Nick H. was excellent in assisting me with my debt consolidation options. He laid out the process and walked me through each step, making sure I felt secure and comfortable throughout the entire process.
I had a change in my income, and I need a more affordable payment to resolve my debt once and for all. Read Case Study
Location: Charlotte, North Carolina
I fell behind on my debts when I had to evict my tenants out of my rental property. I had to use the credit to keep up with the overhead. I am now looking to set a plan in place to resolve them as soon as possible. Read Case Study
North Carolina rises from gorgeous beaches to the ancient Appalachian mountains. The original economy was based on agriculture and that is still an important part of the state’s economy. Science, technology, energy, and math industries are booming around the Raleigh Durham area. Rural areas are suffering while the urban areas are fairly prosperous.
North Carolina is ranked #9 for population and #15 for population density.
The median state income is $50,584 As of 2018, the minimum wage is $7.25 per hour. Unfortunately, 21.3% of North Carolinian children under 18 live in poverty. For residents overall, 15.4% of all people in North Carolina live under the poverty level.
Median state income: $50,584
Minimum wage: $7.25/hour
Children in poverty: 21.3%
People in poverty: 15.4%
Is North Carolina a Community Property State?
Unfortunately, North Carolina is not a community property state. Therefore your assets are not seen as equally owned by you and your spouse. Currently, there are only 10 states that are community property states. In the state of NC, the judge will decide which assets are shared by you and your spouse, and what the equity is for each.
More than half (66.3%) of North Carolinians hold a mortgage. The median home price in North Carolina is $173,800 (2018). Of course, that median price depends on the location with some areas being higher.
Homeowner rate: 66.3%
Median home price: $173,800
North Carolina has a current unemployment rate of 4.5%. However, the underemployment rate is 9.4%. Underemployment is the percentage of civilian workers who are unemployed, employed part-time or are not seeking employment.
If this is you, we can help. Pacific Debt offers North Carolina debt relief solutions tailored to your unique situation and budget. Our certified counselors help you work up a budget, and explain your options.
Unemployment: 4.5% (2018)
Underemployment: 9.4% (2017)
North Carolina Debt
North Carolinians carry a lot of debt. The average credit card debt is $7,225 (2018). The average student loan debt is $26,164. When you add all that debt on top of the cost of homes (rental or owned), versus the median income, it is very easy for North Carolinians to get into debt.
Avg credit card debt: $7,225 (2018)
Avg mortgage debt: $166,561 (2017)
Avg student loan debt: $26,164 (2017)
North Carolina Statute of Limitations
North Carolina’s statute of limitations lays out maximum time periods that debt collectors can take action against a delinquent debt. These statutes of limitations begin on the date that your debt goes delinquent.
For debts taken out in North Carolina, the following are the statutes of limitations for different types of debt.
Oral agreements: 3 years
Written contracts: 3 years
Promissory notes: 3 years
Credit cards and other revolving loans: 3 years
North Carolina Debt Relief & Debt Consolidation
If you have more debt than you can pay off, Pacific Debt can help you consolidate your debt and learn to live debt free. Since 2002, we’ve settled over $200 million in debt for thousands of clients. We are a nationally top ranked debt relief company located in San Diego.
We will help you work through our proven and comprehensive debt relief program. Your certified debt relief counselor will review all your options. If debt settlement is right for you, we move forward with our debt consolidation program and work to save you money. Pacific Debt can help with most unsecured debt like credit cards, personal loans, medical bills and repossessions.
It is not an easy process and it won’t happen overnight, but you can do it. Pacific Debt will be there every step of the way to help.
North Carolinians are protected against unscrupulous debt collectors. The federal Fair Debt Collection Practices Act (FDCPA) prohibits debt collectors from using abusive or harassing bill collection practices. In addition, the North Carolina Fair Debt Collection Practices Act (NCFDCPA) adds protections against more types of collectors and actions. If you are a victim of any of these actions, you may take legal action against them.
Overall, debt collectors can NOT:
Charges more than 10% interest
Garnish more than 25% of wages
Use/threaten physical force or criminal tactics to harm you, your property, or your reputation
Accusing you of committing a crime for not paying the debt
Make/threaten to make defamatory statements to someone else
Threaten arrest, to seize assets, or garnish wages, unless actually planning to take such action
Use obscene or profane language
Cause you to spend money you wouldn’t otherwise have spent (ie long-distance telephone calls)
Call you repeatedly or let your phone ring repeatedly
Contact your employer, except to verify employment or health insurance status, garnish wages or locate you
Reveal information about debt to anyone except your spouse or your parents if a minor.
Publicly publish your name for failing to pay
Send a postcard or letter with revealing information on the envelope
Claim to be someone other than a debt collector, including a governmental official
Use stationary that appears to be from a law firm
Charge you collection or attorney’s fees unless legally allowable
Threaten to report you to a credit reporting agency if they have no intention of doing so
Send a letter claiming to come from a claim, credit, audit, or legal department unless it actually is
Debt collectors must:
Disclose caller identification
May contact your family to locate you
Must serve you with notice of a lawsuit if suing you
Bankruptcy Court Information
Bankruptcy is a legal action that can erase most of your debt as well as your credit history. It is not an action to take lightly. If you do, you must follow the following steps in North Carolina.
Persons filing for bankruptcy must:
Complete credit counseling within six months before filing for bankruptcy.
Complete a financial management instructional course after filing bankruptcy.
Complete a Bankruptcy Act Means Test to determine if you are eligible for a Chapter 7 or 13 bankruptcy
Itemize current income sources; major financial transactions; monthly living expenses; debts (secured and unsecured); and property (all assets and possessions, not just real estate).
Collect last 2 years of tax returns, deeds to real estate you own, car titles, and loan documents
File for bankruptcy
Chapter 7 bankruptcy fee is $306
Chapter 13 bankruptcy fee is $281
Meet with court assigned bankruptcy trustee
Attend a Meeting of Creditors
Confirm plan if filing for Chapter 13 bankruptcy
DISCLAIMER: We are not lawyers and are not giving legal advice. Before filing bankruptcy, talk to a lawyer in your state.