It’s difficult to know whether or not you’d be a good candidate for bankruptcy. It’s a big step to take, and it shouldn’t be taken lightly. However, declaring bankruptcy is the only way for some people to get out of considerable debt. The most important thing is to figure out what your aim is after filing for bankruptcy.
The Hampton Roads Law Firm of John W. Lee, P.C. has experienced bankruptcy lawyers on staff. Their Hampton Roads, Virginia-based Law have handled thousands of bankruptcy cases. Chapter 7 bankruptcies are the most common type of bankruptcy. The trusted Hampton bankruptcy attorneys at the Law Offices of John W. Lee, P.C. can help individuals file for bankruptcy and also help protect their assets through the exemptions granted by Virginia law.
Outlined below are the five common reasons for filing for bankruptcy in Virginia:
- Medical Expenses: terminal illness and hospitalization charges come with expensive medical bills. It can take decades to clear those bills resulting in a drain of savings and sometimes resulting in bankruptcy.
- Joblessness: Sudden termination or unexpected shutdown of businesses leaves a person jobless. Most Americans don’t have long-term future savings, so by the time they get a new job, they are already under severe debt which leads them to file for bankruptcy.
- Credit Cards: Americans use plastic cards with higher limits instead of cash for their expenses and lavish lifestyle. Sometimes, they are unable to clear the bill which leads to recurring charges and higher bills in the future that gets out of hand forcing them to file for bankruptcy.
- Natural Disasters: Severe storms and floods and wildfires are common in Virginia that people don’t generally plan for. Such disasters that lead to property loss and deaths aren’t covered by many insurance companies which results in heavy loss to the party who finally files for bankruptcy.
- Divorce: Divorce, separation, alimony, and child support are extremely costly, and once one partner is saddled with the majority of the debt, the debt load will quickly become overwhelming.
Filing for bankruptcy may be stressful but there is nothing to feel guilty about. Last year around 16,000 people filed for bankruptcy in Virginia. You’re on the right path if you feel this is the only thing that can save you from your overburdened debts.