Can age of the owner decide the premium price

Can age be a deciding factor for premium cost of car insurance policy? Yes, can increase or decrease your premium cost as per the terms of insurer. Formerly, average premium for women drivers over 60 were comparatively higher than men. Everything else was same. And the reason behind this peculiarity was explained by insurers. Women at this age drive because they do not have any male who can do the driving for them. That is the reason they are more likely to meet with major accidents. It was the most strikingly odd explanation for this discrimination price on the basis of age. In general, young female drivers pay higher premiums because statistically most of the fatal accidents or rash driving incidents reported were against people below 25. So, owners who are below the age of 25 years are considered to pay more premium cost. It is an obvious reason to apply such pattern. Given facts make it easier to understand the reason.

·         Around 20% of the drivers meet with accidents in their first year of driving.

·         According to a report, at least one driver below 25 was involved in 30% of major road accidents.

·         In 2015, more than 74 teenagers were killed while driving, and approximately 950 got seriously injured.

Although young females are considered as better and safer drivers than males but since the gender factor is out of the equation now, so premium costs will be the same for both of them.

What is Chapter7 Bankruptcy

As the name implies, the law of chapter 7 bankruptcy is contained in chapter 7 of the federal bankruptcy code. It is termed as ‘straight bankruptcy’. It provides an opportunity to the consumers to discharge their unsecured debts. It is a selling or liquidation proceeding in which the debtor’s non-exempt assets, if any are sold by the trustee and distributed among the creditors according to the priorities decided in the code. In most consumer cases, all the assets are free from obligation and therefore there are no assets to liquidate and there is no dividend to creditors. It is generally the easiest and quickest way of declaring bankruptcy and is easily available to individuals, married couples, corporations and partnerships. Common debts eliminated by filing for chapter 7 bankruptcy are credit cards, medical bills, personal loans and mortgages. At the time of filing chapter 7 case, all of the debtor’s property is temporarily supervised by the bankruptcy court and a case trustee. A bankruptcy attorney will help you to classify that which property comes under exempt property and which one under non-exempt. Exemption laws vary depending on which jurisdiction you live in.

Although a bankruptcy will stay with you on your credit record for a long time, the time to complete the chapter 7 bankruptcy processes, from filing the case to get final relief from debt, takes about 3-6 months. So, the compromise is a lasting impression against your credit which gives a freedom from most of the debts. Most state exemptions have very easy rules so that most things you own will be free from obligation from bankruptcy. Sometimes, it is allowed to keep more of your property than you need. Additionally, you will keep getting the salary or wages that you earn and the property you buy after filing for chapter 7. Your credit cards probably got you in this situation, so it is hard to see that as a bad thing. There are some lenders who specialize in lending to ‘bad risks’ although that is unfair characterization to make of someone who is trying to solve financial difficulties.

Now you can start rebuilding your credit sooner after declaring bankruptcy. Although, chapter 7 bankruptcy can be filed once in every six years, each filing appears on your credit record. Short of a court order from family court, nothing else will relieve you of your alimony and child support obligations. There is no way to get rid of student loan debt, and at least bankruptcy will save you from aggressive collection process of your lenders. Chapter 7 does not have any criteria for you to have debts of a certain amount in order to file for relief.

Can creditors take my pay check?

·         No, they cannot. Your wages won’t be garnished right away.

How will it impact on my credit score?

·         In this situation, you may be concerned about how to protect your credit score. Bankruptcy does have an effect on your credit score but not as bad as you might expect.

How much will it cost to file chapter 7 bankruptcy?

·         It will cost around $350 in filing and administrative fees.

Can I sell any of my property after filing for chapter 7?

·         Without the court’s consent, you cannot. Bankruptcy court will have the complete control of your all financial affairs.

Can I pay back family before bankruptcy?

·         No. Bankruptcy laws are set up so that you cannot treat one creditor differently than others.

How much will it cost to file for Chapter 7 bankruptcy?

Every individual who is thinking to file for bankruptcy needs to get an idea about the cost. After all, bankruptcy is a bad financial phase. A filing fee needs to be paid while filing for bankruptcy. For a chapter 7 case, the fee is around $350. There might be an additional fee of $15 to $20 which needs to be paid to bankruptcy. You may request to pay the filing fees in instalments, most courts will allow it if you can show it would be a financial deprivation to pay the complete amount at once. If you file under Chapter 7 and later convert to chapter 13, you won’t have to pay any extra fee. Aside from the filing fees, you will be required to obtain credit counselling that costs in between $60 to $90, depending on where you file.

You can file without the help of an attorney but the success rate is not good. Under chapter 7, you will forgo all of your non-exempt property to the bankruptcy trustee. Bankruptcy exemptions differ by district and some are more lenient than others. The trustee will sell that property and use the takings to pay your creditors. Once this process will be over, your remaining unsecured debt is discharged, which means it is forgiven. When you file under chapter 7, you will generally have to pay up-front. Across the country, the average attorney fee for a chapter 7 case is $1200. That cost may differ notably from the market. It might be possible that you will have to pay more in a metropolitan city than in a comparatively small town. Your fees might get affected by the complications in your case. One major thing, attorney fees are public record. We now know that attorneys may charge more for complications.

In every state, low-income individuals can get free legal help. If you are filing for bankruptcy or struggling with debt, you can get free credit counselling services.