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How Bankruptcy Affects Your Spouse

Life's financial curveballs can strike unexpectedly and make it difficult for you to pay bills or meet your financial obligations. Thankfully, filing for bankruptcy is among the promising options to help married couples facing financial distress achieve debt relief. However, before you file for bankruptcy, it is vital to understand how your bankruptcy petition will affect your spouse. Our knowledgeable Virginia bankruptcy attorneys can enlighten you about the impact of bankruptcy on your spouse and help you navigate key decisions.

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Medical Debt and Bankruptcy

Many Americans will face a medical emergency in their lifetime, and they will have to find a way to pay the bill. But it’s not just sudden medical emergencies that lead to expensive treatments and high bills.

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Will I Lose My Retirement Accounts if I File for Bankruptcy?

When experiencing financial distress, filing for bankruptcy is among the promising options to achieve debt relief and restore your financial health. Depending on the bankruptcy chapter you are petitioning for, you might lose your unnecessary luxury items. However, for the most part, your retirement accounts – including 401(k) and other qualified retirement accounts – will be protected in the bankruptcy case.

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Is it Possible to File for Bankruptcy More Than Once?

If you have filed for bankruptcy before, you might wonder how long you must wait to file again — or if you are even allowed to do so. In fact, many people mistakenly think it is not possible to file for bankruptcy more than once.

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Recognizing a Debt Relief Scam

In March 2021, a student debt relief scam in Virginia resulted in the Equitable Acceptance Corporation paying some 700 residents $40,000 in restitution and canceling $50,000 in debt.

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What Not to Do Before Filing for Bankruptcy

According to statistics from The American Bankruptcy Institute, there were 16,517 total business and non-business bankruptcy filings in Virginia in 2020. When experiencing financial hardship, filing for bankruptcy may be a potential solution to remedy your financial situation. With so much misinformation out there, someone thinking about bankruptcy can easily make irreversible mistakes without detailed counsel or experienced representation.

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Misconceptions About Student Loan Forgiveness

If you have a federal student loan, the government is currently forgiving all loan payments, foregoing collections on defaulted loans, and applying a 0% interest rate dating back to March 13, 2020, due to the COVID-19 pandemic. The program is slated to run through September 30, 2021, but you may be wondering — are there other means to get relief from your student loan obligations? Programs do exist, but so do many misconceptions about what is and isn’t possible.

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