Virginia Bankruptcy Center

The most difficult part of any financial crisis is realizing that it is actually a problem. Many people wait until it's too late to seek solutions to help you out of financial trouble.

This is a list of signs that can help you realize that you are in a financial crisis.

• You cannot make your minimum payments or your missing payments regularly.
• You are receiving harassing calls from your creditors constantly.
• Your car has been repossessed or you have missed your monthly payments.
• You are behind on your rent or mortgage, or in Foreclosure.
• Your financial problems are causing problems in your relationships.
• You cannot look at your credit card bills because you get depressed.
• You cannot sleep at night because of your problems.
  
• You spend more than you earn.
• You are forced to sacrifice basic needs to pay your creditors.

If you are experiencing one or more of these symptoms you are in financial trouble. The most important thing to do in this situation is to look for an option to help you out of your financial crisis.

When other options are not available, one of the most common and effective is bankruptcy. Bankruptcy is a legal process where individuals and businesses can start over if they have become overwhelmed by their debts. The bankruptcy law allows you to liquidate your debts or reorganize your debts, depending if you have assets that must be managed by an administrator. The trustee makes sure that you do not abuse the bankruptcy process by trying to hide assets or attempting to escape the debts that you can actually afford. In many cases, however, people declaring bankruptcy have simply fallen on hard times due to circumstances beyond their control, such as a long-term illness, a fall in the housing market and unemployment.

The bankruptcy process is a legal process and has many technical aspects which you should consult an attorney before filing a bankruptcy petition. Although the process of filing for bankruptcy may appear difficult you should not be afraid to consult an attorney. We are available to provide a free initial consultation to help you determine if bankruptcy is your best option.