Debt now versus retirement later
Image by geralt via Pixabay
Debt isn’t always a bad thing. It’s debt that lets you buy a house or a car – two things most Greensboro consumers could never purchase on a cash basis. If you can service your debt on your current income while still paying your costs of living and saving for retirement, you’re probably just fine.
Can you keep making 401(k) contributions during Wilmington bankruptcy?
Image by Startup Stock Photos via Pexels
When you file Wilmington Chapter 13 bankruptcy, all your disposable income is expected to go towards paying back your creditors. This type of bankruptcy sets you up on a repayment plan that lasts from three to five years. Under the plan, you won’t pay back all of your debt. Some will be discharged at a lower percentage, but some debts must be paid back in full.
Bankruptcy doesn't follow you home
Image by Trinity Kubassek via Pexels
Many people have the wrong idea about bankruptcy. They make assumptions based on what they see in movies and on TV or sensational headlines about celebrities going broke. One of the misapprehensions about bankruptcy is that a bunch of federal agents will pull up at your house with a giant truck and take all your possessions. It shouldn't happen to you (or anyone else). Bankruptcy isn’t a problem - it's a solution - and in most cases, you won’t lose any assets.
Struggling with student loans in Wilmington?
Image via Pexels
Student loans are a fact of life for most who pursue a college degree. In Wilmington and greater North Carolina, the most recent data from The Institute for College Access and Success shows that 58% of graduates came out of college with debt and the average amount of student loans was nearly $26k. Grads from UNC Wilmington owe $25k on average, and 60% come out of that institution with loans. If you’re struggling with student loans, we’ve got some ideas including help from employers.
Is your Greensboro small business struggling?
Image by Sarah Pflug via Burst
It’s no easy thing owning and running your own Greensboro small business. Companies collapse for many reasons. It can be a faulty concept, trouble in the economy, a business plan that wasn’t financed well from the get-go, or another cause. Whatever the reason, if you’re facing serious financial problems in your small or mid-sized business, Greensboro bankruptcy might be the best solution for you.
Debt can lead to divorce
Image by Catkin via Pixabay
According to a study of couples with marital issues by SunTrust bank, financial problems are the primary cause of stress in relationships. Forget arguments about kids, relatives, friends, or sex – debt can be the most significant deal breaker for marriages. The survey by the bank showed that almost 50% of participants revealed that they have different approaches to saving and spending than their partners and blame finances for relationship stress. Wilmington bankruptcy may be the answer you need.
Which debt solution is best for you?
Image via Pixabay
A financial crisis doesn’t crop up overnight. Usually, it’s a process over time that sees you go from financially healthy down the slippery slope into unmanageable debt. Sometimes it’s prolonged job loss that impairs your finances. For others, it might be divorce or a medical crisis that causes problems. No matter what happened, when you find yourself drowning in debt, you need a solution.
Stressed by debt collectors after filing bankruptcy? Take them to court!
Image by @nina_p_v via Twenty20
The Wilmington bankruptcy process is meant to protect you from debt you can’t afford. At one time, people who owed debt they couldn’t afford were jailed, but now, there are protections under the law to give you a fresh start away from unmanageable debt. Two essential tools under the federal bankruptcy laws include the automatic stay and the bankruptcy discharge. Both can shut down debt collectors, and if they violate the law, they can be punished.
Be careful when filing Greensboro bankruptcy without a lawyer
Image by robinsonk26 via Pixabay
Filing Greensboro bankruptcy can be life-changing for those drowning in unaffordable debt. There are two routes to bankruptcy relief. The first path is to hire a skilled, experienced local North Carolina bankruptcy lawyer to prepare the petition and supporting schedules, and to then file your case with the court. The second path is to file your case without the benefit of a lawyer. There is no law mandating you must have a lawyer to represent you, but there are challenges with going it alone.
Facing a debt lawsuit? Bankruptcy may help
Image by @skywardkick via Twenty20
When you choose Wilmington bankruptcy to address your financial problems, you'll see many benefits. The most obvious is debt relief, but another important benefit is the stay on debt collections and end to many types of lawsuits. There’s an injunction that comes into force, on most legal actions by creditors, as soon as your North Carolina bankruptcy lawyer files your case.
