Residents in North Carolina who experience serious troubles with debt may begin to wonder if filing for bankruptcy might be the best option for their situation. In evaluating this decision, people may factor in not just the ability to get out from under debt in the short term but also their long-term credit worthiness. Despite what some myths may abound, it is possible to re-establish good credit and even buy a home after going through a bankruptcy.
Money has long been a source of strife for some married couples in North Carolina. In some marriages, financial troubles escalate to the point of being major contributors to the eventual breakdown of the relationship and the ensuing divorce. When this happens, some couples may find themselves trying to manage not only a divorce but a potential bankruptcy at the same time.
If you are one of the many consumers in North Carolina who is struggling with debt and considering filing for bankruptcy, it will be important for you to understand how to move on past your bankruptcy to create a solid financial future for yourself. The purpose of bankruptcy is to allow you to become free of the debt that weighs you down today so you can start over. There are specific steps you will want to take to achieve this.
Consumers who live in North Carolina may well be looking at their credit card statements in January and feeling concerned about how they will pay off their holiday debts. This is not an uncommon situation but if those people went into the holiday period already struggling to keep up with their debt, the problem could make them consider filing for bankruptcy.
If your struggles with debt have pushed you to the point of considering bankruptcy, many in Gastonia may advise you to file under Chapter 7. The main reason for this is it allows certain debts to be discharged and offers you a faster path back to financial solvency. It also may allow you to keep certain assets (such as your home) due to bankruptcy exemptions. However, the protection and benefits afforded through a Chapter 7 bankruptcy must be qualified for in order to keep people from abusing them. Your qualification is determined by evaluating your financial situation using the bankruptcy "means test."
Debt is a lot like weight.
It's quite possible that no generation of Americans has received as much attention as the "Baby Boomers". Each decade continues to bring new milestones for the boomers, along with stories about how the generation's large size is affecting everything from the real estate market to the sustainability of our nation's social insurance programs.