September 22, 2019
Dos and Don’ts if You’re Arrested for Being Drunk in Public in Harrisonburg
When you have easy access to a downtown area described by Harrisonburg Tourism as a lively center for food, drink, history, and culture, you don’t need a special occasion to enjoy the area. Still, an everyday celebration can take a downturn if you’re arrested for public intoxication. In Virginia, this offense is called being drunk in public, and you could be surprised by the severity of the penalties for a seemingly minor crime. Contact a Harrisonburg criminal defense attorney right away if you’ve been arrested, but review a few Do’s and Don’ts about drunk in public laws.
DO Exercise Your Right to Remain Silent: The US and Virginia Constitutions both protect you from self-incrimination, which means police cannot force you to answer questions or make statements. If officers ask questions, you should stay quiet and request to speak to your lawyer.
DON’T Resist Arrest: Never, ever try to fight police when they’re apprehending you – either through verbal statements or physical force. Resisting arrest is a much more serious crime as compared to being drunk in public, and you shouldn’t risk additional charges. Save the battle for the courtroom.
DO Understand the Prosecutor’s Burden: Since public intoxication is a crime, the prosecution must prove beyond a reasonable doubt that you’re guilty. There are two essential elements in these cases, each of which is subject to this standard. They include:
- Proof that you’re intoxicated, which is based upon the arresting officer’s observation. Proof of your blood alcohol concentration (BAC) isn’t necessary for drunk in public charges.
- A showing that you were in public.
DON’T Skip Out on Your Court Hearing: After you’re arrested, you’ll get a court date to address the charges against you. Make sure to attend this hearing and arrive early. You should also dress appropriately for this official proceeding, by wearing clothing similar to what you’d don for a job interview.
DO Be Prepared for Applicable Penalties: Though you may believe you have a defense or you’ve worked out a plea bargain, you know the punishment you could face for a conviction for public drunkenness. This offense is a Class 4 Misdemeanor, so a judge will issue an order in accordance with Virginia’s punishment statute. You could receive a fine up to $250; plus, you’ll have a conviction on your criminal record.
DON’T Attempt to Represent Yourself: Because of the implications for your future, it’s important to retain an attorney to defend your interests in court. You may think public intoxication is a minor offense, but the conviction will follow you. Even after you pay the fine, you could have problems with employment, loans, and in other areas.
Set Up a Consultation with a Harrisonburg Criminal Defense Lawyer
If you’ve been arrested for being drunk in public, please contact Cravens & Noll PC for assistance in fighting the charges. We represent clients throughout Central and Western Virginia from our office in Harrisonburg, VA so we’re well-versed in the laws that apply to your case. You can call our firm at 540.246.0684 or visit our website to schedule a consultation with an experienced attorney.
Find Public Intoxication Lawyers Near You in Harrisonburg
If you are facing charges you need the expert services of a criminal defense attorney. Cravens & Noll is your criminal defense law firm in Harrisonburg, offering a range of services designed to reach the optimal outcome for your case. As a specialized DUI law firm, we handle cases of any complexity. Speak to a lawyer today by calling us at (804) 330-9220.
August 31, 2019
Checklist for a Virginia Parenting Plan
All parents have rights and responsibilities regarding care for minor children, so custody and visitation will be a primary issue in a Virginia divorce case. Courts tend to favor a shared approach to these issues, so that the child enjoys a strong relationship with each parent. A report published by the Institute for Family Studies confirms the benefits of a co-parenting arrangement, stating that children in such environments experience better outcomes with respect to overall well-being.
To achieve these positive outcomes, state law encourages divorcing couples to come up with a parenting plan that addresses the various issues that arise in shared parenting. A Virginia child custody attorney can provide specific recommendations based upon your unique situation, but a checklist for parenting plans may offer some guidance.
Joint Custody Issues: Under Virginia’s definition of joint custody, both parents share in the responsibility for the child’s care and each has the power to make decisions regarding important issues involved with raising him or her. Examples include determinations on education, health care, extracurricular activities, and others. The parenting plan should identify which decisions require mutual agreement, as well as how parents will go about resolving disputes.
