Bankruptcy could be an effective way for individuals in Virginia and elsewhere to get a handle on their finances. However, there are many factors an individual should consider before doing so. For instance, the type of debt a person has may determine if bankruptcy is right for that individual. If a person is unable to cover basic expenses each month, it may be time to file for protection from creditors.
Debt seems to be a way of life for many Virginia residents. In a perfect world, it would be better to first earn the money before spending it, but there is a general concept of what is considered "good" debt. A mortgage on a home, for instance, falls into that category because it is a long-term investment that not only is tax deductible but may be instrumental in earning money if the house appreciates in value over time. Student loan debt is also typically a positive debt but not if it becomes overwhelming to the debtor.