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New Bern Bankruptcy And Debt Relief Blog

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.

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. 

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