The North Carolina Bankruptcy Information Blog

It’s closing in on the end of the first month of 2011, another year into the Great Recession. Of course, things do look “somewhat” better than they did for the last three. However, everything does when enough time passes.

If you filed bankruptcy in 2010, or anytime in the last couple of years, chances are you made a few financial resolutions for the new year. Great. But now you have to stick to them.

In order to help you stay true to your own economic goals, lets’ explore the ways many financial resolutions end up going broke.

First, it is critical that you do not set your expectations too high.…

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.…

A successful bankruptcy is as much about post-bankruptcy decision making as it is about making the initial decision to file. A lot needs to go into each spending choice, every credit consideration and your personal financial management goals.

Multiple bankruptcies are common. However, if you feel you may be getting close to having to file again and the reason is not the direct result of an uncontrollable emergency, there may be some broader, underlying personal issues that were not addressed the first time around. At the Law Offices of John T. Orcutt, we take pride in preparing our clients for a life outside of bankruptcy as well.…

Might we be witnessing the end of the credit card era? Possibly, if the word of several anti-charge card advocates continues to influence America like it has been. Making what these outspoken proponents of debt-free consumerism have to say even more relevant is the fact that America appears to skidding head first down an economic backslide that was built primarily on a foundation of easy credit.

Recent news is indicating that consumers are beginning to strike back against the aggressive lifestyle marketing of credit card companies. A finance student from Virginia who manages a Web site at www.enemyofdebt.com sees credit cards as the primary cause of erosion of our conservative, long-term wealth building strategies.…

While bankruptcy can provide you a haven from financial insecurity, it will not automatically change for you the habits that may have led to your decision to file.

It’s important for you to understand that you are not the only person who has ever overspent. Money was good, credit was easy and why shouldn’t you live the lifestyle you deserve? Well, no one is telling you that you can’t. However, it is important that you gain that lifestyle using reasonable financial judgment and the discipline to spend within your means. To do that, especially after bankruptcy, taking time to assess your spending habits is a critical exercise.…

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?…

If you’re one of the many people right now struggling with unmanageable debts and planning to seek bankruptcy protection to regain control of your life, now is the time to take a close and honest look at your finances – the money coming in, the money going out, what you own, and what you owe. This is useful for a number of reasons. First, it will force you to gather information you’ll need to provide your attorney in connection with your filing. Second, it will force you to closely evaluate your spending habits. This, in turn, will help you prepare for a financially stable life during and after bankruptcy, because you’ll inevitably end up crafting a more affordable budget for yourself.…