Let us say that your intended, Charlie, has filed for bankruptcy protection. Will this affect your credit history? Will it affect your marriage?
Your mother is eager to help plan your wedding, but Dad is more cautious, urging you to delay until Charlie’s bankruptcy is over and done with. What should you do?
As long as you had a steady job, you were able to cover all your debts and credit card payments without any trouble. You may have even been debt free and able to put a little bit of money away in savings. Then, suddenly, with the loss of your job, you began to struggle to meet the most basic monthly expenses.
It is a common scenario - families and individuals who were once financially secure falling quickly into debt due to the loss of a job. If you are in this situation, you are not alone. Losing a job can cause major debt in a very short amount of time, leaving you struggling to make your monthly payments.
At one time, you probably thought the day would never come when you would consider bankruptcy protection. Then the unexpected happened, and when debt began taking over your life, bankruptcy seemed the best solution.
Now that you have actually filed, there will be a few obligations to fulfill, and one of those is to attend a 341 meeting.
If you are drowning in medical bills, facing overwhelming credit card debt or otherwise struggling to keep yourself afloat financially, you may be wondering whether bankruptcy might be an effective method of getting back on your feet. You may also have heard that different types of bankruptcies exist, among them Chapter 7 and Chapter 13 bankruptcy filings, but you may not be clear on the difference or whether one option might make more sense for you.
The majority of today’s personal bankruptcy filings are of the Chapter 7 variety, which essentially allows you to eliminate most of your debts, with some restrictions. However, whether you have the option of pursuing a Chapter 7 bankruptcy depends on how you perform on the bankruptcy means test.
Getting news of a serious illness or going to the emergency room may result in financial hardships. According to a report by USA Today, medical debt is the top reason that Americans file for bankruptcy. Even if you have health insurance, your coverage may not be sufficient enough to help you afford your expenses.
Receiving your medical bills in the mail may give you a sense of dread and hopelessness. Fortunately, you can take care of your medical bills. Here are some methods for handling your medical debt.
We are pleased to announce that Craig Dye, a student at Campbell Law School in Raleigh, NC is the recipient of our 2018 General Education Scholarship. The scholarship was offered to students currently enrolled in a full-time program at an accredited college or university. Students attending an accredited law school or graduate school program were also eligible.
First things first: There are no "good" or "bad" reasons to divorce or to not divorce. Each person must decide for themselves what they prioritize and what works best for their situation.
So, if the fear of having to file for bankruptcy is a major reason you have not filed for divorce, that is a valid fear. It may help to gather some facts (if you have not already) so you can make an educated decision.
If the car you are paying for each month is causing you extreme financial hardship in New Bern, you might be looking for ways to lower it. When you add up all the interest you are paying on it, you might realize you are paying far too much for a vehicle that is no longer worth its original value.
Before you rush to file for bankruptcy, take some time to consider the following information on Chapter 13 Bankruptcy and making your car not more affordable.
Declaring bankruptcy does not only impact your finances–it also affects your emotions. You may feel guilt while you are facing financial difficulties. If you are experiencing shame, frustration, stress, anxious or sadness because of your bankruptcy, you are not alone.
While virtually everyone who files for bankruptcy experiences some sort of emotional distress, you do not need to drown yourself in shame for making this decision. It does not need to have a devastating influence on your mental health. Here are some ways to emotionally cope with bankruptcy.
You may think that you are already on top of things by packing your lunch and buying groceries in bulk, but there is much more to making the most of your money without giving up the things you love. Once you have realized budgeting, coupons and sales are not the enemy, dive into our list of helpful penny-pinching ideas to learn how you can be thrifty on your own terms.
The first step to spending smarter is to write out a budget and keep track of where your money goes. This does not mean that you have to say no to every shopping trip or dinner and drinks, but it is important to draw a line between things that are absolutely necessary and those that are not.
Once you've pinned down your monthly bills and expenses, consider if there are any redundancies. Do you really need Netflix, Hulu, Amazon Prime, HBO, Showtime and basic cable? If you can save $10-20 a month consolidating subscriptions and monthly fees, it can add up quickly. You can also try apps like Digit to find areas of your budget where you can save a few dollars each week.
While saving a few bucks here and there certainly helps, it is important to also be thrifty when you are spending more. If you can save a few thousand dollars when buying a car or making other large purchases by haggling or setting up an interest-free payment plan, it will make a big difference in your yearly bottom line.
When you do decide to go out to eat or shop online, embrace free options when you can. You can save on gas and enjoy the outdoors by walking, and free shipping options online mean that you don't have to drive to the mall or store nearly as often if you can afford to wait a few days.
There are many ways to be thrifty with food without cutting back to ramen packets and peanut butter and jelly sandwiches. Eating at home, brewing your own coffee and doing anything you can to minimize eating out are all great first steps.
Check out grocery stores like Trader Joe's and Aldi for the lowest prices, and when you're there, spend more time in the produce and fresh food aisles than the frozen or pre-packaged sections.
Build a meal plan based on things you like to cook and eat that are in-season, and keep an eye out for coupons and sales online and in local newspapers. You can also use cash back grocery apps like Checkout 51, Ibotta or Savings Catcher each time you shop.
Stretch meats further by mixing them with grains, beans and other vegetables. You can also try one or two days a week meatless to save money without totally giving up your favorite tacos or steak. If something you want is on sale, buy it in bulk and save it for later.
Once you've tried all of these ideas, go all the way and make bread, salad dressings, granola bars, pasta sauce, spice mixes and other items from scratch exactly the way you like them.
Like food, there are many ways to cut costs around the house. For starters you can cut back on your monthly electric and water bills by using less heat and air conditioning, air-drying clothes and saving grey water from your shower and sink for water plants
Once your monthly bills are in check, give your house or apartment a thorough cleaning. If you find any clothing, appliances or other items that you no longer use, sell them to a vintage or second hand store for a few extra bucks.
If you need to repaint the kitchen or other home project, embrace DIY solutions whenever possible. There is a world of resources at your local home improvement store and online that can cut costs of hiring outside help.
Even the thriftiest shoppers can find new ways to save a few bucks locally while still making room for fun. Simply being aware of your spending and thinking twice before an impulse purchase can help you better prepare for lean times.
Try out some of these techniques and find out which work best for you so you are ready for all of the budget bumps in the road ahead.
Blog Author: Clay Pitsenbarger on behalf of Gillespie & Murphy, PA
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Wilmington Office
321 North Front Street
Wilmington,
NC
28401
Phone:
252-558-1374
Fax:
910-254-3444
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Gillespie & Murphy, P.A.
320 Middle Street
New Bern,
NC
28560
Phone:
252-558-1374
Fax:
252-636-0625
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Jacksonville Office
200 Valencia Drive, Suite 119
Jacksonville,
NC
28546
Phone:
252-558-1374
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101 W 14th St, Suite 101
Greenville,
NC
27834
Phone:
252-558-1374
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