According to Federal Reserve Data, Virginia residents and others have combined to accumulate $1.05 trillion in revolving consumer debt as of the fourth quarter of 2018. Consumers have accrued $870 billion in credit card debt, which beats the previous record high set...
Year: 2019
How to approach estate planning
Virginia residents may have an idea of what an estate plan is. However, they may think that it is something that they create at some point in the future. Ideally, individuals will create a plan as soon as possible and continue to update it as they get older. This is...
Federal law protects consumers against debt collectors
Debt collectors in Virginia and around the country have become increasingly aggressive in recent years, and daily calls demanding payment have become the norm for people who are struggling to make ends meet. The tactics used by third-party bill collectors often border...
Do you know the difference between a will and a trust?
When you meet with your attorney to draft your estate plan, it is a good idea to have a grasp on what kind of documents you may need to create. Depending on your family situation, your attorney may recommend you design a will or a trust, and in some instances both...
Single people may also benefit from an estate plan
For some single people in Virginia, estate planning may seem like more trouble than it's worth. After all, these individuals don't usually have to worry about providing for a loved one, such as a spouse or minor child. However, estate planning is about more than just...
How bankruptcy can help resolve vehicle debt issues
Failing to make a car payment on time could result in an individual's vehicle being repossessed. However, lenders in Virginia and throughout the country don't want to see that happen. Usually, it is more expensive to repossess a car as opposed to working out a new...
How parents may conceal some trust information from children
Virginia and many other states have adopted a version of the Uniform Trust Code. This law establishes certain obligations toward trust beneficiaries, requiring that they get the necessary information about the trust to protect themselves. However, for various reasons,...
Bankruptcy debt: Dischargeable or non-dischargeable?
Most people would rather not go through bankruptcy; however, after creditors make life miserable, the day may come when bankruptcy sounds like a good option. Many people file for bankruptcy. For example, credit card debt and medical bills can add up quickly until they...
Medical debt continues to soar
Statistics show that the U.S. spends more on health care per capita than any other country. However, not all of this is government spending. Many Virginia residents carry a heavy burden of medical bills. This has resulted in an ever increasing inability to pay for...
Planning one’s estate for the future
Seeing as the new year has begun, most people living in Virginia have started to carry out their New Year's resolutions and take more responsibility for their lives. One of the best ways to step up and be more responsible is to plan for the inevitable and prepare...