The North Carolina Bankruptcy Information Blog

Well, it’s the holidays, so it’s time have some fun and hopefully, forget about all those pesky financial problems. They say humor is the best medicine, so we searched around and came up with a few great jokes about, well, what else? Money! Enjoy …

At the annual Christmas gathering, all the kids were at the feet of their wealthy old great granddad, who was settled in his chair entertaining them with classic yarns about days gone by and memorable life adventures. One of the kids asked him, “Pappy, how did you make all of your money?”

“Well, son,” he said while stuffing his pipe with fragrant cinnamon tobacco.…

Most of us go on vacation to get away from the things that are causing us stress. Well, that might not be so easy anymore. Travelers across the country are reporting an increase in collection agency contact for even nominal amounts of money because of a dispute they raised with airlines, hotels and rental car companies–even after the company has acknowledged its own mistake. A few examples:

A gentleman traveling through Pennsylvania was pulled over for an expired registration on his Hertz rental car. Despite repeated attempts to reconcile the issue with Hertz, he was notified by the company that collections activity was underway because of the unpaid ticket.…

Even though it completely runs in opposition to the intended goal, many states allow creditors to seize your wages should you not be able to pay a debt. The contradiction is easy to see: how can you pay your debts if your income is diminished?

Evidence is now on the table that bankruptcies are filed at a much higher rate in every state that empowers creditors to reach into your paycheck directly to get their money. The impact stems from the fact that if a creditor seizes funds directly under such a state law, they limit a person’s ability to pay other creditors as well.…

The much talked about credit card reform bill passed the Senate on May 19 and with it comes at least a semblance of resolution to what has impacted so many American’s financial wherewithal over the last several years. In a previous post on this topic, we mentioned that credit card companies currently perform, and will now ramp up, extensive consumer psychology research to find out what drives our spending habits. More specifically, they’ll be using the information to find out just what kind of credit risk we pose to them when it comes to dishing out more credit and how apt we are to pay it back.…

One of the worst aspects of having debt troubles are the calls from bill collectors. Who doesn’t dread those mean phone calls after you miss a couple of payments?

Recognizing the damage that bill collectors can inflict on people in debt and their families precisely when they are most vulnerable,  Congress passed the Fair Debt Collection Practices Act (FDCPA) in 1977. Many consumers are unaware of their rights under this act and bill collectors count on this fact to maximize their intimidation tactics.  Bill collectors will make you feel like a criminal when in fact, because of their dirty tricks and bully tactics, they are the ones breaking the law.…