How to Prepare for Bankruptcy
According to statistics compiled for 2019, Virginia had a bankruptcy filing ratio of 2.7 persons per 1,000 residents, with a total of 23,071 filings that year.
According to statistics compiled for 2019, Virginia had a bankruptcy filing ratio of 2.7 persons per 1,000 residents, with a total of 23,071 filings that year.
According to data compiled by RealtyTrac, 1 in every 27,085 housing units in Virginia was foreclosed upon in December 2020. The rate for Fairfax County was 1 in every 12,945 units.
According to a report by the Consumer Financial Protection Bureau, more than one-in-four consumers (28%) have at least one debt in collections.
The year 2020 has brought with it many unsettling changes amid the threat of a global pandemic. In addition to health scares, many people have been forced out of work and a number of small businesses have been threatened with failure because of government shutdowns. Debts are piling up nationwide, and many people have been forced to consider filing for bankruptcy.
Small business is the backbone of America. In Virginia, there are approximately 725,000 small businesses comprising 99.5% of all businesses in the state. On their own, a small business closure may have serious consequences for the owner and employees.
Due to numerous consumer protections like the Fair Debt Collection Practices Act (FDCPA), Fair Credit Reporting Act (FCRA) and state laws governing debt collection, it is important for a creditor to be knowledgable about the legal process for collecting a debt.