Money - Page 2

Duffy Net Worth 2020 – Famous Singer

You must have heard of the famous Welsh singer Daffy, who, with her unfortunate fate, has once again hit the spotlight these days, but not by her musical success. This famous soul singer also has some significant work in the field of songwriting and pop music. She got a distinguished Grammy Award for Rockferry, her debut album in 2008, and that speaks to her exceptional talent. Duffy’s album has beat everyone else in the United Kingdom’s chart. At present, she lives in Gwynedd, Wales.

Early Life


She was born on June 23, 1984, and raised in Bangor, Gwynedd, in Wales. There are two fun facts about the date of her birthday. The first one is that Ronald Reagan, who was the republican, was the president, and the second fun fact is that the famous song Reflex who played Duran Duran was the first on the Billboard Hot 100. Her mother is Welsh, and her father is British. Daffy is the part of the millennial generation, and she is a Cancer in the horoscope. Like all Cancers, Duffy is also highly intuitive and emotional. The moon is the ruling planet for this horoscope sign. Her full name is Aimee Ann Duffy, but in the music world, we all know her by the last name. She went to the University of Chester, where she has studied the Warrington and Parkgate campuses. She also takes a chance in the film industry.



The beginning of her job is in 2004 when she recorded and published her first EP, named simple by her name Aimee Duffy. That album was sold in more than 1.68 million copies. She got second place on popular Welsh talent show Wawffactor. After that followed the meeting with Jeannette Lee of Rough Trade Records and the contract with A&M Records in 2007. Endlessly was the name of her second album, which she published in 2010. The album was sold in more than 346 thousand of copies.

Private life


She was dating a famous Welsh rugby player, Mike Phillips, for two years, from 2009 to 2011. Before this man, she was dating Mark Durston for five years, from 2001 to 2006. She was also dating the writer, Johnathan Lee, for some time. At the moment, her relationship status is single. She will turn 36 years old in 117 days. She has never been engaged. She has no children. If you ever wondered, her birth flower is rose, and the stone is pearl.

The Net Worth of Duffy


The net worth of this famous soul singer is around $ 10 million if you ever wonder how much she earned money over the past years. This net worth can vary because we cannot be sure how much money has, she spent. Most of her income is from singing career and her music. She was the part of the commercials for Diet Coke, which brings her a certain amount of money. We do not know if she has an expensive car in her garage.

4 Ways to Dispose of Renovation Waste 2020

Because of the pleasing reception that the flip my house concept has had on the real estate industry, many homeowners are starting various kinds of home improvement projects in their own homes. In some cases, the owner may want to completely redesign their homes or begin a remodeling project that transforms their own homes into a new beautiful living space.

While these kinds of projects can be very time consuming and costly to their budget, they are also well worth it in the long run, particularly if the owner knows how to use their expertise to their advantage. One of the most notable is learning what they need to know about disposing of renovation waste in the most effective ways possible. Having said this, here are 4 ways to dispose of renovation waste during and after a home renovation job.

1. Earn Money on Your Renovation Waste by Selling it to the Market that Wants it


Not all waste that comes from a home renovation project is considered to be trash or a permanent loss of money. The waste that is generated in some home renovation projects can be a treasure chest for anyone who knows the real used value of these items. For instance, if the project requires knocking down walls in a home to open up more space, the materials that are in the walls may be used again in a different fashion.

In some cases, this may mean knocking down the wall and then using the sheetrock and wooden materials in another home improvement project. Stated, for those of you who want to minimize the cost of your home renovation and home remodeling jobs, you may want to shop around for someone who will pay top dollar for your renovation waste. Once you find someone who will buy the renovation waste, they may also use their trailers and trucks to haul these things away. Therefore, you will not only make money on your renovation waste, while also having them to haul some of the renovation waste away from these areas away for free.

2. Divide the Piles of Construction Waste into 2 Distinct Categories – Recyclable and Trash


You may practice calling in a specialized crew to make sure your renovation waste is removed from the site. By contacting the appropriate resources to remove all of the waste off of the property promptly, you will help in maintaining an excellent safe work environment for all involved.

