Posted on 02 13,2017
Posted on 02 13,2017
Posted on 02 13,2017
Posted on 10 31,2016
Divorce can occur at any age. For individuals who are over 50 who have found themselves in the middle of a divorce, healthcare coverage will be one of the primary concerns they encounter. At McCormick & Calderon, our firm is committed to helping individuals of all ages through their various debt issues. We want to provide you with information on what to do if you are in the midst of a late-life divorce.
Posted on 10 31,2016
Most people enter into loans and lease agreements with the full intention of fulfilling their obligations so they can retain possession of the items purchased. It is an unfortunate fact, however, that any number of unforeseen circumstances can lead to an individual falling behind on his or her credit card payments, loans, household expenses and other financial obligations. Even with the best financial plan, when circumstances change, it may be impossible to stay current.
Posted on 10 31,2016
Financial difficulties can befall any individual, regardless of his or her occupation, social standing, income, age, gender or any other factor. While filing for bankruptcy may be a very real and viable option for most people whose expenses far exceed their income, the same does not hold true for members of the military. In the majority of cases, the Department of Defense (DOD) considers filing for bankruptcy to be grounds for disciplinary action. The DOD believes that any member of the military who has a massive amount of unresolved debt, may be more susceptible to bribes and other methods of coercion, thus posing a higher risk to military safety and security. The DOD also expects military members to exemplify the highest level of ethics and morals, both on the job and in their personal lives.
Posted on 10 31,2016
There are many factors which must be considered when making the decision to file for bankruptcy. Getting counsel from a skilled bankruptcy lawyer will help you understand the advantages and disadvantages of filing for bankruptcy, as well as assist you in determining if bankruptcy is right for you. If you have family, friends or loved ones who have co-signed loans on your behalf, one of the main issues you need to take into consideration is how you filing for bankruptcy will affect them. Should you opt to file for Chapter 7 bankruptcy all collection efforts against you will stop, however your bankruptcy protection will not extend to your co-signers. They can and will likely be held liable for the full amount of the debt for which they co-signed.
Posted on 10 31,2016
Bankruptcy is a way in which an individual can resolve any outstanding debt, avoid financial ruin and regain control of his or her life. If you have found yourself in the unfortunate situation of having more debt than you can feasibly pay off, it is in your best interests to contact a Virginia Beach bankruptcy attorney and discuss how bankruptcy can help you. It does not matter if your debt was incurred following a divorce, as a result of unexpected medical expenses, after the loss of a job, due to bad investments, from overextended credit or for any other reason, bankruptcy can help put an end to your financial woes.
Posted on 10 31,2016
Ever state has its own laws regarding child support. In the state of Virginia, child support is calculated using a specific set of child support guidelines found in Code of Virginia § 20-108.2.
Posted on 10 27,2016
If you are currently faced with an overwhelming amount of debt, you are probably willing to do almost anything to resolve that debt or get it back under control. There are limits to what you should be willing to do. We do not recommend using a debt relief company. While some of these companies may be genuine, there are numerous dangers with some unethical companies. Debt relief companies lack the legal resources, background and expertise you need when seeking to put an end to the lawsuits, wage garnishments, collection efforts and other legal issues associated with your unpaid debt. Although they are good at making promises about their ability to fix all of your financial woes and rapidly give you the relief you need, not all of these companies are actually able to deliver what they promise.
Posted on 10 27,2016
When an individual makes the decision to file for Chapter 7 bankruptcy, one of the most common concerns is whether he or she will be able to retain possession of certain assets and property. Chapter 7 is known as liquidation bankruptcy. Unless you have a way to protect your home, vehicle and other valuable assets, they could be taken and sold by the bankruptcy trustee to help get your creditors paid.
Posted on 05 30,2015
Your foreclosure can have an immediate effect on your credit score and your ability to obtain another mortgage for a certain amount of time. Your (FICO) credit score is usually the first things a potential lender will look at when applying for a loan.
Posted on 05 13,2015
In the case that the person living with you is someone other than the child’s other parent, this person is under no obligation to support your child. The other parent will be made to pay support regardless of whether you live with someone else or not. On the other hand, if your new partner provides you food, clothing, or other items, your former spouse can ask the court to lower their child support obligation. They will be required to show that your new partner pays many of their child’s expenses which frees up more of your income.
Posted on 04 25,2015
You cannot discharge overdue child support amounts in any bankruptcy, including Chapter 7. However, a Chapter 7 bankruptcy can still help if you owe back child support by freeing you up from paying other debts which can be discharged.
Posted on 04 09,2015
If you experience a sudden change in your income due to a change in your employment or living situation, you may find yourself unable to pay your child support payments as ordered by the court. There is hope, however, as you may be able to have your payments lowered by the same court.
Posted on 03 31,2015
Older people looking to divorce face unique issues younger couples do not such as health concerns, losing parents and friends, and other concerns. One of the biggest factors in a late-life divorce is the lack of time to recover from a divorce financially.
Posted on 03 18,2015
Spouses looking to divorce who may not need lengthy court battles to iron out the details of their divorce settlement should consider a collaborative divorce whereby some third party such as a professional mediator can come alongside the couple to resolve differing points of view on aspects of their divorce such as division of assets, custody, or support.
