Posts tagged "Chapter 7 Bankruptcy"

Chapter 7 bankruptcy and the means test

A lot of Virginians find themselves financially struggling at one point or another. While many of these individuals are able to climb out of debt or easily manage it, others find themselves completely overwhelmed. While many people in the latter category make an ambitious attempt to claw their way back to financial stability, this isn't always possible. These individuals may want to consider their debt relief options rather than wasting time and money on an effort that likely won't resolve favorably.

Medical debt continues to spur personal bankruptcy

Health care has been a focus of the political world for decades. With the passage of the Affordable Care Act in 2010, many were hopeful that more Americans would be able to obtain the medical care they needed at a fair price. Sadly, though, a recently released study conducted by the Consumer Bankruptcy Project found that two-thirds of bankruptcy filings were spurred by unaffordable medical expenses and lost income caused by a medical condition. This number is in-line with bankruptcy statistics that pre-date the Affordable Care Act.

Can student loan debt be discharged through bankruptcy?

A vast portion of the population is struggling to find a way to cope with student loan payments. Some of these individuals feel cheated, since they felt that higher education was necessary to achieve a better financial outlook, only to be saddled with burdensome debt for years to come. This is especially true for those who find themselves on hard economic times, whether due to an unexpected medical condition, a lost job or wages that don't live up to expectations.

Chapter 7, the meeting of creditors, and the automatic stay

If you are facing serious financial challenges, then you're likely open to all debt relief options. One of the most effective ways to wipe out debt is to file for Chapter 7 bankruptcy. However, before doing so you should do your best to fully understand the process, its benefits and its disadvantages. This week we hope to give you a little clearer sense of part of the process and one of its biggest advantages.

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