Meet Rashad Blossom

Rashad Blossom is a dedicated and experienced bankruptcy and consumer protection attorney. He firmly adheres to values passed down from his hard-working parents. Rashad believes everyone deserves to be treated fairly and with compassion, regardless of income, particularly regarding legal representation. Rashad serves clients throughout North Carolina. He uses his personal and legal savvy to help level the playing field against large companies and bill collection agencies. Rashad takes pride in the openness of his fair debt collection litigation procedures.

Rashad’s determination to help individuals and companies in financial distress dates back to his childhood when he first recognized he had an entrepreneurial drive. Rashad created his own barbershop, Rychess Cut Barbershop, when he was 19. Rashad ran the firm for five years, relying on his hair-cutting skills, which he began at 14.

Rashad attended the University of Alabama in Tuscaloosa. He earned his bachelor’s degree in finance and graduated as a member of the Golden Key International Honor Society and the National Business Honor Society. Additionally, Rashad was given the Beta Gamma Sigma Outstanding Undergraduate in Finance Award. After graduation, he continued to earn his Juris Doctor at the University of Alabama School of Law. Rashad worked for Burr & Forman LLP for several years before joining Bradley Arant Boult Cummings LLP. After years of working at big-name firms, Rashad Blossom chose to open his own practice. 

Throughout his career, Rashad noted that wealthy individuals and organizations had no problem affording representation. Likewise, poor people qualified for legal aid. Rashad turned toward helping the ones in the middle – those who could not afford big law firm prices but still needed quality legal care. As a former small-business owner, Rashad understood the complexities of running a small business. He opened his practice to serve organizations as well as individuals. Rashad has helped his clients save hundreds of millions of dollars.

Rashad Blossom has years of experience offering legal advice to those in need and defending mortgages and mortgage service institutions. In one of his cases, Rashad represented a local bank with $20 million worth of claims against a Chapter 7 debtor and successfully negotiated the sale of the debtor’s assets. As we emerge slowly from the catastrophic effects of the pandemic, Rashad’s ultimate objective is to mentor prospective financial professionals and raise awareness in an effort to provide individuals with some relief from their financial worries.

Rashad is a member of the National Association of Consumer Advocates, the ABA Young Lawyers Bankruptcy Law Committee, and the National Association of Consumer Bankruptcy Attorneys. To learn more, visit Rashad’s finance blog.

This article was originally published at rashadblossom.co.

Great Books to Help You Be a Better Entrepreneur in 2022

Being an entrepreneur means accepting that you’ll never stop learning new things. Even if you’ve been a successful entrepreneur for 20 or more years, it’s impossible to learn it all. You’ll face new challenges all of the time, and it’s important that you’re willing to accept that you won’t have all of the answers and to go seek knowledge and advice from new sources in order to better round out your skills. In this article, we’ll discuss a few great books that entrepreneurs can take advantage of in order to improve their entrepreneurship abilities.

Zero To One – Peter Thiel

In his book, Peter Thiel, a renowned investor, and entrepreneur explains why he believes that focusing on businesses that create new products is the best way to get the world moving. Peter says that many companies are focused on improving their existing products, and how that doesn’t always work out for them. According to him, entrepreneurs should seize the opportunity to find new solutions that can create value. Peter breaks down the various steps involved in creating a new product or solution, and he provides actionable advice on what you should do before you start working on it. This is a great read for entrepreneurs who are looking to improve their skills and knowledge.

The 4-Hour Workweek – Tim Ferriss

The goal of the 4-hour workweek is to free yourself from the constraints of your 9-to-5 schedule and create a business that can support you without having to be a millionaire. According to Ferriss, the key to being successful is to be effective, not inefficient. He uses the example of the Pareto principle to explain this. In his book, Ferriss argues that people don’t have to be rich to live a life of luxury. He says that instead, they should focus on being flexible and mobile. Tim discusses many tools that can help you better focus on these things, such as virtual assistants, outsourcing tasks, and creating a new approach to work. This is a great book for anyone who’s looking to transform their passion into a full-time job.

