Lots of Virginia residents find themselves facing insurmountable debt. In many cases, that debt arises due to medical bills. Even insured patients can rack up thousands of dollars in medical bills if they need pricey specialized treatment, expensive prescription drugs...
Month: May 2019
Medical debt remains the most common cause of bankruptcy
Roughly 530,000 families throughout Virginia and the rest of the U.S. file for bankruptcy each year. The majority of those cases involve debt incurred due to medical reasons, according to a study published recently in the American Journal of Public Health. After...
Financial hardships that could lead to bankruptcy
Some people may think that only irresponsible people have to file for bankruptcy. But this is not true.In fact, many people who file for bankruptcy are rational, sensible people who run into unexpected hardships. Anyone can find themselves in a difficult financial...
Congress moves to change bankruptcy rules for student loans
Virginia residents who are burdened by overwhelming debt may seek relief by filing for bankruptcy, but student loans are generally not dischargeable under a Chapter 7 or Chapter 13 petition. However, that may soon change as a bill was introduced on May 9 that would...
Credit card companies report rise in charge-offs
Some consumers in Virginia may be struggling more with credit card debt than they were in the past. Bloomberg Intelligence reports that in the first quarter of 2019, the charge-off rate increased to 3.82%. These are loans that credit card companies do not expect to...
Improving credit score possible after bankruptcy
The impact of a bankruptcy on a person's credit score depends on a number of different factors. There are cases where a Virginia resident who is struggling to pay debts actually sees an improvement in his or her credit score after filing for bankruptcy. Credit scores...