While filing for chapter 7 can help you get a handle on massive debt, your credit score will be negatively impacted. While bankruptcy typically stays on your credit report for ten years, there are steps you can take to begin immediately rebuilding your credit and restoring your finances. Nerdwallet offers some tips on credit repair post-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.
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.
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.
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.