Most Virginia residents who are struggling with seemingly insurmountable debt look at every option to attempt to address the problem. Many people have thousands of dollars in credit card debt, for example, so they look to consolidate the debt on a low interest credit...
Personal Bankruptcy
Life after bankruptcy
Filing bankruptcy of any kind is often a hard pill to swallow for many. Generally, by the time a person has made up their mind to file, the debt battle has been fought for many hard years. Whether due to unforeseen circumstances, bad choices, or some catastrophic...
Exemptions provide financial stability post-bankruptcy
Even during a strong economy, many Americans are only one unfortunate event away from financial instability. This event oftentimes arises from the onset of an unexpected medical condition that requires extensive treatment or the loss of a job. But a divorce can also...
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...
Debt reduction should prioritize interest and not payments
Tens of millions of people in Virginia and around the country are struggling with overwhelming debt. Many Americans begin taking on debt as college students and continue to borrow throughout their lives, and making the monthly payments on their loans and credit card...
The difficulty of discharging student loans in bankruptcy
People in Virginia who have student loan debt are not alone. The total student loan debt in the United States is $1.59 trillion. Unfortunately, many people are struggling to pay off these loans, and they usually cannot discharge them in bankruptcy. However, there are...
Don’t rush to bankruptcy without getting advice
If you were extra generous over the holidays and had to skip a credit card payment, you may feel terrible. On the other hand, you may be going through a slowdown at work that has caused your paycheck to be temporarily smaller until the warm weather returns. While...
How to keep medical debt under control
Medical debt is often cited as a reason why people in Virginia and other states file for bankruptcy. While it might not be possible to predict when a health issue will arise, it may be possible to manage medical debt. Ideally, individuals will take time to read and...
Avoiding taxes on forgiven mortgage debt through bankruptcy
Virginians who lost their homes through short sales or foreclosures were previously allowed to exclude up to $2 million in forgiven mortgage debt before 2018. However, the provision that allowed people to exclude forgiven mortgage debt ended in 2017. This means that...
Two major kinds of bankruptcy for Virginia individuals
People in Virginia who are struggling to make payments on their debts might consider filing for bankruptcy. There are a number of factors they should consider before they file, including the total amount of debt, types of debt and income levels. For most individual...