The North Carolina Bankruptcy Information Blog

The days between Thanksgiving and Christmas had many people wondering where America’s lingering financial issues went as millions of shoppers returned to our nation’s stores, malls and gallerias en masse to take advantage of extreme sales (and savings) and, in doing so, generated the most successful Black Friday for retailers ever.

A new report found that, in fact, retailers seduced shoppers at record rates despite the sluggish economy. “The 3.4 percent increase in same-store sales reported by Thomson Reuters was better than expected — an optimistic sign in an ailing economy. Still, it’s unclear how often people will shop in the upcoming year, a factor that will depend more on whether they find jobs than on how much retailers innovate or drop prices.…

Okay, it’s time for some motivation.

Coming out of bankruptcy, or at least the feeling of resolution that comes when the cloud of economic despair finally lifts, can do a lot for a person’s psyche and sense of self. Like a new breath after a long-time struggle in financial whitewater, knowing you are free of what has been pulling you under can empower you to try new things, pursue goals and live your dreams. So, in honor of that great feeling, let’s use this post to discuss ten things that you might hear when its time to get back on track toward leading the life you have always wanted.…

In the last ten years, self-storage centers have infiltrated America faster than a bad singer on YouTube. From basic storage sheds with individual bays to climate-controlled multi-story complexes, we have become a nation obsessed with storage. Heck, you can even invest in a garage condo today.

Now, let’s juxtapose our need for storage with the general financial position of so many American families right now. There is really no more proof of our collective love of useless consumer products than the need to pay $100 month just to store it.

And if it’s not in a storage facility, it’s pushing the car out of the garage.…

Life after bankruptcy is beautiful thing. Your stress levels go down and you become more confident with money. Now that things are back on track, maybe it is time to take a whole-life approach to changing the way you live. For some, it’s a new, but smaller, home; a more economical car; or a strict monthly budget. For others, re-starting your life may include relocating. Boy, that sounds like a big decision, huh?

So if you have a new financial outlook on life and think it’s time to move, where would you go? Thankfully, our friends at Forbes.com have researched a list of the best cities in America for “getting ahead.” Their research was based primarily on areas that have good job growth and income growth and a relatively affordable cost of living.…

One thing you may already know about most court proceedings, is that parties usually have the option to represent themselves without the aid of an attorney. This is called appearing ‘Pro Se’, which, in Latin means “for oneself”. In a bankruptcy proceeding, when money is tight, the thought of saving money by cutting out attorneys and their fees can be pretty tempting. But there are many reasons this is a bad idea.

Bankruptcy can be complicated and bankruptcy judges are a picky bunch. They expect that the preparation of the voluntary petition, schedules, or other documents will be done accurately and on time.…

Filing bankruptcy, among other things, is about getting a new start. Few things can match the sense of relief that follows even the first phone call to our office, let alone the day you know for sure that your bills are gone forever.

For some, starting over may mean leaving behind everything that contributed to your old spending habits, the material goods, the car, even the house, that led you deep into the financial abyss. If that sounds like you, maybe it’s worthwhile to consider a relocation, not just a downsize.

Know that moving is expensive. So yes, you’ll have to save money.…

Does anyone else find it just a little ironic that the two most commonly used bankruptcy options are lucky number 7 and the unlucky number 13? You have to wonder just a little bit if that is fates way of trying to send you a little message…

There are actually six different types of bankruptcy which a person or corporation can file: 7, 9, 11, 12, 13, and 15. More often than not most people will just be looking at filing for either 7 or 13. The tricky part can be in figuring out which one is right for you.

The figuring out part is what you pay your lawyer for, but for something like this you are better off having enough knowledge to be considered dangerous- meaning you know enough to pose the right questions to your lawyer and understand what he or she is saying.…

Bankruptcy is often filled with as many financial ups and downs as it is emotional ones. A fear of an uncertain future, the unfortunate stigmas about having to file, and the very real dose of reality can certainly be downers.. There is no shame in feeling depressed about your financial struggles. Trust us, you are not the only person feeling that way.

Much like contacting an attorney and filing bankruptcy will eventually relieve your financial troubles, there are a lot of things you can do to stop the emotional setbacks you might face during or after the process.

Experts on happiness, or psychologists really, encourage people to find and explore “their passion.” Sounds corny, sure, but give it a shot.…

Stomach turns? Sleepless nights? Ah, the memories of your time before filing bankruptcy. Not much fun, were they?

