Virginia residents had an average of $7,161 in credit card debt in 2017. This was according to a report from Experian that looked at how Americans used their credit cards. The national average was $6,354 person, and Alaska had the highest average balance at $8,515....
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Bankruptcy
Appeals court clarifies lien stripping process in Chapter 13 case
From its location in Virginia, the U.S. Court of Appeals for the Fourth Circuit has overturned a lower court decision about stripping liens in Chapter 13 bankruptcy cases. The appeals court ruled that no proofs of claim were necessary to strip a wholly unsecured...
Credit card debt is growing rapidly
While Virginia residents may be enjoying the benefits of a strong economy, that strength could be partially because of increased credit card spending. According to the New York Federal Reserve, household debt was $13.15 trillion in the final quarter of last year. Most...
Tax debt and bankruptcy
Bankruptcy might seem like the right solution for some people in Virginia who are struggling with debt. People might file for Chapter 7 or Chapter 13 bankruptcy. A Chapter 7 bankruptcy discharges all allowable debts. A Chapter 13 allows a person to work out a payment...
Medical debt could be on the rise
Many people in Virginia are struggling with overwhelming debt that seems to be insurmountable. For far too many people, medical debt can be a major reason for their inability to pay their bills and escape financial crisis. Reports show that health care costs for...
How Virginians can rebuild credit after a bankruptcy
More than 700,000 Americans filed for bankruptcy in 2017. While the debt-forgiveness process does make it harder to get credit in the short-term, there are ways to get a higher credit score long before the filing drops from a credit report. According to a survey from...
Experian’s 2017 debt report
People in Virginia who have credit card balances or other debts can find out how their debt compares to the state average and the averages across American by taking a look at Experian's State of Credit report for 2017. The report discloses the average debt in every...
Leaning more about credit scores and bankruptcy
Far too many people in Virginia struggle with the devastating impact of overwhelming debt that seems impossible to repay. The accumulation of late fees, interest charges and other costs can leave individuals searching for a solution to their financial crises. While...
Credit card debt on the increase nationwide
People in Virginia who are carrying a lot of credit card debt are not alone. According to a report by WalletHub, in 2017, credit card debt increased throughout the country by $92.2 billion. A Federal Reserve estimate says the total owed in credit card debt is over $1...
Fed chair questions inability to discharge student loan debt
Student loan debt can be some of the most difficult debt for people in Virginia to deal with; while the numbers can be large, this type of debt is also unique in that it is ineligible for discharge in bankruptcy unlike other loans and debts. However, the chair of the...