificial voice technology and email, about offers and deals that I wish to be kept informed about from (“Partners”), at the phone number and/or email address provided on this form, including any wireless numbers provided, even if I have previously registered the provided number on any Do Not Call Registry. If I do not make a purchase on this website, it is expressly understood that the Partners retain permission to contact me as specified earlier in this paragraph. Carrier SMS/MMS and data messaging rates apply. I also agree that by clicking “Submit” that I agree to the Privacy Policy and Terms and Conditions.

    • Details of the Bankruptcy Process in Los Angeles

      Details of the Bankruptcy Process in Los Angeles

      The economic situation all over the world is dire. This has resulted in many people undergoing severe financial stress. Business organizations, as well as individuals, are facing problems regarding huge debts which makes it difficult to remain afloat. Many people find it tough to manage debts incurred and mortgage payments. If you are facing a similar situation, it is time to consider bankruptcy.

      Many people often have the wrong idea about bankruptcy, often because of the myths associated with it. Consulting adept bankruptcy lawyers such as those of Los Angeles based law firm Recovery Law Group can make you aware of the benefits of bankruptcy and how it can help you rebuild your credit. There are various chapters under which a debtor could file for bankruptcy, each with its own merits. Consulting an expert lawyer can help you with not only stopping wage garnishments, bank levies, and foreclosure but can also guide you on the best way to save assets, discharge your debts and rebuild your credit.

      What Happens During Bankruptcy?

      Despite many people being aware of bankruptcy as an option to get rid of financial problems, not many actually understand what happens during bankruptcy. While consulting with bankruptcy lawyers, you get to know about the different types of bankruptcies as well as the stipulated timeline associated with each one. Lawyers also make you aware of the benefits and repercussions of these different types, ultimately choosing one which best suits your personal case.

      Opting for consultation with bankruptcy attorneys can also help you with:

      • Determining the best course of action for your financial issues. You can either get your debts discharged via liquidation bankruptcy (Chapter 7) or reorganize them through repayment plans (Chapter 11 or Chapter 13)
      • In case you opt for Chapter 7 bankruptcy to get your debts discharged, it is important to determine whether you qualify for the mean test which entails that your income must be below the state median. Apart from this, you also need to prove that you do not have the ability to repay the debts over a 3-5 year time frame.
      • Determining which debts can be discharged. Not all debts can be cleared even after bankruptcy.
      • Coming up with a repayment plan. In case you opt for the reorganisation of debts under Chapter 11 or Chapter 13 bankruptcy a repayment plan needs to be presented to the creditors.

      As soon as debtors file for bankruptcy, automatic stay helps protect against various actions of creditors including threatening phone calls, wage garnishment, repossession, etc. If you too wish to get out of the vicious cycle of never-ending debts and threatening debt collectors; and want to make efforts to clear your debts, you need to consult bankruptcy lawyers to determine the best course of action.

    • What are the Benefits of Chapter 13 Bankruptcy?

      What are the Benefits of Chapter 13 Bankruptcy?

      A bankruptcy filing is a federal way out for people who are struggling with finances due to unforeseen circumstances. Individuals who are going through a tough financial phase can opt for filing bankruptcy under either Chapter 7 or Chapter 13. While many debts are discharged in Chapter 7, there are a number of benefits associated with Chapter 13 bankruptcy too. The latter has a court-approved repayment plan through which the bankruptcy filers are allowed to make payments to the debtors over a period of 3-5 years. The repayment plan is devised keeping in mind the debt owed to the creditors and the income of the filer. In this way, the debtors make one manageable payment every month to the bankruptcy trustee which ensures that the payment reaches the creditors. Thus there is no direct contact with creditors.

      According to Los Angeles based law firm Recovery Law Group , those individuals who are able to qualify for this Chapter, there are a number of advantage, such as:

      1. In case you have fallen behind on monthly mortgage payments, Chapter 13 bankruptcy allows you to avoid foreclosure.
      2. Non-exempt property which cannot be protected under Chapter 7 bankruptcy can be protected if you file under Chapter 13.
      3. With the repayment plan, you can catch up on car loan payments and prevent repossession of the vehicle. The car payments are reduced depending on how much the original principal amount of loan remains and the current value of the vehicle.
      4. In case you had previously (within 8 years) filed for a Chapter 7 bankruptcy, you can get protection with filing a Chapter 13 now.
      5. In case you owe taxes which cannot be discharged, they can be repaid through the Chapter 13 bankruptcy repayment plan. This way the IRS (Internal Revenue Service) cannot make collection attempts and will have to accept whatever payment amount has been agreed to upon by the bankruptcy court.
      6. A repayment plan can be devised for student loan debt under Chapter 13, which typically does not get discharged during bankruptcy.
      7. Co-signers are often at the receiving end of the creditors when you file for bankruptcy under Chapter 7. But Chapter 13 protects them.

