The North Carolina Bankruptcy Information Blog

The recent unrest in the Middle East is creating economic issues for many consumers and small business owners across the country, as insecurity in oil-producing countries causes skyrocketing gas prices here at home. Specifically, struggling companies that thought they had survived the worst of the Recession are now faced with soaring oil prices and no solution to handle this sudden need for more cash assets.

According to a new report by The Huffington Post, “A higher oil price translates into higher gas prices for consumers and higher transportation costs for businesses. Small businesses, which create 70 percent of the nation’s jobs, according to government estimates, have been hit especially hard.…

The Triangle is a well-known national business center. With major universities driving innovation and a healthy collection of global technology and pharmaceutical companies touching all of its borders, history tends to be on our side in times of financial worry. Our area is known for entering recessions late and coming out of them sooner.

However, all those big companies, six-figure jobs and our collective entrepreneurial spirit has not done much to curb the rate of bankruptcies in Wake County, the heart of the Triangle.

The Triangle Business Journal reported recently that in 2009, Wake County bankruptcies grew by almost 37 percent during the last year.…

Throughout the Chapter 12 Bankruptcy series we’ve explored how bankruptcy bound family farmers and fishermen can reap the many rewards and special rights provided by a Chapter 12 filing. This series included an introduction to the concept of Chapter 12, along with additional benefits drifting from this protection; a detailed look at how this process works for farming and fishing families; and what you can expect at a Chapter 12 hearing—from the earliest bankruptcy petition to the negotiated repayment plan. In the conclusion of this four-part series, we share the specifics behind, and results of, this type of bankruptcy discharge, along with an understanding of Chapter 12 debt relief exemptions, and the ins and outs behind what is known as the Chapter 12 “hardship discharge.”

Under Chapter 12 bankruptcy laws, if you were initially defined under the Bankruptcy Code as a family farmer or fisherman at filing, you can receive a debt discharge after completing all necessary payments under your court-sanctioned Chapter 12 repayment plan.…

In states like North Carolina—composed largely of rural areas dotted with farmland and abutting the ripe fishing grounds of the Atlantic—Chapter 12 bankruptcy can be exceptionally helpful to working farming and fishing families who might otherwise be bankruptcy bound.

In part one of the four-part series, entitled Chapter 12 Bankruptcy, we introduced the concept of Chapter 12, provided a brief overview of the special rights related to this protection, and shared who (or in some cases, “what”) qualifies as a family farm or family fisherman under the Bankruptcy Code. In this section, we’ll discuss how a Chapter 12 bankruptcy works, from initial petition filing to debt repayment planning.…

When many people think about bankruptcy, what normally comes to mind is what is represented in Chapters 7 and 13 of the Bankruptcy Code. In Chapter 7, you can discharge all of your debts and, in return, may lose non-exempt assets. Under Chapter 13, you may hold on to your assets, such as their home, but devote income in the near future to repaying your outstanding debts. Under both forms of bankruptcy, there are limitations to what you can do to modify your debts.

However, in states like North Carolina—composed largely of rural areas dotted with thousands of acres of farmland and abutting the ripe fishing grounds of the Atlantic—the lesser known Chapter 12 bankruptcy can be exceptionally helpful to working families who might otherwise be bankruptcy bound.…

You don’t have to be Chrysler or GM to consider bankruptcy. Maybe you are a small business owner with just a few employees and are struggling to keep everyone on the payroll while you fight off creditors, waiting for the next big contract to come through. You’re not alone. Here are the things you might consider as you look down the road.

This article assumes you’ve exhausted your credit and financial resources and are considering bankruptcy. Your best option when considering bankruptcy is to consult with a qualified bankruptcy attorney who can counsel you on your specific situation. You may find that bankruptcy is not the best move for you, but a qualified attorney will help you make that decision.…