By Crispin Lozano
The stock market crashed again last week to a low level since 2008. According to many economists, the next recession or great depression will be very painful and worldwide. Consider the following events:
1. The U.S. national debt of $14 Trillion is equal to 100% of our gross domestic product. The U. S. economy will only grow 2% this year with unemployment rate of 9.1%. U. S. was downgraded to AA+ by Standard and Poor and the stock market crashed thereafter. The last great depression started with the stock market crash followed by high unemployment. Many banks are in distressed and home values continue to decline. Layoffs in the government and private sector are continuing.
2. The European nation is in the brink of economic decline as a result of the debt crisis in Greece, Portugal, Ireland, Spain and Italy. Since the Euro zone is the major trading partner of the U.S., exports will decrease that will result in layoffs in the U. S.
Question: What are the ways to prepare for the next recession?
Answer: Some suggestions from money experts are as follows:
1. Eliminate or reduce debt. Short term interest rate on credit cards run as high as 20 to 30%. By eliminating debt your chance of surviving the recession will increase.
2. Build up on cash. Whatever happens in the economy, cash is the best means of surviving the recession. Increase savings by 10 to 15% of your income.
3. Stay liquid. Allocate your assets into more liquid investments such as savings account, CDs and money market funds.
4. Avoid risky investments such as stocks and bonds. Postpone any investment in stocks until the market bottom is reached. Stocks are predicted to go down by about 30% because of the debt crisis.
5. Postpone buying a new car or house. This will drain the cash you will need in case of emergency.
6. Have a contingency plan. This should include a plan to reduce your expenses and increase your income. Eliminate all unnecessary expenses and improve your skill through education and training to improve your ability to generate income.
7. Postpone retirement if you can so that you can increase your retirement fund.
Question: What is the most common way to eliminate debt to survive recession or the great depression?
Answer: If you are saddled with huge amount of debt with high interest rate, filing bankruptcy is the most common way of eliminating debt to survive recession.
Note: This is not a legal advice.
Bankruptcy News
1. If you are being sued by your creditors, most money judgment can be eliminated in bankruptcy.
2. Collection actions continue and you can be sued if you are in debt settlement.
3. Chapter 7 will eliminate all unsecured debts. If you are near retirement age, you must eliminate most of your debts.
4. Bankruptcy will stop foreclosure actions. If your trustee sale date is 10 days before, you can still file for bankruptcy.
5. If your salary is being garnished, you have a court case about debts or you are being harassed by creditors, bankruptcy can stop garnishment, court cases, harassing creditors and eliminate the debt.
6. Bankruptcy is cheaper, faster and safer than debt settlement which has no guaranteed success.
7. Preserve your health, eliminate stress and live a happy life by eliminating your debts which is the root of all problems.
Immigration News
1. On September 22, 2011, we received an approval from USCIS for adjustment of status using cross chargeability that enabled the beneficiary to use the worldwide priority date (which is faster) instead of the Philippines priority date.
2. On August 30, 2011, we received an approval from Immigration Court of an adjustment of status for an alien who was denied the adjustment of status from another attorney.
3. On July 28, 2011, we received an approval of adjustment of status for an alien who entered the U. S. without valid documents but qualified under Sec. 245(i).
4. On July 21, 2011 we received an approval for withholding of removal in Immigration court for an old lady who could not come back to her country because of political situation.
5. On June 28, 2011, we received an approval in Immigration Court for an adjustment of status. The applicant was previously denied on the I-130 petition because they did it without an attorney. We filed a second I-130 petition that was approved based on good faith marriage.
6. On March 1, 2011, we received an approval of adjustment of status by an Immigration Judge for an alien who was originally denied adjustment of status based on petition by employer.
7. On January 25, 2011, we received an approval of a self-petition by a battered spouse. Her entry with a different name was forgiven.
8. On December 23, 2010, we received an approval from the Immigration Court for a waiver of misrepresentation for an alien who entered as single but actually married.
9. On January 5, 2010, we received an approval in Immigration Court of an adjustment of status based on good faith marriage despite an age difference of 18 years.
10. Abused spouse of U.S. citizen or permanent residents can self petition even if there is a problem with the entry documents such as C or D visa or entry without inspection or assumed name.
11. Individual Tax Identification Number (ITIN) can be used for filing tax returns and is required before bank accounts can be opened.
Crispin Caday Lozano was born in the Philippines and a naturalized U.S. citizen. He is an active member of the State Bar of California, the American Immigration Lawyers Association and the National Association of Consumers Bankruptcy Attorneys. He specializes in immigration law and bankruptcy law. He earned his Juris Doctor at Western State University College of Law in Fullerton, California. He is also a Certified Public Accountant, a Real Estate Broker and a Bachelor of Business Administration Cum Laude graduate. He has four offices which are located in Hayward, San Jose, and Cerritos, California. You can contact him at telephone number 1-877-456-9266. www.crispinlozanolaw.com/
1. The U.S. national debt of $14 Trillion is equal to 100% of our gross domestic product. The U. S. economy will only grow 2% this year with unemployment rate of 9.1%. U. S. was downgraded to AA+ by Standard and Poor and the stock market crashed thereafter. The last great depression started with the stock market crash followed by high unemployment. Many banks are in distressed and home values continue to decline. Layoffs in the government and private sector are continuing.
