Bankruptcy: North Carolina’s Guidelines

While the filing process and results of bankruptcy are similar, nationwide, the specific laws vary from state to state. Each state has different bankruptcy exemptions and may handle bankruptcy cases differently.

If you’re filling bankruptcy in NC, you’ll need to understand the specific laws of the state. Or, better yet, hire a North Carolina lawyer to help you with the process. Filing for bankruptcy is complicated, and having an attorney walk you through the process can really be helpful. Still, if you would like to get a handle on the bankruptcy policies of North Carolina, this article is a good place to start.

Piggy bank china

Piggy bank china (Photo credit: Wikipedia)

Community property

 North Carolina is not a community property state, which means that it is possible to file for bankruptcy without involving a spouse. In a community property state, an individual must file with his or her spouse, because both of them “own” the debt and finances. In North Carolina, though, you only have to include a spouse if he or she co-signed on a loan.

Bankruptcy exemptions

 Most states allow a certain number of property exemptions, even if it is a Chapter 7 bankruptcy. The exemptions in North Carolina include automobiles (with a certain amount of equity), and real estate (again, with a limit on equity). Limited amounts of other property may also be kept, as well as insurance, retirement savings and a few other assets. As compared to other states, North Carolina offers relatively generous exemptions. In 2005, when Congress revised the bankruptcy laws to prevent abuse of the system, North Carolina increased the value limits on a few exemptions.

Petition preparer

 In North Carolina, any individual (including the debtor) can file for bankruptcy as a petition preparer. The preparer files for the debtor, and charges a relatively small fee. Hiring a petition preparer can help make filing easier, as the preparer will know how to comply with federal guidelines. However, hiring a lawyer is safer, since some petition preparers have minimal experience.

Discretion

Bankruptcy is a public record in North Carolina. However, that does not mean that everyone you know will learn about your bankruptcy. If you’re famous, and the news picks up on it, then you’re in trouble. Otherwise, if you don’t gossip about your bankruptcy, it’s unlikely that it will be common knowledge.

In the end, filing for bankruptcy in North Carolina is a lot like filing in other states. And, just like in other states, it is a pretty complex process. Now that you know a few of the details of an NC bankruptcy, it would be a good idea to start looking for a good attorney. He or she can help you figure out what kind of bankruptcy to file, and what exemptions you will be permitted. Also, you may learn that you can keep certain assets, such as your home, with the help of a good bankruptcy attorney.

Voting For The Right Person

Knowles at early voting in Florida.
Image via Wikipedia

It’s not enough to vote these days. People think that because they take time out of their day to cast a vote for a candidate that it makes them absolved from having to make an informed decision. They think that voting is enough. It would be nice if that were the case but just saying you voted what for someone doesn’t make your vote meaningful. It makes it irresponsible. It’s ok to vote for what others think it the wrong person, so long as it was something you arrived at on your own.

Well, making the right decision, or an informed one, is no small task. There are problems all over with making the informed decision. You have to know what you are looking at. So here are some simple steps to knowing that you are making the right decision.

The first think you have to know is where these candidates stand on the issues that matter to you. Let’s say you have had to fill out an insurance claim with 21st Century Insurance because someone was wrongfully suing you for an accident you weren’t at fault for. Maybe this made you think that there were too many pointless and wrongful lawsuits. If that is something that you are passionate and determined to fix then you should find out what your local candidate feels.

You might not find direct information on that, but you can find out how they feel about the court system or what they feel about big businesses handling lawsuits. These are things that will help you immensely to make a choice that is about more than the last name of the candidate or who your friend told you to vote for. These elections are too important to you and your future to be flippant about your choice.

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Appropriate Christmas Gifts in the Current Economic Climate

Christmas Photo shoot
Image by Ridgeline156 via Flickr

As the holiday season approaches in post-credit crunch 2010, those who are responsible for the buying of Christmas gifts for their family may find themselves faced with a fresh dilemma; what is the appropriate level of spending on gift giving in the current economic climate and what sort of gifts should be bought?

Some might argue that it may seem distasteful to splash out in the currently financial crisis and the over the top Christmas spending is not appropriate. However, if our economy is to recover from the knocks of recent months then it is imperative that the consumer, and the Christmas consumer, plays a part. For this reason it is possible to argue that a small spending spree on Aaron Basha trinkets for the family, or an investment in a conspicuous Christmas gift is a good thing. However, gift givers must also consider the situation of the recipient when selecting their gifts.

In families where the bits of the credit crunch has not been felt so keenly then an exchange of extravagant gifts might be acceptable. But if there are members of a group who are not doing so well then it is important to consider the possibility that they might be offended by expensive offerings or find such an exchange distasteful in light of their circumstances. If a gift giver is aware that members of the Christmas crowd are suffering the effects of the recession, then extra care must be taken to select items that do not seem overly frivolous.

Choosing practical gifts for all members of the family, such as clothing or essentials for school and play can be a good way of gift giving in a way that is conscious of circumstance. This allows for the providing of essentials without the appearance of charity and allowing for an exchange of holiday tokens with no feeling of guilt over excess.

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Bill Passed to Help Small Businesses

On Thursday, September 16, a bill was passed in the Senate to help small businesses with tax breaks government loans. This multi-billion dollar package is designed to help spur the economy as well as provide new jobs. With more money, small businesses are more likely to hire on new employees as well as grow with new products and services. The vote in the Senate was 61 to 38 with very few (two to be exact) Republicans voting for the bill. Many Republicans are still trying to decrease spending by the government, which seems to be unending.

Another issue that some Republicans had was that the bill did not do enough to help small business owners reduce their anxiety. Senator Orrin Hatch of Utah, Republican, stated that “Any good in this bill is greatly outweighed by what’s missing.”

Most likely, this piece of legislation was passed by Democrats in an attempt to look like they’re doing something to help the economy before the general elections in November. The current legislatures in Washington have been highly criticized for not doing more to turn the economy around and for spending money in reach prepaid card inefficiently causing the national debt to increase. This has been a major issue for voters and many candidates up for re-election for this mid-term election are looking for ways to look good for their constituents. Some have even gone as far as apologizing, admitting that they’ve made some mistakes.

Still, some believe that the government caused the mess in the first place, by relaxing requirements for mortgage loans causing people to qualify for loans that they couldn’t afford, and would prefer that the government not try and fix the problem. It may be possible that they will make the hole deeper. With many citizens calling for less government control in our lives, it makes you wonder just how far the government should be allowed to go. In California, one county banned toys from fast food kids meals that were deemed unhealthy because they county has high rates of child obesity. Shouldn’t it be the parents’ responsibility to make these choices, not the government’s?