Get Out Of Debt

It was quite a sight seven years ago, at the first and only Writer’s Festival held at Franciscan University of Steubenville. As the moderator of an online writer’s forum and a fledgling publisher of electronic books, I had been asked to speak on the future of eBook publication and distribution. While the concept of eBooks was still quite new at the time, my speech was blessedly short. Yet, I felt I offered an optimistic view of the industry, one that inspired the authors who came to hear me talk. Many had been writing for years, discouraged by constant rejection from the top publishers.

The most interesting part of the conference for me happened shortly afterward, when a young girl happened upon my booth. I had several eBook discs on display, along with a PDA reader and a laptop. She took one look and snorted, “I’d rather read a real book.” My explanation that these were real books fell on deaf ears, and I am ashamed to admit my growing anger during the exchange. It got so bad that I had to excuse myself and leave the building.

Since then, I have been published in print format, though I continue to work in the eBook publishing industry. I am also to say I am very mellow these days when people turn their noses up at eBooks. Perhaps it is because I have seen the industry grow exponentially since that writer’s conference, and have come into contact with authors who were able to quit their jobs and sustain themselves with eBook royalties. I know a few print-only authors who can’t claim that!

Is eBook publishing an option for all authors? That I cannot answer with certainty, as different authors have different needs. Some authors do very well by self-publishing because they also possess the marketing savvy to sell their books. A less inclined author, by comparison, may be suited more toward traditional publishing if he can get “The Call,” as it is commonly known. For others, taking the alternative route of electronic publishing may be beneficial in the long run, yet I believe the final decision should be up to the author.

To this end, I am happy to provide a list of the pros and cons related to publishing a book, be it fiction, non-fiction, or poetry, in electronic format. This article will focus on the PROS.

1) An eBook can be your springboard.

At the 2006 Romantic Times conference in Daytona Beach, Florida, I met a few editors with the top romance publishers, all of whom were seeking out romance eBook authors. As eBook sales and productions rises in the romance and erotic romance genres, these editors are aware of the great sales potential involved in bringing eBook authors with high readership into their catalogs. Go to your favorite bookstore and look up authors Sherrilyn Kenyon, Angela Knight, and Sylvia Day. What do they have in common aside from being bestselling authors? Their earliest titles were originally published in eBook format!

Depending upon the genre you write and the following you develop, your eBook success can be a springboard to commercial publishing accomplishments. Make the sales and the big players will notice, regardless of whether or not your book is on paper.

2) Faster Turnaround

Do you know how long it takes for a book to see print, from submission to release? Various factors play into a final answer. A small university press may not take as long as a well-known New York house. A book could take anywhere from several months to several years before it is made available for sale.

With eBooks, that time frame might not be as long. This is not, mind you, because eBooks go through a sloppy editing process. While some eBooks may appear to have been rushed (more on that below), there are many eBook publishers that have professional editors on staff to ensure a quality end product. eBook production may be quicker than traditional print publication due to a number of factors. Formatting does not take long to do, for one, and cover art needs are drastically reduced. You can produce a great cover that sells and not have to worry about sizing or color bleeds for print. A good number of eBook romance publishers offer a turnaround from acceptance as quick as three months! While some authors wait for their books, an eBook author can have two or three out in the same amount of time.

3) Higher Percentage of Royalties

I once read an article by the late Southern humorist Lewis Grizzard, who wrote for the Atlanta Journal-Constitution and authored more than twenty books. He wrote that despite all the books and columns under his belt, he was not a rich man. Knowing how some publishers deal with author royalties, this statement no longer surprises me!

Depending upon your status as author, and the budget of the publishing house, you could make as much as ten to twenty percent of the net sales of your book. Some houses will raise the percentage once you reach a certain benchmark, like a thousand or more copies. However, since the average book in the United States sells five hundred, it is safe to say thousands of authors may never get that raise. Unless you are the rare J.K Rowling or Stephen King (both of whom, to be fair, do profit on subsidiary sales), you may not be rolling immediately in the millions.

eBook publication, however, offers the opportunity to make some decent money, more so if you gain a strong readership. Because of the low resources involved in eBook production, there is more opportunity to pay royalties on sales. Most eBook publishers offer as much as thirty to fifty percent of net sales. An author with a strong following can make several hundred dollars a month!

