Gold prices fell big time in the middle of November 2010 but it has subsequently recovered and the prices have become stable. The investors are quite clearly worried about the euro zone debt problem as well as the steady decline in the value of Dollar and are opting to settle for a safe bet-gold. The price of silver too suffered a temporary setback but is gradually moving up now.
Financial experts and brokers are of the opinion that the gold is back to its feet after the surprising upset of prices in November last year when people suddenly started to sell and liquidate the precious metal. However, it would be wrong to say that gold prices are shooting up. Actually the market is quite stable right now and the investors are probably keeping their fingers crossed. They are possibly taking their time to make the right move.
Nonetheless, it must be pointed out that gold will possibly manage to hold its ground even if Dollar became stronger. Technical buying also played its role to keep the price of dollar steady.
A big boost to the price of gold was given at the end of the year by apprehensions about Ireland’s ability to pay off its debt. Investors have a grave suspicion that the debt problem in Ireland will gradually spread to other parts of the euro zone as well. The situation in Greece is not very assuring either and the economy of the country is on the verge of collapse. In fact, a number of countries in the euro zone (for instance, Romania, Poland) are facing debt problems. Under the circumstance, gold appears to be a relatively secure investment to people as the economic crisis can extend to other parts of the world petty fast. Naturally, the position of gold is currently pretty strong. Also, the fall in the prices of bonds of German as well as U.S governments has given people a reason to invest in gold.
Analysts from BNP Paribas also opine that currently the environment is “very positive for the metal”. They further add that the gold prices are unlikely to be volatile for at least a year. They cited low rate of interest and inflation in Asia as well as euro zone as the possible reasons which would help gold to maintain its current position.
A hike in the borrowing costs of euro zone members has created a shadow of doubt on whether the indebted member countries can possibly cut their debt. Meanwhile, Ireland has asked for help from the EU in order to extricate itself from debt though the country has not formally approached the latter. This debt crisis in the euro zone explains why gold is faring reasonably well right now.
Analysts also pointed out another fact. A mighty dollar can very well reduce the price of gold. However, if the debt crisis in the euro zone deepens then the dollar as well as gold will be safe-haven for the investors. In that case a stronger dollar won’t weigh on gold.

• First of all, make sure that you will follow the 60 percent rule. Basically that rule will allow you to spend 60% of your income on food and other living expenses, 10% for retirement, 10% for long term savings and asset protection, 10% for short term savings and the final 10% for fun, like for example movies, clubs and other similar things. That way you will be saving a lot of money, which you will be able to loose later on.
• If you are looking to make your budget simpler, make sure that you will divide it into fewer categories, unlike all the categories that are suggested by most of the budget software products that are available today.
• Start to pay all your bills online, because that way you will not have to worry about them. There are a lot of websites, where you can start paying your bills online and also you can ask your bank to do that for you.
• There are a lot of ways that you can make your savings automatic, so make sure that you get that done. That is one of the best ways to avoid the temptation of spending all the money that you have for savings on something else.
• Start using cash to cover all the other expenses that you have, because that way you will not have to worry about overspending and also you will be able to track all your expenses easily. Make sure that you will use your credit cards only in case when you need them, like for example when you are travelling.
• Start using envelopes, where you will store all the cash that you will need to cover your expenses. The best thing that you will have to do is to make envelopes that are the same number of categories that you have in your budget.
• Stop using multiple credit cards, because that way you will only make your debt a lot worse. Furthermore, that way you will have to deal with all the high interest of your credit cards. Make sure that you will start using only one of the credit cards that you have, which will allow you to avoid tempting to use all the other credit cards that you have.
• Pay all your bills at the same time, because that way you will have to stop worrying about how to make all the payments that you will need. The way to get all the expenses paid at the same time is really simple, because you will only have to call your vendors and make an agreement with them, so get that done as soon as possible.

Chapter 7 is known as ‘straight’ or ‘liquidation’ bankruptcy. In this, almost all your assets are cleared as your property and the assets are sold at the rate to pay your creditor.

