How to Open an Offshore Bank Account
If youve ever wondered whether you could benefit from an offshore bank account, or youre considering opening an account but youre not sure which one to go for, this guide has been written with you in mind!
We take you right through the process of choosing the right account, and opening it. We examine the benefits of banking offshore and help you to find and open the best offshore bank account for your requirements.
We discuss why you have to choose your jurisdiction carefully, and how know your client due diligence now means that it is harder than ever before to open an offshore bank account – but its not impossible!
How do I choose the right offshore bank?
Many banks advertise their various accounts on the internet, in fact the number and variety of banks and accounts on offer is daunting and the problem isnt likely to get any easier with time as more and more account types and variations on the theme are becoming available from more and more institutions year on year.
Each back is vying for your business and attention.
So, how do you sort the wheat from the chaff and make sure that you select the best establishment for your money management needs?
Firstly, select your jurisdiction carefully, and pay particular attention to the local regulatory rules and regulations that govern the jurisdiction. After all, you need to be sure that any investment you make within an offshore centre is going to be secure.
When you have a particular location in mind consider doing a little research into which financial and banking big brand international names are located within your favoured offshore centre. Though this is not an exact science, chances are the jurisdiction is considered secure and legitimate if the larger international banks have offices there. Now
Podcast Episode #7 – 10 ways to save money (Part 2)
January is a great time to start looking for ways to reduce your expenses, save, and develop improved spending habits. Here are our top 10 ways to reduce expenses in a two part podcast. Click here for part 1.
- Get rid of cable and/or internet
- Get rid of home land line
- Shop around for insurance/ get rid of unnecessary insurance
- Eat out less/ plan meals/ bring lunch to work/ STOP buying coffee every morning! (Calculate the cost of your coffee spending here.)
- Reduce the amount of use of everyday items paper towels, napkins, cleaning products, etc.
- Timeshares
- Pet expenses
- Fees credit card, bank fees, other ongoing fees (like gym membership you never use)
- Gas check out this Gasbuddy app and find cheapest gas on the go
Standard Podcast [ 12:59 ] Play Now | Play in Popup | Download
The Ordinary Business Terms Preference Defense
The 2005 amendments to the Bankruptcy Code modified the landscape for a key defense to bankruptcy preference actions. Preference actions are when a trustee or debtor in possession sue a creditor for the return of payments made in the 90 days before a bankruptcy. The concept is that creditors that receive more than similarly situated creditors by extracting unusual pre-bankruptcy payments from the struggling debtor should have to give the money back so that it can be shared equally with their peers. This creates a disincentive to employ coercive collection techniques when a debtor is teetering on the edge of bankruptcy. However, there is a defense to a preference case that allows the recipient of the money to keep it if the transfer was ordinary. There are several other defenses to preference actions (some of which I discuss here), but I will be highlighting the ordinary course of business defense, and more specifically, the ordinary business terms prong of that defense.
Section 547(c)(2) is where the general defense is found.
FICO Chief Talks About Credit After Bankruptcy
People considering bankruptcy are usually concerned about bankruptcy’s effect upon their credit score and what they need to do in order to rehabilitate their credit. I saw an interesting article in Yahoo Finance about an interview with Mr. Mark Greene, the CEO of Fair Isaac & Co., the managers of your FICO score.
Mr. Greene says that a bankruptcy or a foreclosure will reduce your credit score by 150 points, and that it takes up to seven years to restore your credit score. There is a common understanding that bankruptcy stays on your credit report for seven years. The fact that your credit report includes a prior bankruptcy filing, and that it takes up to seven years to fix your credit does not mean that you will not have good credit for seven years; it means that some people do not restore their credit score until the bankruptcy report is removed at the end of seven years.
I have had many clients who report that they have rehabilitated their credit three or four years after filing bankruptcy. P
How Donald Trump Uses Bankruptcy to Become More Successful
How Donald Trump Uses Bankruptcy to Become More Successful
It is not uncommon for a client to ask about Donald Trump and other famous large-scale bankruptcies. How can a rich person like Donald Trump file for bankruptcy, and how does he seem to come out of it more successful than ever? And is this something regular Americans can do?
Donald Trump is famous for filing for bankruptcy in order to get something that he wants. Chapter 11 can give the filer more power and flexibility. Trump has developed, upgraded, and changed his business by obtaining loans and time granted by the bankruptcy court, that his creditors would not have granted otherwise. How can an individual take advantage of this?
Donald Trump himself has never filed for bankruptcy, contrary to popular belief. However, Trump’s corporation has filed for bankruptcy several times. This is the first point that it is necessary to understand. Businesses can file Chapter 11 bankruptcy, which allows them to reorganize and create a plan to become more profitable. This is why most businesses that file for bankruptcy do so before they are absolutely on the last straw, and they often come out of bankruptcy in a much better position.
The only type of individual bankruptcy that is comparable to Chapter 11 is Chapter 13. In Chapter 13 bankruptcy, an individual can reorganize their life, decide what they want to keep and what they want to get rid of, and can pay off a large chunk of loans. They do this by creating and following a 3 to 5 year plan. At the end of the plan, the bankruptcy court will forgive any remaining unsecured debt.
Many people are skeptical of Chapter 13 because it takes a long time and requires paying some debts that do not have to be paid in Chapter 7. However, those who have a lot of secured debt or a lot of assets may be wise to consider Chapter 13 as an alternative.
Like Trump’s Chapter 11 reorganizations, individual Chapter 13 plans give those who use them a chance to develop a better plan, and often give more flexibility to the debtor that he or she may otherwise have.
Always speak with a local bankruptcy attorney before deciding if bankruptcy is the right choice for you.
Jordan Slattery
Arizona Bankruptcy Attorney