The North Carolina Bankruptcy Information Blog

Having to file bankruptcy can be stressful on a family, and even more damaging for a married couple. However, when things go wrong with a relationship during bankruptcy, it’s not typically the result of the bankruptcy. Most often things were going bad before that. We see it happen more often than we should. When things go bad, it becomes that much harder to tell a loved one about the problem.

A survey conducted at the end of 2010 by CESI Debt Solutions and mentioned in a recent MSNBC article, demonstrated that of the 200 people who took part, 80 percent admitted to spending money that their spouses did not know about.…

The holidays. A time for figgy pudding, partridges zipping around pear trees and maids milking barn animals. Those are well and good signs of happiness and all, but we’re here to dole out gifts that really sparkle under the tree, the kind that keep on giving and never need be returned. We give you, joyous reader, the 12 Days of Bankruptcy.

On the first day of bankruptcy, the bankruptcy code gives to you: an automatic stay. This gem of a benefit to bankruptcy ceases all pending lawsuits filed against you by creditors upon the approval of your petition. You will probably still have to pay any tax lawsuits or student loans that you have out there, but hey, this is only the first day!…

In this special series, entitled “Bad Ideas for the Bankruptcy Bound,” we’ll introduce what to avoid when bankruptcy is your next, best step.

Love may move mountains,
but money can crumble the strongest marriage.
– Ron, Lieber, The New York Times

Everyone who’s married knows: money can be a primary cause of marital strife. As a result, in this especially difficult economic climate—full of job insecurity, rising mortgage costs, health care uncertainties and other mounting money woes—many debtors who have accumulated all kinds of debt without the knowledge of their spouse are sometimes tempted to file for bankruptcy “secretly” and avoid sharing the financial “bad news” with their spouse.…

We’ve all heard that money problems are the leading cause of marital problems. If you’re reading this article, chances are you’re experiencing both problems. In this economy, with unemployment, foreclosures, and debt at record highs, you’d be hard-pressed to find couples who don’t fight about money!

Financial problems can wreak havoc on your marriage, leading to constant arguing, blame-laying, and even divorce. In fact, when the economy suffers, couples are far more likely to consider divorce as a solution to their problems.

Some couples might think this solution sounds reasonable, even tempting. No more fighting about—you guessed it—money. No more seething tension fueled by bills, debt, and money worries.…

Are you a married couple, but only one of you earns income and holds assets? Or maybe only one of you has acquired debt during your marriage? If you’re married and considering a bankruptcy, you might be wondering whether you and your spouse both have to file bankruptcy.

The answer: while you and your spouse do not both have to file bankruptcy, usually, if a bankruptcy is necessary for one spouse, both spouses will end up filing.

If, for instance, both you and your spouse are liable for a debt and only one of you files under Chapter 7, the creditor may later attempt to collect the debt from the non-filing spouse, even if he or she has no income or assets!…

Bernie Madoff, probably the most infamous Wall Street scam artist next to the man who invented the scheme strategy that bears his name, is complaining from his North Carolina prison cell that it’s just too hot down here. I wonder why the heat never bothered him in Hawaii? Or the Bahamas? Or any other warm-weather tropical locale he frequented on the greenbacks of so many investors who trusted him with billions.

In a great example of the power of Karma, Ms. Madoff’s wife is now being sued by the trustee who was appointed to handle the liquidation of assets from his recent bankruptcy filing.…