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What to do after Wilmington bankruptcy

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When you choose Wilmington bankruptcy to deal with a debt dilemma, it can help you get a fresh start. Filing bankruptcy stops debt collector harassment, foreclosure, and repossession. From there, it opens doors to a better financial future but only if you make the most of it. Here are seven tips to best leverage this new lease on life.

David's Bridal to file bankruptcy 

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It is well-known that financial matters can wreak havoc on a relationship, but what about bankruptcy? As a solution to money woes, bankruptcy might make your marriage stronger. But in this case, it’s a business bankruptcy that could play havoc with your wedding if you’re a Greensboro couple with your big day coming soon. David’s Bridal is struggling, and their bankruptcy case might affect your nuptials.

Wilmington seniors may struggle with money

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Many seniors don’t have the luxury of spare cash lying around their house or bank account. When unexpected expenses crop up, older Americans may use credit cards to cover the gap. Social Security payments come just once a month, and some pension plans also pay out every four weeks. When you need cash, and it’s far from direct deposit day, it can make life tough.

Gender disparity exists in debt

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Debt is on the rise in America. The economy rebounded, and all aspects of consumer debt are skyrocketing. And with the rising debt loads, an uneasy pattern is emerging. Recent statistics show that there is a significant disparity between debt loads of males versus females. Women carry more debt than men from their 30s to their late 60s.

Benefits of Wilmington bankruptcy may surprise you

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Wilmington bankruptcy is a lifeline for those drowning in debt. Unfortunately, most people see it as the end of the line, and some equate it to hitting rock bottom much like when someone heads to rehab. This is the wrong stance to take on bankruptcy. The majority of consumers didn’t wind up in a financial mess by making knowingly bad choices (as you do with drinking or drugs that land you in rehab). Most of our clients had a significant life event that wrecked their finances.

How do Chapter 13 repayments work in Greensboro bankruptcy?

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There are three basic chapters under which you can file Greensboro bankruptcy: Chapter 7, 11 and 13. Chapter 11 is primarily for businesses while Chapter 13 and 7 are for consumers. Chapter 13 is known as a repayment plan or a wage-earner plan. This type of bankruptcy lasts three to five years and intends to catch you up on secured debts (car loan, mortgage, etc.) while also relieving some of your unsecured debt.

Should you surrender your car in bankruptcy?

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Chapter 7 Wilmington bankruptcy is one of the fastest means of obtaining freedom from debt and getting your financial life back on track. The process takes just a few months from start to finish, and you can walk away from most unsecured debt with a clean slate. Secured debts are different. One type of secured debt is your car loan. Should you do anything possible to keep your car or is it wiser to surrender it?

Another celebrity bankruptcy alert - lessons for Greensboro consumers

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Dina Lohan, Lindsay Lohan’s mom, is back in the headlines. She’s made news in the past for brawling with her ex-husband and father of her children, Michael Lohan. They sparred about money in the past, and now Dina’s money woes are front and center as she recently filed Chapter 13 bankruptcy in New York state. Here’s a look at the latest celebrity bankruptcy case.

Is senior bankruptcy right for you?

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Bankruptcy provides the assurance of debt relief and a fresh start to all who choose it. However, in the case of seniors, there are special considerations because of fixed income, medical costs, assets, and equity. Seniors should carefully consider the decision to file. Also, look for a Wilmington bankruptcy attorney with lots of experience with senior bankruptcy and a good reputation.