How To Win Friends & Influence People – Dale Carnegie

In his book, Dale Carnegie provides a variety of strategies that can help you win friends and influence people without offending them. One of the first ideas he talks about is the idea that arguments should be avoided, as they’re typically impossible to win. According to Carnegie, an argument ends with both sides believing that they are right. Even if you win, you still lose, usually due to hurting the other person’s pride by making them feel inferior. One of the next strategies that Carnegie recommends is to never tell someone that they’re wrong. Instead of trying to convince people to agree with you, Carnegie suggests that you should instead work together to find out what makes them think they’re right. According to Carnegie, this method can help you influence people in ways that are beneficial to you.

This article was originally published on RashadBlossom.co

Podcasts For Entrepreneurs To Listen To In 2022

Today’s entrepreneurs have access to a limitless amount of knowledge and education opportunities. With the Internet so ingrained in our lives, we have access to countless blogs, videos, and books that can help us become the best versions of ourselves. One extremely popular source of knowledge that entrepreneurs like to take advantage of is podcasts. There are dozens of great podcasts out there created by entrepreneurs, for entrepreneurs. Some focus on teaching us how we can be better business people, some talk about news in the business world, and others feature interviews with some of the most successful entrepreneurs out there. Regardless of what you’re looking for, you’re bound to find a podcast that suits your needs. Here are a few great podcasts that entrepreneurs can check out in 2022.

The GaryVee Audio Experience

Gary Vaynerchuk, the CEO of the media company, VaynerMedia, delivers entrepreneurship advice to listeners through his weekly podcast, The GaryVee Audio Experience. If you’re a fan of Gary, you should listen to this because he has built a media empire that’s worth over $60 million thanks to his hard work and the right branding choices. The show features a variety of interviews and Q&A episodes, as well as recordings of his business speeches and marketing appearances.

The Smart Passive Income Podcast

The Smart Passive Income Podcast is an extension of Pat Flynn’s blog, which is dedicated to helping online entrepreneurs succeed. It features a variety of blogging and business strategies that are designed to help entrepreneurs build an effective online presence. The goal of the Smart Passive Income Podcast is to help entrepreneurs implement effective passive income strategies. It’s designed to give them the tools they need to set up their businesses without affecting their quality or efficiency. In its simplest form, the podcast explains how to create a streamlined online presence so that they can spend more time doing what they love.

The School of Greatness

The School of Greatness was first launched in 2013 and has been one of the most successful podcasts out there. It follows Lewis Howes, who is known for interviewing some of the world’s most prominent individuals in various fields such as entrepreneurship, health, and mindset. Howe has been able to interview some of the most prominent individuals in the world such as Tony Robbins, Alanis Morissette, Jack Canfield, and more. Each of Howes’ interviews has been designed to expand his listeners’ horizons and bring them closer to some of the most important topics in their lives.

The James Altucher Show

The James Altucher Show was first launched in 2014 and has since gained a massive following. Over the years, Altucher has been able to interview some of the most prominent individuals in the business world, such as Mark Cuban, Sir Richard Branson, and countless others. Altucher’s guests range from artists, rappers, and authors to astronauts and drug dealers. All of them have incredible stories that show how they were able to achieve success through their own path. According to the Altucher Show’s website, each of these individuals has found their own way to fulfilling and meaningful lives. In order to create a more engaging and relatable experience for his listeners, Altucher tries to translate the success of his guests into something that they can easily digest. He also provides his listeners with unique tools that can help them build their own businesses.

This article was originally published on RashadBlossom.co

How To Budget After Filing For Bankruptcy

When you file for bankruptcy, you are in for a long journey to rebuild your finances and financial stability. But once you have survived your bankruptcy, it’s important to put specific measures in place to get your financial situation back on track. How do you rebuild your finances, and what steps can you take to ensure that you never have to file again? Here are some tips on how you can rebuild your finances by creating a budget. 

Avoid the Plastic Card if You Can 

A credit card can provide a lot of temptation as they are easy ways to spend, and even overspend, your cash flow. When you track your expenditures, it’s crucial to stay away from credit cards. While they may be convenient, they often don’t allow you to realize the damage done until you are staring at your credit card bill. Suppose you can try reverting to the old school method of the “envelope system” of budgeting. When you use the envelope system, you can lay out each of your bills by giving them specific envelopes; each month, you take out cash and put in the bill’s total amount. While it may be archaic, it’s a system that works since it allows you to see what you have to spend physically. 

Tracking Your Expenses 

Once your debt is forgiven, you must create a budget and stick to it permanently to resolve your financial problem. This budget can also help you shed light on areas where your spending needs to be improved. It’s essential to see where your money is going each month physically. 