Default Time Sharing: For practical purposes, one parent will likely have residential custody – which doesn’t not affect joint custody in terms of decision making. However, that does mean that the other parent has the right to parenting time, traditionally referred to as visitation. The parenting plan should address when and how the non-residential parent will exercise visitation rights on a routine, regular basis; usually, this will revolve around the school year. The plan should also mention the protocol for what happens when one parent cannot participate in time sharing because of work or personal reasons.
You should note that the arrangement of both custody and visitation must comply with the Virginia’s best interests of the child standard. Even if you can agree upon a parenting plan, a judge may still reject it if it doesn’t support the 10 factors listed in the statute.
Time Sharing for Breaks and Holidays: Aside from the default provisions on time sharing, your parenting plan should include provisions regarding school breaks, holidays, and other special occasions. For example, it’s common for parents to alternate major holidays and the child’s birthday. Each parent should expect to have the child for his or her own birthday, plus respective Mother’s and Father’s Days.
Expectations Regarding Parental Communication: Probably the most critical component of the parenting plan is communication, because of the benefits for coordination and compromise on raising the child. You should set up specific parameters for how often you discuss child-related issues and what happens in the event of an emergency, as well as many other matters.
Contact a Virginia Child Custody Lawyer About Your Case
To learn more about parenting plans and how to structure an arrangement that works for your family, please contact Cravens & Noll PC to claim your initial consultation. Our family law attorneys represent clients throughout Central and Western Virginia from our offices in Richmond, Chesterfield, Henrico, and Harrisonburg. We can provide additional information after reviewing the details of your case.
July 26, 2019
4 Bankruptcy Mistakes That Can Affect Your Rights
If you’re experiencing financial burdens and are desperate for a solution that will help you get control over your debt, you’re not alone. Statistics from the American Bankruptcy Institute reveal that almost 12,000 people have filed for personal bankruptcy in Virginia so far in 2019. For many, bankruptcy is a viable option for moving on and getting a fresh start, as long as it’s done properly.
Unfortunately, many people make critical mistakes with the bankruptcy process if they don’t have a legal background. A Virginia bankruptcy attorney can help you steer clear of these issues, and the cost is probably more reasonable than you think – especially when compared to the consequences of errors and omissions. Some of the top mistakes you can avoid with the help of a bankruptcy lawyer include:
- Filing Under the Wrong Chapter: There are two forms of bankruptcy for individuals, and the path that’s right for you will depend on your circumstances and goals. Chapter 7 is a discharge of all debts and, though some cannot be eliminated entirely, you can emerge from the process without owing on others. This proceeding does have drawbacks, especially with respect to your credit score going forward. Chapter 13 is a debt restructuring plan, where you’ll keep making payments on your debts – but under an arrangement that you can afford.
Each approach to bankruptcy features pros and cons, with respect to your assets, your situation during the process, and your future after it concludes. One of the biggest mistakes you can make with bankruptcy is choosing the wrong chapter for filing.
- Waiting to Set Up Credit Counseling: You’ll need to consult with a bankruptcy court-approved credit counseling agency within 180 days before filing your petition under Chapter 7 or Chapter 13 of the US Bankruptcy Code. Since it’s a requirement, there’s no reason to delay setting up the consultation.
- Paying Off Debt with Savings or Retirement Accounts: Spending down your savings to pay off creditors may not be the best move, as you may be able to protect these assets in bankruptcy proceedings. Otherwise, you could be applying these amounts to late fees and interest – without even touching the past due balance. The exception might be where you could pay off your entire debt, or almost all of it, by clearing out your savings. Retirement accounts are different, especially an IRA or 401(k). By taking early distributions, you could incur are tax implications and penalties. Worse, you’ll have less for retirement later.
Schedule a Consultation with a Virginia Bankruptcy Lawyer Today
The most effective way to avoid bankruptcy mistakes is to work with a knowledgeable attorney throughout the process. For more information on our bankruptcy services, please contact Cravens & Noll PC or fill out our consultation form. We can meet with you at our offices in Richmond, Chesterfield, Henrico, or Harrisonburg. Our team has helped countless individuals in Central and Western Virginia get out of debt, and we look forward to helping you with your rights and your future.
