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Michael D. Hart, P.C.
Helping You Move Forward Free Of Financial Problems
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May 2020 Archives

Important points you should know about a Chapter 13 bankruptcy

Coming to the realization that you need to file for bankruptcy is a serious matter. There are two types of consumer bankruptcy filings. One of these is a liquidation bankruptcy, Chapter 7, in which all your non-exempt assets are liquidated to pay off creditors. You don't have to make regular payments in this one.

Prepare for emotions that come with bankruptcy

Being in debt is a horrible feeling for many people, especially when they know they can't cover the bills. Individuals who opt to file for bankruptcy might assume that they are going to feel elated when they are able to do away with those debts. This might not be the case, however, as many people find some negative emotions creep up when they file.

Are you one of many Virginia residents considering bankruptcy?

Living in Virginia can be expensive. If you've been raising a family in this state, you no doubt agree with that statement. The good news about financial challenges, however, is that most of them are temporary. When something causes unbalance on your money scales, it's important to consider whatever options might be available to get things back on track as soon as possible.

Understand how foreclosure can be halted in a Chapter 13 filing

The Chapter 13 bankruptcy is one that's meant to help people who earn a living repay a portion of their debts in exchange for discharging the remaining balance once all the payments are made to the bankruptcy trustee. While you're making those payments, you'll have to keep up with your other bills. This means that things will be tight financially for a while.

How medical debt might impact a credit score

Virginia residents who have medical debt will see it remain on their credit reports for seven years. Unpaid medical debts are typically first listed on a credit report several months after patients receive their bills. In most cases, a hospital or other medical provider will wait three months before sending the bill to s collections agency. The collections agency then has the option to notify credit bureaus regarding the status of any amount owed.

Know the requirements for a Chapter 13 bankruptcy

A Chapter 13 bankruptcy is also known as a wage-earner's bankruptcy because it comes with regular payments to the bankruptcy court. There are specific requirements for a debtor to be able to file this type of case. Before you file, you should ensure that you meet the requirements so you aren't wasting your time if you don't.


Michael D. Hart, P.C.
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