4) Same good book, less waste

Next time you are at the bookstore, take a look at the bargain bin. Many hardcover books, some probably touted as bestsellers, are marked down significantly to clear away inventory. What is not sold is eventually recycled. I know of one author whose book was heavily “remaindered,” as it is called. What was not sold, he said wistfully, was turned into toilet paper!

In this respect, eBook production is very environmentally sound. Because the books are produced digitally, no trees are harmed. An eBook may be read on a computer or handheld personal digital assistant, both of which can store several books for your enjoyment. With a PDA full of eBooks, there is less to carry when you go on vacation!

5) More control

Do you have an idea for typesetting over cover art for your book? Chances are if you sign with a major publisher, you may not have much creative input. With my first novel, I was allowed some input, but my ideas were ultimately not used for the cover art. The same might be said with the marketing of your book. Publishers have budgets to meet, and may not be able to satisfy every author’s desires.

eBook publishers in recent years, however, may be very author friendly. Closer contact with staff may allow an author to have more input in production and design. Some eBook publishers may allow authors to design their own covers. Whether or not this is a good thing remains to be seen, but the fact remains that the lines of communication between authors and staff are open wide. The author is permitted to be very active throughout editing and production, and it turn it may inspire the author to be more productive.

More opportunity for money, more input, and more support are among the benefits of producing your manuscript through electronic means. As we further delve into a new age of publishing, eBooks lead the charge into a new dimension of entertainment for readers and productivity for writers.

If you cannot afford to pay all of your bills and are considering filing bankruptcy, be sure to consider all of the alternatives to bankruptcy before taking this step. Those who have no property and no income don’t need to file for bankruptcy, they can take no action as there is nothing for their lenders to take from them. This is one of the alternatives to bankruptcy that might be available to retired people or those who are unemployed. In seven years the debt will be removed from your credit record. You probably only want to take this option if you plan to have no income or substantial property for the next seven years.

Creditors will probably end up just writing off the debt to you if you have nothing for them to take. Another of the alternatives to bankruptcy is to try self money management, which means basically that you take a long hard look at where you are spending your money and cut back on some of your expenses that aren’t really necessary, like movie channels on cable, eating out, and magazine subscriptions. This can free up enough money to pay some of your bills, or at least give you enough so that it is easier to work out one of the other alternatives to bankruptcy. It is also possible to negotiate with creditors to try to either lower the payments or get part of your debt forgiven.

If creditors understand that you are looking into alternatives to bankruptcy and that their other option may be to lose out on the whole amount of the debt, they are more likely to agree to negotiate with you. If your creditors aren’t willing to negotiate with you or you aren’t comfortable negotiating with them yourself, you can get help from a nonprofit debt counseling agency, which can do the negotiating for you. However, some of these agencies are mainly funded through credit companies and therefore may have a conflict of interest. They may try to stick to agreements that leave you paying off the full amount of your debts when you might be able to get creditors to forgive some of the debt if you negotiate on your own.

Another of the alternatives to bankruptcy is debt consolidation. We have all heard the commercials for this on the radio and on tv. You take out a lower interest loan to pay back all of your high interest loans so that you only have one, lower interest loan to pay each month. There are debt consolidation companies that can help you with this, though be aware that some of them are not reputable so you want to be very careful when choosing a debt consolidation company. If you have decent credit you may be able to get a loan from your bank.

Debt settlement and debt consolidation both offer ways of reducing your debt. Debt settlement eliminates part of your loans, while debt consolidation reduces interest rates. Even though debt consolidation has the least impact on your credit score, there are cases when debt settlement is a better option.

Lower Debt

The goal of both debt settlement and debt consolidation is to lower your debt. Debt settlement companies negotiate with your creditors to sometimes reduce the amount of your loans. You will be charged a fee, and the debt reduction will remain on your credit score for seven years.