May 30, 2019
Fathers’ Rights
Regardless of your gender or your parental status, seeking a divorce from your spouse can be an emotional undertaking. Not only is separating from someone whom you once deeply loved difficult, but so too is understanding the various laws that surround divorce.
At the law offices of Cravens & Noll PC, we know that men in a divorce often believe that they are unfairly disadvantaged, especially if they are fathers. Our lawyers are here to help you protect your rights as a father in a Virginia divorce, as well as effectively navigate the divorce process as a man.
We Represent Men Like You During a Separation or Divorce
Our lawyers will stand by your side as you navigate the divorce process, and can help you to understand and navigate the many legal topics that are a common part of divorce. These include:
- Property division. The equitable division of property can be one of the toughest issues to navigate in any divorce. Our lawyers will make sure that you understand the law, how to effectively negotiate a property division agreement, and what your options are when negotiations prove unsuccessful.
- Child custody. Many fathers believe that they will not be awarded custody of their children based solely on the fact that they are men rather than women. However, courts do not favor mothers based on gender alone, and men have as equal of a shot at obtaining child custody and visitation as do moms.
- Child support. The non-custodial parent in a child custody arrangement is typically ordered to make child support payments to the custodial parent. We can help you to understand how child support is calculated, how to adjust a child support payment, and factors that affect child support.
- While typically not an issue in a divorce, the establishment of paternity is critical for all fathers who wish to have parental rights, including the right to seek custody of or visitation with a child.
- Alimony/spousal support. Alimony is a common part of a divorce settlement; however, much like child custody and support, men often believe that they are at an unfair disadvantage when it comes to alimony, especially when a wife served as a stay-at-home mom. Let our lawyers represent you in negotiating your spousal support settlement, and help you to understand the laws that will guide a judge’s decision should your case go to court.
- Enforcement of a premarital agreement. We represent both men and women in the formation of premarital agreements in our state. Additionally, we can also help you to prove the validity of your premarital agreement, as well as enforcement of your premarital agreement, should your marriage end in divorce.
In addition to the above, we can also represent men who have been accused of, or who are victims of, domestic violence. We also provide representation to men who are in the military and who are navigating divorce.
Fathers’ Rights and Child Custody in a Virginia Divorce
As stated above, one of the most sensitive issues for men in a divorce is that of child custody, primarily because most men believe that they will not be given custody of their child(ren) based solely on the fact that they are men, not women. Our lawyers are here to help you to navigate the child custody process and protect your rights.
Courts cannot make a decision about child custody based on the gender of a parent alone. In fact, while there once was a presumption that mothers were indeed better caregivers than men, most states have done away with this. In fact, the law in Virginia explicitly reads that there “shall be no presumption in favor of any form of custody” (referring to sole or joint), and that the court shall encourage both parents to share in child-rearing responsibilities, and that there shall be no “presumption or interference of law in favor of either.” This is found in the Code of Virginia Section 20-124.2.
This means that when it comes to seeking custody of your child, you have just as much of a right and an opportunity to seek the custody arrangement that you want, and that is best for your child. You may try to seek sole or joint custody of your child depending upon your situation.
What Factors Do Courts Consider if Not Parental Gender?
When parents are divorcing, they are encouraged to negotiate their parenting plan outside of court; this is less expensive, less time-consuming, and often has a more favorable outcome. However, if parents cannot reach an agreement, they will need to turn to a judge to issue an order. Should a court be tasked with making a decision about child custody, it will do so based on the best interests of the child. In Virginia, factors that a court considers in determining a child’s best interests include:
- The age of the child;
- The mental and physical condition of the child;
- The relationship that exists between the child and each parent;
- The needs of the child;
- The role that each parent has played in the upbringing and care of the child;
- The ability and willingness of each parent to support the child’s relationship with the other parent;
- The desire of each parent to maintain a close relationship with the child;
- The preferences of the child;
- Any history of abuse or domestic violence; and
- Any other relevant factors.
