The North Carolina Bankruptcy Information Blog

For those of you who live in North Carolina, does this story sound familiar?

Charlotte’s John Allison, 37, told HuffPost the [political] stalemate [over jobless benefits] reminds him of a game of chicken, except “the person controlling the car’s not even in it.” “It’s a remote control game of chicken and I’m tied in the seat,” he said. Allison said he lost his job as a landscaping consultant in July 2009 and has been surviving thanks to $281 a week in unemployment insurance. The checks stopped after April 16, when the federal Extended Benefits program expired in the state. Lawmakers had failed to change an eligibility trigger that activates extended benefits only if the jobless rate has risen in the past two years.…

Sure hiring is up in many sectors, unemployment rates are dropping and the economy appears to be on the mend, but for many older Americans over the age of 55, who are currently out of work, prospects are poor for ever returning to the workforce as quickly as before the Recession.

Based on an article by reporter Arthur Delaney for The Huffington Post, the average jobless spell for older unemployed workers is now over a year, leading many to look for other options to subsidize mortgage notes, consumer debt loads, as well as rising medical costs.

“According to Friday’s jobs data from the U.S.…

The holidays. A time for figgy pudding, partridges zipping around pear trees and maids milking barn animals. Those are well and good signs of happiness and all, but we’re here to dole out gifts that really sparkle under the tree, the kind that keep on giving and never need be returned. We give you, joyous reader, the 12 Days of Bankruptcy.

On the first day of bankruptcy, the bankruptcy code gives to you: an automatic stay. This gem of a benefit to bankruptcy ceases all pending lawsuits filed against you by creditors upon the approval of your petition. You will probably still have to pay any tax lawsuits or student loans that you have out there, but hey, this is only the first day!…

Just as Social Security seems to be running into the red—paying out more dollars than it’s taking in—it also appears the social welfare program has never been more important.  In its 75^th year, amid the worst economic crisis since the Great Recession, Social Security is acting as a financial lifeline to America’s most needy citizens.  And without it, the consequences would be dire.

Based on a recent report by The Huffington Post, “If [Social Security] benefits were to be significantly cut, 19.8 million more Americans would be thrust in poverty, according to a recent report by the Center on Budget and Policy Priorities.…

As Baby Boomers age into their rightful place at the retirement table, Social Security appears to be running into the red—literally paying out more dollars than it’s taking in—even after decades of prosperity and pay-outs.

According to a recent article in CNNMoney.com, this could leave many who do (and will) depend on Social Security in a rough economic spot during already tough financial times. “For the first time in nearly 30 years, the system will pay out more benefits than it receives in payroll taxes both this year and next, the government officials who oversee Social Security said on Thursday,” reports Annalyn Censky of CNNMoney.com.…

While the current economic forecast is considered by economists to be less dismal than in past months, many of the same economists are predicting unemployment will stay high over the next several years—noting that recession-scarred employers are likely to stay conservative in their hiring practices even as recession-scarred citizens continue their search for a dwindling number of jobs. Recent unemployment figures show that North Carolina unemployment grew to 11.2% in the month of February.

So, what if you’re one of the unfortunate many facing job cuts or recently suffering from unemployment? Here are five easy steps to get you back on track when time is short.…

If you have spent some time on this blog, then you should understand the value of working with a bankruptcy attorney. Not only can a dedicated legal representative be your best asset in a courtroom, they offer the emotional confidence that everything will be all right in the end. It can be trying and frustrating at times, and that is exactly why you should hire an attorney.

That being said, there are some things you can do on your own to prepare for meeting with a bankruptcy lawyer that will not only help you get a better idea of where you stand but it will help your attorney do an even better job for you.…