The North Carolina Bankruptcy Information Blog

Have the credit card companies ‘jacked-up’ your rates, doubling your payments?

And really stuck it to you and your family?

Now, you’re screwed for sure…right?

Where is the money gonna come from to make double payments?

You can’t just ask your boss for a raise because you need more money…can you?. So, you have to try to pay with what you have.

The problem is that every dollar you pay is a dollar you steal from your family.

And…to make things worse…

Have they lowered your credit limits, putting you “over limit” for no fault of your own, so now they can soak you for outrageous “over the limit” fees?…

In the last year, we’ve been witness to one record breaking bankruptcy petition after the next, from national retailers like Circuit City to automobile manufacturing icons like General Motors. However, in the last few months, fewer companies have failed thanks to the relative loosening of the credit markets and the somewhat more complex process of bond sales and distressed-debt exchanges.

A distressed-debt exchange occurs when bondholders trade, or exchange, current debt for debt that will come due down the road or for equity in the hopefully stronger company, provided the money from the bonds fuels enough positive change.

Okay, and what are bonds?…