Virginia consumers who are struggling with debt might wonder whether they should file for Chapter 7 bankruptcy. In order to file for Chapter 7, they must pass what is known as a "means test". This means that their income must be below a certain amount, which is...
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...
Chapter 7 bankruptcy may help Virginia residents and others seek relief from debt. The process begins by filing paperwork that outlines the debts and assets a person has. Debtors may also be required to produce pay stubs and other financial information to the...
Spiraling health care costs and the overwhelming debt to which it can condemn families been a problem in the United States for many years, and Congress took action to address the issue by passing the Affordable Care Act in 2010. However, a recent study published in...
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...
Hindsight may be 20/20, but why wait until your finances have collapsed to see the warning signs of what got you there in the first place. When you know better, you can prepare for the future and making it secure.Many good people find themselves struggling in serious...
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...
Virginia residents may wonder if student loans can be eliminated through bankruptcy. The quick answer is no. However, there are some exceptions to the rule. The current regulations were established by the Bankruptcy Abuse Prevention and Consumer Protection Act, which...
Going through a Chapter 7 bankruptcy can be one of the most stressful moments in a person's life. One way that this process becomes even more burdensome is the way real estate is treated in the disposition process. While a homeowner can claim a homestead exemption,...