There are several hoops you need to jump through before the court approves your bankruptcy. One is that you must attend classes where you learn about proper debt management. Virginia residents can take these classes online or in-person, but they are essential to get...
Personal Bankruptcy
Reasons why bankruptcy fillings are low
Virginia residents may be interested in knowing some of the reasons why bankruptcy filings are at a 10-year low. According to a report from a Supreme Court Justice, both consumer and corporate bankruptcy filing rates are the lowest they have been in a decade. But the...
Getting free of debt seen as impossible by many Americans
Only 13% percent of people who are part of the millennial generation and have credit cards are debt free, according to a report. The report, released by CompareCards.com, also found that credit card debt is a greater drag on the finances of millennials in Virginia and...
Patients face mounting medical debt
Medical treatment can leave people in Virginia struggling with massive quantities of medical debt. People across the country are facing costly medical bills that they cannot afford to pay, even when they have health insurance in place. In fact, medical debt is the...
A judgment may not be dischargeable in bankruptcy
The purpose of Chapter 7 personal bankruptcy is to provide a fresh start for an individual who has fallen behind on obligations to creditors. Most Virginia residents are aware to some degree that certain categories of debt are not dischargeable in accordance with...
Credit card debt at highest level since 2008
According to Federal Reserve Data, Virginia residents and others have combined to accumulate $1.05 trillion in revolving consumer debt as of the fourth quarter of 2018. Consumers have accrued $870 billion in credit card debt, which beats the previous record high set...
Medical debt continues to soar
Statistics show that the U.S. spends more on health care per capita than any other country. However, not all of this is government spending. Many Virginia residents carry a heavy burden of medical bills. This has resulted in an ever increasing inability to pay for...
Bankruptcy debt: Dischargeable or non-dischargeable?
Most people would rather not go through bankruptcy; however, after creditors make life miserable, the day may come when bankruptcy sounds like a good option. Many people file for bankruptcy. For example, credit card debt and medical bills can add up quickly until they...
Household credit card debt increased in 2018
Households in Virginia and throughout the country carried an average credit card balance of $8,284 in the third quarter of 2018. That was a 2 percent increase from the third quarter of 2017, according to a study from WalletHub. As debt levels increase, it may become...
Credit card debt in America passes $1.04 trillion
The amount consumers in Virginia and around the country owe to banks and credit card companies is expected to surpass $4 trillion by the end of 2018. This figure, which reflects revolving and installment debt but does not include mortgage balances, has risen by $1...