By demonstrating to the court that your child spending time with you is within your child’s best interests, you can win full or partial custody of your child. Our lawyers know what courts are looking for and what it takes to build an effective case.
Call Our Virginia Fathers’ Rights Attorneys Today
While being a father may have many benefits, when it comes to a divorce, especially a custody child arrangement, men may feel as though fatherhood is a disadvantage. However, this is not necessarily the case, especially when a father is represented by a competent lawyer who knows how to advocate for their rights.
To learn more about our fathers’ rights lawyers and our legal services, please contact us today for a consultation. We serve clients in Richmond, Chesterfield, Henrico, and Harrisonburg, Virginia.
April 15, 2019
Bankruptcy and Virginia Personal Injury Claims — What You Need to Know
If you are contemplating or have already filed for bankruptcy protection, it’s important to know how that can affect your Virginia personal injury case. If you are the plaintiff in a personal injury matter and the defendant has filed for or indicated they will file for bankruptcy, it can have a major impact on your case.
Plaintiff Files Bankruptcy
If you are the plaintiff in a personal injury matter and file for bankruptcy in Virginia while the case is pending, you are at risk for losing the right to claim your medical expenses and bills as part of your demand for damages at trial. There are instances where you can lose the right to claim them prior to trial, even if you did not include them as debts in your bankruptcy paperwork. Some bankruptcy proceedings will dismiss all debts, even if you did not specifically list them.
The ability to claim them in your personal injury case may vary based on the court your case is filed in. Some Virginia courts have allowed you to claim bills included in your bankruptcy, while others have issued rulings that says you cannot since you never had to pay them.
Defendant Files Bankruptcy
If the defendant in your lawsuit has filed for bankruptcy and he or she is at fault for the accident, it can definitely impact your case. The important determining factor is whether the bankruptcy is filed while your personal injury case is pending or after it’s concluded.
If he or she files before the personal injury matter is concluded, you will be listed as a creditor and therefore must stop attempts at collecting any money until the bankruptcy matter is concluded. This is something that could take years in some instances.
There is a way to proceed with your case if you agree to only seek recovery through insurance coverage the defendant has. The downside of this is the insurance company no longer has to worry about protecting their insured, so they may offer less money since there is no personal exposure.
If the bankruptcy filing takes place after your personal injury matter is concluded, there is a chance you lose the opportunity to collect any money. The insurance company would pay the amount of a verdict up to the insured’s limits, leaving the defendant on the hook for the remaining amount. If the judgment is for a large amount, it could be discharged in the bankruptcy. There are some situations, like a verdict related to a drunk driving accident, that are not eligible for being discharged.
Retaining a Virginia Attorney
If you have questions regarding bankruptcy filings and personal injury claims, it’s important to speak to a Virginia attorney who has experience in both areas. Please contact the team of Cravens & Noll PC at 804-330-9220. We have five different offices conveniently located in Central and Western Virginia. Our firm represents both individuals and businesses for a variety of legal matters, including personal injury and bankruptcy. Let one of our knowledgeable attorneys help resolve all your legal needs.
March 29, 2019
Potential Reasons your Virginia Prenuptial Agreement Could be Deemed Invalid
Virginia is an equitable property state, which means that during a divorce, your marital assets will be divided in an equitable manner. Equitable does not mean equal. If you have a prenuptial agreement and it is deemed invalid, the court will divide assets according to Virginia law, not your contract. This is why it’s crucial to have your prenuptial agreement drafted by a Virginia family law attorney.
Here are some of the reasons your prenuptial agreement could be deemed invalid during your divorce.
Agreement is Not in Writing or Signed
The law does not allow for oral prenuptial agreements. Your marital agreement must be in writing in order for the court to determine its validity. And, on that note, if you have it in writing and it’s not signed by your spouse, the agreement will be declared invalid.
You Broke Up Before the Marriage
If you have joint assets prior to the marriage, you may have included those on your prenuptial agreement. If you end up breaking up before the wedding takes place, the agreement won’t be valid as the act of marriage is what would make it valid. To split up the assets you own jointly, you may have to litigate some of these issues.
