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New Bern Bankruptcy And Debt Relief Blog

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

4 ways to get the most out of your bankruptcy

The press has reported extensively on President Trump’s bankruptcy filings. You may not know, though, that Mr. Trump is not the only American president to have filed for bankruptcy protection. Thomas Jefferson declared bankruptcy once, and Abraham Lincoln did it twice. If bankruptcy is good enough for the country’s leaders, it is probably good enough for you. 

Waking up every day with crippling debt can be unbearable. While filing for bankruptcy may seem to be stressful, it is often an effective way to address your liabilities and move on with your life. Of course, not everyone experiences bankruptcy the same way. How you approach your situation may have a big effect on your quality of life. Here are four ways to get the most out of your bankruptcy: 

Are mounting medical bills cause to consider bankruptcy?

Did you know that unpaid medical bills are the primary reason for bankruptcy filings in America? NerdWallet conducted a study on the relationship between health care costs and bankruptcies. Among the findings was that mounting medical debt holds first place in reasons for bankruptcy filings.

You may think that senior citizens accumulate the most medical debt. However, the study showed that people between the ages of 35 and 44 filed 28.9 percent of all bankruptcies at the time, the most of any age group. If you are struggling with this kind of debt, what form of bankruptcy would be best for your particular circumstances?

What you should know about bankruptcy and taxes

One of the questions people ask when considering bankruptcy is when to file their income taxes. A related question concerns what happens to refunds.

Regardless of where you are in the bankruptcy process, you must file your tax return by April 15 or get an extension. What happens to your refund can depend on what type of bankruptcy you are filing and your individual circumstances. This is determined on a case-by-case basis. 

What you should know about bankruptcy and taxes

One of the questions people ask when considering bankruptcy is when to file their income taxes. A related question concerns what happens to refunds.

Regardless of where you are in the bankruptcy process, you must file your tax return by April 15 or get an extension. What happens to your refund can depend on what type of bankruptcy you are filing and your individual circumstances. This is determined on a case-by-case basis. 

Warning signs of foreclosure

The thought of losing your home is scary. Foreclosure can create chaos for your entire life. You may assume all the signs of foreclosure are obvious, but it is a process that can creep up on you if you are not careful.

Any life changes or troubles regarding finances may lead you closer to losing your home. Here are some red flags that foreclosure may be on the horizon.

Tips for rebuilding credit after bankruptcy

As a North Carolina resident who recently filed for bankruptcy, you may have done so in an effort to remove some of your financial stresses and give yourself the fresh start you need to move forward. While, for many people, bankruptcy can be an effective method of getting finances back in order, doing so can also have a sizable impact on one's credit score and ability to obtain credit moving forward.

For these reasons, rebuilding your credit is a necessary step you need to take after filing for bankruptcy. The sooner you can begin doing so, the better. So, what can you do in your efforts to rebuild credit after bankruptcy?

3 myths about bankruptcy North Carolinians still believe

Many people are hesitant to even consider bankruptcy. This is due to numerous myths that continue to persist regarding the practice. 

The truth of the matter is that bankruptcy can be highly useful to those in massive debt. For many, it is the only option to get their finances back on track. Here are some of the most common myths you might still believe about filing for bankruptcy

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