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Michael D. Hart, P.C.
Helping You Move Forward Free Of Financial Problems
540-627-6520
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June 2019 Archives

Young people facing more overdue credit card bills

A growing number of people in Virginia are facing escalating credit card balances. According to the New York Federal Reserve, younger Americans traditionally steered clear of credit card debt. Many millennials came of age during the financial crisis in 2008 and became more thrifty as a result. However, credit card delinquencies for 90 days or more have risen the most among younger Americans. For people age 18 to 29, these types of delinquencies reached 8% of all credit card balances in the first quarter of 2019.

Supreme Court applies objective test in bankruptcy case

The Supreme Court ruled on June 3 that creditors in Virginia and around the country may be held in civil contempt if they pursue payment of a debt that has been discharged in a bankruptcy. The nation's highest court applied an objective reasonableness standard to decide a case involving an Oregon business center's efforts to collect a debt from a real estate developer who had filed for bankruptcy. This standard means that creditors can be held in contempt when they seek payment of a debt that they have no reasonable basis to believe is not included in a discharge order.

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

Phone: 540-627-6520
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