Also, to make sure that you discard the waste in a manner that creates a recyclable pile and a pile of garbage to be destroyed, you can give these workers instructions on how to create both. By splitting the waste into two separate locations on the property, you can contact the right services providers in this area to remove all of the trash and other items that cannot be salvaged off of the property into a landfill filled with garbage.

Additionally, you can also contact the appropriate recyclable services provider to haul away all of the recyclable renovation waste. These companies are skilled and experienced in identifying the best recycling locations for you. By identifying these locations in advance, this type of renovation waste can be used in many other alternative ways. To find out more information about the best trailers and trucks to accommodate your needs, you should visit to learn more.

3. Hire Professional Renovation Waste Collection Services to Do these Jobs for You


You may already know how much waste these kinds of renovation projects can create over a long period. Therefore, if you are not concerned about benefiting financially from these materials, you may work with a garbage collector in your nearby area to discard the waste based on your area’s regulations. For instance, if the remodeling project is completely done and no more waste is expected, you should always hire the right type of renovation waste services with the best trailers and trucks to remove all of the waste. These professionals are usually already skilled and equipped to transport these items according to the laws that govern renovation waste in your areas.

4. Rent a Trailer for Renovation Waste


If you do not have the funds to hire a professional crew to remove the renovation waste or prefer to use other resources to do this kind of job, you may want to consider renting a specific type of trailer to dispose of the waste that will be generated over time. Renting the right types of trailers is ideal for a number of different reasons, mainly if you are dealing with the larger home renovation and remodeling projects. These trailers are available in many different sizes, too, so you can pick and choose the size that will suit the projects that you are working on at the time. For instance, there are at least 3 common types of trailers that can be used for hauling away renovation waste, and they are the walking floor trailers, flatbed trucks, and dump trucks. Because these types of trailers are considered to be the most efficient for storing debris and renovation waste and removing these items away from the site, they are also highly recommended for these kinds of projects.

In short, if you are doing your research in advance on each type of trailer and its benefits, you will have an opportunity to pick the best fit for your home improvement projects. You will also have a chance to manage better the cost of using this method to dispose of your renovation waste.

Since there are many different ways to dispose of renovation waste today, you must do your research well in advance. The method that you choose can vary widely and can be very beneficial to you in saving time and reducing the price of renovation waste disposal.

How Long Does it Take to Mine 1 Bitcoin in 2020

Mining is hard work, in both real lives and in the online community. Cryptocurrencies are slowly but surely make their way into the market and becoming more mainstream with every year that passes by. The number of people that are investing in this business is rapidly increasing but most of them think of this as an easy and quick way of acquiring assets. In reality, it’s a bit more complicated than that. With different cryptocurrencies available on the market is can be very hard to pick one, so, it may be better to stick to the one that is the most popular: bitcoin. Let’s dive into the world of mining and see how much time you will need to invest in order to dig just one bitcoin.

How does mining work?

When mining occurs every bitcoin place that is doing the mining adds a new block to the so-called Blockchain; for every unit that is being created, the one who has made it will get a prize. In order for the new unit of the Blockchain to be created some work needs to be done; in essence, this process relies on the correct solution of the complex maths problems and it works on the principle first comes first served. From this, you can already guess that for this job you will need a machine that is quite powerful. Bear in mind that as every mining product this is a process with an expiration date, meaning that there is no infinite amount of bitcoins that can be dugout. New bitcoins will not be in-game in this century as some assume.

How fast can it go?

Some estimates are that there is a bitcoin dug out every ten minutes. New units have a specific, so-called, price that can be lowered since there are more and more miners. With the technology available it would be absurd to try to mine with your home computer no matter how strong you made it be. Computers use electrical power which has to be paid, so using a lot of machinery can lead to additional expenses that might not be covered with what you are digging. Since the whole process relies on doing mathematical problems that require computing power, more power means more speed; unfortunately, your PC cannot compare to the heavy machinery backed by some big companies so the odds are that you will take months and even years to dig a unit.