Your Agreement has Invalid Provisions
The court will determine your prenuptial agreement is invalid if it contains invalid provisions. The courts give considerable latitude when it comes to what a prenuptial agreement can contain. However, if your agreement is in violation of a federal or state law, the judge may deem the whole agreement invalid. There is a chance the judge may only strike the clause that is invalid, but is it worth taking that risk to include something questionable in your agreement?
Agreement Contains Fraudulent Information or Assets are Missing
In order for a prenuptial agreement to be valid, both parties have to disclose all their financials. This includes income, debts, assets, and any other liabilities. If one party is attempting to hide assets or puts fraudulent information in the agreement, there is a good chance the judge will declare the entire agreement invalid. It’s important to be as transparent and forthcoming as possible in a prenuptial agreement so you do not run the risk of your soon to be ex claiming you purposely hid assets or misrepresented some information in the agreement.
Your Agreement is One-Sided
A prenuptial agreement that heavily favors only one party will likely be thrown out. You cannot draft an agreement that leaves one spouse in complete financial ruin in the event the marriage breaks up. These types of agreement are referred to as unconscionable contracts and won’t stand up in court.
Retaining a Virginia Marital Agreement Attorney
In the event you need to have a prenuptial agreement drafted, or you have been presented one to sign, it’s important to speak to a skilled Virginia premarital agreement attorney. By ensuring your soon-to-be-spouse has your agreement reviewed by his or her own independent attorney, it eliminates any claim of being forced to sign under duress or that they lacked mental capacity to sign. Contact Cravens & Noll PC at 804-330-9220 to schedule a consultation.
February 28, 2019
Types of Insurance Coverage Available for Your Personal Injury Claim in Virginia
Like other states, Virginia sets forth minimum requirements on what types of insurance coverage drivers are required to carry. Some drivers may opt to purchase the bare minimums, while others will carry higher limits. Virginia also has a unique option that allows you to drive uninsured, but only after you pay an Uninsured Motorist Vehicle fee to the DMV, and it means you are on the hook to pay for any accident out of your own pocket.
If you’ve been in an accident that was not your fault, it’s important to know what types of coverage may be available to reimburse you for damages you sustained.
Required Coverage in Virginia
If you purchase a Virginia auto insurance policy, you will be required to have a certain amount of coverage for bodily injury, property damage, and uninsured motorists. To satisfy the Virginia requirements, you must have:
- Bodily Injury (BI): Minimum of $25,000 per person and $50,00 per accident. This coverage pays the other party’s medical bills, legal fees, etc. up to the limit you carry.
- Property Damage (PD): Minimum of $20,000 per accident. PD covers property damage caused to another person in an accident, up to the maximum limit you purchase.
- Uninsured/Underinsured Motorist Bodily Injury (UM/UIMBI): The minimum limits for UM and UIMBI are $25,000/$50,000. It can never be higher than the bodily injury liability limits you carry. This coverage is activated when the other at-fault driver did not have insurance, or their limits were not enough to compensate you for your loss.
- Uninsured/Underinsured Motorist Property Damage (UM/UIMPD): The minimum limit is $20,000 per accident. This is the property damage equivalent of your UM/UIMBI. Your UM/UIMPD will never be higher than the property damage limits you carry.
Special Coverage Requirements for FR-44 Policies
In some instances, some drivers will be required to carry higher limits than noted above. This includes anyone on an FR-44 policy, which is required for a minimum of three years after being convicted of a DUI. On an FR-44 policy, you are required to carry double the minimum limits and it must be filed to show proof of financial responsibility. BI and PD limits are 50/100/40 per accident, and your UM and UIM coverage will be the same limits as you purchase for BI and PD.
Optional Coverage in Virginia
There are several other types of coverage that are optional but may provide some financial assistance during an accident or loss. These include:
- Comprehensive and Collision: These have deductibles that must be paid before the coverage kicks in. These two coverages can apply to vehicle damage, whether it is from a crash or some other type of accident, or theft.
- Medical Payments (MedPay): MedPay will cover your medical expenses in an accident, regardless of who was at fault. If anyone in your vehicle is deceased, it will also apply towards funeral expenses. Limits vary by insurer, but common options are between $500 and $10,000.
