Estate planning does not last forever in many cases. If you do it well before you need it, don't assume that the plan will stand the test of time. It may need to get updated. The truth is that life changes, sometimes dramatically, and your plan needs to change as well.
Estate planning updates: 3 reasons to act
What debtors need to know about their rights
According to a 2018 study, the average person in the United States has $38,000 in debt not including a mortgage. Virginia residents who are unable to pay a debt balance may receive phone calls from creditors or agencies. While it may be stressful to receive those calls, debtors do have rights that creditors and other parties must respect. The Fair Debt Collection Practices Act prohibits activities such as telling an employer about a person's financial situation.
Bankruptcy may provide protection from collection agencies
Many Virginians struggling with overwhelming debt face creditor calls, collection letters and threats of lawsuits. This situation may encourage people to file for personal bankruptcy. After all, filing for Chapter 7 puts an automatic halt to any efforts to collect the debt outside the bankruptcy process. It can provide some relief from ongoing calls, creditor harassment or the potential of a judgment in court. If creditors want to continue with a debt collection attempt, including ending a lease, repossessing property or offsetting debts, they must first go through the bankruptcy court.