Due to this, many have decided to join forces and share the workload amongst themselves but also the profit. Even though this would mean lower income, they will be more frequent and in the end, they will add up. It has been estimated that by doing so you can get more than digging alone since this allows you to compete with some serious machines that are out there.

If you are wondering where to start this new job of yours, why not pick the best one available there.  offers everything a new miner can ever want and need; easy to access platform and tracking your success in real-time.

Don’t forget to take into consideration that you will need to invest in your equipment and use a lot of electricity since the hardware will work all the time to provide the desired outcome. Cheaper the energy and better hash rate will grant you a better outcome. Also, when picking equipment, sometimes it is better to be counterintuitive, and choose cheap, replaceable parts rather than expensive ones; pick the ones that can sustain a lot of wear and tear, and if not most important warranty is always a plus. When picking hardware, it may be better to get GPU rather than ASICs since they are less expensive, available and use way less energy while working.

Should I try alternatives?

When hardware is hard to get by, and it keeps breaking and using additional resources you might think about other options, such as cloud mining. But, in order to reduce the cost of individual mining, you would perhaps like to reconsider this as an option since it can reduce the money usage and increase overall income.

In order to do this, you will need to become a part of an organization and this one can come along with some costs, since you cannot just become a part of mining community without making a tribute, most of them have some sort of a membership that has to be paid every month. So, take this into consideration when changing the way you earn your bitcoins. It can be a rocky road but don’t give up at the very start and give it some time to work it out. In order to make a viable comparison of the income when you did regular mining and this new source, give it a year or so. After this period of time, you can make a proper decision whether to continue with this type or get your assets together and go back to the hardware building.

This can also be a good transition if you want to build a more powerful machine, you can use a year to slowly mine and invest in improving your equipment. Its simple better equipment, more power, more income. Another positive side of this way of getting coins is that, even though it is not as profitable, it is not as risky, and you can start and stop anytime.


Mining is a hardworking and mindful process that has to be thought through before entering into it. It is always good to know who to accompany since the chances of you succeeding alone if you don’t possess a monstrosity of equipment is low and very slow. Good thing is that you can pick and choose how will you do it and give a test run with cloud mining before using hardware. It is always good to go with the pool and become a part of a bigger organization since it will be easier and more profitable in the end.




Ways to Make your Budget Stretch this Month

As the holidays approach, many consumers find that their wallets and budgets have been stretched to their limits.

It may seem impossible to find any wiggle room, as most of your budget expenses like rent and utilities are fixed expenses.

While it may seem like a daunting task to get your budget stretched, it can be done with the right resources! Stretching out your budget can be just a matter of being mindful of your finances and adjusting your means that are available.

Creating a New Budget Plan

When creating your new budget plan, establishing your current expenses and anticipated expenses can be helpful. These expenses can be sorted into two different groups:

  • Fixed Expenses: These are the expenses that do not change month to month. These can be bills like mortgage payments, car payments, and other debts.
  • Variable Expenses: These expenses are factors that change from month to month. Expenses like these are usually gas, entertainment, and takeout. Usually, when planning a budget, these are the expenses that could be adjusted to stretch your budget.

Track Your Budget

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After establishing your fixed and variable expenses, tracking your budget is the next step to finding financial relief. Take a look at your bank statement from the past month, and track where you have been putting your funds throughout the month. Create a spreadsheet and place the transactions in the right category.

This can be done using Excel, where you can custom a spreadsheet right through your phone! In your spreadsheet, separate the expenses from fixed to variable. This can be where you find the unnecessary expenditures, and adjust them accordingly to make your budget stretch more the next month.

In order for you to create a successful budget plan, your expenses should not surpass your income throughout the month. If you find yourself in over your head even after cutting out expenses like entertainment and takeout food, it might be time to look for additional loan solutions to get you through the holiday spending.

Through the tracking of your monthly expenses, you can diagnose where you might have fallen short financially and try adjusting the variable expenses. If you find that your paychecks are being dedicated to far too much Panda Express or clothes shopping, it might be time to cut back during the holiday season.

