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Is your Greensboro small business struggling?

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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.

Which debt solution is best for you?

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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.

Be careful when filing Greensboro bankruptcy without a lawyer

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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.

New hope for struggling student loan borrowers

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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.

Be careful looking for love online

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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.

Put your income tax refund to good use

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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.

Beware Greensboro tax fraud

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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.

Student loan help for veterans and the disabled is now tax-free

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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.

Greensboro bankruptcy choice often comes down to cost

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For Greensboro consumers trapped in an inescapable debt spiral, life can be stressful. Living paycheck to paycheck, dodging debt collector calls, and constantly worrying because you can’t pay what you owe (let alone build a nest egg) can destroy your quality of life. Bankruptcy is one possible solution, but often, consumers don’t choose the best plan for them. A recent study examined why consumers choose Chapter 13 when Chapter 7 is a much more preferable alternative.