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New Rule Changes Allow You to Buy a House Faster After a Bankruptcy

House for sale

Ready to buy a house after bankruptcy? This new rule change will help!

Image source: Flickr User Images Money

For those that lose their home to foreclosure or surrender it as part of the bankruptcy process to get out from under an upside-down mortgage, a primary worry we hear from our clients is that they won't be able to buy another home. This was never true - there was just a waiting period before you could get another home. And now Fannie Mae has issued a new rules clarification that makes it easier to get another home loan after a bankruptcy.

Do More Wives Mean More Debt? Reality TV Star with 5 Wives Files Bankruptcy

Brady Williams and family

Brady Williams, his fives wives and twenty-four children

Image source: Twitter.com

What we see in our office is that many who come in looking for financial solutions have fallen behind on their bills because of a major life event like divorce. But today in quasi-celebrity bankruptcy news, we're covering the story of Brady Williams who got into financial problems not because his marriage split up but because he kept on getting married – a whopping five times with no divorces in between.

7 Pieces of Money Advice for Married Couples to Help You Get Ahead


Take care with your finances to get a real happily ever after

Image source: Flickr user Kelly Sue DeConnick

While marriage is on the decline in some parts of the world, for many it's still the traditional option that they prefer. Matrimony is all about sharing your love, but it's also about sharing your finances. What can be hard to fathom in the first blushes of your romance is that money problems can cause problems so serious that love may not be enough to get you past them. It's important that you both go into your marriage with eyes wide open about each other's financial situation. From there, you can work together to keep your finances healthy and in check so your marriage can be happy as well.

Money Miracle – Change Your Finances With an Envelope, a Sharpie and a Can-Do Attitude

Envelope of cash

One small envelope (or two) could change your finances!

Finances can be confusing. Most kids don't graduate high school with enough money savvy to serve them well and plenty of college graduates don't have a much better idea about how to deal with their finances. Even as an adult, money matters can be confusing and are made worse when there's not enough money to go around and you're trying to balance what to pay and what can wait. And, as we wrote recently, even those making big bucks may not know how to spend and save to keep themselves out of a money mess.

Bankruptcy Down Across the Country, Not So Much In North Carolina

North Carolina

North Carolina bankruptcies are down - but why?
Image source: Flickr User doug kerr

According to the national news, bankruptcy filings are down across the country. This is good. In North Carolina, however, the statistics show something a little different. Year over year, bankruptcy filings are down nationally by as much as 15% which bodes well for the economy. But let's take a quick look at what's going on in North Carolina compared to in the rest of the country, why and what we have to look forward to.

Bankruptcy and High Income Earners – How Going Broke Can Happen At Any Salary


Going broke can happen at any salary - and bankruptcy can help

Image source: Flickr user Images Money

We write here about those struggling with unemployment and low income and, on the other end, about celebrities that go bust. But what about those that are earning a good living but still struggling? In fact, many that come into our offices to file bankruptcy are neither low income earners nor outrageously wealthy but are earning a salary that most would find envious – around $100,000 a year – and still struggling. How does this happen?

5 Important Bankruptcy Questions Answered in Plain Language


Your questions about bankruptcy answered in plain language

If you're in a financial mess, it can be hard to know what your options are and what steps you should take. And if you start trying to research your options, the information is often written in language that's complicated or just plain doesn't make sense. What makes this worse is that when you're dealing with money troubles, you're usually under stress and can't process convoluted information while you're trying to figure out which bills you can afford to pay.

Do You Really Need a Chapter 7? Situations Where You Can Wait It Out


Waiting can be a sound bankruptcy strategy

Image source: Flickr user brian donovan

If you're really deep in debt you can't pay and can't get past, you may think that a Chapter 7 bankruptcy is your best solution. But in some cases, it may not be. In fact, depending on your circumstances, you may want to wait it out and see what happens. Chapter 7 can be helpful to stop a foreclosure or protect equity in your home or another asset. But if you don't have anything to protect and you don't need to stop the foreclosure, it may be best to wait it out. Here are some things to consider.

5 Amazing Money Habits That Can Change Your Life

Money advice

Good money habits can be life changing

Image source: Flickr user espensorvik

The world is full of money advice, money gurus, get-rich-quick schemes and mumbo jumbo about cash that often either doesn't make sense or doesn't seem to apply to your situation. Because we deal with people here in our offices every day from all walks of life, we see what money practices cause problems and how people are able to recover and get on with their lives. Below are five amazing money habits that apply to everyone at any age, stage of life, occupation or financial situation.

Debt Collectors Know When You Get Money! Find Out How to Protect Your Cash

Paying bills

How do debt collectors know when you have money to pay bills?

Image source: Flick User Morgan

If you're behind on your bills, you'll get calls from bill collectors, but if you're unemployed and totally broke, you may notice that other than an occasional letter, you seem to drop off their radar. But as soon as you get a job and have some cash rolling in, your phone starts ringing again, almost like magic. How do debt collectors know you've got money? Simple – they use technology to know when they can likely shake you down for what you owe.

5 Ways to Help Your Family with Money Without Ruining Your Own Finances

Helping family

Family is important, but you have to keep an eye on your own finances too.