Helpful Tricks for Stretching your Budget

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When it comes to fixing your budget, it can be easier said than done if you are trying to do it on your own. However, there are lots of helpful tricks when it comes to saving money, and getting more funds if you need it!

  • Get a Part-time Job- If you have weekends or weeknights free, one of the ways you can earn some extra cash is by getting a part-time job. Bartending and restaurant jobs can be more profitable for the weekends and allow for additional schedules, which can be your best bet if you are good with people. Another option is to drive for ridesharing apps, which can help you set your own hours and schedule when you have time to work.
  • Sell Old Clothes or Household Items-If you have clothes just sitting in your closet, or if you have furniture not being used, selling them on offer up or other used item sites can be a way to earn extra funding.
  • Get A Loan to Cover Costs- Opting for a loan can be an additional way to make a budget stretch. Click here for more information.
  • Cut Your Spending- If you aren’t bringing your lunch to work already, you need to start! Most Americans spend an average of $20 per week eating out for lunch, which adds up quickly to $1,043 per year!
  • Stretch Your Meals- Your meals can also be a way to stretch your budget. Opt for eating less meat, as it can be more expensive. Stock up on low-cost staples, and make use of your leftovers!
  • Cut out Entertainment– When you’re looking to save money, one of the easiest ways to do so is by cutting out entertainment like cable. If you have Netflix, Amazon, or Hulu streaming it may not even be necessary to have cable.
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  • Cancel your Subscriptions– You may be paying for more subscriptions than you might think. Another trick to save money is to cancel the extra subscriptions you have. They can add up quickly, and contribute to your budget being thinner than you might like.
  • Manage your Utilities– If you have a particularly high electric bill or want to save on cooling costs, turning off your air and using a fan can be helpful. Additionally, turning the heat down a few degrees and layering up can save a ton on heating bills!
  • Unplug– Some kitchen appliances can be leeches when it comes to your electricity. Check out for plugged-in toasters and light switches that are left on when you’ve left the room.
  • Pay on Time– Simply paying your bills on time can help you exponentially. Late payments can lead to high fees and can hurt your credit score, which will cost you more in the long run. One of the ways you can save additional money is by setting up automatic payments every month and factor them into your budget.
  • Learn how to Cook from Scratch– Eating processed foods can be where your money is going. Another additional way you can save money is by learning how to cook your own meals.

Be Mindful of your Finances

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When it comes to stretching your budget, one of the most important pieces of advice is to be mindful of your finances. Every time you make a purchase, be mindful of how it can affect your budget. Taking coffee from home rather than stopping at Starbucks in the morning can give you an additional $25 a week to spend on other bills! Stretching your budget is all about monitoring your finances, and finding new ways to become fiscally responsible with tricks you may not have known about before!

Why Is Bitcoin Going Up?

Bitcoin got on the market in the year of 2009. If you invested $1000 in this cryptocurrency at that point, these days your trading portfolio would be showing close to $40mil in profit. No other investment would take you to that private jet-plane. However, the history of this currency might make you even further in the past. Some attempts to create online currencies happened even before the Bitcoin got on the market. Bit Gold, so as B-Money, were formulated, but there was no time, energy, and effort made to have them fully developed. In the year 2009 mining process started, and the first transaction was recorded. During that first year, Bitcoin was only mined and not traded. It was impossible to assign a specific value to this currency. Next year, the first transaction happened by someone selling 10,000 of them for two pizzas. Oh well, he made a mistake. Just by keeping them until today, the owner would be net-worth over $100mil. A large portion of that money would be highly taxable. However, not all world citizens are allowed to trade this currency due to their citizenship restriction. Some traders are going that far to the point of giving up their current citizenship to buy crypto. Ever since then, Bitcoin had ups and downs, so as any other currency, but unlike other currencies (especially paper currencies), Bitcoin went up to the sky in the year of 2017.

