Social Security Disability – What You Need To Know

Disability is something that not all of us would want to entertain. Unfortunately, it is a fact that we cannot get away with. In the performance of our jobs, we can get involved in accidents which can lead to disability. When this happens, we could end up temporarily or permanently unable to work. Consequently, it could result to loss of income and eventually livelihood. But you do not have to feel miserable and sorry. There is a way to get your income back and this is through social security disability insurance. The Social Security Administration says there were a little over 8.9 million Americans on Social Security Disability in 2015.

Social security disability can provide a crucial source of financial support and assistance. The benefits they can get is enough to support themselves and their families. It is therefore important to have an understanding of the process so that you will know your rights and avail of them in case you get disabled.

Social security disability insurance dates back to the mid 1930’s with the enactment of the Social Security Act of 1935. This law called for a system of retirement benefits for older persons and their survivors. In the 1950’s, Congress passed legislation establishing a program for assisting low income disabled workers. In its first 20 years, it has seen a dramatic increase in both the number of applicants and the number of approved benefits. The 1970’s was marked by high unemployment rates which made it difficult for disabled people to find a job.

For almost 60 years, SSDI has helped an increasing number of workers and their families replace lost income. Several factors have contributed to the increase, the primary factors are :

  • The baby boomers reached their most disability-prone years between 1990 and 2011
  • More women have joined the workforce in the last few decades and they have put in a lot of work to become eligible for disability benefits.

Figures from the Social Security Administration revealed that disability benefits were paid to just 10.2 million people in 2013. 87.4% of disabled beneficiaries came from the workers. Male beneficiaries accounted for only 52 percent. A third of the beneficiaries were diagnosed with mental disorders. As of March 2013, the average monthly benefit for a disabled employee amounted to $1,129 with the men getting $1,255 monthly and the women $993 a month. A total of 1.9 billion children of disabled workers and 160,000 spouses of disabled workers received supplemental benefits from Social Security.

You should file for disability benefits as soon as disability kicks in. The benefits will not kick in after six months of disability. The waiting period starts a month after the agency decides on when the disability began.

When To Consider Filing For Divorce?

Getting married is one of the most important milestones that an individual can experience. Marriage is something that entails a lifetime commitment to the person you are marrying. It requires emotional, mental, and financial readiness. You do not get married thinking that in 1, 2, 5, or 10 years, you will become disappointed and hopeless that you married the wrong person.

Unfortunately, there is no such thing as a perfect marriage. As they say, you will only get to know your partner once you get married. Marriage can be difficult in a lot of ways. It comes with a lot of pain and stress. It is not all about good times; there will also be tough times. That is why there is a promise of “for better or for worse” when couples are getting married.

While there are couples who are able to patch things up and able to survive the rough times of their marriage, there are others who are unable to resolve their differences, and conclude that their best option is divorce. While there are those who still believe that everything will work out fine for their marriage, there are others who think otherwise and decide to put an end to their marriage. While many people still believe that 50% of marriages end in divorce, the New York Times has shared statistics refuting this statistic.

Considering divorce entails a lot of thought for the couple. According to the website of Marshall & Taylor, PLLC, divorce can be a difficult and financially straining process. There are many factors that you need to consider before deciding to end your marriage and move on. Here are some questions that you need to answer before filing for divorce:

1. Is the marriage worth saving?

When you married your partner, you may have already been aware that there will be problems that will come along the way. When you gave your “yes” to your spouse when they proposed, you have already signified your readiness to tackle whatever difficulties you might encounter. With that in mind, you need to ask yourself if you can still salvage or work out your relationship.

2. Have you tried seeking help?

If you and your partner are not able to resolve your marriage issues by yourselves, you can always get professional help from marriage counselors and therapists. If counseling is not working, try to look for another counselor before saying “That’s enough.”

Remember that even the most skilled counselor will not be able to fix your marriage. The effort would have to come from you and your spouse. If you truly want to save your marriage, you need to put effrot into salvaging it.

3. Has it caused so much stress on your part?

Every relationship comes with stress. Whether its financial, emotional, oe mental, your married life will always come with stressors. If you feel stressed out, try to open up with your partner. It is the basically the reason why you are partners. You need to resolve your differences together.

4. Is your standard for marriage too high?

When you got married, you must have your own perception of marriage. Try to evaluate your standards perhaps you might be shooting for the stars or setting the bar too high. Perhaps this perception of yours might be putting pressure on your spouse. \

5. Do you still love for your spouse?

Perhaps this could be the biggest factor to consider when considering divorce. If there is no spark left, are you willing to re-ignite the fire?

Married life is not all about living happily ever after. It also has challenges and difficulties. Communication will always be important to make your marriage work. There is no such thing as perfect.

The Different Types of Bankruptcy Explained

Managing a business can be a real challenge, especially when it comes to the financial aspects. Handling the expenses and the different costs associated with the business can take its toll on your company’s coffers. Companies that need financial assistance can rely on lending institutions for debt to keep their business on its feet. However, the money that you will borrow may not last for a long time, and unless you can earn revenue, you may have to file for bankruptcy at some point.

While it can provide you with a temporary solution to keep your business afloat, struggling with debt can be an overwhelming situation that is hard to get out of. If you feel that you can no longer cope with the financial situation of your company, it may be time to consider bankruptcy. According to the American Bankruptcy Institute, over 33,000 businesses filed for bankruptcy in 2013. Other bankruptcy filing statistics can be found through the US Courts website. But what kind of bankruptcy are you going to apply for? Read on and find out about the different kinds of bankruptcy.

According to the website of Gagnon, Peacock & Vereeke, P.C., there are five kinds of bankruptcies that businesses can avail of. These types derive their name from their respective chapters in the United States Bankruptcy Code. They are dependent on several factors, including whether you are an individual or corporation.

Chapter 7 is the easiest method for paying out debts, but is designed for individuals, not businesses. This kind of bankruptcy requires the applicant to make less than their state’s median income for a household of your family’s size. With Chapter 7 bankruptcy, you sell all your non-exempt assets being held by the debtor in order to settle the debts to the fullest extent possible. Once the bankruptcy is over, your so-called “dischargeable debt” gets removed. This type of bankruptcy will take around four months to finish.

Chapter 11 bankruptcy is the most complicated type and is applicable to businesses. Here, you keep your business functioning, maintains all assets, and devise a plan to pay off the debt. In the past, a business used to have an unlimited amount of time for coming up with the reorganization and payment scheme. The Bankruptcy Abuse Prevention and Consumer Protection Act changed that to 120 days. If you are not able to submit the plan within the allotted period, the creditor can submit their own plan.

Chapter 12 bankruptcy is designed for farm owners. The business owner still has control while they work out a repayment plan with their creditors.

Chapter 13 is like Chapter 11 but the main difference is that it is designed for individuals. The owner also makes a 3 to 5 year repayment scheme. Depending on the income of the company, a percentage of the debt can be discharged.