It may be that your property is protected and you have not to sell it. You may be in stress because you have been caught in debt because of long illness, being jobless, divorce or your credit card is going out of control. Constant calls and letters from the creditors make your heart sink. You feel to suicide or are unable to understand where to go and what to do.

Consult your lawyers. They will help you to take out your boat from the middle of the sea. Chapter 7 gives immediate relief to the debtors. If your income is below median income, your lawyer will protect all of your assets. Under the law, lawsuits and all creditor harassment should immediately be stopped. When you file for bankruptcy, your lawyer will discuss your financial situation and collect necessary information. He will analyze your assets if you can keep them and scrutinize your assets if they can be discharged. They will conduct a means test.

Means test is a mathematical calculation which determines whether the debtor’s declaration for chapter 7 bankruptcy is based on income or there is any other reason and if you qualify this test, you can qualify for chapter 7.As soon as, the lawyer files a suit, collection activity stops including lawsuits, garnishment and creditor’s calls and phones. After filing the suit, if a creditor continues his activities of collection, he may be penalized. Along with the petition, debtors must also deposit the lists of assets and expenses, a statement of income, a list of assets and other information regarding financial position.

About sixty days later, there is a meeting where your creditors can raise objection against your bankruptcy though it is rare. This meeting is 341 hearing at the local bankruptcy courthouse. They discuss all the points. Sometimes, after this meeting, the court issues an order to emancipate or to do away with your debt. Generally, this process takes six months. After this hearing; the trustee will liquidate your non-exempted property. He can not sell your exempted assets. In this way, the debtor can save some of his assets like automobile or any other asset.

If he does not have any non-exempted assets or his non-exempted assets are not sufficient to pay his debt, his debt is discharged. At the same time, it is also to be remembered that loans like student loans and child support cannot be discharged. Before the court discharge your debts , it is necessary for the debtor to complete ‘debtor education course’ so that he may learn how he is to make the best use of his assets in the future. It will teach him how to use his credit card and how to avoid bankruptcy in the future. So leave to worry that you will never qualify for chapter 7.

As far as possible, you should avoid bankruptcy as it affects your both, personal and professional life for a long duration. So before declaring bankruptcy, you should think a lot. Court gets the right to sell your assets like your house, plot, other gadgets and you come on the road. With such a poor credit, you can not start a new life by taking loan because your bankruptcy is advertised in the newspaper and you are no more in the good books of the people. Fear of bankruptcy does not mean that you should not opt for loan because there are so many bankruptcy alternatives.

In October, 2005, the bankruptcy Abused Prevention and Consumer Protection Act came into force. This act has provided many alternatives.

Judgement proof: You will be considered judgement proof or collection proof if you show your income very meager to your creditor. Legally, he will not be able to collect your many assets and may decide to write off your assets. But if in future, you prosper, you will have to pay the loan.

Plan your budget: Before declaring yourself bankrupt, review your monthly income and expenses minutely and find out how you can manage to avoid bankruptcy.

Balance Transfer: You can transfer your loans from higher interest rates to lower interest rates. You can apply for a new credit card with low interest rates.

Convince creditors: Meet your creditors and convince them about your financial condition. It may happen that seeing your position, they remit your debts.

Individual intended deal: In this, the individual is to propose his creditors to make certain percentage of the amount in certain period of time. In this option, sometimes the creditor writes off as much as 60% of the principal amount and lowers the interest rates of the remaining amount.

Seek divorce: if you are running business and there is loss, prefer divorce from your spouse because in this way, your assets and her credits will be saved. Afterwards, you can restart your fresh life with that credit and the assets. In case it is government sponsored loan of an ailing couple and one of them is critically ill, medical expenses will be so high that it becomes difficult for your spouse to bear the expenses, then instead of declaring bankruptcy, take divorce

Liquidation of debts by a debtor himself than creditor: After filling for bankruptcy, a debttor property is to be sold at very low price to collect the money for the creditor. At this juncture, the debtor should buy those assets himself to avoid social disgrace.