Roanoke Legal Issues Blog

Financial difficulties can befall individuals of any age or economic class. The sudden loss of a job, the onset of an unexpected medical condition, or other major life events can throw an individual into financial despair. These individuals may struggle to get by, sometimes going to extraordinary measures to avoid bankruptcy, even though bankruptcy may be able to provide them with the debt relief they need.

Many older Americans are turning to bankruptcy for help. In fact, the number of individuals age 65 and older who are filing for bankruptcy has tripled since 1991. Although some of these filings can be attributed to the fact that many Americans are living longer and simply running out of money, there are other, more prevalent factors at play. Perhaps the biggest factor is medical costs. Although most senior citizens can rely on Medicaid to a certain extent, medical care has become so expensive that even government assistance isn't enough to stay afloat.

If you're struggling with debt, you're not alone. In fact, in July alone, more than 64,000 Americans filed for bankruptcy, which was a 5% increase from the number of filings in June. There have been more than 450,000 bankruptcies filed in the first seven months of this year. If those numbers seem shockingly high, they aren't. Bankruptcy filings recently reached a 10 year low. Although 2018 saw 770,000 bankruptcies, that number is less than half of the number seen in 2010, which came in at 1.6 million.

There are a number of driving forces behind bankruptcy filings. While some individuals find themselves struggling with overwhelming debt simply due to overspending, most people who pursue bankruptcy are trying to find a way to cope with unexpected medical expenses or the sudden loss of a job. Far too often these individuals are left living paycheck to paycheck as interest rates and debt collection fees force them into a deeper hole of debt.

Payday loans were once a popular option for individuals in Virginia looking to bridge the financial gap between a difficult financial situation and their next paycheck. On its face, the intent behind these loans seemed fair. After all, businesses providing these loans claimed that they were short-term in nature and were meant to address challenging financial situations such as unexpected car repairs or medical expenses. The problem, of course, is that many people who turn to these loans end up facing triple-digit interest rates, and many of these borrowers find themselves in a revolving door where they constantly need to take out these high-interest loans.

Now that a light has been shone on the issues with payday loans, some are looking for new business opportunities to help people in financial need. One of those businesses in mobile app Earnin. The program allows individuals to borrow up to $1,000 against money they have already earned. Then, when their paycheck is deposited into their account, Earnin withdraws the borrowed amount with no interest. But there is a catch that may wind up leaving consumers facing even more challenging financial circumstances.

Virginia families are as varied as the individuals who occupy the commonwealth. As a result, there are a wide array of family law issues that can arise. Oftentimes problems arise when families are breaking apart through divorce. Other times, though, legal issues present themselves when families attempt to expand through adoption. The following is some basic information on stepparent adoption that may be beneficial to some of our readers.

Before a stepparent adoption can be completed, an adoption petition signed by both the stepparent and the child's biological parent must be filed. The law will only allow an individual to have two legal parents, so stepparents can face an uphill battle if the child's biological parent is still in the picture.