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North Carolina & The New Bankruptcy
Considering bankruptcy? You may want to think again thanks to the new bankruptcy reforms mandated by Congress in 2005. Under the changes, filing bankruptcy is not only more difficult to qualify for but also a lot less attractive of an option. Of course they did this intentionally to encourage more consumers to seek credit & debt assistance by being more self-disciplined, budgeting better, or enrolling in debt management services.
Under the new bankruptcy consumers who earn more than the median income of their state are obligated to prove by detailing their income and expense information for the courts. If you fail this examination, known as the means test, you will be required to file Chapter 13 bankruptcy, which forces you to pay off at least part of the debt off over a period of up to five years. Below is the median income information for North Carolina as of 2006:
2-person families: 47,895
3-person families: 53,961
4-person families: 61,420
5-person families: 58,172
6-person families: 53,067
7-or-more-person families: 51,322
North Carolina Bankruptcy Declarations
2004: 36,118
2005: 42,402
2006: 16,838
North Carolina is a state that has historically low bankruptcy rates. This can be due to a number of factors, many debt experts attribute it to the fact that North Carolina law prohibits wage garnishment for consumer debt like credit cards, medical bills, and unsecured personal loans. The bankruptcy rate dropped even lower in 2006, however, as more consumers sought out debt relief in response to the harsh restrictions imposed by new bankruptcy laws in October 2005. Overall, there was a 60.2% decrease in the number of filings in North Carolina from 2005 to 2006.
Check out these articles for more information about debt & credit in North Carolina:
North Carolina Consumer Credit Counseling Services
North Carolina Bankruptcy Laws
North Carolina Debt Collection
North Carolina & The New Bankruptcy
Considering bankruptcy? You may want to think again thanks to the new bankruptcy reforms mandated by Congress in 2005. Under the changes, filing bankruptcy is not only more difficult to qualify for but also a lot less attractive of an option. Of course they did this intentionally to encourage more consumers to seek credit & debt assistance by being more self-disciplined, budgeting better, or enrolling in debt management services.
Under the new bankruptcy consumers who earn more than the median income of their state are obligated to prove by detailing their income and expense information for the courts. If you fail this examination, known as the means test, you will be required to file Chapter 13 bankruptcy, which forces you to pay off at least part of the debt off over a period of up to five years. Below is the median income information for North Carolina as of 2006:
2-person families: 47,895
3-person families: 53,961
4-person families: 61,420
5-person families: 58,172
6-person families: 53,067
7-or-more-person families: 51,322
North Carolina Bankruptcy Declarations
2004: 36,118
2005: 42,402
2006: 16,838
North Carolina is a state that has historically low bankruptcy rates. This can be due to a number of factors, many debt experts attribute it to the fact that North Carolina law prohibits wage garnishment for consumer debt like credit cards, medical bills, and unsecured personal loans. The bankruptcy rate dropped even lower in 2006, however, as more consumers sought out debt relief in response to the harsh restrictions imposed by new bankruptcy laws in October 2005. Overall, there was a 60.2% decrease in the number of filings in North Carolina from 2005 to 2006.
Check out these articles for more information about debt & credit in North Carolina:
North Carolina Consumer Credit Counseling Services
North Carolina Bankruptcy Laws
North Carolina Debt Collection