Cutting Back

If it’s not deemed essential, cut it out. Once you have gone through creating a budget and tracking your expenses, you can easily cut out things that are no longer necessary. This could be things like unnecessary shopping, eating out, etc. Cut back on the luxuries, and once you start to find yourself becoming more stable, you can slowly start adding back in those small luxuries. 

Creating A Savings 

Saving is often thought of as the golden ticket when it comes to surviving your bankruptcy. It would be best if you started saving as much as you can. Your budget will help you with this feat. You should be able to save at least 10% of your take-home income while you are attempting to rebuild your finances. With that, you should only be spending around ⅔ of your salary on your fixed expenses, and others go to your recurring expenditures. 

Keep your mind on surviving the bankruptcy; that is your primary goal at the end of this. Don’t be tempted away from your budget, but right now, you need it more than ever. Once you get your budget set, it’s essential to stick with it, and it will help you get a firm grasp on recovering your finances. 

This article was originally published on RashadBlossom.org

Red Flags That May Indicate An Upcoming Bankruptcy

To start, what is bankruptcy? Bankruptcy is a legal process that a debtor has entered into to solve their financial problems. In the United States, bankruptcy has become one of the most popular alternatives for resolving debt issues. Because of this, many consumers and businesses have begun to understand the different characteristics of bankruptcy and the signs associated with it. Still, it’s important to look and understand the signs closely.

Knowing these indicators and how they impact your decision to file for bankruptcy may prove to be very helpful in assisting you in making the best possible financial decision.

Indicators that Bankruptcy Might be Necessary

Inability to Pay Bills

The first and perhaps most obvious of the red flags that may indicate that an individual may be preparing to file for bankruptcy is the inability to pay their bills. Many individuals filing for bankruptcy are actually experiencing financial difficulties related to the credit cards and consumer loans they have made.

Typically, when a consumer’s account falls behind, they try to contact the credit card companies and other lenders to rectify the situation. Some companies will allow you to fix the credit situation, but not all will.

Diminishing Income 

Another indicator of potential bankruptcy in the process is diminishing income level. Whether you may be facing the possibility of a looming financial crisis may be indicated by funds in the household decreasing. Typically, this is due to job loss. 

Once a consumer’s income has dropped, they may begin to look at their various assets and begin to liquidate some of them to raise money to prevent a large-scale financial loss.

While this strategy may work in some cases, it is important to keep in mind that it will simply result in a loss of thousands of dollars worth of assets in the majority of cases. While the goal of any individual looking to prevent bankruptcy may be to have enough money to cover their debts, liquidating all of your assets will not help to accomplish this goal. It’s important to be honest with yourself in this situation to know if this applies to you.

Conclusion

There are a wide variety of causes that can lead to bankruptcy.  It’s important to talk to a financial expert or bankruptcy lawyer to see what options are available for you.

This article was originally published on RashadBlossom.org

The Process of Filing Bankruptcy

Bankruptcy involves more than paying a filing fee and listing creditors. It’s paperwork-intensive, quite complicated and should involve you consulting with a bankruptcy attorney.

The Process of Filing Bankruptcy

Before beginning the bankruptcy process, here is what to do:

1. Gather Necessary Documentation and Information

One needs to gather information on their income and debts from the following documents:

  • Past six months of paychecks
  • Past two years of income tax filed returns
  • Copies of all current due bills
  • Copies of documents that creditors sent
  • Credit reports

2. Estimating the Value of Assets

One must provide a list of their possessions and estimates of value, no matter their worth. For automobiles and real estate, online valuation estimates may be enough. But for household items and personal items like valuable art, clothing, jewelry, you may need an appraisal.

3. Calculating Expenses

You’re required to provide your monthly expenses for things such as:

  • Insurance
  • Lease or car loan payment
  • Mortgage or Rent
  • Food
  • Clothing
  • Gas and maintenance
  • Medical expenses

4. Completing the Bankruptcy Petition, Schedules and Statements

This is the more difficult part.  And I reiterate – though you’re not required to – you should probably hire an attorney to handle the entire filing process for you.  You can lose assets if the papers are not completed correctly, or if you complete papers for the wrong chapter of bankruptcy.

