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New Bern Bankruptcy And Debt Relief Blog

How can I stop using my credit cards?

When you are having cash flow problems, the use of credit cards can quickly become addictive. You may find that you worry about not being able to pay all of your bills, so you use your credit card for everything that you can. Since it's technically not your money, using a credit card can lead to making impulse purchases. You may justify these purchases by convincing yourself that you will find the money to pay it off at some point in the future.

It is for these reasons that credit cards can be very detrimental to a person's finances. If you have become highly dependent on multiple credit cards and you are worried about the effect it is having on your finances, consider taking action to stop the vicious cycle. The following are some ways in which you can put a stop to credit card dependency.

What to consider before filing for medical bankruptcy

It's estimated that between 25% and 50% of all bankruptcies include a significant amount of medical debt. Those who are struggling financially may find that unexpected medical bills are the final straw that causes them to file for bankruptcy to clear all of their debt.

If you have recently incurred a significant amount of medical debt, you are likely feeling overwhelmed mentally. Not only do you have health issues to worry about, but you are also probably feeling trapped by your financial situation. While many aspects of your circumstances are likely to be out of your control, it is important that you identify the aspects that you can influence, and take action accordingly.

What are the most common causes of bankruptcy?

Unfortunately, significant debts are a reality for many hardworking people across the United States. It's common for people to feel guilt or shame regarding their debts, and due to this, they may experience some level of denial, choosing to continue maintaining the lifestyle they are accustomed to by using credit cards as funding.

However, for those not willing to address their debts, the problem will not go away. In the majority of circumstances, it will be necessary for debtors to go through bankruptcy to get relief from their debts and to start living their life without such a heavy burden. The following are some of the most common reasons why people get into debt and need to file for bankruptcy.

When is a Chapter 13 bankruptcy filing a good choice?

Filing for bankruptcy is a great way for those struggling with overwhelming debt to get relief. However, some people are hesitant about taking action to file, even when they are in desperate financial circumstances. This is often due to the stigma associated with bankruptcy. In addition, many prospective bankruptcy filers worry that they will lose their home when filing for bankruptcy.

If you are in a situation where you are considering filing for bankruptcy, it is a good idea to gain an objective overview of the process. By learning for yourself the benefits of bankruptcy and the difference between Chapters, you will be able to make a decision in your own best interests.

What to consider before filing for Chapter 7 bankruptcy

Taking the decision to file for bankruptcy is a huge step. It means that you have accepted the extent of your financial issues and that you are committed to changing your life for the better. Many people spend months or even years in denial about the extent of their financial problems, but when they finally decide to address them, their situation usually begins to improve.

This is not to say that taking action to file for bankruptcy is always a wise choice. It's is important that you reflect on your situation carefully and that you choose a bankruptcy Chapter that will compliment your circumstances. The following are certain things that you should consider if you are planning to file for Chapter 7 bankruptcy.

A recent study offers a different view of medical bankruptcy

Many people believe the problem of mounting medical bills is one of the major reasons for declaring bankruptcy.

However, a 2018 study looks at this conclusion from a different angle and throws out further thoughts for consideration.

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.

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