Anyone can fall on hard financial times. The sudden loss of a job, the onset of an unexpected medical condition, even caring for aging loved ones can strain an individual's finances. Typically, these individuals try to do everything they can to stay afloat, even at the expense of their own emotional and fiscal well-being. Sadly, though, far too often these efforts are for naught because individuals in debt often wind up stuck in a spiral that only drives them deeper and deeper into debt.
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.
Filing for bankruptcy is a very real way for Virginians to obtain debt relief. There are two types of bankruptcy available to qualified debtors: Chapter 7 bankruptcy and Chapter 13 bankruptcy. Unlike a Chapter 7 bankruptcy, in which a debtor's assets are liquidated, a Chapter 13 bankruptcy allows individuals to retain their assets so long as they adhere to a court-ordered repayment plan that can span three to five years. At the end of that process, certain debts may be discharged. But the process can be complicated, and fully understanding it can be critical to one's successful utilization of the system.
If you listen to the news, then it sounds like the economy is clipping along at a considerable pace. Yet, despite this news, many Roanoke-area residents find themselves struggling to get by. Oftentimes they live paycheck-to-paycheck and are only one unexpected expense away from financial ruin. Others have already turned to credit cards to help makes ends meet.
Many Virginians struggle with overwhelming debt. An unexpected medical condition, the sudden loss of a job or even a bad turn in the economy can leave an individual facing financial uncertainty. While many individuals remain prideful and try to dig themselves out of their financial hole, in a lot of cases this just makes matters worse. This is especially true because debt relief options are available to those who qualify, meaning that struggling to make good on insurmountable debt is just delaying a fresh financial start.
Whether it is due to a job loss, medical debt, credit card bills or a mortgage, there are many reasons why people in Roanoke may be in serious financial trouble. These problems are only exacerbated when debt collectors start calling, their utilities are turned off or they are facing foreclosure. Fortunately, there is a way to address these problems and obtain a fresh financial start: filing for bankruptcy.