Medical debt is the top reason why people file for bankruptcy according to a Nerdwallet report. Data from Consumer Reports found that 30 percent of those who had insurance had unpaid medical bills. While such debt can be a financial nuisance for Virginia residents,...
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Bankruptcy
Understanding bankruptcy and why people file
When most people in Virginia hear about bankruptcy, the first inclination is to think of it as an action taken by a failing business. While some businesses buried in debt do explore this option, bankruptcy is also becoming an increasingly common step taken by...
The facts of missing credit card payments
More than $23 billion in credit card debt is 30 days or more overdue in Virginia and across the U.S., according to a report published by finance site NerdWallet. Missing credit card payments triggers late payment fees, and falling 60 days or further behind might mean...
Common mistakes that delay or derail bankruptcy filings
Debtors in Virginia understand that filing for bankruptcy might relieve their debt burdens and help them regain control of their financial lives. Although thousands of people approach bankruptcy courts every year in the state, the process requires careful attention to...
Survey says average Gen Zer owes more than $4k in debt
Debt isn't only a serious problem for older generations in Virginia. According to a survey of 2,000 young adults by a leading bank and brokerage firm, individuals ranging in age from 16 to 20, referred to as Generation Z, have an average debt of just over $4,300....
Interest rate increases hit struggling families hard
Consumers in Virginia and around the country pay more than $100 billion in credit card fees and interest each year according to figures from the Federal Deposit Insurance Corporation. That figure looks certain to rise in the years ahead as the U.S. Federal Reserve...
Obtaining emotional distress damages against a creditor
Virginia residents who file for bankruptcy will likely get an automatic stay from creditor activity. Some circuit courts have ruled that the stay is meant to protect the financial and mental health of a debtor. Therefore, if a creditor violates the stay, the debtor...
Debtors benefit by filing for bankruptcy early
Virginia residents who are thinking about filing for bankruptcy are generally better off doing so sooner rather than later. By waiting to file, it could result in asset depletion or other problems that make it harder to truly get a fresh start. In some cases,...
What can and cannot be discharged in bankruptcy
Mortgage, auto loan and credit card debts are among those that Virginia residents and others may be entitled to discharge in bankruptcy. In a Chapter 7 bankruptcy case, assets are liquidated with the money used to repay creditors. It is important to note that not all...
Store-branded credit cards reach 7-year high delinquency rate
According to a recent study, the delinquency rate on store-branded credit cards is spiking. The study indicates that the delinquency rate consumers in Virginia and throughout the country are facing is currently at a seven-year high. This could be bad news for...