August 2019 Archives

July sees significant increase in bankruptcy filings

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.

Mobile apps may trap Virginians in revolving door 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.

Forensic accountants may help during property division

The initial impact divorce is usually emotional in nature. Oftentimes the parties feel hurt and sad that they no longer care for each other as much as they once did. As tough as it can be to deal with these emotions, Virginians who are going through the divorce process must think about more than just their heartache. They also must consider how their divorce will affect their financial well-being, and plan accordingly.

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