People in Virginia who are considering filing for bankruptcy might be wondering whether or not it will affect their ability to purchase or keep a car. In a Chapter 13 bankruptcy, a person's debts are restructured to allow the person to keep some assets and pay...
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Court rulings may change Chapter 13 bankruptcy rules
When Virginia residents file for Chapter 13 bankruptcy, they may have the ability to modify their mortgages. However, if the lien is a primary lien on a primary residence, the debt is generally fully secured even if the homeowner is underwater on the loan. This is...
Chapter 13 cram downs could come to some primary residences
Many people in Virginia who are unable to repay a large debt burden but want to preserve their mortgages, car loans and similar agreements make use of the provisions of Chapter 13 bankruptcy. Under a Chapter 13 bankruptcy, people have the ability to modify mortgages...
What to consider before taking out a 401(k) loan
The average household in America that carries a debt owes a total of $131,431. This includes mortgage debt, and other common obligations include student and auto loans and credit cards The average credit card balance is $15,654 while the average student loan debt is...
Most people do not expect to ever pay off debt
Some people in Virginia might feel it is not possible to pay off all their debt. According to a survey by Credit.com, more than two-thirds of adults think they will never be able to pay debts in full.Both the type of debt and the age of the debtor affected how...
Credit card debt: Should consumers be worried?
Consumer debt has hit an all-time high, and much of the credit goes to charge cards used by individuals in Virginia and across the U.S. Some consumers may be looking at Chapter 13 bankruptcy filings for relief from overwhelming debt while others might be able to pay...
How a 401k may help with debt relief
Virginia residents or others may find themselves in a financial emergency for any number of reasons. One way to possibly get out of that hardship is to apply for a 401k hardship withdrawal. A person may be eligible for such a withdrawal if he or she faces an emergency...
Homeowners pay more credit card interest
For many people, owning a home may be a better financial decision than renting. This is because homeowners can take advantage of tax credits while they build equity. However, it's important for Virginia residents to pay attention to the additional costs of...
Hidden cash prevents bankruptcy discharge
Virginia residents who are considering undergoing bankruptcy should understand that it is a legal process and that their bankruptcy may not be discharged if they do not follow proper procedure. This is what occurred to a single mother who filed for Chapter 7 and did...
How to buy a home after bankruptcy
People in Virginia who have filed for bankruptcy or who are considering filing for bankruptcy might wonder if they can still buy a house afterward. It is possible to purchase a home after bankruptcy, although certain conditions must be in place for this to happen.The...