5. Take the Pre-Bankruptcy Credit Counseling Course

Every individual who files for bankruptcy, must complete a credit counseling course before filing.  The course can be completed via telephone or online and usually can be done in 90 minutes or less.

What to Expect After Filing for Bankruptcy

Once you file for bankruptcy, you receive a number for your case. Creditors will also get a notice of the filing. A few days after filing for bankruptcy, a meeting will be set for you to meet with the bankruptcy trustee and your creditors, if any of them decide to appear. 

The final step is receiving a discharge order, which frees you of all dischargeable debt.  You will receive the discharge order about 3 – 4 months after filing a chapter 7 bankruptcy.  You will receive a discharge order in a chapter 13 case after you’ve made all your plan payments, which typically takes 3 – 5 years.

This article was originally published on RashadBlossom.org

The 8 Things Every Successful Entrepreneur Knows

Successful entrepreneurs all have a few qualities in common. What is it that sets successful ones apart from the unsuccessful ones? You might be wondering if you have what it takes to make it as an entrepreneur in today’s world. If so, here is what you need to know about the qualities of successful entrepreneurs

  • Discipline

Regardless of the product, they create or the business they are in, all successful entrepreneurs are disciplined. They stay focused on their goals and work hard, even when it would be easier to quit. They do not allow excuses or fear of failure get in the way of their achievements, but instead, work through every hardship.

  • Internally Motivated

Successful entrepreneurs are also internally motivated. They do not have bosses to answer to or a certain number of hours to clock in every week. They rely solely on their internal drive to push them every day. 

  • Passionate

Another quality that all successful entrepreneurs share is passion. They love their work and are willing to put in the effort it takes to see their dreams become a reality. They will often work around the clock because they genuinely want to spend their time pouring into their businesses. 

  • Relational

Most successful entrepreneurs also put a strong emphasis on relationships. They generally recognize that they cannot be successful on their own. They need to build teams of people around them, as well as networks of other business owners.

  • Risk-taking

To succeed as an entrepreneur, you must be willing to take risks. It’s also essential to have good instincts regarding which risks to take and which risks should be avoided. Successful entrepreneurs have all taken significant risks, and they haven’t allowed themselves to be deterred, even if those risks didn’t pay off.

  • Innovative

Successful entrepreneurs are also innovative. When something doesn’t work out as they planned, they find a new way to do it. Even when they have a good product, they are continually looking for ways to make it better. They strive for continuous improvement in all aspects of their business. 

  • Competitive

Successful entrepreneurs all have a competitive spirit. They thrive on challenges and enjoy winning. They aren’t afraid of other businesses in the same market because they believe they can beat them through hard work and innovation. 

  • Willingness to Fail

Lastly, successful entrepreneurs are willing to fail because they recognize that failure is an essential part of success. If a person is paralyzed by the idea of failure, they will almost certainly fail as an entrepreneur. You must shift your perspective and begin to see failure as a stepping stone on the path to success, rather than a roadblock.

This article was originally published on RashadBlossom.co

How To Alleviate Debt From The COVID-19 Pandemic

The COVID-19 Pandemic plunged millions of Americans into financial chaos. The sudden decrease in income has made it difficult – and for some impossible – to pay expenses. Here are some tips for alleviating your debt during the COVID-19 crisis.

  1. Contact Your Creditors. In response to the COVID-19 pandemic, most credit card companies and mortgage lenders offer assistance to customers. Some utility companies are offering help as well. Contact your creditors and ask if they have a COVID-19 assistance plan.
  1. Get Unemployment. President Trump signed The CARES Act on March 27, 2020. CARES gives states the option to extend unemployment benefits to workers who are usually ineligible – such as independent contractors. Your state’s unemployment insurance office can tell you if these benefits are available in your state.
  1. Speak with Your Landlord. Federal and local governments are making an effort to halt some evictions up until December 31, 2020. An order called “Temporary Halt in Residential Evictions to Prevent the Further Spread of COVID-19” went into effect on September 4, 2020. 

The order has strict rules about which tenants are covered. Tenants ineligible for the order may possibly have state eviction protection. If any eviction protection doesn’t cover you, speak with your landlord as soon as possible to discuss your situation.

