The North Carolina Bankruptcy Information Blog

Have you heard from many experts and economists that the country’s headed for a double-dip recession—a second downturn that results from recent limits on economic stimulus? Well, take heart…we’re apparently only in a “one-and-a-half dip” recession.

That’s right.  According to Robert Reich, Former Secretary of Labor, we’re in a one-and-a-half dip recession, with the worst is yet to come and politicians and other people in power should take note. With retail spending on a downturn, home sales in the dumps, and the average work week in decline, Reich argues the only thing that’s actually piling up in this economic climate is unsold goods, fallow homes and default loans.…

Many see bankruptcy as a lonely journey into a new financial frontier; but in reality there are many people available to walk you down your new path to fiscal freedom, including family, friends, your trusted bankruptcy attorney, and, finally, the bankruptcy trustee.

Your bankruptcy trustee not only administrates your bankruptcy case, she is also the means to your bankruptcy end—the lynchpin to a fresh new start that only bankruptcy can provide. As such, if you want to feel the full benefits of your bankruptcy filing, it’s all too important to be conscientious about keeping your bankruptcy trustee content and cooperative.

So, you might be asking: how do I stay on my bankruptcy trustee’s good side?…

In the current economic environment, where lawmakers are setting their sights on tighter restrictions on the financial industry’s abusive practices—from excessive overdraft charges to out-of-control interest rates— banks appear to be fighting back with higher fees.

According to The Wall Street Journal, “industry leaders like Bank of America Corp., Wells Fargo & Co., HSBC Holdings PLC’s HSBC North America, Fifth Third Bancorp and others are experimenting with new ways to nick their customers, from imposing maintenance fees on checking accounts to rolling out new charges for services like fraud alerts, debit cards and credit reports.”

This news should matter to anyone with a bank account.…

The traditional media industry is hurting. Specifically, hard news print vehicles, newspapers mainly, have been decimated by the rise of the Internet and a rapid decline in advertiser spending as a result of both new media opportunities and of course, the recession.

The most recent indication of America’s tilting favoritism toward all things online, the publishing parent of newspapers like the Denver Post and San Jose Mercury News is expected to petition for bankruptcy in the next few days. MediaNews Group, Inc. isn’t saying much about the details but those “in the know” believe it could happen as soon as Friday.…

A common practice for many businesses and individuals is to make charitable contributions that can then be used as a tax deduction. Whether the motivation be a tax benefit or true philanthropy, many organizations depend on these contributions.

The contributions that Joe Kimmel has made to two local universities in western North Carolina are likely to come to an end soon as the philanthropic business man has filed for personal bankruptcy protection as well as protection for his company, Kimmel and Associates. Kimmel is the sole owner of Kimmel and Associates, a company that specializes in executive searches for the construction industry.…

One of the greatest benefits of filing for bankruptcy protection is that it allows struggling homeowners a second chance to catch up on missed mortgage payments. For many people, the fear of losing a beloved family home is one of the most stressful parts of their struggle with debt. But is your house really worth saving?

If you find yourself living in an “upside down house,”  it may be worthwhile to consider simply letting the house go. “Upside down” refers to a property where you owe more money than the house is worth. Back when the housing  market was still booming, this situation was almost unthinkable, but now that the bubble has burst, short selling―selling a home for less than what is owed―is all too common.…