Calls from debt collectors may be one of the more stressful elements for Virginia consumers who are overwhelmed by their obligations. However, debt collectors are required to abide by certain laws regarding when they contact people and who they are able to contact....
Virginia residents may be interested in knowing that although there is no income limit set in order to file for Chapter 13 bankruptcy, there is a limit to the amount of debt one can have. For a person to be able to file for Chapter 13 bankruptcy, their debt must be...
Young adults in Virginia and across the U.S. are in more debt than they've been in since 2007. In fact, Americans between the ages of 18 and 29 owe a whopping $1.05 trillion, according to a new report from the New York Fed Consumer Panel and Equifax. However, before...
The subprime mortgage crisis is still fresh in the memory of many Virginia residents. Thankfully, the nation has recovered from the various factors that aligned to create that situation. However, it is not unusual for families to be living paycheck to paycheck and one...
Virginia residents who are planning on filing for bankruptcy have different methods available. For those with a steady income, a Chapter 7 case involves liquidating assets and using the money to repay creditors. A Chapter 13 case involves reorganizing current debts...
Anyone in Virginia who has to deal with an unexpected illness may have issues with medical debt at some point. However, financial burdens related to cancer can be even greater, especially for younger survivors. Research presented in a peer-reviewed journal further...
Bankruptcy cases in Virginia and across the country are on the decline, but the reasons why may be more complex than they first appear. According to a report by Supreme Court Chief Justice John Roberts, bankruptcy filings have reached their lowest point in 10 years....
An increasing number of older Americans are filing for bankruptcy in Virginia and across the country, even as bankruptcies overall appear to be on the decline. While 1.6 million people filed for personal bankruptcy in 2010, that number had reached only 789,000 by...
People in Virginia who are facing insurmountable debt may look for relief from their situation by filing for personal bankruptcy. There are two major bankruptcy options for individuals: Chapter 7, or liquidation, and Chapter 13, or repayment. When a person files for...
As a whole, U.S. consumers have accumulated nearly $1 trillion in outstanding credit card debt. One of the reasons why credit cards can be so appealing is that they allow individuals access to capital beyond what they earn. However, doing so can cause a person to go...