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New Bern Bankruptcy And Debt Relief Blog

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

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.

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