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Why Bankruptcy May Be Better Than Debt Consolidation Or a DMP

Debt choices

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.

Debt Collection Calls After Wilmington Bankruptcy? Contact Your Lawyer ASAP

Debt stress

Stressed by debt collectors after filing bankruptcy? Take them to court!

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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.

5 Dangers of Filing Greensboro Bankruptcy Without a Lawyer

Caution - danger

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.

5 Types of Lawsuits Wilmington Bankruptcy Won't Stop

Judge

Facing a debt lawsuit? Bankruptcy may help

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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.

Department of Education May Ease Student Loan Relief in Bankruptcy

Student loans

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.

Warning For Wilmington Consumers: You Can Lose Your Passport Over Tax Debt

Passport

Yes, you can lose your passport over past-due tax debt

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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.

Greensboro Scam Alert: Looking for Love Could Cost You Money

Online dating

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.

Bankruptcy Success Story – Michael Vick Pays Back Over $17 Million

Football

Former NFL player Michael Vick is a bankruptcy success story

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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.

7 Smart Things to Do With Your 2018 Tax Refund

Tax refund check

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.

Advantages and Disadvantages of Wilmington Bankruptcy

Advantage

Pros and cons of Wilmington bankruptcy

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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.

Greensboro Consumer Tip: Beware Tax ID Fraud – File Your Return Early To Reduce Risk

Income taxes

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.

9 Celebrity Bankruptcy Cases That May Stun You

Fame

Fame is no barrier to financial problems

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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 Disabled - New Programs Offer Tax-Free Debt Relief

Disabled veteran

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.

Slash Your Credit Card Debt – Wilmington Consumer Tips

Credit card debt

Credit card debt stressing you out?

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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.

Bankruptcy Study Reveals Why Some Greensboro Debtors Choose Chapter 13 When Chapter 7 Is Preferable

Cost

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.

3 Reasons It Might Be Time to Consider Wilmington Business Bankruptcy

Small business

Is your Wilmington small business struggling?

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As a business owner, bankruptcy is the least likely outcome you wanted when you started up your company. Everyone hopes for success but the odds of hitting it big with your first venture are slim. Most self-made millionaires, according to Business Insider, struggle for 32 years (on average) before achieving seven-figure success. Not only that, but most success stories have a path of failure behind them with many filing bankruptcies and closing their first, second, or even third businesses before they finally get it right and achieve success. If your business is struggling, it could be a sign that it’s time to evolve and move to the next phase of your entrepreneurial journey. Wilmington bankruptcy can help.

Abby Lee Miller To Be Released Early From Prison After Bankruptcy Fraud Sentence

Dance Moms

Dance Moms star Abby Lee Miller out of prison soon

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Reality star Abby Lee Miller is almost done serving time for her 2017 bankruptcy fraud conviction. The Dance Moms phenom pled guilty in 2016 to a litany of charges related to a years-old Chapter 11 case and was convicted and sentenced last year. The 51-year old has reportedly been bettering herself while behind bars by losing 100 pounds and pursuing professional certification in advance of her release this Spring.

7 Things to Avoid Doing Before Wilmington Bankruptcy

Stop doing this before bankruptcy

Stop doing these things before Wilmington bankruptcy

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For those in Wilmington drowning in debt, bankruptcy might be the best option for you. However, even if filing Chapter 7 or Chapter 13 is a fit solution for your financial problems, there are missteps that could prevent you from getting optimal results. Here’s a look at seven things to avoid if you’re considering filing bankruptcy.

Your Spouse Filed For Greensboro Bankruptcy, What Does That Mean For You?

Husband and wife

Til debt do you part

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As partners, you and your spouse do many things together – you live, you laugh, you love – and you accrue debt. In the past, couples typically got into debt together with every loan and asset in the name of both spouses or only in the name of the primary breadwinner. But with both partners typically now working, people primarily carry individual debt rather than joint debt, aside from a mortgage. When your spouse falls behind on bills and files Greensboro bankruptcy, how will it affect you and your marriage?

Is Wilmington Bankruptcy The Right Path For You? It Depends On Your Dischargeable Debt

Right path

Is Wilmington bankruptcy the right path for you?

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Being stuck with unmanageable debt is a situation most of us would rather not experience, but sometimes it’s unavoidable and creeps up on you. Dealing with a debt cycle can be stressful, but Wilmington bankruptcy is a possible solution. Bankruptcy isn’t a fit for every circumstance and whether it might benefit you depends on whether your debt is dischargeable.

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