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Recent Blog Posts

Why Chapter 7 Bankruptcy Usually Is Not Ideal for Business Owners

If you are a business owner looking to file for bankruptcy protection, you might be wondering what bankruptcy chapter you should file under. In most cases, the answer will not be to file for Chapter 7 bankruptcy — unless you’re a certain type of sole proprietor. That’s because filing for Chapter 7 will almost always… Read More »

The Bankruptcy Means Test in Virginia

To file for Chapter 7 bankruptcy, you must pass the means test. This test is used to compare your income in the six-month period before filing to the average income of a comparable household in Virginia. If your income is below the median state income for a comparable household, which was $56,436 in 2017, according… Read More »

How to Rebuild Your Credit After Bankruptcy

Bankruptcy does not just affect the money you have available — it may also damage your credit score. Boosting that score will take some time and discipline, but it is possible. The following are some steps to help you rebuild your credit after bankruptcy: Know where you stand: Review your credit reports to figure out where… Read More »

What Are the Most Common Causes of Bankruptcy?

While bankruptcy filings have declined nationwide since 2015, Virginia’s bankruptcy rate from April 1, 2015 to March 31, 2016 of 269 per 100,000 residents exceeds that of the national average, 224 filings per 100,000 people. While many people mistakenly consider bankruptcy a last resort, the truth is that it offers a safe and legal way… Read More »

The Chapter 7 Bankruptcy Means Test Explained

The means test determines whether you have a sufficiently low income to qualify for Chapter 7 bankruptcy. People who do not pass the test but still wish to file for bankruptcy can opt for Chapter 13 bankruptcy, which requires them to organize debt repayment plans. However, you can still pass the means test if you… Read More »

Prioritizing Your Debts During Repayment

When you start to create your debt repayment plan, you may feel overwhelmed if there are many different creditors you need to pay back. Rather than trying to evenly divide your money among your debts, you should prioritize them based on factors such as the total amount owed and interest rates. The following are some… Read More »

What Are Your Rights Regarding Wage Garnishments?

Creditors may garnish your wages if you owe certain types of debts, such as child support, court judgments, back taxes or student loans. In such an arrangement, a court may order your employer to withhold a certain amount of money from your paycheck and send it directly to your creditor until the debt is satisfied. … Read More »

Steps to Help You Reduce Your Credit Card Debt

Credit card debt can become problematic very quickly because of the high interest rates charged by credit card companies. The following are a few tips that can help you reduce or eliminate your credit card debt without too much hassle: List your debts: If you have multiple credit cards, add up the amount of money… Read More »

Can You Discharge Your Student Loan Debts During Bankruptcy?

In most cases, student loan debts are nondischargeable during the bankruptcy process. However, there are rare exceptions if the person filing for bankruptcy is able to prove that paying the debts would cause extreme financial hardship. Whether you file Chapter 7 or Chapter 13 bankruptcy, the discharge order you get probably won’t include student loan… Read More »

What to Expect at a Closing

After you’ve completed your home inspection and appraisal, have purchased homeowners insurance and have secured a mortgage loan, the final step in the home-buying process is the closing. If you have never purchased a home before, this process can seem intimidating. However, it’s actually quite simple and should go smoothly if there have been no… Read More »