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Which Generation Is Most in Debt and Most Likely to File Wilmington Bankruptcy?

Baby boomers

Baby boomers and debt can mean financial trouble

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Debt is one of the most discussed topics in America today – online, at work, and in Wilmington households. It’s not difficult to see why. Even with the economy booming (and perhaps because of the resurgence), we now owe more than ever. A recent study by Value Penguin shows total outstanding consumer debt in the US now exceeds 3.9 trillion dollars.

Behind on Student Loans? Two Ways to Save Your Finances

Student loans

Student loan relief is possible in bankruptcy

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Student loan debt is on the rise and is unique among types of debt because of the powers of the creditor and lack of statutory limits on collection. Federal student loans do not have a statute of limitations and debt collectors working for federal loan servicers have tools many other collection agents do not.

Can You Cancel a Reaffirmation Agreement In Your Greensboro Bankruptcy?

Reaffirmation agreement

Should you sign a reaffirmation agreement in Greensboro bankruptcy?

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When you file Greensboro bankruptcy, you can catch up on past-due debt with Chapter 13 or discharge lots of debt with Chapter 7. With Chapter 7, the process takes just a few months start to finish while Chapter 13 takes three to five years. However, sometimes there are debts you don’t want to include in your bankruptcy. In some cases, you can carve out exceptions, with the court’s permission, and sign a reaffirmation agreement with the creditor. But what if you change your mind?

Can Bankruptcy Help Wilmington Consumers With Old Income Tax Debts?

Income taxes

Got old tax debt in Greensboro? Bankruptcy may help

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When you get into a situation of unaffordable debt, the consequences can be far-reaching. One side-effect of money problems may be delinquent tax debt. If you didn’t have enough withheld from your paychecks during the year, you might find that you owe the IRS. When you’re already struggling to pay bills, it might be impossible to send Uncle Sam what you owe. With tax day just around the corner, on April 17, here’s what you need to know about unpaid federal income taxes.

Can You Keep Your Greensboro Investment Property During Bankruptcy?

Investment property

Investment property can be saved in bankruptcy

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When you decide to file Greensboro bankruptcy, you can choose Chapter 7 or 13, depending on your income, debt, and assets. If you own investment property, defined as property other than the home you live in, your choice of bankruptcy chapter could have significant consequences.

Student Loan Debt Can Be a Problem for Seniors

Seniors

Yes, seniors can have student loans

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Did you know that even decades after you finish college, you could be haunted by student loans well into your golden years? With student loan balances on the rise and many borrowers using parent PLUS loans to help their kids and grandkids get through college, there are many opportunities to wind up deep in college debt that you can’t afford.

Can You Sell Your Car Before You File Bankruptcy?

Car

Can you sell a spare car before you file bankruptcy?

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When you’re struggling with debt and falling behind on payments, one thing you might consider is selling off spare stuff to try and cover your bills. At the same time, you might be thinking about North Carolina bankruptcy. If you have a car that you're not using and want to sell it, this could affect your bankruptcy case. So, can you sell your car before filing bankruptcy? It depends.

Wilmington Bankruptcy Will Not Ruin Your Credit For a Decade – In Fact, It Could Help

Credit score

Bankruptcy doesn't wreck your credit for a decade

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You’ve probably heard the myth that filing bankruptcy ruins your credit for a decade. If you’re deep in debt and are considering Wilmington bankruptcy, you might be worried your credit will be permanently damaged. The great news is that bankruptcy will NOT tank your credit and, in fact, will help you get it back to good faster than most any other debt solution.

Will You Lose Your Personal Injury Settlement in Greensboro Bankruptcy?

Personal injury

Personal injury case and bankruptcy? Here's what you need to know

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Occasionally, consumers will have a personal injury lawsuit going at the same time that they need to pursue bankruptcy relief. But since a judgment in a court case means cash in your pocket, will you lose your personal injury settlement in your Greensboro bankruptcy case? The quick answer is that it depends on what the money was paid out for, as specified in the settlement.

What Happens When Your Wilmington Bankruptcy Petition is Rejected?

Rejected

Yes, your bankruptcy petition can be rejected

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Filing bankruptcy is not something people look forward to, and most want to avoid if possible. However, drowning in debt is a much worse alternative. When you’re tired of living paycheck to paycheck and dodging debt collectors, bankruptcy can help. But what do you do if the court rejects your Wilmington bankruptcy petition?

