Consumers and consumer advocates have been furious and up in arms lately as they have been victimized by the credit card companies last-minute ditch efforts to raise rates and fees across the board to customers ahead of sweeping READ MORE) Filing for bankruptcy is a right guaranteed by the U.S. Constitution to help individuals who cannot afford to pay their debt. In order to qualify for bankruptcy filing as an individual, you must fit all of the following requirements:
1. You must have accumulated at least $1,000 in debt
2. You must be unable to meet regular payments as they are due
3. You must have stopped making regular p... ( READ MORE) In the United States, bankruptcy is an option for businesses or individuals who cannot afford to pay their debt.
United States bankruptcy laws are defined in Article 1, Section 8, Clause 4 of the U.S. Constitution, which gives the U.S. Government rights to enforce "uniform laws on the subject of bankruptcies throughout the United States."
Chapters of Bankruptcy
In the U.S... ( READ MORE) |
Virginia Debt Relief
With the global economic troubles continuing to affect most every family in Virginia and the rest of the United States of America seeming ever more dire, households who’d – through foolishness or necessity – built up consumer obligations in previous years have increasingly recognized their own helplessness in the face of spiraling unsecured debts. There comes a point where even the staunchest and most independent of Virginian families should realize that they no longer are able to realistically foresee a time where pinching pennies and taking on additional labors should be able to afford a complete remuneration of their domestic arrears no matter how strongly they may wish to right their budgetary ship. Furthermore, with the added stresses of creditor agents and bill collectors demanding their payments and threatening wage garnishment or property forfeiture, many borrowers simply don’t know what to do. As should probably be expected, most Virginians in times of economic hardship first turned to the federal government and Chapter 7 debt relief bankruptcy protection in particular to find some assistance with the pressing debt loads they would not otherwise be able to repay, but satisfaction of the lenders through governmental means is not nearly as easy for ordinary Virginia families as it was even a decade ago. Regrettably, changes within the United States Bankruptcy Code – which affects all American citizens including residents of Virginia (though our representatives have aided local debtors through a slate of exemptions unique to our state) – have made this debt relief alternative less than palatable. It’s not only far harder for average Virginians to avail themselves of Chapter 7 debt relief bankruptcy protection, but the various statutes and bureaucratic minutiae involved with the procedures effectively necessitate the involvement of lawyers trained in personal bankruptcy litigations and their help will not come cheaply. Within the space allotted this article, the authors have attempted to shine a light on bankruptcy proceedings as they now stand, explain a little more about the existing safeguards which have been set in place to prevent collection agencies from taking advantage of unknowing Virginia households, and further elaborate on the different sorts of debt relief solutions which may, in the end, provide a more profound measure of relief than even bankruptcy as originally implemented could have offered.
To this end, it can be incredibly useful for the borrowers to investigate some of the debt relief options that have sprouted up around Virginia and the United States as a whole over the past few years as bankruptcy protection has developed a worsening reputation. If nothing else, once Virginians sign on for the assistance of a certified debt relief provider, they’ll be assured of an end to harassing phone calls and threatening correspondence from creditors since, by the letter of the law, collection agents will only be able to talk to the debt relief authorities about the specifics of the fiduciary responsibilities. Consumer Credit Counseling (which does little more than group together the various debts and organize household budgets for slow repayment) and debt relief consolidation equity loans (which attaches the unsecured burdens to primary residences for decades) may throw the greatest shadow upon the debt relief arena – thanks, in no small part, to the ceaseless advertising made possible by their industries’ profit margins – but debt settlement negotiation also invalidates collection agency disturbances and cleverly makes use of the negligible bankruptcy protection. Since Chapter 7 debt relief may still be available to some Virginian borrowers, creditors are forced to worry about the potential for any account to be suddenly and irrevocably wiped clean. Debt settlement negotiators utilize these concerns to force the lender representatives to cut the balances owed by as much as sixty five percent as part of an overall agreement to repay everything in less than five years. Now, considering the creditors are unilaterally ceding legitimacy to up to two thirds of rightfully held debts, this relief won’t be any more of a guarantee than Chapter 7 bankruptcy (and settlement professionals, many holding court through internet web sites, shall maintain costs not dissimilar to the bankruptcy attorneys), but the effect upon FICO scores and credit ratings will be demonstrably less than the utter wreckage left by Chapter 7 protection. For Virginia heads of household that had always hoped to pay back their loans as their grandfathers did one dollar at a time, debt relief through settlement negotiation may seem a surrender of sorts, but, these uncertain economic times, the most important thing for every family should be the security of the homestead and settlement negotiators could be a powerful ally for any honorable borrower.
Got Debt? Need Debt Relief?
The decision to reach out for help with your debt is not one that's easy to make. You were raised to "do the right thing", but now it’s nearly unbearable. You struggle along while your creditors are turning up the heat. And now you’re at the point where the late fees, penalties and interest expense make it impossible to keep your head above water.
Ask yourself this. If you could eliminate your debt without permanently damaging your credit, why wouldn't you?
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| Bankruptcy is not your only option! Our goal is to help you determine the right course of action for you to take. We will connect you with a debt settlement company today that will help you avoid filing for bankruptcy protection. |
Are your finances spiraling out of control? Get the information you need today to stop harassing creditor’s phone calls. Total Debt Relief provides a matching service to connect you with pre-screened Debt Settlement Professionals.
These debt management pros will educate you on all of the options available to you to get out of debt. Total Debt Relief helps you make the most informed decision possible so that you can get your financial life back on track. |
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