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Richmond Virginia Bankruptcy Law Blog

Can you achieve success after a bankruptcy?

When you have been struggling financially for some time, the thought of filing for bankruptcy in Virginia crosses your mind. You may be reluctant to do so because you are afraid of the lifelong ramifications of such a decision. However, you should know that filing for bankruptcy may actually help you restore your emotional and financial well-being and get you on the path to success. 

According to Forbes, some famous people who have achieved extraordinary success did so after filing for bankruptcy. This is because they took the action of stepping backwards and going through bankruptcy proceedings in order to be able to move forward thereafter. While this is not a decision that should be taken lightly, sometimes it is in your best financial interests to do so.

Medical bill woes: Balancing debt successfully

Medical bills are often unpredicted, building up as a result of an accident or sudden illness. Even with insurance, it's easy for Americans to fall thousands of dollars into debt. While a few thousand dollars of debt might not seem like much, it can be devastating when combined with an inability to work or other financial losses.

Medical care is expensive, and it's holding Americans back. The average consumer spends upwards of $10,000 on health care every year. Expenses vary based on the type of health insurance coverage you have, which is greatly determined by how much you can afford for premiums.

Can you keep your home in a Chapter 7 bankruptcy?

If you are like many homeowners in Virginia who struggle financially, you may look to Chapter 7 bankruptcy as a viable debt relief option. However, while Chapter 7 has many appealing options, there are a few pitfalls, the biggest of which is you are likely to lose your home. Fortunately, there are a few instances in which filing for Chapter 7 will not result in the loss of your home, which SFGate details for your convenience.

For one, if you are underwater on your home and decide to file for Chapter 7, your bankruptcy trustee may not be able to sell it to make enough money to pay off creditors. Your home must contain enough equity to first pay off the mortgage on your home before your trustee can begin to pay off other creditors. 

Splitting up your mortgage in a divorce

If you and your spouse have decided that you can no longer remain married, you know that you must face the task of dividing up your marital assets. Many couples in Virginia often end up selling their family homes when they get divorced but perhaps your spouse feels strongly about wanting to keep the house even after your divorce is final. This may be workable but before you agree to this, you should understand how to protect yourself in the future.

As explained by Bankrate, divorcing homeowners should never rely solely on a divorce decree to assign financial responsibility for any debt, including a mortgage. This is because a creditor does not have to heed the terms of your decree. If your name is on the mortgage, you are liable for the loan payments in the eyes of the lender. This means that if your ex is late on a payment or fails to make a payment, the bank may pursue payment from you as well as from your former spouse. In addition, any negative reports to credit bureaus will include you as well as your ex.

Can you guarantee an efficient recovery from bankruptcy?

If you have had to file for bankruptcy in Virginia, chances are you may be feeling a bit stressed and unsure of how you will recover and achieve a reliable financial foundation. Having to file for bankruptcy, while providing some relief from pressing debt, can also wreak havoc on your credit score and your ability to secure lending in the future. Fortunately, with a commitment to learning from your past, you can expedite your recovery and regain your footing. 

Perhaps the most important thing you can do is to sit down and take a good look at your past. What were the root causes of your downfall? Which financial habits may have contributed to your inability to repay your lenders without filing for bankruptcy? What can you do differently to avoid having to file for bankruptcy again? Acknowledging your mistakes and maybe even working with a financial professional to learn about optimal money management are critical to your ability to form new habits that will help you achieve your goals. 

Discussing family law issues with your ex

There are many family law matters that can make daily life tough for those who have recently split up with their spouse. In some instances, people may run into these problems years after they have finished the divorce process, such as parents who are struggling with child support payments or custody. Every couple is in a unique position with respect to the divorce process and the options that are on the table, and every divorce should be approached from an individualized standpoint. In some instances, it can be helpful to talk about these matters with a former partner.

By talking to your ex, you might have the opportunity to make things easier during your divorce. In fact, you may even be able to move ahead with a collaborative divorce and finding middle ground with respect to child custody can be very beneficial. Not only can communication help clear up confusion, but it can lead to reduced stress levels and a more favorable outcome for both parties, which is especially important when kids are involved.

Filing Chapter 13 may not mean forfeiting property

These days, it is more difficult to balance the many demands of life without at least a few frustrating complications. The more complex your life gets, the more overwhelming all of your obligations may feel.

Often, when overwhelming circumstances involve debt that is difficult to manage, it is easy to lose perspective and think that you have no options for recovery. This can happen easily if your circumstances take a turn for the worse, or if you make a financial decision that backfires. If you have significant income but struggle to pay all your debts on time, you may be a good candidate for Chapter 13 bankruptcy.

Bankruptcy or divorce: which should you file for first?

Both bankruptcy and a Virginia divorce are emotionally trying legal processes. If both are on your horizon, you may try to kill two birds with one stone and file for both at the same time. Divorce Magazine recommends against doing this. However, if you know both are inevitable, how do you decide which to file for first?

Though you may assume it would be easiest to get both legal processes over with as soon as possible, for the sake of simplicity, you should not allow the two legal matters to overlap with one another. Typically, divorcing couples choose to file for bankruptcy before going through with a divorce. They do this for several reasons. The first and most relevant reason is the automatic stay.

Managing your debt may prevent bankruptcy

Bankruptcy, while a solution if you are experiencing dire financial troubles, can have lasting consequences that take time to recover from. However, with vigilance and a resolve to not repeat past mistakes, you can overcome the effects of bankruptcy and improve the quality of your financial structure. At Ferriswinder PLLC Attorneys at Law, we are committed to educating the people of Virginia about how bankruptcy works. 

One of the most notable reasons why people may be buried in debt is because they have neglected to take the steps to prevent debt from accumulating in the first place. Often, learning how to avoid debt is simply a matter of education and implementation. If you understand how to avoid falling into debt traps and then implement what you have learned to stay out of debt, you can sustain a desirable lifestyle without compromising your financial future. 

How do you file an Illinois lemon law claim?

The purchase of a vehicle usually represents a huge investment, so it can be enormously disheartening for you to discover that an automobile you recently purchased has some sort of defect or flaw that prevents it from running properly, keeping it in the shop more often than it is on the road. You may be able to get recourse through Illinois' lemon law, but only if you meet the requirements for filing and your vehicle is eligible.

First of all, it is important to direct your complaint to the proper entity. According to the Illinois Attorney General, you cannot file a lemon law claim through the dealership where you bought the vehicle. Rather, you need to take your complaint directly to the automobile manufacturer. The owner's manual that accompanied your purchase can provide instructions on how to contact the third-party dispute resolution program associated with the manufacturer. Once you get in contact, a representative will forward you the paperwork necessary to initiate action. 

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