We all heard about Bitcoin and traders becoming rich overnight. Some of us invested in Bitcoin just by purchasing this cryptocurrency at the right moment and keeping it up to the point when the currency reached its maximum value on the market. Since the moment when we started getting involved in currency trading and our adrenalin went up in our veins, we have done everything we could on our end to make money as soon as possible. Hours and days spent on Youtube channels, with rich showmen presenting themselves as successful traders. Some of us invested money in online education and paid courses. Fibonacci is playing a significant role in our life these days. Many great classes are available on the market, but selecting the right one that suits us might not be an easy job. We are looking into getting the best value for our Dollars. Using several different sources combined might give us the best results in our learning journey. Learning currency trading is a never-ending story. Often in life, we learn on our mistakes, so as on mistakes of others. The bottom line is – schooling in online trading does help. Understanding major market moves and taking the right position at the right time will take our home budget to another level. 

You have decided to trade Bitcoin and now what?

Paper currencies are becoming less popular for online traders these days in comparison to cryptocurrencies. Trading paper currencies online might require paying close attention to world news. “War for oil” did show us how the liberation of certain countries might have an impact on the price of oil in our gas tank, so as on investment in “oil currency” online. Low wage labor in certain countries such as China created a dumping price on imported products in the United States and resulted in some economic sanctions on “Made in China” products, especially on products that ruined US manufacturing. Anti-dumping duty went up to 100% or even more so that US manufacturers can protect their position on the market and keep their standard of living. Chinese yuan was held on a deficient level for a while. These are all political things that have an impact on paper currency pairs. Trading cryptocurrency is much more comfortable. It takes less of politics and more of mathematics. That is one of the reasons why traders are heading towards a crypto direction. The next step is selecting the right broker and trading platform. Very précised trading platforms as definitely needed for accurate and fast trading. US Trading Association placed BitcoinStorm on the top position of all trading softwares due to laser-accurate performance and advance programming that results in being ahead of the markets by 0.01 seconds. Being ahead of others makes this platform the most consistent app in the world. Simplicity is an additional benefit of trading on this platform so that anyone can trade with very little or no experience. 

Bitcoin is ready to move up again

Currencies can go up and down, but they can also go sideways. When the money is going sideways – it means that it is trying to determine direction. It might be the best time for taking the position on the market before that significant move does happen. Currency defended reliable price support of close to $7,700. Closely tracked 100-week MA (moving average) support is showing very strong ground these days. Investors see a current dip as the running train up the hill on which they are planning to jump on right away. In turbulent markets, the best thing to do it to go “long” within a specific time-frame. This cryptocurrency reached double-value at a certain point, so we are waiting for that significant move to take us to the same position since the ground floor already got tested several times.

Get familiar with tax laws on profit

Investing in currency trading and earning high rewards has been seen as pure profit with very little or no write-offs. As soon as you see that your investing in currency trading is showing results – it might be useful to get ahold of your local tax person. Taxes on currency trading made a profit are different in every country and getting a second passport might be useful in certain situations. After all – we are trading to make ourselves more productive, not anyone else. Profit-making with Bitcoin has great potential in the near future, and you would like to take your piece of pie as well. 


Understanding How Lines of Credit Works

Life is unpredictable and full of surprises—whether good or bad. As such, it won’t hurt to be prepared when welcoming unexpected news of joy, and indeed, it would be better if you are ready for some unwelcoming news.

One of the unpredictable occurrences is the need to put money on the table. Expenses like car repairs, home maintenance, or hospital/medical bills are one of life’s events that can surely put a hole in your wallet.

So, if you are looking for a wise way to help during these times of unexpected needs, then there’s this one option that you can go to aside from credit cards and payday loans, which comes at a high price. It is called a line of credit.

First, What is a Line of Credit?

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Abbreviated LOC, according to Forbes is a type of bank loan wherein you can withdraw a certain amount which was agreed by both parties. This type of loan is offered by many banks and lenders for a specific purpose. An example of this is home equity lines of credit, which is primarily used for home renovations.

Now, if you are running a business or is self-employed who have problems with cash-flow, then you may want to consider a line of credit to help you out and give the leverage that you need.

