The North Carolina Bankruptcy Information Blog

A couple of months ago we reported that North Carolina one of ten states with the largest employment gaps. That meant that as of this summer, the state of North Carolina would have needed to generate nearly 500,00 additional jobs in order to keep up with growing population numbers and old and new workers flooding the Tar Heel market in future months and years.

With these disturbing jobless figures in mind, it should therefore come as double-dose of economic reality that the Tar Heel State now also ranks among another not-so-distinguished list: One of the 10 states where the most unemployed could lose benefits.…

We’ve already heard a lot here about “The 99ers,” the long-term unemployed who have not only became a new byproduct of an unprecedented string of Congressional extensions to unemployment benefits, but who have also long-since exhausted the maximum 99 weeks of unemployment benefits available to them in many states in the wake of the recent economic downturn. The group, inauspiciously dubbed “The 99ers” for the remarkable amount of time they went without a job and with benefits, have come to represent the collective face (and plight) of many jobless Americans from across the country, forced to hang on every tea leaf, smoke signal, and whisper from the halls of Congress for signs of a new job plan, a new stimulus package, and more help for the recession-weary.…

About a year ago, we reported that North Carolina was at the “top of the heap,” when it came to being home to one of the ten best cities to find jobs. Despite the fact that millions of struggling Americans were still working hard to find employment, economists were heartened about prospects for growth in 2012 as industries increasingly reported better profits and adding new jobs. As a result, back then, cities like Durham, N.C., which had rebounded with more jobs post-recession based on gains in the tech industries, looked like beacons of hope for a new economic recovery.

But now we’re forced to fast-forward to 2011, and Friday’s news that the United States failed to add any jobs in August.…

While millions of struggling Americans are considering all kinds of smart moves to make ends meet—taking on extra work, cutting corners in their household budgets, or even considering the benefits of bankruptcy—others may be considering literal moves from state to state as some prove to outweigh others in what they can offer on the job front.

Are you one of the many still looking for work? Well you’ve come to the right place. Or, at least, the place where you can find the best “places” to find work, as Gallup has published its latest Job Creation Index, providing a state-by-state comparison of which states predominately hired and fired in 2010.…

Many long-term unemployed have exhausted the maximum 99 weeks of unemployment benefits available. The group,  known as The 99ers is a byproduct of an unprecedented number of Congressional extensions to unemployment benefits in a lingering economic malaise.

Do you consider yourself a 99er? Out of work for nearly two years or more? Can’t seem to find anyone who will listen, let alone help?

Well, as The Huffington Post reported, there’s strength in numbers. Unfortunately there aren’t any. “One obstacle to helping 99ers is a lack of basic data. How many people can’t find work after nearly two years of searching? How many 99ers are there?…

Back in May, we first chronicled the plight of unemployed men and women known as “The 99ers.” At the time, many of these long-term unemployed had exhausted the maximum 99 weeks of unemployment benefits available to them in many states. The group, inauspiciously dubbed “The 99ers” for the remarkable amount of time they went without a job and with benefits, represented the broader face of many jobless Americans from across the country, forced to hang on every tea leaf, smoke signal, and whimper from their representatives in Congress of a new string of jobless aid programs that were, as many experts believed, on par to ignore them completely.…

More bad news for those facing tough financial times: mortgage foreclosures are likely to top the one million mark in 2010. As The Associated Press reported in the last week, “Nearly 528,000 homes were taken over by lenders in the first six months of the year, a rate that is on track to eclipse the more than 900,000 homes repossessed in 2009, according to data released Thursday by RealtyTrac Inc., a foreclosure listing service.”

By comparison, according to RealtyTrac, in an average year the United States only sees about 100,000 homes in foreclosure. So, with the country on track to face ten times that amount of foreclosures this year, with 1.7 million U.S.…

While millions of struggling Americans still working hard to find employment might disagree, economists are heartened about prospects for growth this year as industries increasingly report better profits and add new jobs.

In fact, job growth is said to be at its fastest pace in 10 months.  In recent surveys, American employers were found to have added 162,000 jobs in March 2010, the most in three years. Wages and salaries also are improving.  And, obviously higher salaries bode well for the recovery, since consumer spending accounts for as much as 70 percent of our nation’s economic activity.

So, are you still looking for work?…

It was easy to spend money a few years ago, somewhere around late 2005 and into 2006, when the economy was flying, anyone could get a loan and every house in the zip code was appreciating at eight percent a year.

Those who managed to avoid subprime loans and the desire to keep up with whatever the other side of the cul-de-sac was spending turned out to make it through the recession in decent shape, provided the unemployment crisis didn’t catch up with them.

Truthfully, the degree of financial difficulty at which someone finds themselves is no measure of intelligence or social wherewithal.…

While many economists argue that the economy is steadily rebounding, whether you’re in a recession or recovery seems to largely depend on where you live, if you have a job, if you can pay your bills, or if you still have your home.

The Huffington Post reported this week that facing an economic meltdown in their personal lives, many formerly middle-class families have had to find “creative ways to cope with the sudden loss of their jobs and homes.” In her article, “Rattlesnake for Breakfast, Wedding rings on Craigslist: Families Cope With Falling Out of the Middle Class,” Laura Bassett describes how the American dream, for many, has turned into a surreal nightmare.…

So you’re drowning in debt and desperate for a way out. A friend or relative asks if you’ve considered a 401k loan. “They’re quick, simple to qualify for, and here’s the best part: you’re paying the interest to yourself.” Sounds like a brilliant solution, right? Why pay 25% interest to a credit card company when you could be paying 6% interest to yourself?

Stop. You want to think long and hard before you take out a 401k loan, especially if you’re already in debt.
Fayetteville debt relief,
The most important thing to know is that, in bankruptcy, your retirement savings – 401k accounts, pensions, 403b accounts, traditional IRAs, Roth IRAs and even plans for small business owners and the self employed – are protected from your creditors.…

The holidays are now officially over. The New Year has begun in earnest. And ‘tis the season for tax time. If you believe you’re bankruptcy bound in 2010, that definitely means it’s also time to get your 2009 returns in order.

Thinking About Chapter 13 Bankruptcy?

Chapter 13 bankruptcy helps restructure your debt into a more manageable payment plan—allowing you to pay back what you owe over time, often at a percentage of the cost. If you’re considering this type of bankruptcy, it’s important to remember that tax returns should be provided in Chapter 13 cases.  You must file all tax returns for all tax years – including returns for 2009.  Bankruptcy Code Section 1308 provides:

(a) Not later than the day before the date on which the meeting of the creditors is first scheduled to be held under section 341(a), if the debtor was required to file a tax return under applicable non-bankruptcy law, the debtor shall file with appropriate tax authorities all tax returns for all taxable periods ending during the 4-year period ending on the date of the filing of the petition.…

Student loans are the source of many an American’s debt woes, especially in today’s down economy. If you have ever looked into discharging your student loan debt through a bankruptcy filing, you have discovered that, while not impossible, discharging student loans in bankruptcy is extraordinarily difficult.

Student loans are not dischargeable in bankruptcy unless continued payment of those loans poses an “undue hardship” under Bankruptcy Code Section 523(a)(8). While the term “undue hardship” is not defined in the statute, in practical terms, the “undue hardship” standard has been applied extremely strictly. Speaking in broad terms, student loans cannot generally be discharged unless the debtor in question is physically unable to work and is unlikely to be able to obtain gainful employment anytime in the future.…