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Michael D. Hart, P.C.
Helping You Move Forward Free Of Financial Problems
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August 2019 Archives

How to time a bankruptcy filing

Debtors in Virginia and throughout the country who are struggling to keep up with their bills may be able to take advantage of Chapter 7 bankruptcy. However, there are limits to how many times an individual can file. In most cases, an individual will need to wait eight years after a Chapter 7 case is discharged before they can file another liquidation bankruptcy case. Those who file for Chapter 13 bankruptcy must wait six years before filing for a liquidation bankruptcy.

Is your debt nearing the danger zone?

You have debt. This is not unusual. It seems that everyone carries a certain amount of debt, even if it is only a mortgage, car loan and student loan. However, you may find your paycheck does not stretch as far as it once did, and the number of envelopes or email reminders you receive from creditors may be starting to overwhelm you.

More elders forced into bankruptcy

Elderly people in Virginia and nationwide are finding it more difficult to make ends meet. As a result, an increasing number of people are filing for bankruptcy later in life. There are a number of factors that are contributing to the problem, including major financial and social shifts in society. In 1991, only 2% of the people who filed for bankruptcy were elderly; that number has now reached 12%. People over 65 are often seeking relief from a range of debts. However, there are still obligations that cannot be discharged in personal bankruptcy, including student loans, tax obligations or overdue child support.

Taking on new debt during a Chapter 13 bankruptcy

Virginia consumers who are struggling with insurmountable debt may file for personal bankruptcy in order to find relief. Chapter 13 bankruptcy is available for people with higher incomes than the threshold required for a Chapter 7 liquidation bankruptcy. It has some advantages, such as lasting a shorter time on a credit report as well as allowing people to keep property while a payment plan is set up for their debts. However, an open Chapter 13 bankruptcy can persist for several years while the payment plan is in place. During this period, people can still take out new loans and get new credit.


Michael D. Hart, P.C.
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