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...
There are many reasons you can be in heavy credit card debt. It can be frustrating since you may have been a financially responsible person your whole life and now faced with debt that could take 10 to 20 years to pay off.Credit card debt can happen to people of all...
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...
For people in Virginia and across the United States, credit card debt can be a severe and escalating problem. Virginia is one of the five states whose residents owe the most on their credit cards. While Virginians tend to have higher median incomes, allowing them to...
When you file for bankruptcy, an automatic stay can be a lifesaver. It won’t solve your problems, but it does give you some breathing room while you get your finances under control.An automatic stay prevents creditors from trying to collect from you for debts...
According to statistics posted by Yahoo! Finance, consumer debt has increased since 2013 by more than $1 trillion. Total consumer debt in Virginia and across the U.S. is expected to reach $4 trillion before the end of 2018. The total debt numbers break down into $1.04...
Those who are struggling to repay their debts may want to file for bankruptcy protection. However, there are certain criteria that must be met to do so. For instance, those who have filed for Chapter 7 bankruptcy protection in the past must wait eight years to file...
Debt is on the rise throughout Virginia and the rest of the U.S. In fact, American consumers owe a total of nearly $14 trillion in debt. While these debts are increasing, credit card defaults are actually dropping. A credit card default will result result in a...