Retaining a Virginia Personal Injury Attorney
If you have been involved in an accident that was not your fault, you need a Virginia personal injury attorney. Contact Cravens & Noll PC at 804-330-9220 to schedule a consultation.
January 30, 2019
Overview of Personal Injury Claims in Virginia
If you were injured in some type of incident where the other party was at fault, you have what is known as a personal injury claim. Personal injury claims can be triggered by events like:
- Car accident
- Pedestrian accident
- Premises liability
- Slip and fall
- Dog bite
- Wrongful death
- Medical malpractice
- Product liability
It’s important to retain a skilled Virginia personal injury attorney to protect your rights and have someone on your side who will fight for you to get the compensation you deserve. If the other party was at fault, you are entitled to recover for damages like medical expenses and repair costs to your vehicle. Here’s what else you need to know about personal injury claims in Virginia.
Statute of Limitations
You have two years from the date of the incident to bring a personal injury lawsuit against the person who caused the loss. This is known as the statute of limitations. If you do not protect the statute by filing a lawsuit in time, the other side has no legal obligation to continue negotiations.
Contributory Negligence in Virginia
Virginia is one of only a few states left that follows the archaic theory of contributory negligence. This means that if you contributed to the accident in any way, even 1%, you are barred from recovery. Other states follow a more liberal theory of negligence called comparative negligence. For example, if you are found to be 10% at fault for an accident in Virginia, you would recover nothing towards your medical bills and physical damages. If you were found to be 10% at fault in a comparative negligence state, you would be entitled to recover up to 90% of your damages. This is why retaining a skilled Virginia attorney is so important.
Types of Damages Recoverable
In a personal injury lawsuit, there are potentially several types of damages you are entitled to recover for based on individual circumstances of the accident. The first type of damages is called compensatory. These include economic damages like medical bills, repair or replacement of your vehicle, and rental car expenses; and non-economic damages like pain and suffering. In addition, there is something called punitive damages that may be available in select cases. Punitive damages are designed to “punish” the at-fault party, and their behavior has to have been so egregious that it demonstrated malice or a willful disregard for other people’s lives, safety, and rights. These are very rarely awarded, but they are available in extreme cases.
Wrongful Death Claims
Virginia law allows for wrongful death claims where certain beneficiaries are entitled to file a lawsuit for damage. These damages can include mental anguish, compensation for future loss of earnings from the decedent, funeral expenses, etc. The law is very specific on who can file a wrongful death lawsuit, and in what order. For example, the spouse is first in line. If there is no spouse, it moves to the next listed category of beneficiary who is eligible.
Retaining a Personal Injury Attorney
If you or a loved one was injured, or killed, in a personal injury matter, contact Cravens & Noll PC at 804-330-9220 to speak to one of our skilled attorneys. We have five offices conveniently located in Western and Central Virginia to assist you.
December 18, 2018
Factors to Consider in a High-Net-Worth Divorce
Getting a divorce can be a stressful experience for most couples. However, those couples who are considered high income earners and have a large asset portfolio may find the process even more stressful and complex. It’s important to retain a law firm that specializes in Virginia high-net-worth divorce cases.
Virginia is what’s known as an equitable distribution state. It is not a community property state where things are typically split 50/50. The courts have discretion to take different factors into account that could change their decision on how to divide marital assets. The idea of equitable distribution is that both partners walk away with a fair split of the assets.
Here are several things to know about high-net-worth divorces in Virginia.
Prenuptial and Post-Marital Agreements
It’s common to find prenuptial and post-marital agreements used in high-net-worth marriages. Depending on the terms of the agreement, some spouses may choose to challenge the enforceability and validity of the agreement based on a number of causes. It’s important you have your agreement prepared by a family law attorney and have your future spouse review it with their own independent counsel. This reduces the risk of having your agreement declared invalid during a divorce.
Spousal Support
The theory of equitable distribution extends to spousal support, or alimony. The court can require the higher-earning spouse to provide financial support to the other spouse depending on:
- How long your marriage lasted; and
- What their standard of living was like during the marriage.