  1. Contact Your Car Loan Lender. Some car loan lenders are allowing borrowers to defer loan payments. For example, Ford Motor Credit is offering payment extensions and waiving late fees upon request. And Wells Fargo Bank is waiving late fees and offering payment deferments for three-months. Contact your lender and see if they’re assisting borrowers affected by the pandemic.
  1. Request Student Loan Forbearance or Deferment. A student loan deferment allows you to stop paying the principal or interest on your loan temporarily. Submit a request for deferment to your loan provider. For a Federal Perkins Loan, submit your request to the financial aid office at your school.

If you don’t qualify for a deferment, request student loan forbearance. Forbearance temporarily reduces your monthly payment for up to a year or gives you the option to stop paying on the principal temporarily. If forbearance or deferment aren’t best for your situation, consider an income-driven repayment plan if you’re working.

This article was originally published on RashadBlossom.org

Finance Tips For Entrepreneurs

New entrepreneurs are usually driven by passion and a will to succeed. Unfortunately, sometimes they forget to focus on some of the less exciting aspects of owning a business, which includes their finances. Here are some finance tips that will help you to succeed as an entrepreneur. 

Monitor All Spending

As an entrepreneur, you should get accustomed to monitoring your spending. You will have plenty of expenses to track, so it’s best to use accounting software. Otherwise, you will have a hard time staying organized and may have a mess to deal with when tax time rolls around. 

Establish a Budget

Cash flow is going to be an essential part of your business’s success, so you need to quickly establish a budget and stick to it. You should know where every dollar is going, and where every dollar is coming from. Most businesses fail because they run out of money, so keeping a budget is critical.

Remember That Time is Money

You’ve heard before that “time is money,” but this is particularly true for entrepreneurs. Be careful about how you spend your time, just as you are careful about how you spend your money. You don’t need to work every second of the day, but you shouldn’t be wasting time either. 

Set Goals

Setting realistic financial goals for your business will help you to be more successful. You may dream of owning a multi-million dollar business but start by setting smaller goals. For example, how much do you want to be bringing one year from now? Set small goals and celebrate every milestone you hit along the way!

Stay Positive But Be Prepared

As an entrepreneur, you will need to remain positive, even when the odds are stacked against you. You should, however, prepare yourself for the hard times. For example, if you are building your business while working a full-time job to pay your bills, you should try to keep your job as long as you can. If you quit too early, you risk not being able to pay your bills, and could even lose your home. Prepare for the worst by making smart decisions, like keeping an emergency fund at all times. 

It’s OK to Pay Yourself

You might think that you shouldn’t pay yourself until your business is overtly successful, but make sure you have enough money to live comfortably. You don’t have to take much, just be sure you are rewarding yourself for some of that hard work you are putting in. 

Entrepreneurship can be a gratifying career path, as long as you approach it with caution. Follow these tips, and you will be more likely to succeed as an entrepreneur!

This article was originally published on RashadBlossom.org

The Value of Pre-Bankruptcy Planning

Bankruptcy is a strenuous process that often begins long before a bankruptcy claim is actually filed. More often than not, businesses and individuals alike can accurately read the financial signs and understand that bankruptcy is impending. Therefore, it is absolutely crucial to plan beforehand in order to avoid any mistakes that could jeopardize your bankruptcy case.

Honesty and Accuracy

First, and most importantly, it is imperative that you or your business is completely honest and as accurate as possible throughout the beginning stages. Every financial record will show exactly what was done in the months and years prior, as it is extremely rare for any of these transactions to fall through the cracks.

Providing false information severely hurts one’s chances of properly filing for bankruptcy, and can even result in being permanently banned from doing so ever again, not to mention potential fines and/or criminal charges.

Work With an Attorney

Consulting an expert in the field of bankruptcy is always highly recommended. Aside from the legal obligation of speaking with bankruptcy lawyers beforehand, you can receive expert guidance in order to protect your assets and reduce as much risk as possible. This is an area in which it is strongly discouraged to try and pinch pennies by tackling this yourself. Most courts encourage stout legal representation when it comes to filing for bankruptcy, so doing it alone is not always the wisest decision.

Move Quickly

As stated before, most people understand when their financial debts are beginning to pile up, and when bankruptcy begins to show itself on the horizon. That being said, it is much better to start putting the necessary pieces of information together now rather than later in order to save yourself a significant amount of trouble. Do your research, work closely with your bankruptcy attorney, and avoid procrastination at all costs.

This article was originally published on RashadBlossom.org