The North Carolina Bankruptcy Information Blog

The news sure sounds exciting, especially for those rebuilding after a bankruptcy or perhaps teetering on its edge. Economic statisticians, those in colorful bold boxes on morning stock report shows and even the country’s newspapers, long considered a haven for everything depressing, are reporting that the worst of the recession is over. Many are going so far as to say that we’re on our way up again.

Honestly, the numbers don’t lie. But they don’t tell the whole truth, either.

The last couple of months have seen the fewest number of jobs shed, according to those in Washington. National savings rates are holding steady and business productivity has climbed to its highest level in six years.…

In a recent post, we talked a little about the “Meeting of Creditors.” That got us to thinking, are there other terms and steps along the way that we could help you better understand if you are still considering filing bankruptcy? And, does the blog mention or gloss over some terms that leave you with questions? So, we decided to put together a brief glossary of bankruptcy terms and jargon that might help get a better idea of how this whole thing works.

• Automatic stay: A court action that holds your creditors at bay upon filing bankruptcy.
• Collateral:An asset that backs up a specific debt.For example, in the most fundamental sense, your house backs up a mortgage loan.

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Gambling, not at all unlike compulsive spending in department stores, can often lead to serious financial pitfalls. Despite the prevalence of gambling addictions in America, debts incurred by too much betting were at one time non-dischargeable in bankruptcy. While the specifics of dischargeability with any type of debt should be explored with a bankruptcy attorney, it is important for you to know that if you count gambling losses as one of your reasons for bankruptcy, the odds are in your favor that it can be discharged.

Bankruptcy research suggests that close to 10 percent of all filings are connected to gambling.…

Credit card balances, medical bills, mortgages and student loans make up a lot of America’s debt. In this recession-plagued economy, relief from any one of those financial obligations can be a tremendous benefit.

The White House has championed a bill to curb credit card company billing tactics and its mortgage modification program is expanding despite some early setbacks. And, the health care debate is reaching crescendo with the hope for many that an affordable, if not fully-supported, government medical plan will soon take shape.

Student loans, however, have not been subject to the broader economic sweep-up strategy that Washington has employed to fix the economy.…

If you have spent some time on this blog then you’re probably giving some consideration to filing for bankruptcy. It’s not an easy decision, which is why this blog exists. We understand that it helps to understand what others are dealing with and similar stories about accumulating debt can better help you grasp where it is you stand financially. Well, maybe the story of Mary Uhazi will help.

Originally written about in an MSNBC article, Ms. Uhazi built up $60,000 in credit card debt and just recently suffered a salary reduction. If it sounds familiar already, read on.

Like so many of Americans struggling under the strengthening pressure of consumer debt, Ms.…