      In case you find yourself in a financial mess, with repayment problems spiraling out of hand and creditors giving you a hard time, you should consult bankruptcy lawyers to discover your options. Find out which chapter of bankruptcy can you qualify for and which will be the best suited for your particular conditions.


        *Are you more than 60 days past due on your mortgage?

        *Do you own a home?

        Are you currently working?

        By clicking “Submit”, whether I do or do not purchase any products or services on this website, I hereby give my express written consent to receive calls and SMS/text messages, including calls and SMS/text messages made and sent using automated dialing equipment and/or pre-recorded or artificial voice technology and email, about offers and deals that I wish to be kept informed about from (“Partners”), at the phone number and/or email address provided on this form, including any wireless numbers provided, even if I have previously registered the provided number on any Do Not Call Registry. If I do not make a purchase on this website, it is expressly understood that the Partners retain permission to contact me as specified earlier in this paragraph. Carrier SMS/MMS and data messaging rates apply. I also agree that by clicking “Submit” that I agree to the Privacy Policy and Terms and Conditions.

      • The Best Way to Rebuild Your Credit Score after bankruptcy

        The Best Way to Rebuild Your Credit Score after bankruptcy

        Sometimes, one bad decision can be just the start of many such similar ones. Before you know it, you have amassed a bad credit score and huge loans which you have no means to pay off. This invariably leads to filing for bankruptcy which may seem like the end of the world. However, things couldn’t be farther from the truth as bankruptcy offers you a chance to wipe your slate clean. You could get rid of old debts which kept your credit score down and get a fresh financial start to rebuild your credit score.

        Bankruptcy and its Effect on Credit Scores
        A credit score is a concise way to show lenders your financial position, i.e. how much risk it would be to loan money to you. A high credit score means your debts are paid on time and on a regular basis, whereas a lower credit score means that you are irregular in making payments. It is, however, incorrect to assume that filing for bankruptcy will end up lowering your credit score permanently. Bankruptcy can cause a temporary drop in your credit score. You can use a number of tips to rebuild your credit score.

        How to Rebuild Your Credit Score?
        As per Sacramento based law firm Recovery Law Group, the primary step needed to improve your credit score is to know your credit standing. For this, you need to obtain your credit score copy from any of the major credit reporting agencies. Checking for any errors is essential, such as any debt which should be discharged by your bankruptcy, contact credit agency and get the issue resolved. Stick to basics when it comes to basics, like don’t spend more than you can afford to, pay your bills in full and on time, including debts which were not discharged by bankruptcy (student loan payments).

        The biggest mistake people can make after bankruptcy is to avoid credit altogether. Though initially, it may seem like a bright idea to steer of any new debts, this won’t be of any help to rebuild your credit. Instead of completely avoiding credit responsibility, take it in small steps. The easiest way to do this is to take advantage of a secured credit card which reports to one of the top 3 credit agencies and make regular payments on time. Paying off entire balance monthly helps avoid making interest payments apart from showing lenders that you aren’t a credit risk anymore. Regularly doing the same can lead to a drastic improvement in your credit score.

        Other methods of getting better credit score comprise of getting a new bank account or applying for a gas card. Paying for gas for your car through this card helps rebuild your credit score as it is one of the regular purchases. Signing up for automatic bill pay ensures that all your bills are paid on time, thereby improving your credit score.

        The most important aspect is not to lose your patience during the entire process of bankruptcy. Though these are trying times, ensuring that you keep making regular payments and develop good financial habits will go a long way in improving your credit score. Make regular credit score checks and soon your ratings will increase with time.

        Bankruptcy filing offers a chance for people to not just wipe off their dischargeable debts, start fresh and improve their financial condition. By taking appropriate steps to fix your credit score you can finally breathe free. Consult bankruptcy lawyers to help you guide through the process and inform you of all options.


          *Are you more than 60 days past due on your mortgage?

          *Do you own a home?

          Are you currently working?

          By clicking “Submit”, whether I do or do not purchase any products or services on this website, I hereby give my express written consent to receive calls and SMS/text messages, including calls and SMS/text messages made and sent using automated dialing equipment and/or pre-recorded or artificial voice technology and email, about offers and deals that I wish to be kept informed about from (“Partners”), at the phone number and/or email address provided on this form, including any wireless numbers provided, even if I have previously registered the provided number on any Do Not Call Registry. If I do not make a purchase on this website, it is expressly understood that the Partners retain permission to contact me as specified earlier in this paragraph. Carrier SMS/MMS and data messaging rates apply. I also agree that by clicking “Submit” that I agree to the Privacy Policy and Terms and Conditions.