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Richmond Virginia Bankruptcy Law Blog

What can chapter 13 bankruptcy do for you?

At some point, most people in America find themselves in serious financial hardship. When the idea of filing bankruptcy arises, many consumers who might benefit from it significantly never learn enough about the process to understand what it can do for them.

This unwillingness to consider bankruptcy as a legitimate opportunity to shed debt may cost a person years of hardship.

Is my used car covered under the lemon law?

When you buy a vehicle in Virginia, you expect it to be in good condition. Unless the seller discloses any issues, you expect it to run properly and not require any maintenance. When buying a used car, there are often exceptions. Since the car is not new, it may have issues even the seller does not know. In any case, the lemon law may help you if you get a vehicle that has serious defects.

According to the Better Business Bureau, the lemon law is called the Virginia Motor Vehicle Warranty Enforcement Act. As the name suggests, it only covers vehicles under manufacturer warranty. This may include used cars. Often, though, it only covers new cars. The law protects you for 18 months after purchase and allows you the right to have the manufacturer or seller to have to fix any defects covered by the manufacturer's express warranty. If the manufacturer or seller cannot fix the defect, they may have to give you a new vehicle or refund your money.

What are the main differences between Chapter 7 and Chapter 13?

When you decide to file bankruptcy in Virginia, one of the first choices you have to make is whether to file Chapter 7 or 13. These offer some similar benefits, but they are quite different in how they reach the resolution. It is essential to understand the options, so you can make a proper decision on which type of bankruptcy to file.

Experian explains that the main difference is that Chapter 7 wipes out your debts through selling your assets while Chapter 13 is a repayment plan. Essentially, you sell any non-exempt assets to get money to pay creditors, making Chapter 7 a liquidation. In Chapter 13, there is more of a reorganization where your debts are adjusted and consolidated into one payment. The bottom line is that with liquidation, you generally will lose your assets because the court sells them to pay back your debts. With reorganization, you usually get to keep your assets.

Maintaining physical health during divorce is important

When a couple makes the decision to pursue a divorce in Virginia, their time often fills up with making important decisions about their future and how they will begin to untangle years of sharing everything they have with someone else. Even during quieter periods of the divorce process, people may be so consumed with their emotions, that maintaining their physical health goes on the back burner. However, when people recognize the value of maintaining their health and wellbeing despite the chaos, they can put themselves in a better position to cope with the unprecedented changes. 

According to U.S. News, people should do everything they can to keep their schedule as similar to what it was previously. Striving to keep some balance and normalcy will provide clarity and direction even when things get dramatic. They should also make a habit of exercising on a regular basis and focusing on their nutrition. Investing in preventative health and learning more about health benefits is another way in which people may be able to be proactive about staying healthy. 

Boomers and bankruptcy

If you are like most Virginia residents in their 60s and older, you never expected to be at this stage of your life still struggling to make ends meet financially. Yet, if this is your everyday reality, you are far from alone. New data released from the Consumer Bankruptcy Project shows that more people 65 and older are filing bankruptcy today than in the past.

According to Fox Business, in 1991, people in this age group represented a mere 2.1 percent of all bankruptcy filers. Today, they comprise 12 percent of all people who file for bankruptcy relief. In addition, the number of seniors who have filed for bankruptcy has doubled since 2013.

Waiting for Social Security Disability can lead to financial woes

The average worker in Virginia has no desire to secure Social Security Disability income. After all, the only reason people apply for these benefits is a severe injury or debilitating illness. It can be incredibly humbling for someone who has spent their entire adult life working for a living wage to need to ask for Social Security Disability payments while unable to work.

Sadly, people get hurt at work and medical conditions progress over time. Every day across the state of Virginia, people realize that they can no longer continue performing their job due to injury or illness. If the condition is likely to persist, these individuals may find themselves in need of Social Security Disability income. Unfortunately, simply applying does not connect individuals with the benefits they need to maintain their homes and families.

What is the dealer's responsibility to you?

You are excited about the prospect of getting a vehicle that is new to you. You are confident that under the protection of the Lemon Law in Virginia, you will be able to find a vehicle that is dependable and reliable that meets your requirements. Understanding what the dealer's responsibility is to you is important so you can make sure that you have accessibility to all of the protections provided by the state's Lemon Law. 

If you do not do your research and end up with a defective vehicle that has not been properly disclosed, you may be at a loss and left to try and figure out what needs to be done to get the vehicle to work properly so you can use it. According to Virginia Law, if the vehicle that you are purchasing was initially returned to any manufacturer or distributer on account of being defective, this information must be disclosed to you in written documents by your dealer. You can ask to see this information at any time and should have immediate accessibility to its contents. 

Recovery from bankruptcy takes time and commitment

Bankruptcy is rarely something that people plan for. In fact, it is often a decision that is made after the grueling discovery that recovering from financial missteps is relatively impossible. For many people in Virginia, the disappointment of having to file for bankruptcy is exfoliated by the fact that their credit will take a significant blow from such a large financial blunder. However, with time, it is certainly possible for people to recover from going bankrupt and continue to enjoy a promising and rewarding financial future. 

Bankruptcy is only something people should resort to after they have tried everything else to fix their financial situation. Some suggestions people may consider include working with their creditors to establish different terms and conditions on their loan agreement, reassessing expenditures and cashflow, and even creating a new budget to reflect necessary changes. 

Frontier Airlines works to overcome financial instability

When companies realize they are on the verge of bankruptcy, the future can seem quite bleak. In many cases, organizations fail to overcome their weaknesses and end up having to suspend business operations entirely. However, businesses in Virginia that are financially struggling, have many options to consider as they try to diagnose what missteps were ultimately responsible for creating their current situation. With the right strategy and tenacity, struggling companies are often able to regain traction and once again enjoy success.

An example of a once-bankrupt company that has worked hard to overcome its hopeless fate, is Frontier Airlines. It has been widely reported that the airline worked hard to map new routes, market to a new customer base and even update its fleet in attempts to boost its financial performance. While their efforts have paid off, the company still appears to be operating without much direction for the future. Uncertainties are now due to issues with customer service and with union backlash regarding the treatment of pilots. 

Financial problems that could lead to bankruptcy

Operating a business in Virginia can be full of surprises when the economy shifts, consumer interests change, new competitors enter the market or key employees end up leaving. In each of these cases, critical decisions must be made to identify new goals that will ultimately allow the organization to continue to work towards accomplishing their goals. However, if a business is not proactive about maintaining the health of its finances, any one of these scenarios could cause significant stress and strain. 

In an effort to avoid having to file for bankruptcy, companies must understand the warning signs that indicate that their business is in dire need of a financial boost. According to azcentral.com, some of the red flags that generally precede bankruptcy include the following:

  • A business is unable to attain credit from banks or other lenders.
  • A business is unable to pay off loans.
  • A business is struggling to overcome previous financial setbacks.
  • A business is beginning to receive phone calls from debt collectors.

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