New hope for struggling student loan borrowers
Image via Pixabay
Student loans are now in the trillions and default rates are above 11%. If you’re a North Carolina resident struggling with your student loans, you’re not alone. Student loans were once much easier to discharge in bankruptcy, but lobbyists changed all that, and it became very difficult to shed them using Chapter 7 or Chapter 13. However, there’s good news on that front, and the pendulum may finally be swinging the other way.
Yes, you can lose your passport over past-due tax debt
Image by Francesca Tirico via Unsplash
Owing income tax debt that you can’t afford to pay is an uncomfortable position to find yourself in. The IRS has impressive powers of collection to recover what you owe. In North Carolina, tax agencies are one of the few creditors that can garnish wages. They can also seize tax refunds, levy your bank account, and put a lien on your vehicle or home.
Be careful looking for love online
Image by rawpixel.com via Unsplash
Greensboro consumers should be on the lookout for another new scam sweeping our state that has to do with matchmaking websites. Jennifer Lopez sang that “love don’t cost a thing,” but in the case of this scam, it could cost quite a lot if you fall for fraud. When it comes to online dating, if you’re not careful, instead of falling in love, you might fall into debt.
Former NFL player Michael Vick is a bankruptcy success story
Image by Daniel X. O'Neil via Flickr
Filing Wilmington bankruptcy can be life-changing. The debt relief offered under US federal law allows you the chance to regain control of your finances, avoid foreclosure and repossession, and puts an end to harassment by debt collectors. Even celebrities with high earnings can take advantage of the benefits of bankruptcy, and one such success story is that of former pro-footballer Michael Vick.
Put your income tax refund to good use
Image by frankieleon via Flickr
Some North Carolina consumers dread tax time, while others love it because they know it means they’ll get a nice big tax refund check. If you’re getting a refund this year, but you’re also deep in debt, it’s time to carefully consider what to do with your IRS check to make the most significant impact in your financial crisis. Some people see their annual tax windfall as the chance to buy a luxury item like a TV or take a vacation, but that cash might be better spent on peace of mind.
Pros and cons of Wilmington bankruptcy
Image by Hanny Naibaho via Unsplash
The decision of whether or not to file Wilmington bankruptcy is not the easiest. It usually comes after years of debt stress, increasingly frustrating financial circumstances, and harassment from debt collectors. Although filing bankruptcy means acknowledging that you’re unable to pay your debts, it is a game-changer that can give you peace of mind and a brighter financial future.
Beware Greensboro tax fraud
Image by Chris Potter via Flickr
As a Greensboro resident, you should have received your W2s and other tax documents by now, so you have all the info you need to prepare your 2017 income tax return. Of course, it’s not officially due until April 17, 2018, but you shouldn’t wait to file. The longer you delay, the higher your risk of tax ID fraud. Identity thieves that specialize in tax identity fraud are out in force and already busy filing bogus tax returns so that they can steal tax refunds. Don’t fall prey to this scam. Here’s what you need to know and how to protect yourself.
Fame is no barrier to financial problems
Image by Susie Burleson via Unsplash
Bankruptcy doesn’t just affect the average Joe - it can strike even the rich and famous. You might assume that celebrities are set for life once they step into the spotlight. For some, it does happen that way but, for others, it’s a different story. If you’re a Wilmington consumer saddled with debt and considering bankruptcy, here's a look at some celebrity bankruptcies to help you see that a financial crisis can happen to anyone, no matter how glittery or fabulous their life might seem.
Student loan help for veterans and the disabled is now tax-free
Image by Benjamin Faust via Unsplash
With student loans continuing to rise and federal college debt having no statute of limitations, this is debt that can follow you the rest of your life. Student loan debt collectors can garnish your Social Security and take your income tax refunds for the rest of your life until the debt is satisfied. If you can’t afford your student loans, the stress can be overwhelming. If you qualify for a program to reduce or discharge your student loans, it can be life-changing.
Credit card debt stressing you out?
Image by Jarmoluk via Pixabay
Credit card debt can grow out of control quicker than you realize. Most Wilmington consumers start out swiping their cards and paying off the balances at the end of the month. Then an unexpected expense crops up or your paycheck is smaller than usual, and you carry over a balance. From there, things can snowball, and you may discover you’re going to be in some real trouble if you don’t do something about it.
