For many people in Virginia, debt is becoming a growing crisis. In the first quarter of 2018 alone, household debt increased by $63 billion in total across the United States. This marked the 15th consecutive quarter of growing debt burdens for consumers across the...
Personal Bankruptcy
Common questions about filing for bankruptcy
If you are struggling with overwhelming debt, the practical and emotional stress is likely weighing heavily on you every day. Rather than avoiding the problem, you need to find a workable solution so you can begin to get your financial future back on track. Although...
Rise in credit card delinquencies worries economists
Figures from the Federal Reserve suggest that a worrying number of consumers in Virginia and around the country are finding it difficult to make their credit card payments on time despite a robust economy and low unemployment. The credit card delinquency rate in the...
The automatic stay in personal bankruptcy
When Virginia residents file Chapter 7 or Chapter 13 personal bankruptcy petitions, an injunction known as an automatic stay is issued. This injunction is designed to give individuals the time they need to put their financial affairs in order, and it places strict...
Does bankruptcy discharge all of my debts?
Many people have the misconception that bankruptcy will discharge all of their debts. First, there are two types of bankruptcy you could file, Chapter 7 or Chapter 13. In Chapter 7, the court could theoretically order all of your debts discharged. In Chapter 13, you...
Debt and interest rates to rise in 2018
Americans spend about 10 percent of their monthly income on debts such as auto loans and credit cards. While that may not be a dangerous level for most people, it is a good idea for Virginia residents to know where that debt is going. As a general rule, student and...
Credit card debt could become costlier
Many people in Virginia and across the country are struggling with overwhelming debt, especially as credit card fees and interest rates mount. In March of 2018, the U.S. Federal Reserve announced an increase in the federal funds interest rate from 1.5 percent to 1.75...
3 most common questions about bankruptcy
Most people have a passing knowledge of bankruptcy, but when you are considering it as an option for your financial future, you need to know all the details. It can be overwhelming at first to research this information. If you want to find debt relief and reclaim your...
How does bankruptcy affect your children?
Bankruptcy can be an intimidating process when you do not know what to expect. You worry about your current and future financial security, you worry about losing property, you worry about how you are going to rebuild your credit, and you may even wonder how it will...