Those in Virginia who are thinking about filing for bankruptcy should know that the process can do significant damage to a credit score. However, it is possible to minimize the damage over the long-term. By taking out a secured credit card or a credit builder loan, a...
Credit card debt declined significantly during the Great Recession but that trend appears to be over. According to data recently compiled by WalletHub, Virginia families now have as much debt as they did prior to the recession. This means more people might be...
Virginia residents who have student loan debt are generally unable to discharge those obligations in bankruptcy. While there is a provision for discharging these types of debts if they cause "undue hardship", this is a term that has never been clearly defined, and...
Chapter 13 bankruptcy is a legal process in which debtors use their disposable income to pay off their debts. Virginia debtors who are in some stage of the Chapter 13 bankruptcy process may find that it is possible to purchase a new vehicle or keep the one that they...
Federal Reserve data indicates that credit card debt in the United States passed the $1 trillion mark in 2017. This may have implications for the financial health of Virginia residents and others. A study by CreditCards.com sought to rank the 25 most populous cities...
Virginia residents and others who have debt are likely to be paying off car loans, student loans and credit card balances. They may also be paying down home mortgages. The typical American household that does carry debt averages $131,431 owed to creditors. Some...
The role of a trustee in bankruptcy varies depending on whether the person has filed for a Chapter 7 or a Chapter 13 bankruptcy. In either case, when a Virginia consumer decides to file for bankruptcy, it is necessary to complete a document that lists assets, debts,...