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

Survey finds most Americans unprepared for medical expenses

Most Americans are unprepared to pay off medical debt, but there are steps people in Virginia can take to better insulate themselves against these types of costs. The first step is to build an emergency fund. This should be three months of expenses or at least the equivalent of the deductible for the person's health insurance. A health savings account can help with this.

Why it is difficult to discharge student loans in bankruptcy

People in Virginia who are struggling with student loan debt might be considering filing for bankruptcy. However, even though Americans have a cumulative student loan debt that is more than $1.5 trillion, most student loan obligations cannot be discharged in bankruptcy.

Virginia residents and others spend tax refunds like this

You might be one of many Virginia residents who are eagerly awaiting the new year. Perhaps, you have already written a list of goals you'd like to aim for to improve your health, find a life partner or save more money. Maybe you're among those who are most excited about a new year because it means you'll soon be getting a tax refund. Do you start in December to decide how you'll spend the money?

An overview of rules debt collectors must follow

Virginia residents who owe money to credit card companies, hospitals or other creditors may have their debts sold to collection agencies. Those agencies may then attempt to contact a debtor by mail or phone. While it is legal to apply pressure to debtors, they are not allowed to threaten or harass them. For instance, a debt collector cannot threaten to file a lawsuit unless there are legitimate plans to take a matter to court.

Three options for keeping medical debt off credit cards

When looking at the statistics, it seems that Virginia residents have more money to spend on purchases and savings. Since the year 2009, the median household income has gone up by 30%. While this rise in income has its benefits, medical costs are actually growing faster than income. They have gone up by 33%. Americans may wonder how they can avoid putting medical costs on their credit card since interest rates can be so high.

Rebuilding credit after a bankruptcy

Virginia residents who are struggling to pay their bills and face daily harassment from collection agencies are sometimes reluctant to pursue debt relief because they are worried about the impact that filing a bankruptcy would have on their credit scores. While Chapter 13 bankruptcies remain on credit reports for seven years and Chapter 7 bankruptcies can be seen by lenders for 10 years, the fears over what effect this has on an individual's ability to borrow are largely based on myth.

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Michael D. Hart, P.C.
19 Church Street Southwest
Roanoke, VA 24011

Phone: 540-627-6520
Fax: 540-342-7655
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