Family Business
If you and your soon-to-be ex own a family business together, it is highly recommended to have an expert provide a valuation on what the business is worth. It’s important to note there may be a number of restrictions regarding withdrawals and transfers.
Property Division
Property division is often one of the topics that makes a high-net-worth divorce so complex. Couples may have multiple residences, vacation homes in other states or countries, yachts, and other assets that are located out of the country. If you have a lot of separate property, there are instances where commingling funds might make something you perceive as separate property be marital property now.
If your divorce is contested and your spouse wants you to wind up with “nothing,” there may be a chance he or she is hiding assets or liquidating them in hopes of preventing you from getting any proceeds. This may require retaining an expert, like a forensic accountant. Forensic accountants can do more than just provide a business valuation total, they can look for hidden assets and uncover attempts at liquidating known ones.
Retaining a Virginia Divorce Attorney
These are just some of the issues high-net-worth couples may encounter during a divorce. There are many other complex topics that can arise. If you are preparing for a complex or high-net-worth divorce, you need a Virginia divorce attorney who has access to the resources and experts needed to protect your assets and your rights. Contact Cravens & Noll PC at 804-330-9220 to schedule a consultation at one of our five conveniently located offices in Western and Central Virginia.
November 16, 2018
How Will Filling for Bankruptcy Impact My Future?
If you or your family is in serious financial trouble filing for bankruptcy may be a necessary step to reach a brighter financial future.
Your current situation may just be leading you no where financially. Making minimum payments on multiple debts probably means you will never catch up and pay them off. Filing for bankruptcy may enable you to get a fresh financial start, pay what you need to pay and move on. If you live in the Richmond, Chesterfield, Henrico and Harrisonburg areas Cravens & Noll may be able to help.
If you have a chronic medical condition that’s causing you pain and limiting your ability to function, as much as you may not like going to the doctor, it may be the only way to turn your health around.
It’s the same with finances. You’re in financial trouble but you may fear filing for bankruptcy will hurt you for the rest of your life. It’s just not true and it may be the step you need to get your financial health back on track.
You may fear filing for bankruptcy protection will prevent you from reestablishing your credit.
For many of our clients bankruptcy is the first, essential step to financial freedom. In the future you may have access to credit from reputable lenders you simply can’t get now. Re-building your credit may be easier if you file for bankruptcy than if you don’t.
A bankruptcy filing stays on your credit report for ten years and it may do some damage to your credit score initially but it will probably benefit you in the long run because,
- Defaults will stop. After your debts are discharged, they are no longer listed as delinquent or in default on your credit report.
- You may appear to be a better risk for creditors. Chapter 7 bankruptcy protection can only be sought every eight years. Since this option will be foreclosed for a time many creditors will see you as a better risk.
- Start your new, post-bankruptcy, financial life by building small. Creditors may see you as a good risk and will offer you credit cards and other types of credit with modest limits. By accepting a few of these credit lines and keeping your payments current, you can start with small, manageable steps to rebuild your credit. Your limits should increase and better rates should be offered over time.
- Keep these credit cards and lines of credit active and regularly paid. Use them once a month instead of using cash or check for less expensive items. Pay your $12 lunch bill with your credit card then make an electronic payment for the $12 when you get back home.
- Build an emergency reserve as best you can. This way if your income is interrupted or there’s an unexpected, high bill for medical care or home or auto repair, you’ll be able to handle it while being able to maintain your other payments.
- Stay away from predatory-lending scams and payday loans. Predatory lenders target bankruptcy filers and charge them exorbitant fees for borrowing money. Payday loans allow consumers postdate a check for the amount of the loan plus the fees for taking it. You could end up paying as much as 400% interest with a payday loan.
If you find yourself in a financial hole, you need to stop digging deeper and start thinking about whether bankruptcy might be right for you.
We want you to have the information you need to make sound decisions as you fight your way out of debilitating debt. If you live in the Richmond, Chesterfield, Henrico and Harrisonburg areas call us at 804-330-9220 or contact us online to schedule an initial consultation.