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New Bern Bankruptcy And Debt Relief Blog

Understanding North Carolina bankruptcy exemptions

The bankruptcy process can be complex, yet beneficial, to those who choose to embark upon the journey. While it is quite possible that parties will have to forfeit certain assets during the process, it is possible to maintain other assets.

Filers can achieve this by utilizing certain bankruptcy exemptions that they qualify for. In North Carolina, there are a few important things to understand about this option.

How getting a new job affects bankruptcy proceedings

When a big North Carolina company files for bankruptcy, it is a big deal. A famous country club and golf course recently had to file for bankruptcy due to a string of hurricanes and litigation. 

Unfortunately, individuals do not have the same resources as a big business when facing bankruptcy. It is vital to begin bankruptcy proceedings as soon as you know you need it, but you need to be vigilant throughout the process. Honesty is of the utmost importance. If you get a new job while filing the paperwork and going to court, then you need to tell your attorney about it. 

New act to protect veterans during bankruptcy

Soldiers in every branch of the military make a lot of sacrifices when they serve our country. They might sacrifice time with their family and friends. And many of them sustain severe injuries or disabilities for their brave sacrifices and service. 

There are systems in place to help support injured veterans when they return home. However, it is all too common for veterans to risk losing those benefits if they face financial struggles.

Common misconceptions surrounding bankruptcy

At one point and time, the concept of bankruptcy was not well known. In fact, it had a bit of a bad connotation.

Over the years, people have gained a greater understanding of the process and how it can benefit them. However, there are still a few myths that cause people to question whether bankruptcy is a good option for them.

How to tell your children about bankruptcy

As a parent, filing for bankruptcy can be a confusing decision. While it may be the best way for you to deal with debt and regain financial stability, it can be hard to talk about the topic with your kids. How do you discuss bankruptcy with your children without overburdening or scaring them?

The way you approach the issue and the depth you go into largely depend on a child's age. Here are some ideas on how to tell different ages of children about bankruptcy.

5 common mistakes to avoid when you are facing bankruptcy

There are many reasons for someone to consider bankruptcy protection. If you have decided to file, you will want to do everything correctly and in a timely manner.

Here are five mistakes to avoid when you are preparing to clear the way for a debt-free future.

Can you get a credit card after bankruptcy?

When you file for bankruptcy, you may have concerns about your credit. Your credit score takes a hit, and the bankruptcy will be on your credit report for several years. So is it a good idea – or even possible – to apply for a credit card after bankruptcy?

The short answer is "yes," you can – and should – start rebuilding your credit. But you may face limitations, and you will want to apply with caution. Here are a few suggestions on applying for a card and other credit-building strategies.

Who should you tell about your decision to file for bankruptcy?

One of your main concerns about filing for bankruptcy may be who will find out. You may want to keep this decision as private as possible, which is understandable. Who wants everyone to find out about their personal financial situation?

But you may also feel an obligation to tell certain individuals about your choice to file for bankruptcy. This decision is ultimately up to you, but here is a look at how public bankruptcies are and some suggestions on who you should keep up to date.

Ensure completion of your North Carolina bankruptcy

In the past, bankruptcy was a taboo topic; however, as of late it is becoming a recognized tool for many people looking for a fresh financial start.

The bankruptcy process has several different aspects, and it is critical that parties understand them and follow them correctly. The various aspects fall into a few categories.

3 things to do after your bankruptcy discharge

When you file bankruptcy, you feel a huge weight lifted off your shoulders. You do not need to worry so much about debt constantly weighing on your mind. But just because your bankruptcy has wiped the slate clean does not guarantee you are free of financial distress in the future. 

The steps you take immediately after bankruptcy are vital to ensuring you do not fall back into overwhelming debt again. Here are a few essential tips for life after declaring bankruptcy

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