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Archive for October, 2010

Bankruptcy Prison

Bankruptcy prison is simply a jail which was purposely meant for people who failed to pay their debts. In the past those who were caught up in debt would be punished by being put in jail. Men and women who had soaring debts would be put in the same cell and many of them would end up dead before their families could pay the debts. However this practice has been done away with with most states reducing this to a federal crime.

Bankruptcy imprisonment was not only humiliating to the debtors but was also abuse of human rights. These and many more could be reasons why many countries no longer carry on with the practice. Some of these debts come about due to reasons that are out of the debtors control such as soaring medical bills and loss of a job or an income generating project. All these make an individual unable to pay debts.

In 1869 the financial distress act did away with the insolvency prisons in the United Kingdom. This was mainly to do away with the deaths that were always happening in the prisons. Human rights activists argued that people were not meant to be punished for incidents that were beyond their control. Furthermore they were people who needed help to deal with these financial problems other than being subjected to harsh conditions.

In 1833 the United States financial distress code reduced the punishment to a federal crime. This was good news to those who became bankrupt involuntarily. As such these people will be treated with respect and dignity.

About the writer:  Peter Gitundu Creates Interesting And Thought Provoking Content on Finance. For More Information On How To Deal With Bankruptcy Read More Of His Articles Here DEALING WITH BANKRUPTCY If You Enjoyed This Article Make Sure You SUBSCRIBE TO MY RSS FEED!

Advantages Of Using An Internet Bank

The reasons for using an Internet bank will always vary depending on each persons circumstances. In any case the most common reason for using an Internet bank is because online Internet banking can save time and money. The majority of people who use online Internet banking are those who do not have time or are simply unable to visit their banks during opening hours.

If you find that you have a busy schedule are immobile for whatever reason or find the whole bank visiting process to be a little tedious then an Internet bank might be just what you need. Online Internet banking brings the world of banking to your fingertips and thus the advantages you can obtain from it cannot be over emphasized.

By choosing an Internet bank you can easily and efficiently manage your bank account. Just by logging in to your online bank account you can perform actions such as check your account balance order paper statements pay bills transfer funds between accounts and apply for a wide range of Internet bank products. Another advantage of using an Internet bank is the fact it is not only a convenient way of banking but also a costeffective one.

This is because the reputable Internet banks provide their services for free. Furthermore since all accredited Internet bank websites provide encrypted connections all your personal information and financial details are kept 100 secure. It is also worth mentioning that many online Internet banking websites have online banking demos to help you get started.

About the writer:  Ken Charnly is a personal finance publisher whose website Online Loans is dedicated to quality information on online loans. For quality information and for all your online loan needs visit and Apply for Loans Online

Will You Be Prosecuted For Debt Fraud?

Debt collection agencies will often threaten people that owe money with prosecution for fraud. Unfortunately it is just one of the tactics that they use to frighten people into paying money that they can’t afford.

Debt Fraud Prosecution How Likely Is It?

In the UK prosecution for debt fraud is only likely in the most extreme of cases e.g. applying under someone else’s name or saying that you earned 100000pa when you actually earned 5000. Even some quite extreme cases don’t come to court. Therefore if a debt collection agency is threatening you with a fraud prosecution they are almost certainly lying.

One other possible route for prosecution in the UK is the bankruptcy process if you decide to go down this route. The insolvency service will investigate the circumstances leading up to your bankruptcy to see if you were guilty of reckless behavior. It is possible although extremely unlikely that they will decide that your conduct before bankruptcy deserves prosecution. This is even less likely now that gambling has been removed as a specific reason for prosecution.

Ignore the threats and concentrate on working towards a solution to your debt problem. Just remember that a debt collector will say almost anything to get you to pay them some money. They have no more knowledge than you of whether or not you could be prosecuted for fraud and the creditor that they represent will certainly not consider it worthwhile to try and get you prosecuted all they are interested in is your money.

About the writer:  For more free information on how to solve your debt problems visit Neil DouglasCampbell’s site http://debtadvice4free.com. This site provides debt advice and information from someone that has been in a debt crisis situation and is now debt free.