The North Carolina Bankruptcy Information Blog

Ghosts and goblins and ghouls are normally the horrifying hallmarks of annual Halloween holiday, satisfying generations of trick-or-treaters, horror movie aficionados, and lovers of frightfully fun parties during every seasonal stand.

But in these tough economic times, when consumerism can’t keep up with flagging incomes and mounting debt, the scariest thing about Halloween may be that we spend so much money on it.

A new report reveals a whole industry has emerged to deal with rising demand for costumes and other customary accouterments, raising Halloween-related revenues from around $6 million in 1988 to over $6 billion in 2011.

“Temporary Halloween stores have boomed in the years since the Sears experiment, growing in the past 10 years at a faster rate than spending for the holiday.…

Despite recent findings that the number one thing Americans waste their money on is eating out, a new survey provides the proverbial “food for thought” to those who believe they are struggling alone in their own personal financial crisis.

A report from Seattle Weekly finds that more than half of all Americans say they’ve recently gone a year without dining out, in what may be one of the clearest signs of how the current economic malaise is impacting our ability to consume even the most basic luxury choices. In fact, according to recently released figures from the U.S. Census Bureau, only 49.3 percent of adults say they “dined out” between fall 2009 and fall 2010, accounting for the lowest percentage of people eating at restaurants since 2007, when just 48.7 percent of adults said they did so.…

Despite the continuing economic malaise, American spending habits appear to be alive and well, overleveraging already beleaguered budgets hit hard by the housing crisis, high unemployment and rising unsecured debt loads. In fact, despite lessons learned from the recent recession, Americans continue to spend about 15% of their household incomes on luxury items defined by “wants” instead of “needs.”

So where (and on what) are we wasting our money this time?

According to an article from 24/7 Wall St., reviewing our latest spending habits and the changes in spending patterns over the past two decades,  “The ten categories of unnecessary purchase can be balanced against the ability of Americans to save money or pay off debts.…

Right now there are an estimated 15.1 million people out of work in this country. And if you’re reading this you might be one of them. As such, no amount of jobless benefits tied to extended tax cuts will be enough to bring the HO-HO-HOpe back to your household this holiday season. And short of a seasonal job prospect, coping with continued unemployment will likely add more than a little fatalism into this festive time of year.

Fortunately, our friends at finance-friendly WalletPop have put together a few tips to help out-of-work individuals get through another holiday season. In a nutshell:

(1) Take a Much-Needed Break From the Job Hunt
While this advice may seem easier said than done when you’re unemployed–possibly facing foreclosure, mounting medical costs, and drowning in consumer debts–the reasons for taking a holiday from looking for work this season are twofold: (a) According to WalletPop, “Traditionally, hiring slows down during the last few weeks of December anyway.…

Last year, one million people filed for bankruptcy, with 2010 on tap to top even that staggering figure. So what’s behind the big bankruptcy bump? A continuing housing crisis, higher health care costs, and unemployment hovering the double-digits. As a result, many people who have already filed in the past may be facing another round of tough financial times, and considering a second-time bankruptcy. But what considerations are there for someone considering a double-dip in the bankruptcy pool?

Well, under current bankruptcy rules, certain conditions apply for a second bankruptcy. In North Carolina, as is the case in all other states, you must wait 8 years between filing a Chapter 7 case and filing another Chapter 7 case; you must wait six years between a Chapter 13 and a Chapter 7, four years between a Chapter 7 and a Chapter 13, and two  years between subsequent Chapter 13 filings.…

This blog talks at length about savings strategies and offers a great deal of consumer spending advice. Our goal is to create an all-encompassing approach to helping readers, clients and potential clients be financially successful after bankruptcy.

Having a healthy savings account should be the goal of anyone rebuilding after bankruptcy. But after the great bank fallout of the last two years, it’s becoming hard for a lot Americans to trust some of our nation’s largest financial institutions. Not only are the rate of return on these accounts very low, it seems every day banks are surprising account holders with a sudden fee or reduction in service.…

As many people facing significant financial hurdles already know: compulsive spending, like smoking, can often be a difficult habit to overcome. And like chain smoking, spending sprees can have devastating consequences, literally causing people just like you to “shop ‘til you drop”—sacrificing not only cash, but sometimes the ability to keep other possessions, relationships, and even, a healthy financial, emotional and physical future.

Addressing compulsive spending by taking a personal financial audit—admitting you have a problem, creating realistic expectations, using a budget and avoiding temptation—can end your string of endless debt-making and put you back on course for a better tomorrow.…

For Americans laboring in long department stores lines, hot off the hunt for holiday deals, the cashier question “would you like to save 10% on your purchase today?” can be as common as a seasonal cold. And for well-known retailers seeking to make a profit this Christmas shopping season—from Target to World Market—pitching a retail credit card with the promise of an initial discount is an innovative way to make them fast money and you financially miserable.

With department stores facing tough financial times, they’re depending on customers just like you to buy more and more during the traditionally consumer-driven holiday season.…