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New Bern Bankruptcy And Debt Relief Blog

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

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.

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