Difference between LOC and Traditional Loan

Wondering about the difference between a line of credit from a traditional loan? Then here’s what you need to know.

The primary difference is how and what you should pay. This type of loan only requires payment for the interest and fees of the fund that you borrowed, whereas the traditional loan gives you an influx of cash, which you need to pay immediately.

How Does it Work?

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So, how does a line of credit work? This type of bank loan is slightly similar to how we deal with bank cards wherein you have the choice to use the funds that you know would suit you best. However, the advantage of LOC from a bank card is that the interest rate of the LOC is considerably lower.

In addition, the credit card’s limit spending is much lower than a line of credit, which comes with a higher account limit. Also, you will receive a monthly statement that shows your balance (your minimum payment, fees, and summary of interest).

If you have questions or you want to have an in-depth explanation regarding a line of credit, then you should go to a banking institute or lenders like the Mulligan Funding to help you sort out your LOC.

What are the Different Types of LOC?

Since the reason for applying for a line of credit differs from person to person, there are different types of LOC to help bridge the financial gap. Here are the following types with its use:

Secured and Unsecured LOC

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The secured LOC is primarily backed by collateral. Examples are houses, vehicles, or other valuable assets that you own. The secured line of credit usually has a much lower interest rate since the risk is less for the lender.

On the other hand,  the unsecured LOC, which is the opposite of the secured LOC doesn’t need collaterals, but it is more difficult to apply for and has a higher interest rate.

Personal LOC

This one is attached to private property of yours, putting it under the secured loan category wherein the interest and fees are lower. However, if it is not backed by collateral, then it is an unsecured loan that comes with a higher interest rate.

With this account, you can use the money however you want, but if you have collateral assets, then the financing institution may seize it if you cannot pay the balance in time.

Home Equity LOC

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This type of credit line helps with your home improvement projects or any emergency repairs. It is usually backed by the value of your house and is considered as a secured line of credit.

Business LOC

If you want to start a business or you are planning to take your business to the next level, then this is a wise option. This kind of loan is designed to fund short-term financial needs such as buying new equipment or purchasing inventory and creating a more consistent cash-flow. You can also check other sources  for additional short-term financial options.


Now that you have learned the things that you need to know about the line of credits, you can now apply for it with ease and confidence. If you have questions or other concerns regarding a line of credit, then it is probably best that someone knowledgeable explains it to you well or have a financing institution explain it more thoroughly for you.

Bitcoin Price Prediction In 2020

If you’ve been in the cryptocurrency market for a while, you probably know that the most popular virtual coin is BTC or Bitcoin. Also, you probably know that this cryptocurrency is the most valuable and has had the highest recorded value almost two years ago, in December of 2017 when you could sell one BTC for $19,783. Since then, Bitcoin has been on the decline, with the lowest value in the past two years recorded in early 2019.

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However, it is noted that the value of this cryptocurrency is returning to a high level, which may be an indication that next year will be very important when it comes to BTC. A lot of experts have expressed their opinion on the rise and fall of Bitcoin in 2020, so at the moment it is quite interesting and uncertain how things will look like in the future. While no one can predict with certainty, there are some patterns that have been repeated over the years regarding Bitcoin. If you are trading this cryptocurrency, the best solution is to use the detailed statistics and help provided by experts on sites like This site is specialized in cryptocurrency trading and helps users to better understand market trends and invest more securely. However, currently, the most important question is what is the forecast for the price of Bitcoin in 2020? Well, keep reading and check the opinions of trade and finance experts.

News on the BTC market that may affect the price

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Just over a month ago, on September 23, 2019, the long-awaited platform called Bakkt was officially launched, intended to bring a new revolution in the virtual coin’s market. It should provide security and transparency in the BTC business for all institutional and merchant investors. This means that Bitcoin would be more implemented in the traditional financial system and payment methods, and thus return the value closer to the highest recorded.