Image source: Flickr User US Army

One of the easiest ways to get into financial trouble is to try and bail others out of financial trouble, particularly your family. While it can be easy to turn a blind eye to the money woes of others, this isn't true with those you love. This dynamic is particularly true in two ways. One situation is when seniors help out their adult children that are struggling. The other is when adults are helping their aging parents who don't have the financial resources to pay their medical bills and living expenses. In both situations, helping out is the right thing to do, but there are smart ways to go about lending a hand.

Were You Foreclosed on in North Carolina? You May Be Owed Money!


If you were foreclosed on in North Carolina, you may be owed money!

Image source: Flickr user Fibonacci Blue

There are only 12 days left to file for a payment recovery if you are one of the thousands of North Carolina consumers that were victimized by Ocwen Financial Corporation in a wrongful foreclosure scheme. Nationwide, Ocwen has been ordered to pay back $125 million to homeowners they foreclosed on improperly. North Carolina's Attorney General Roy Cooper says, “People who lost their homes to faulty foreclosures now have a chance to recovery some money. Don't delay if you think you're eligible to get money back.”

7 Frugal Celebrities That Pinch Pennies Just Like You Do

Sarah Michelle Gellar is a frugal celebrity

Sarah Michelle Gellar is a very frugal celeb

When we write about celebrities here on our blog, it's usually about celebrity bankruptcy. Today, we're switching this up and featuring celebrities who are uber-frugal despite having big bucks. It's far too easy to let your money habits get out of hand when you start earning more money, but this is one of the worst things you can do. One of the main reasons celebrities end up filing bankruptcy is letting their lifestyle get out of control. Let's take a look at some celebs that are keeping it real when it comes to finances:

Are You a Senior With Money Problems? Don't Make Foolish Money Mistakes, Get Advice

Seniors should be careful

Senior citizens should be careful with their money

Image source – Flickr User Ethan Prater

If you're over 60 and experiencing money problems, now is the time to get back on the right track. Retirees in America are harder hit now than they have been in recent history. Fewer companies than ever are offering paid retirement and those that are offer much more modest pensions. This means that more seniors are living solely on Social Security with only a small (if any) savings buffer to protect them. According to the Federal Reserve, 40% of consumers age 55-64 have no retirement savings at all which is tough when there are increased costs as we age for medical expenses, caregivers and other costs in a period when our income either levels out to fixed or declines.

4 Shocking Facts About Medical Costs That Can Save You Big Bucks

Medical costs

Medical costs aren't set in stone

Image source - Flickr User wonderlane

Medical costs are one of the leading causes of bankruptcy and can be a huge source of stress for many households. The best approach is to not let yourself get behind on medical bills and the best way to do this is to cut medical costs from the get-go. Today we'll look at some tips to reduce medical expenses both before and after the fact.

How to Save and Pay for Your Kids' College Even If You're Completely Broke

Saving for a rainy day

Yes, you can save for your kid's college even if you're broke

Image source - Flickr user Philip Brewer

If you've got kids, you likely hope they'll get to go to college one day even if you aren't a college grad yourself. But if you're struggling with money problems and having issues paying your bills, you may think it's not possible to put cash aside for college. This can lead to worries that your kids will be stuck with student loans and you may still be paying off yours. Today we'll take a look at some steps you can take to help ensure your kids can get to college even if you're broke.

5 Tips to Get Errors Off Your Credit Report Faster and Improve Your Score

Work on your credit

Find out how to get errors off your credit report

Image source - Flickr User Morgan

One of the things we advise here at the Law Offices of John T Orcutt is to get to work improving your credit soon after you receive your discharge for your Chapter 7 bankruptcy and while you're in Chapter 13. If you're trying to clean up your credit without resorting to bankruptcy or even if you have filed bankruptcy, there will be inaccuracies on your credit report. Roughly 25% of credit reports have errors and filing bankruptcy won't fix these. Here are five tips to help you clean up errors fast:

Can't Afford to File Bankruptcy? Debt Relief Is More Affordable Than You Think

Utterly broke

Too broke to file bankruptcy? Don't be so sure

Image source - Flickr User Dan Moyle

You know you're deep in debt. You know you can't afford to pay your bills. You know bankruptcy can help, but you think you don't have enough money to take advantage. What's often true is that when times are tight, many consumers that could greatly benefit from bankruptcy protection don't take advantage. It's a debt catch-22. But the fact is, you can afford to file Chapter 7 bankruptcy. Here's how.

3 Little Known Tips to Shut Down Debt Collectors for Good

We wrote recently that many here in North Carolina are struggling financially and dealing with past-due debt. Nearly 40% of NC consumers are dealing with debt collections and this can make life rough. Debt collectors can be ruthless when it comes to trying to get money out of you. But here's what you should know – the reason they're so aggressive is not because they're collecting on behalf of the creditor you owe.

Deep in Debt with Student Loans in Default? Have We Got Good News for You

Student loan debt

Student loan debt can drag you down - especially if your loans are in default

Bankruptcy can be a great way to unload debts you simply can't afford to pay, but there are some debts that even bankruptcy can't conquer. Alimony, child support and back taxes when you filed the returns late (or not at all) are all examples of debt that won't diminish in a Chapter 7 or 13 filing. Student loans can be decreased or discharged in bankruptcy, but usually only for those with serious and permanent medical conditions, ongoing poverty and/or the inability to earn a decent wage.


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