The North Carolina Bankruptcy Information Blog

The status of the job market is on everyone’s mind right now. Even the employed.

But if you’re one of the many currently collecting unemployment benefits, the world is a frustrating place.

It’s not so much the effect of not having a place to go to every day as it is all the things that follow not having a job, like the fear of not having enough money to support your family. Behind many of today’s bankruptcies lies unemployment; mortgages can’t get paid, credit card bills become that much more difficult to make and any sort of unexpected financial requirement is magnified.…

There was a time when a college diploma carried the promise of long, prosperous employment. Today, it’s as promising as a one of those silly motivational pictures of eagles and mountains.

As most people are coming to realize, it doesn’t matter how many initials are attached to the end of your name, you stand about as much chance as finding work today as the guy holding a sign at the intersection.

Earlier this week, President Obama stood in front the press corp and verbalized what everyone in America already knew: that far too many people are still out of work. As a result, foreclosures continue and personal bankruptcies are commonplace.…

Even the briefest of hospital stays can result in bills just big enough to tilt a person already precariously balancing their finances over the edge and into a long-term financial abyss. The problem with being able to afford medical care is enough to make many Americans wait until circumstances become dire before heading to the emergency room. Even the well-insured become cautious about co-pays and premium increases.

For college student Samantha Palmer, a one-day lapse in insurance coverage led to a medical debt hassle requiring legal assistance. In the midst of switching medical insurance providers, Palmer found herself suddenly in pain on the one day she was without insurance.…

Dear Consumers,

Just kidding.

Yours,
LifeLock

To follow up on a recent post about the overzealous marketing of credit report monitoring services, we bring you the latest in what can now be called a disturbing trend in financial fear-marketing.

LifeLock , the company that boasted their monthly fee-based privacy system could thwart even the Impossible Missions Force from seizing your identity or accessing your credit is now on the hook for $12 million to the Federal Trade Commission (FTC) for … wait for it … misleading consumers about the nature of its products.

You can’t make this stuff up.

From the Law Offices of John T.…

Very few people set out to open a credit card account intent on not paying off the balance.  Those who do are assumed to be criminals, usually identity thieves or some other sort of con artist.

Credit card debt, and all other forms of long term financial drain that lead good people into the need to file bankruptcy, is very often caused by a setback of some kind, like illness or job loss.  And if recent unemployment predictions are on track, we can expect the bankruptcy rate to continue to climb.

The News & Observer published an Associated Press report about the impact job losses are having across the country.…

We can’t stress enough the value of bankruptcy for those who truly need it. Hey, it’s no secret that our business is to help people correctly file and emerge from bankruptcy with a more positive approach to their finances. The truth is that without dependable legal assistance, many Americans would face a very difficult and extremely creditor-centric bankruptcy process.

Need evidence? Just look at 2005′s Bankruptcy Abuse Prevention and Consumer Protection Act, which was conceptualized and heavily backed by the lending industry to ensure they re-gained an upper hand in bankruptcy court. Despite the prevalence of consumer debt problems, compounded by a faltering economy, many Americans operate under several misconceptions about bankruptcy that can often prevent or at least delay the decision to file.…

Fear of foreclosure is certainly pushing many families into bankruptcy. Although there are now many programs, both at the state and federal level, to help homeowners avoid foreclosure, if your lender is unwilling to work with you, bankruptcy may be the only way you can stay in your home.

Unfortunately, if you don’t choose to seek help through a bankruptcy attorney or your lender, there are plenty of criminal actors out there that would be more than happy to assist in escaping your financial woes.

With the rise in bankruptcies and foreclosures across America, thieves are growing more bold in their effort to take whatever belongings, and dignity, from those facing the most challenging of economic circumstances.…

On the eve of Johnny Depp’s latest film about infamous Depression-era bank robber John Dillinger, a new kind of bank hold-up is being executed with unfortunate regularity around the world. Apparently, the rise of interactive online gaming has spawned virtual outlaws who literally rob businesses in their game’s virtual world and sell the loot to other players for the real thing.

In many online gaming environments, people gain power and social status very much the same way they do in the real world: with money. In the most recent case, which has helped establish the practice as a more common act of criminality, an Australian man arranged a scheme through a “black market” Web site for this very thing, to swap virtual dollars for thousands in real cash to cover a growing list of debts.…

The decision to file bankruptcy is more often than not driven by your willingness to accept the fact that you need help. Chances are, you are fully aware of the practical reasons: late bills, consistent calls by creditors, job loss, unseen medical expenses, stress, denied credit. However, getting over the psychological barriers can be the most difficult corner to turn in a person’s road to financial recovery.

Don’t worry, you are not alone.

Almost everyone has the same fear before going into bankruptcy. The idea that you will never again be able to own a home, buy a car or get reasonable credit can be overwhelming.…

After living with the stress of debt for a while, it’s very possible to become accustomed to it. Maybe you think that financially, things are just always going to be that way. “I’ll owe more than I make and somehow, I’ll just manage to get by every month.” Serious debt is an emotionally trying and socially problematic complication of life and unfortunately, almost like an illness, many of us learn to accept the pain and find a way to live.

But it simply doesn’t have to be that way.

Living with the sleepless nights and monthly frustrations of just scraping by is not your lot in life.…