The North Carolina Bankruptcy Information Blog

Remember when Labor Day used to mark the last three-day weekend for waning summer fun and frivolity?

Well fast forward to September 2011 when Labor Day weekend arrives on the heels of disheartening fiscal news that the American economy added no jobs during the month of August (you read that correctly: none, zero, zilch), signifying to financial commentators and economic experts alike that the slow and steady economic recovery appears to be furiously losing steam.

Add to these facts that consumer confidence recently dropped almost 15 points to the lowest level since April 2009, and you might gather that these combined economic impacts would affect the way that average people plan to spend one of season’s best (and brightest) holiday weekends.…

As Hurricane Irene slammed into the East Coast, leaving in its wake wind-torn cities and towns, flooded roadways, and hundreds of thousands without power, the late-summer storm also took a lesser-reported economic toll on many geographic areas already devastated by the lingering financial crisis.

In fact, more than 400,000 homes as well as businesses lost power Saturday as Hurricane Irene hit the Carolinas with these significant losses most heavily concentrated in Wilmington and Wrightsville Beach, North Carolina, where Progress Energy reported well over 250,000 customers without power. In the process of shutting off the lights, the storm generated winds in excess of 80 mph, leaving much of North Carolina’s coast unable to open restaurants, extend hotel hospitalities, and finish out the all-important fishing season.…

Summer is typically the time when gas prices jump, making seasonal vacations, travel and even the daily commute a bit more challenging as temps heat up. But political unrest in the Middle East fueling global insecurity about oil availability, means normally high gas prices could go even higher, leaving even less money for basic needs (and many families squeezed) during these hazy days of summer.

According to a new report from The Huffington Post, “For every $10 the typical household earns before taxes, almost a full dollar now goes toward gas, a 40 percent bigger bite than normal. Households spent an average of $369 on gas last month.…

If you’re currently in bankruptcy or considering the benefits a bankruptcy can provide, you might be wondering about budget-conscious ways to truly get-away this summer, without, that is, wearing a complete hole in your wallet. But with gas prices on the rise and high unemployment holding steady, the prospects of seasonal vacation may not seem possible.

Nevetheless, while expenditures on luxuries are not recommended for the bankruptcy-bound, there are some financially-friendly ways to take a trip without “breaking the bank,” including the best places to go, the best ways to get there, and the top ways to make the most of limited budgets.…

Unrest in the Middle East has pushed gas prices sky high for the rest of us in recent months, with average American households, just beginning to recover from the recent economic recession, scrambling to fill their tanks with petrol pushing $3.60 (and higher) per gallon.

So, apart from adjusting tire pressure, turning off the AC and/or driving slower, you might be wondering how to reduce the financial pain you’re likely experiencing at the pump. Well, the obvious answer is to drive less; but with many people heading back to work or still searching, cutting back on travel is just not an option.…

After political unrest in the Middle East fueled global insecurity about oil availability, Americans shuttered (and sputtered) as gas prices rose above $3.70 per gallon. Now, experts are saying that we’re in for another “crude awakening” as the price of oil is poised to push $100 a barrel after a global economic rebound sent it surging 34 percent in the past year.  This surge could send fuel prices soaring to $4 a gallon by summer in some parts of the country.

These increases will mean airfare, shipping, and food costs (not to mention commuting) will all become more expensive endeavors in the coming months.…

To commemorate the Federal Trade Commission’s annual National Consumer Protection Week (March 6 – 12, 2011), the FTC is providing a budget-load of handy-dandy information designed to protect your money, your credit, and your overall post-recessionary financial future. So whether you’re rebuilding your economic life post-bankruptcy, or simply trying to speed up your savings, the NCPW blog can yield a wealth of resources exactly at a time when average Americans need a financial infusion, including information about:

• Avoiding foreclosure rescue and other mortgage-related scams;
• Knowing how to spot employment opportunity scams;
• Making the most of your money in the early stages of your career;
• Building and maintaining a budget to improve financial stability;
• Avoiding time-share and credit-card scams offered via text messages; and
• Learning what steps to take to save your home from foreclosure.

…

The tumultuous political climate in the Middle East has pushed domestic gas prices sky high in recent weeks, with average American households, just beginning to recover from the recent economic collapse, scrambling to fill their tanks with petrol pushing (on average) $3.50 per gallon.

And according to The Huffington Post, the problems at the pump may just be beginning. “Violence in Libya shows no signs of slowing, and that’s causing oil prices to continue their steady climb, at one point hitting $118 per barrel on Monday. The situation has become so dire that Barack Obama is considering tapping U.S. oil reserves and Morgan Stanley have announced they will temporarily halt all oil trade with Libya.…

You’re in credit card debt, often with a double-digit interest rates that can balloon over time into a monthly amount more than even your car payment. You may have sold (or lost) your home, but without much equity to go around, you have downsized with little to show for it. You’ve minimized the amount you contribute to your future—retirement, savings, investments—in the hopes of having more to pay down mounting bills.

And what has it done for you? In many instances, debtors facing these same situations find themselves no better off than before they tried to buy themselves time to get out of debt.…

As we’re all aware, this decade’s Great Recession has dealt, and continues to deal, a significant blow to the budgets of many American families, leaving millions in debt, underwater in their mortgages, and looking for any means necessary to get back on a financially-healthy course.  Now, we’re finding that tax time is also yielding it’s own set of challenges for some cash-strapped citizens and the struggling states who owe them.

Today, many cash-strapped states such as North Carolina, Alabama and Hawaii have delayed issuing income tax refunds to individuals and businesses; Kansas has suggested similar delays, while Iowa has slowed down the process because it doesn’t have enough employees to process the refunds more quickly.  Further, New York, has considered following the lead of its fellow states by stalling their own state income tax refunds.…

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.…

This time of year, America is officially springing forward with most U.S. citizens trading an hour’s worth of sleep for more evening sunshine to enjoy after work. Yet, Daylight’s Savings Time 2010 means more than additional playtime for you in the daylight hours; it also means it’s primetime for planning a much-needed Spring Break and/or, in many cases, a much-deserved Summer vacation.

If you’ve recently filed for bankruptcy or simply made a New Year’s resolution to overcome your personal credit crunch, you may be wondering how you can possibly enjoy a little rest and relaxation on a vacation without the crutch of credit cards.…

As many people facing significant financial hurdles already know: compulsive spending, like smoking, can often be a difficult habit to overcome. And like chain smoking, spending sprees can have devastating consequences, literally causing people just like you to “shop ‘til you drop”—sacrificing not only cash, but sometimes the ability to keep other possessions, relationships, and even, a healthy financial, emotional and physical future.

Addressing compulsive spending by taking a personal financial audit—admitting you have a problem, creating realistic expectations, using a budget and avoiding temptation—can end your string of endless debt-making and put you back on course for a better tomorrow.…

Will California become the first US state ever to default on its bonds in 2010? Last year, Governor Arnold Schwarzenegger spent most of the year haggling with the state legislature to try to come up with a balanced budget. In May, they warned they might go bankrupt if federal government help was not forthcoming – the Obama administration declined to help them out and they went back to the drawing board. Last summer, they issued IOUs to some vendors in lieu of checks. As of December 1, the state had almost 84 billion dollars in long term budget debt.

Just last Friday, Schwarzenegger revealed a new state budget that includes an additional 6.9 billion dollars of federal assistance – assistance the federal government has not yet agreed to give.…