When a Virginia debtor has a credit card balance forgiven, they aren't always totally in the clear. In some cases, only a portion of the balance is forgiven. Furthermore, it is possible that the forgiven debt could be treated as income by the IRS. This would make it...
A study published in Health Affairs analyzed the 2016 credit reports of 4 million people. It found that over half of medical debts that went into collections each year were for less than $600. The study also found that those in their 20s have a greater chance of...
Some people in Virginia may be among the growing number of Americans who are delinquent on their credit cards. The delinquency rate has risen from 2.42 percent at the start of 2017 to 2.47 percent. Delinquency means the credit card payment is at least 30 days past...
According to a survey of 2,000 people by banking and brokerage firm Charles Schwab, members of Generation Z, the generation after millennials, are already carrying debt. Young adults born between 1998 and 2002 have an average debt load of $4,343. Millennials born...
Wealth inequality is blamed for many of the social ills in Virginia and around the country, and a report from the Consumer Bankruptcy Project suggests that it may also be behind a recent surge in bankruptcy filings among older Americans. Bankruptcy petitions filed by...
Consumer debt around the country reached an all-time high of $13.2 trillion in the first quarter of 2018, which prompted many financial experts to conclude that consumers in Virginia and throughout the U.S. have not taken the lessons learned during the financial...
Virginia residents and others who file for Chapter 13 bankruptcy may repay their debts over three or five years. The length of time during which they must make payments depends on their income relative to the median in the state where the case is filed. To file for...
When debts go unpaid in Virginia, the original creditors often pass these bills off to debt collectors. The Fair Debt Collection Practices Act applies to third-party collection agencies. The law imposes a lengthy list of prohibited activities, which could represent...
Debtors in Virginia who have filed for bankruptcy are immediately under an automatic stay from being pursued or harassed by creditors. If the actions of a creditor are in violation of the automatic stay, the debtor may have legal recourse.It is not uncommon for...
According to a report published by creditcards.com, approximately 43 million people across the U.S. have carried a debt balance on their credit cards in order to improve their credit scores. That amounts to 22 percent of American credit card users, and they may not be...