Submitted by Rachel R on Fri, 08/05/2016 - 10:03am
Bankruptcy can help shore up shaky finances
Image Source: Flickr User Don McCullough
North Carolina and South Carolina stand out among southern states for many reasons, but here's one I bet you didn't know: it's home to the fewest bankruptcy filings in the region. This means that Carolina consumers are choosing to fight their financial battles outside the bankruptcy court and are perhaps benefiting from the blossoming economic recovery in both states.
Which Southern States are the Worst for Bankruptcy?
The rest of the South fares far worse than North Carolina and South Carolina in regards to their number of bankruptcy filings per 100,000 residents. Tennessee has 553 filings per 100,000 residents, Alabama has 529, and Georgia has 483. Mississippi is at 361 and Kentucky at 345.
By comparison, North Carolina had 150 filings per 100,000 residents between Spring of 2015 and 2016, and South Carolina had 135 filings per 100k residents. That's a significant difference and the numbers don't lie. There's something different in the Carolinas that's leading to economic prosperity for many of its residents.
Which North Carolina Counties Rank the Lowest?
Maybe some parts are doing better than others. Nerd Wallet ranked the counties within the states and Orange County, North Carolina made the list of counties with some of the lowest bankruptcy filings at less than 80 filings per 100,000 residents.
Rowan County, NC also ranked low with 104 filings per 100k residents. Alamance and Catawba Counties came in at less than 118 filings each and Buncombe County, NC at just under 125 filings. Henderson County ranked well with 126, Robeson County at less than 129, and Gaston at just under 132.
Also on the list of the 100 counties with lowest bankruptcy filings in the United States were Mecklenburg, NC at 135 and Union County at just shy of 137 filings per 100,000 residents. So not only did North Carolina rank well among Southern states, but these counties ranked well on a national scale.
Is Bankruptcy Right for You?
Maybe the situation looks bright. After all, North Carolina does have the fastest growing economy since 2013, beating fierce economic powerhouse states like California and New York.
This doesn't mean there aren't people out there who will still struggle. As some have testified, economic hardship is a way of life for people living in North Carolina. No matter where you live, bankruptcy may be a fit solution for you if your finances are bogged down by debt that you can’t afford to pay. Even though bankruptcy filings are dropping North Carolina, that doesn’t mean that it’s not still an appropriate solution for many consumers.
If you can answer yes to one or more of these questions, you may need the serious debt intervention offered by bankruptcy:
#1 Are you living paycheck to paycheck and unable to save money?
#2 Are your credit cards maxed out?
#3 Are you unable to pay your living expenses, bills, and debt obligations?
#4 Are you facing foreclosure on your home or repossession of your auto?
#5 Are you being hounded and threatened by debt collectors?
What Are the Benefits of Bankruptcy?
Bankruptcy will put a stop to debt collections, foreclosure, repossession, and will buy time for you to decide whether you can catch up on payments or need to unload the debt. With Chapter 7 bankruptcy, you can discharge many unsecured debts like credit cards and medical bills. With Chapter 13, you can get on a repayment plan to catch up on past-due balances on secured debt like a mortgage.
To find out more about the debt relief offered by North Carolina bankruptcy, contact the Law Offices of John T. Orcutt. Call +1-919-646-2654 now for a free consultation at one of our locations in Raleigh, Durham, Fayetteville, Wilson, Greensboro, Garner or Wilmington.
Nerd Wallet study
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