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...
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...
A person who is struggling to pay their bills because of high payments due on credit accounts and medical bills might opt to pursue a bankruptcy. For people who have an income, a Chapter 13 bankruptcy might be the most appropriate option.When you file for a Chapter 13...
Some Virginians are under extreme financial strain now in light of the COVID-19 crisis. One of the types of debt that they hold that could push them into bankruptcy is medical debt. Across the United States, nearly one-third of Americans are in medical debt, and half...
A Virginia homeowner who takes out a home equity loan is said to have obtained a second mortgage. The home equity lender is considered to have a secondary position on the home's title. However, that lender can still foreclose on a borrower who fails to make payments....
Many people in Virginia have found a path to debt relief and a new financial future by filing for personal bankruptcy. However, when tax time rolls around, they may be concerned about how their Chapter 7 or Chapter 13 filing may impact their annual tax returns to the...
Virginia residents who accrue medical debt may find themselves in a tough financial position. According to one 2019 study, there could be as many as 530,000 Americans who have filed bankruptcy in the United States because of medical debt. The study itself found that...
Millennials, individuals who were born from 1981 to 1996, are prone to medical debt that goes into collections. Virginia residents may be interested in learning about some factors that contribute to this and what millennials can do to cover their medical debt.It is...
Virginia consumers who are considering bankruptcy might wonder whether they should file for Chapter 7 or Chapter 13. Chapter 7 involves discharging all eligible debts while Chapter 13 involves creating a payment plan that allows the filer to keep some assets. In order...
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...