In addition, the technologies used by BTC can significantly affect the adoption of this cryptocurrency as a widespread and official payment method. For example, currently, the most widespread payment system is Visa. The main advantage is the speed and low cost of transfers. Bitcoin, on the other hand, is lagging behind traditional payment systems when it comes to these features. This could be changed using Lightning Network technology, which is in the process of development and should significantly shorten the time for BTC payments.

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The price of BTC next year can be significantly affected by Bitcoin block halving. Miners are known to receive a reward for their work. They receive 50 BTC for each mined block. However, the reward is reduced in half to every 210,000 blocks. This means that the next halving will occur during May 2020 and that then the value of one block will be 6.25 BTC. This simply means that demand will at some point be higher than supply and that BTC value will increase.

All of these things can significantly make 2020 perhaps the most important year for all cryptocurrency traders, especially those trading in Bitcoin. Although the current price is below $9500 at the time of writing, this doesn’t mean that the price will fall even lower, but rather that this is a good time to buy extra BTC. This investment may pay off in the coming months because according to expert analysis, Bitcoin is expected to reach perhaps the highest value ever recorded in 2020. Therefore, think carefully and make smart moves.

7 Important Things You Need To Know About Bankruptcy

Uttering the word “bankruptcy” was once taboo. Anyone that found themselves over their head in debt without any way out would only consider such an option in total secrecy. However, as more people find their way deeper in debt the stigmatism associated with these words is quickly evaporating.

So, if you find that you are over your head financially and cannot see a way out, you should consider taking the help of professionals from as they might be able to find a way that is better than filing for bankruptcy. However, if you are sure to file for bankruptcy, you should also know that you will suffer some backlash for years and your credit will be affected badly. Here are some things you should consider before filing for bankruptcy.

1. There Is More Than One Bankruptcy

There are at least two different types of bankruptcies for individuals. Chapter 7 allows an individual to completely liquidate their assets and then use the money received to pay off their creditors. In Chapter 7, some physical assets you own can be excluded from the process (car, home, and personal possessions). In Chapter 13, your debt is reorganized with the courts help so you can pay off most of it.

2.  It’s A Long Process

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Going through bankruptcy proceedings is not as cut and dry as it seems. It is not like you will file and the next day and it’s all over. Expect to spend a minimum of four months going through the entire process if you are filing for Chapter 7. Chapters 11 and 13 could easily take years before it is all over.

3. Your Finances Are Opened Up For Public Scrutiny

Usually, when people are in serious debt, they try to hide their personal financial situation. When you file for bankruptcy though, get ready to go public. Your financial record will be exposed to the public listing all of your debts, assets, expenses, and income – mistakes and all. You will be asked probing questions in front of creditors, which can be very embarrassing.

4. Some Debts Cannot Be Discharged

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When filing for Chapter 7, some debts like credit cards, repossessions, medical bills, and unpaid rent may be discharged, but there are some debts that cannot. If it is revealed that you made excessive use of your credit just prior to filing bankruptcy, creditors can challenge the request to eliminate them. You may not be able to get rid of some debts and end up footing the bill for them anyway.

5. It’s A Complicated Process

Filing for bankruptcy is not easy. You will be required to fill out many confusing and difficult forms, that contain complex questions in relation to your finances. It is not a process that can be rushed so make sure you have adequate time to understand and fill everything out honestly and as accurately as possible. This is why most people opt to use a bankruptcy attorney to walk them through the process.

6. It Will Affect Your Credit Score

While there are many factors that go into determining your credit score, expect that you will get at least some negative impact. On average, a person’s score could expect to drop as much as 200 points, which could be very damaging. This could kick you off a good credit rating for several years after you file.

7. It Is Not Cheap

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The cost of filing for bankruptcy can vary depending on individual circumstances, but it will cost you. Some people can save on bankruptcy fees by filing all the forms themselves, but even then, there are expensive filing fees that need to be covered. If you hire an attorney to do much of the grunt work for you, then expect to pay anywhere from several hundred to several thousand dollars, depending on how much work is involved.

Filing for bankruptcy is one way, but it comes with many challenges. Before you file, make sure you fully understand everything that is involved so you can navigate safely through the complex process.