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New Bern Bankruptcy And Debt Relief Blog

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.

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.

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