Despite all the things that your robust credit limits may have provided you (it’s okay to admit it), somehow you would have given it all back to stop the phone from ringing and guilt from weighing you down. And while that is what bankruptcy did for you, the numbers show that a number of people often have to file a second time. Don’t do that to yourself.

To pull yourself away from the lifestyle habits that contributed to your first go-around with Chapter 7, start a new life by determining what is most important to you.…

My parents filed bankruptcy when I was about fourteen. I remember being worried and a little frightened by the word “bankruptcy” and the unknowns surrounding the concept. But I also knew that it was not something my parents were entering into lightly and that every other option had been considered. It was the first time I really took notice of financial issues concerning our family.

They had bought a small business that seemed to be a melding of their passions and the promise of some freedom from the ‘rat race’ and anonymity of employee-hood. While they had a passion for the business, they were not very business savvy, and ended up being taken advantage of by many people they thought were loyal to them.…

So, now that you’ve come through bankruptcy with a clean slate and made the decision to stay off the credit treadmill, it’s time to examine your money habits and behaviors. It is surprising how many people view their credit limits as unofficial raises and create lifestyles that reflect a higher actual income than they actually earn. Are you one of them? Do you subscribe to the belief that credit scores are a reflection of your good character and trustworthiness?

One of the biggest concerns many people have when considering filing for bankruptcy is that it will absolutely ruin their credit rating for a very long time.…

We hear plenty about the dangers of gambling addictions. Perhaps this is because the compulsion to gamble doesn’t make sense to a lot of people, and it is always easier to vilify from a distance.  Or maybe it’s that gambling addictions seem dangerous because a gambler could lose everything in an instant.

By comparison, indulging in little purchases here and there seems rather tame. But even little purchases add up, and when you get a rush from spending, chances are you’ll spend more money and spend more frequently to continue to experience that comfort. Just like someone addicted to gambling, you could lose everything; it may not happen in an instant, but little warning signs ignored for years will add up and catch up eventually.…

Coming out of bankruptcy is a great milestone. It renews confidence, offers comfort and provides you with a sense of accomplishment from meeting a tough challenge head on and surmounting it.

Like most people who have experienced these emotions, you have comprehensive understanding of how to better control your spending and look out for your financial well-being. One component of that is learning to identify common credit report problems that arise after bankruptcy.

Look for a record of credit agency activity that is listed separately from the debt they tried to collect. This makes it appear as if you had two outstanding debts.…

If you have made your way through bankruptcy and the old clunker is starting to make noises that you more associate with an exhausted yak than an internal combustion engine, maybe it’s time for you to consider buying a new car. Or, should you lease? It’s a tough call.

Before you think about either option though, remember to consider the ancillary costs of car ownership, like insurance. If you have a few vehicle types in mind, contact your insurance agent to determine what it will take to cover them. You may be surprised at the little things that can add up to a steep insurance policy.…

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.…

People often have a hard time coming to grips with the decision to file for bankruptcy. Many feel that is morally wrong to do so; that we have an obligation to pay the debts off that we incur during our lifetimes. We are taught that there are consequences to our actions; that if we do ‘A’ that we will have to deal with ‘B.’ For some, bankruptcy flies right in the face of a concept that we all grew up with- taking responsibility for our actions.

There are actually two verses that refer to the concept of debt forgiveness, and much in the way that they are dealt with now.…

Bankruptcy gives you a fresh start; a relief from the stress and uncertainty about your future. Your hope is that things will soon be back to normal. But that hope is often based on the answers to so many questions. For many, one of those questions may be about your ability to buy a home. You may have heard the myth that a bankruptcy is a black mark on your credit, and that you will never be able to buy a home. Don’t believe it for a second! You can buy a home after bankruptcy. With some time and planning, it will be much easier than you think.…

The fault of today’s recession does not rest on the shoulders of those who bought a biggertruck, new plasma television or took an extra vacation. We are in this mess because of an increasingly complicated financial tangle of ungoverned investment products that has long been too shaky to support our country’s financial system.

Unfortunately, like so many Americans, it didn’t take much for you to find yourself caught in the tide.

Maybe it started for you as a series of high-dollar home repairs thanks to an outdated waterheater in the attic. Then, your oldest child came home, with his bags and hat in hand.…