The North Carolina Bankruptcy Information Blog

Recent bankruptcy news includes a headline about industry icon MGM filing a prepackaged bankruptcy, which, relative to the movie industry, may carry as much as impact as the General Motors and Chrysler filings had in Detroit.

However, operating with excessive debt is not a new concept in the film industry. In fact, it’s how most filmmakers get started. One has only to ask the nearest independent movie director how he’s funding his latest effort and your likely to hear the words “Visa,” “Mastercard” and “American Express.”

Today, access to the credit market is slowly changing the small film market. Just a couple of years ago, aspiring directors and producers would have little fear about maxing out their credit cards because of the prospect of a major studio discovering their unpolished cinematic gem and putting it on screens across the country.…

It’s 2010, the year we take charge, so to speak, of our credit cards. In only a couple of months, credit card companies will have to fully abide by the provisions of the Credit Card Accountability, Responsibility and Disclosure Act (CARD). Some components of the act have already been in action.

Nevertheless, consumer advocates are expecting a slew of new credit card company tactics to increase, damage and elevate our debt, credit reports and heart rates. This is especially frustrating for those trying to re-establish a sound credit rating after bankruptcy. If more fees and restrictions come into play, it will take that much longer to use a credit card as a reputable credit source.…

The bankruptcy process can be confusing, stressful and even a little scary sometimes. Thankfully, there are an array of exceptional financial professionals out there, the most helpful being your reputable bankruptcy attorney, all of whom can help you navigate the choppy waters and put your life back on track.

It pays to understand for yourself as much about the bankruptcy process as possible. The more knowledge you gain, the easier it will be for you to comprehend how to help those you are helping you. Since bankruptcy is a legal process, it will involve the courts. And courts mean judges.

So, exactly what role does a bankruptcy judge play in your case?…

The automated credit score was created in 1959 by the Fair Isaac Corporation. While “Fair Isaac” may not seem so aptly named for those who are struggling with low credit scores, the FICO system is the most commonly used numeric benchmark by which our lending and credit system measures financial wherewithal.

Unfortunately, so few of us really understand how that number is determined. In fact, if the credit rating system took a more open approach to communicating its processes, especially given the impact they can have on our livelihood, perhaps not as many people would be facing economic trouble. It is certainly worthwhile for anyone facing credit issues to understand as much as possible about how that three-digit number comes to pass.…