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Michael D. Hart, P.C.
Helping You Move Forward Free Of Financial Problems
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January 2018 Archives

Why filing for bankruptcy makes financial sense for some

Financial burdens arise for various reasons in life. Despite the story that led you to consider bankruptcy, seeking solutions to an unmanageable money trap is commendable. Not everyone has the courage to face a financial disaster that is directly attached to your wellbeing. Examining legal options to alleviate the burden of lenders owed often signifies maturity in handling future financial responsibilities.

Pros and cons of using a loan to pay off debt

Virginia residents and others who have debt are likely to be paying off car loans, student loans and credit card balances. They may also be paying down home mortgages. The typical American household that does carry debt averages $131,431 owed to creditors. Some believe that taking out a 401(k) loan is the best way to take care of those and other debts.

What trustees do in a bankruptcy

The role of a trustee in bankruptcy varies depending on whether the person has filed for a Chapter 7 or a Chapter 13 bankruptcy. In either case, when a Virginia consumer decides to file for bankruptcy, it is necessary to complete a document that lists assets, debts, property and expenses. A trustee may ask for additional information such as pay stubs.

What does a bankruptcy timeline look like?

Imagine that after graduating from college, you find a job that makes you proud and allows you to live the life you've always wanted. As the months and years pass, you keep saving to make a big purchase, such as putting a down payment on a house. But suddenly, it all comes crashing down. You get into a car accident and have to pay thousands of dollars to deal with it. You suffer a medical emergency soon after, embroiling you in medical debt. And on top of it all, the credit card debt that you usually pay off on time is now too much for you to handle.


Michael D. Hart, P.C.
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Roanoke, VA 24011

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