2. The European nation is in the brink of economic decline as a result of the debt crisis in Greece, Portugal, Ireland, Spain and Italy. Since the Euro zone is the major trading partner of the U.S., exports will decrease that will result in layoffs in the U. S.
Question: What are the ways to prepare for the next recession?
Answer: Some suggestions from money experts are as follows:
1. Eliminate or reduce debt. Short term interest rate on credit cards run as high as 20 to 30%. By eliminating debt your chance of surviving the recession will increase.
2. Build up on cash. Whatever happens in the economy, cash is the best means of surviving the recession. Increase savings by 10 to 15% of your income.
3. Stay liquid. Allocate your assets into more liquid investments such as savings account, CDs and money market funds.
4. Avoid risky investments such as stocks and bonds. Postpone any investment in stocks until the market bottom is reached. Stocks are predicted to go down by about 30% because of the debt crisis.
5. Postpone buying a new car or house. This will drain the cash you will need in case of emergency.
6. Have a contingency plan. This should include a plan to reduce your expenses and increase your income. Eliminate all unnecessary expenses and improve your skill through education and training to improve your ability to generate income.
7. Postpone retirement if you can so that you can increase your retirement fund.
Question: What is the most common way to eliminate debt to survive recession or the great depression?
Answer: If you are saddled with huge amount of debt with high interest rate, filing bankruptcy is the most common way of eliminating debt to survive recession.
Note: This is not a legal advice.
Bankruptcy News
1. If you are being sued by your creditors, most money judgment can be eliminated in bankruptcy.
2. Collection actions continue and you can be sued if you are in debt settlement.
3. Chapter 7 will eliminate all unsecured debts. If you are near retirement age, you must eliminate most of your debts.
4. Bankruptcy will stop foreclosure actions. If your trustee sale date is 10 days before, you can still file for bankruptcy.
5. If your salary is being garnished, you have a court case about debts or you are being harassed by creditors, bankruptcy can stop garnishment, court cases, harassing creditors and eliminate the debt.
6. Bankruptcy is cheaper, faster and safer than debt settlement which has no guaranteed success.
7. Preserve your health, eliminate stress and live a happy life by eliminating your debts which is the root of all problems.
Immigration News
1. On September 22, 2011, we received an approval from USCIS for adjustment of status using cross chargeability that enabled the beneficiary to use the worldwide priority date (which is faster) instead of the Philippines priority date.
2. On August 30, 2011, we received an approval from Immigration Court of an adjustment of status for an alien who was denied the adjustment of status from another attorney.
3. On July 28, 2011, we received an approval of adjustment of status for an alien who entered the U. S. without valid documents but qualified under Sec. 245(i).
4. On July 21, 2011 we received an approval for withholding of removal in Immigration court for an old lady who could not come back to her country because of political situation.
5. On June 28, 2011, we received an approval in Immigration Court for an adjustment of status. The applicant was previously denied on the I-130 petition because they did it without an attorney. We filed a second I-130 petition that was approved based on good faith marriage.
6. On March 1, 2011, we received an approval of adjustment of status by an Immigration Judge for an alien who was originally denied adjustment of status based on petition by employer.
7. On January 25, 2011, we received an approval of a self-petition by a battered spouse. Her entry with a different name was forgiven.
8. On December 23, 2010, we received an approval from the Immigration Court for a waiver of misrepresentation for an alien who entered as single but actually married.
9. On January 5, 2010, we received an approval in Immigration Court of an adjustment of status based on good faith marriage despite an age difference of 18 years.
10. Abused spouse of U.S. citizen or permanent residents can self petition even if there is a problem with the entry documents such as C or D visa or entry without inspection or assumed name.
11. Individual Tax Identification Number (ITIN) can be used for filing tax returns and is required before bank accounts can be opened.
Crispin Caday Lozano was born in the Philippines and a naturalized U.S. citizen. He is an active member of the State Bar of California, the American Immigration Lawyers Association and the National Association of Consumers Bankruptcy Attorneys. He specializes in immigration law and bankruptcy law. He earned his Juris Doctor at Western State University College of Law in Fullerton, California. He is also a Certified Public Accountant, a Real Estate Broker and a Bachelor of Business Administration Cum Laude graduate. He has four offices which are located in Hayward, San Jose, and Cerritos, California. You can contact him at telephone number 1-877-456-9266. www.crispinlozanolaw.com/
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