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New Bern Bankruptcy And Debt Relief Blog

When Christmas expenses leave you in debt

The Christmas season is full of expenses. You may spend your money (or use credit cards) on gifts, decorations, travel and higher heating bills. Your wallet may suffer, especially if you decide to splurge on presents for the people you love or decorations to be the most wonderful house on the block. This spike in expenses can cause trouble for your finances.

If you use your credit card too much, you will face hefty bills soon. You may have already been in financial troubles before the holidays only for it to get worse. Here is some information to help you to understand where you are and what you should do next.

Bankruptcy rate increases for older Americans

For many people, filing for bankruptcy is the only way to get out of immense debt. Although any person or business may need to file for bankruptcy, there is an unfortunate trend popping up all over the country, including North Carolina. 

A report from Fox Business outlines how the rate of bankruptcy has increased for Americans over the age of 65 in recent years. The number of senior citizens who have required bankruptcy has increased substantially over the last couple of decades. In 1991, only 2.1 percent of all people who filed for bankruptcy in the country were seniors. That number has since increased to 12 percent, meaning over 97,000 senior households today need bankruptcy. 

The unfortunate rise in gray bankruptcy

If you are a North Carolina senior facing overwhelming debt, you are not alone. Far too many of today’s seniors face the real possibility of bankruptcy as their only way out. In fact, “gray bankruptcy” statistics have become alarming in recent years. While only 2.1 percent of bankruptcies in 1991 represented those filed by seniors, today the percentage has skyrocketed to 12.2 percent.

Unfortunately, many factors have come together to form a perfect financial storm for seniors such as you. These factors include the following:

  • You must wait longer to collect Social Security benefits.
  • You must pay far higher medical costs.
  • You must contend with ever-increasing Medicare coverage gaps.
  • You likely must contend with ever-increasing debt amounts, particularly with regard to your credit cards.
  • You likely have not been able to accumulate much savings.

Tips for Disaster Preparation and Aftermath

It's important for you and your family to prepare for any oncoming disaster, although hurricanes tend to give you some advance warning. All preparation done prior to the rain, wind, and flood, is going to be for your safety and shouldn't be neglected. But if you're feeling lost, nervous, or unsure of what to do with an impending hurricane season, here are some tips and pointers on how to stay prepared and safe before the storm.

4 tips for dealing with a job loss

Unemployment is a difficult experience. Whether you go through a job loss because of a layoff or termination, you may deal with financial and emotional stresses. Losing your job may even lead to bankruptcy

You must carefully manage your budget if you lose your job. Here are some guidelines for maintaining your budget when you are unemployed: 

Should you wait to marry until the bankruptcy is final?

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?

How job loss can lead to serious debt

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.

Be confident in preparing to attend your 341 meeting

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.

Determine Chapter 7 eligibility with the bankruptcy means test

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.

3 things you can do when you cannot pay your medical bills

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.

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