Under some circumstances, people in North Carolina may have debts that they owe forgiven. For instance, a credit card company may agree to forgive a consumer’s debt after a certain amount of time or a settlement may be reached where the company agrees to accept a partial payment. However, the consumer may then be liable to pay taxes on the amount that was forgiven.
For people who are already in debt in North Carolina, recovering from bankruptcy or experiencing financial trouble, the holidays can present a problem. Expectations are high and most people want to be able to provide wonderful gifts for everyone on their list. For people who have children, it can be even more tempting to overspend. However, doing so would be unwise as it will likely only lead to further debt. Here are some things that people should know if they want to avoid hurting their finances this holiday season.
Many people in North Carolina who have a high number of financial obligations may feel overwhelmed and stressed out about how they are going to pay back what they owe. Most people rely on their jobs as their source of income, but sometimes it may not be enough to get out of debt.
When money is tight in North Carolina, it can be difficult if you are forced to live paycheck to paycheck. If someone is garnishing your wages and deducting money from your hard-earned paycheck, it can be even harder. Dealing with a lot debt and financial stressors such as wage garnishments are what lead many people on the path to filing for bankruptcy. However, the purpose of bankruptcy is to provide you with some relief and that includes ceasing the garnishment of your wages.