Debt settlement can reduce your debt 10% to 50%. To get the most out of the program, pay off the rest of your debt as soon as possible. Also, close accounts that you don’t plan on using to raise your credit score.

Debt consolidation pays off your high interest debts with a low interest loan. Home equity loans provide the lowest rates, but personal loans can also be used. With rates lower on your debt, you can pay off the principal sooner by making the same monthly payments.

Credit Score Implication

Reducing your loans through debt settlement is a serious mark to creditors. You credit score will drop, making you ineligible for conventional loans. But you can apply for subprime credit after a year. After a couple of years of good credit habits, you can then apply for lower rate conventional loans.

Taking out a loan to consolidate your debt will have a slight impact on your credit. Since your debt isn’t actually increasing, you will only be hit for opening another account. By closing your paid off accounts, you can partially offset the penalty. In a short period though, you will be in good credit standing if you follow best practices with your credit.

Financial Choices

No one financial choice fits everyone’s needs. While debt consolidation has the least affect on your credit report, additional loans may be too expensive. In extreme cases, debt settlement can help to avoid bankruptcy. Before deciding on an option, look at what companies are offering in terms of rates and fees. And if you need additional advice, talk to a credit counselor who can take a look at your finances and offer suggestions.

It seems as though this question gets asked more and more often especially in todays society. “Should I declare bankruptcy?”

People tend to believe that this is the easy way out of their financial obligations. While it is true that this is a way to get out of your financial burdens the important thing to remember is that declaring bankruptcy is final and should not be taken lightly.

This is the worst thing that you can do to affect your credit score and it will leave a mark on your credit report for seven years. While it is possible to establish good credit after filing bankruptcy; the thing that you are going to realize is that it is going to be difficult to get creditors to trust you again.

When creditors pull your credit report and they notice that you have filed bankruptcy; then their first instinct is that you can not handle your financial obligations. They are also more determined not to lend you money.

Of course you may still get that auto loan or mortgage loan; however you are going to notice that it is not going to be the best interest rate. As a matter of fact it is most likely going to be higher than you anticipated paying back.

So the answer to your question “should I declare bankruptcy?” Well that is a personal choice; once you have done your research and discovered the negatives and the positives of filing it; then if you still feel as though it is still your only choice then of course you should take care of you and your family.

There is nothing more stressful than having to deal with dealing with payments that you can not make or if you are being bothered by those annoying calls by the creditors.

If you want to be informed about bankruptcy and the effects that it has on your life; visit our site below. You will discover that there is life after bankruptcy and how you can quickly get back on your feet and ensure that you never have to deal with this situation again.

Debt consolidation companies attempt to get the credit history of a person back on track. Many borrowers find themselves with poor credit rating after accumulating a lot of debts. Debt consolidation is also used as an alternative to declaring bankruptcy. In the state of Michigan, bankruptcy laws are very severe, therefore, debt consolidation is always a better option. To find debt consolidation companies in Michigan is quite easy, as there is at least one such company in every state.

Before choosing debt consolidation companies in Michigan, debtors should look into the company’s credibility and past performance, to know their method of dealing with the issue. Debtors must be aware that any negative reports on a person’s credit history are removed from the credit report after a period of seven years. This allows a person to correct the mistakes he or she has made, and improve their credit rating now. However, a bankruptcy report stays on the credit history for ten years. This is done to deal more severely with people who mismanage their funds to such an extent that they go bankrupt. However, many such debtors have made efforts to deal with debts by choosing debt consolidation companies. This is even more important in Michigan as the state government does not take defaults or bankruptcy lightly.

Debt consolidation can also be searched for online. Most of them accept debt consolidation applications through their websites, making the whole process easy and convenient. Debt consolidation companies help reduce high payments and can even negotiate with the creditors to lower interest rates. To ensure that too much of debt is not accumulated, debtors are not allowed to apply for or use any more credit while they are working with debt consolidation companies. Debt consolidation goes a long way towards ensuring better credit ratings, which further allows debtors to get better rates than what are regularly offered.