Millennials may be a large part of today's population but the vast number of people who are 65 or older in Virginia and all around the United States is large and growing as well. While 65 was long heralded as the age at which a person retired, that seems to be far from the case for a great number of people in modern society. There appear to be several reasons that contribute to this fact.
When people realize that bankruptcy is their last resort and most likely the decision they will need to make in order to get rid of overwhelming debt, they may feel defeated and worried about their future. While bankruptcy has its pros and cons like anything else, for people struggling with significant debts in Virginia, it can actually be a valuable tool in helping them to get back on their feet and work their way toward an independent financial future.
When people file for bankruptcy, they are often seeking relief from a surmounting pile of loan payments, debt and expenses. Medical expenses, however, are one of the most common types of debt responsible for pushing people off the financial ledge. Whether they have just been diagnosed with a chronic condition or they are required to go in for an unexpected surgical procedure, people may find themselves with medical debt. Furthermore, people may not be able to work while they are recovering or may become disabled and unable to work at all.
As the baby boom generation continues to age, they face new challenges that may not have been experienced by previous generations at the same stage of life. Many residents in Virginia and around the nation who are in the boomer group are plagued with serious levels of debt, forcing them to search for ways to get relief. There are different options available to consumers and for many boomers, a Chapter 7 or Chapter 13 bankruptcy may be the answer.
Once debt begins to spiral out of control, it can become increasingly difficult to get a handle on your finances, and if you are among the many Virginia residents facing mounting debt, you may be considering filing for bankruptcy. Most people who file for personal bankruptcies do so either through a Chapter 7 or a Chapter 13 filing, but there are some important differences between the two types.
If you are a Virginia senior citizen whose income consists mainly of Social Security, you know how difficult it is to stretch your money far enough to cover all of your monthly bills. In fact, you may be facing financial difficulties severe enough that you have begun to contemplate filing bankruptcy.
As a resident of Virginia who is struggling to keep up with your bills, you may be looking for ways to make your finances more manageable, and you may be considering whether filing for bankruptcy might bring you some relief. If you are like many other people facing similar circumstances, though, you may have serious concerns about whether you could potentially lose your home, should you move forward with filing.
Bankruptcy costs vary throughout the country. In Virginia, the cost of your bankruptcy could depend on various factors, such as which attorney you select to handle your case, the complexity of your situation and the type of bankruptcy you need. Chapter 7 is usually cheaper, whereas Chapter 13 is often more expensive. Per Debt.org, average filings cost between $1,500 and $4,000.
Many residents of Virginia have found themselves struggling with their finances, and many people who have done so have ultimately found relief through filing for bankruptcy. At Ferriswinder, PLLC, we recognize that, while filing for bankruptcy can be a great way to find your way back to financial freedom, doing so can also hurt your credit, at least in the short-term.
If you count yourself among the many residents of Virginia who are currently grappling with increasing debt, you may be spending your days avoiding answering your phone or otherwise dodging creditors. Having creditors continuously come after you in their attempts to collect on their debts can prove extremely stressful, but you may be able to put a stop to these excessive communications by initiating the bankruptcy process.