Celebrity Bankruptcy Update – Abby Lee Miller Out of Prison After Bankruptcy Fraud Sentence

Dance Moms

Dance Moms' Abby Lee Miller is out of prison and in a halfway house

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In today’s celebrity bankruptcy update, we look at one of the most famous faces accused of bankruptcy fraud – Dance Moms diva Abby Lee Miller. Sentenced to 366-days behind bars for bankruptcy fraud at the Victorville Federal Correctional Institution in California, Miller is now an almost-free woman.

Wilmington Foreclosure Timeline and How to Save Your Home

Save your home

Bankruptcy can stop foreclosure

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Are you in default on your Wilmington mortgage? If you’re delinquent and don’t catch up, you are at risk of having your property foreclosed. As soon as you miss your first payment, you’re in default of your loan agreement. If you miss a payment but make it up, it’s not so bad. The real problem comes when you miss payment after payment so that you can’t recover. That puts you on a path straight to foreclosure. But how long does it take to go from missed payments to losing your home?

Use Chapter 13 to Save Your Greensboro Small Business

Small business

Save your small business with Greensboro bankruptcy

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Starting and running a small business in Greensboro requires you to wear many hats. You’re the owner, operator, manager, salesperson, and the accountant. Not only that, but the line between your personal and business funds can get blurry, and you may commingle funds. It’s very common for small business owners to guarantee debt personally and to put personal assets at risk.

Can You Go To Jail Over Wilmington Debt?

Debtors prison

Threatening debtors with jail is against the law!

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Unscrupulous debt collectors may threaten past-due Wilmington consumers with jail. If you’ve ever been terrorized in this way by a collection agent, you should know that they cannot send you to jail and they shouldn’t be making those threats. Being in debt, even if you’re very overdue, is not a crime. However, some debt issues are criminal.

Toys “R” Us Bankruptcy Update - Spend Your Gift Cards ASAP!

Toys R Us bankruptcy

Toys "R" Us bankruptcy updates

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In today’s business bankruptcy update, we’ll look at what’s going on with Toys “R” Us. As a consumer, the first thing to ask yourself is, “Do I have any Toys “R” Us gift cards lying around the house?” If you have any TRU gift cards you were saving for a birthday treat or summer fun, think again. There is less than a month from the date of this article for Toys “R” Us gift cards to be used. After that, they’re worthless.

7 Things To Do After Wilmington Bankruptcy

Steps after bankruptcy

What should you do after bankruptcy?

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When you begin the process of Wilmington bankruptcy, you’re likely focused on the moment – on what you’re dealing with now, whether it’s living paycheck to paycheck, debt collector harassment, or the threat of foreclosure or repossession. The next concern is what happens during the bankruptcy including court appearances. But what happens after bankruptcy and what should you do next?

Greensboro Consumer Tip: Don’t Make Tax Return Mistakes That Delay Your Refund

Tax refund mistake

Avoid these mistakes on your tax return

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There’s less than a month until the tax filing deadline, and we’ve got some tips for Greensboro consumers to help ensure your tax refund isn’t held up by the IRS. Given that most taxpayers now file their returns electronically, things move faster. The IRS issues refunds within 21 days on 90% of tax returns. But what about the other 10% of returns that don’t get paid within three weeks? Today we’ll look at the top mistakes that delay tax refunds.

5 Reasons Chapter 13 Might Be Better For Your Wilmington Bankruptcy

Bankruptcy options

Carefully consider your Wilmington bankruptcy options

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The decision to file Wilmington bankruptcy isn’t an easy one. You might lean towards Chapter 7 because it’s so fast and offers unprecedented relief of unsecured debt like credit cards and medical bills. This type of fresh start bankruptcy takes about four months from start to finish. However, despite the apparent benefits, not everyone is a fit for Chapter 7 and might do better with Chapter 13.

Celebrity Bankruptcy News – Actor Joey Lawrence Ditches Debt With Chapter 7

Celebrity bankruptcy

Celebrity bankruptcy alert - Joey Lawrence ditched debt with Chapter 7

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Less than a year ago, actor Joey Lawrence declared bankruptcy under the weight of a staggering amount of debt. The 41-year old, who has been a working actor since the age of six, fell into severe debt when his income dropped suddenly and significantly. It can happen to anyone from the middle class to the moderately famous. Here’s a look at the celebrity bankruptcy cases of Joey Lawrence and what you can learn from it.

Facing Student Loan Default in Wilmington? Consequences and Remedies

Student loans

Facing student loan default in Wilmington, NC?

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More than 44 million Americans are battling student loan debt. Recent figures put total student loan debt at nearly $1.5 trillion. For those who can afford their student loans, it’s no big deal. But for many college grads, this debt is overwhelming and ruining their financial future. Are you behind on your student loans? If so, you should know that going into default brings severe consequences. Here’s a look at what to do if you’re facing student loan default in Wilmington.

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