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Michael D. Hart, P.C.
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August 2018 Archives

Survey looks at reasons for missed credit card payments

Some people in Virginia may be among the growing number of Americans who are delinquent on their credit cards. The delinquency rate has risen from 2.42 percent at the start of 2017 to 2.47 percent. Delinquency means the credit card payment is at least 30 days past due.

Generation Z already in debt

According to a survey of 2,000 people by banking and brokerage firm Charles Schwab, members of Generation Z, the generation after millennials, are already carrying debt. Young adults born between 1998 and 2002 have an average debt load of $4,343. Millennials born between 1993 and 1997 have $11,663 in average debt when credit card debt and student loans are included. Virginia residents who are in debt or considering taking on new debt should be aware of the different types of credit and debt.

More older Americans are filing for bankruptcy

Wealth inequality is blamed for many of the social ills in Virginia and around the country, and a report from the Consumer Bankruptcy Project suggests that it may also be behind a recent surge in bankruptcy filings among older Americans. Bankruptcy petitions filed by individuals 75 years of age or older have more than tripled since 1991, and filings made by people between the ages of 65 and 74 more than doubled during the same period according to the report.

Consumer debt in the United States continues to climb

Consumer debt around the country reached an all-time high of $13.2 trillion in the first quarter of 2018, which prompted many financial experts to conclude that consumers in Virginia and throughout the U.S. have not taken the lessons learned during the financial crisis and ensuing recession to heart. These fears are bolstered by a personal savings rate, which measures savings as a percentage of disposable income that has fallen to its lowest level in more than a decade. Household debt levels in the United States fell significantly between 2008 and 2013, and Americans saved more than 10 percent of their earnings as recently as the 1970s and 1980s.

What happens at a section 341 meeting of creditors?

If you have filed a chapter 7 or chapter 13 bankruptcy, you may feel anxiety upon hearing that you will need to attend the section 341 meeting of creditors. It is called a section 341 meeting because that is the section of the Bankruptcy Code that requires it take place. Provided you have disclosed all of your property, income and debts, there is no need to be nervous. However, knowing what to expect may help you feel more comfortable.

What debtors should know about Chapter 13 bankruptcy

Virginia residents and others who file for Chapter 13 bankruptcy may repay their debts over three or five years. The length of time during which they must make payments depends on their income relative to the median in the state where the case is filed. To file for Chapter 13 protection, an individual must show proof that he or she has filed tax returns in the past four years.


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