Posted on 03 14,2015
You may be surprised to learn that in the overwhelming majority of bankruptcy cases filed, the Trustees do not take any assets to sell for creditors. That means that bankruptcy filers are usually able to keep everything that they decide to keep.
Posted on 02 28,2015
If you have fallen behind on your mortgage payments and need some time to get back on track, your first step is usually to communicate with your mortgage company and to find out how they can help you. Your lender may be able to help you get your mortgage caught up, perhaps by offering you a forbearance or a loan modification. You can also get free counseling about your options through the government. Click here for a list of HUD-approved nonprofit housing counselors in Virginia.
Posted on 02 18,2015
In bankruptcy, there are two categories of debts, secured and unsecured. Secured debts are debts against something that you own, such as a financing contract, a mortgage, or a title loan. If your vehicle is secured by a debt, you have a choice when you file for bankruptcy; you can choose to keep your vehicle if you are willing to pay for it, or you can use the bankruptcy to walk away from a vehicle you no longer want to pay for, and get the debt wiped out. You get this choice for each of the secured debts you have.
Posted on 01 18,2015
It would be unreasonable to expect that a parent would stay in the same location the rest of their life. That is why the courts allow for relocation in shared custody matters. It still requires lengthy paperwork and convincing court arguments, but take heart that there is a legal solution for your potential move.
Posted on 01 08,2015
When a couple wants to go separate ways without divorcing, they may choose to pursue separation. A separation can range from a short trial period to a legally binding, permanent agreement. Some people choose to permanently separate rather than file for divorce for various reasons, most often related to their religious beliefs, tax benefits, or healthcare reasons, amongst others. Filing for separation should be carefully considered.
Posted on 12 22,2014
Children are legally connected to their parents in one of two main ways: they are biologically related or they have been legally adopted. In both, rights and responsibilities of the parent are legally established and can only be undone in extreme circumstances. Any person that is not biologically or legally connected to a child does not have any rights over them.
Posted on 11 20,2014
When a business files for bankruptcy, one of the options they may have is to sell assets in order to pay back some of their debts. If they choose this option it is important to know that creditors and other parties of interest must be notified of the sale and approve these actions in bankruptcy court. One of the options available to sell assets is a Section 363 sale.
Posted on 11 06,2014
Winning the lottery seems like a dream come true. Some regularly try their luck at the numbers and others will buy a lottery ticket to celebrate a momentous occasion, such as the birth of a child. No matter it happens, winning the lottery can seem the perfect financial boon. While this money is taxed, it can still provide substantial amount of income.
Posted on 10 30,2014
When it comes to filing for bankruptcy, people often like to weigh their options, alternatives, and the pros and cons of their choice. However, in some cases, there is no time to go through this process. If you find yourself facing a serious situation, you may need to file emergency bankruptcy to get an automatic stay put in place right away. If you do not have time to waste on filing the majority of bankruptcy forms and need a stay put in place as soon as possible, you may be able to pursue an emergency bankruptcy.
Posted on 10 14,2014
If you are overwhelmed by debt and other financial obstacles, bankruptcy may be an effective option for your situation. However, it can be difficult to determine if bankruptcy is truly the best course of action for your case without the counsel of a seasoned and knowledgeable bankruptcy attorney. Like many legal matters, you can technically file for bankruptcy without the representation of a lawyer. But is that really a wise choice? Many people think that they cannot afford to pay for an attorney, especially amidst their current debt. On the contrary, it is often true that you cannot afford to not have a legal representative at your side during this time.
Posted on 09 26,2014
Bankruptcy can be a time consuming, stressful, and even overwhelming experience for an individual without the right legal team. The process can be very complex, making bankruptcy alternatives more and more appealing to debtors. But what are these alternatives and are they as effect, safe, or affordable as the traditional method?
Posted on 09 12,2014
When a spouse/former spouse chooses to omit income on a joint tax return or claims improper deductions, it can lead to an IRS tax audit. This not only means danger for the spouse committing the tax fraud, but also the other spouse whose name is on the joint tax return. Even if you recently went through a divorce, you may still be held liable for your former spouse's actions.
Posted on 09 01,2014
In the state of Virginia, the best interest of any children involved in a divorce is placed as the centerpiece of all child custody matters. If the parents cannot come up with a custody arrangement, then the court determines what type of custody arrangement will be used. The best interest will be the primary factor evaluated.
Posted on 08 16,2014
When a creditor files a claim, it means that they wish to assert their right to receive pay out from a bankrupt estate. The bankruptcy court, the debtor, the trustee, and other creditors will be notified of this claim. While it is assumed that the debtor and trustee will likely object this claim, often times other creditors have taken action against claims as well in order to protect their payout.
Posted on 08 07,2014
Members of the military have the ability to file bankruptcy to help them gain a fresh start after financial hardship. By choosing bankruptcy, military members have a chance to get rid of most, if not all, of their debt.
Posted on 06 13,2014
If you are a parent who is going through a divorce, you probably have quite a few questions about how child custody will be determined and how disputes regarding child custody issues will be resolved. The attorneys here at the David McCormick Law Group are well-versed on the laws governing child custody matters here in Virginia Beach and throughout the state.
Posted on 06 05,2014
One of the most common questions asked by couples going through a divorce is who will have to pay spousal support. Spousal support is not the same as child support nor can it be included in the division of assets. The final decision as to who will pay spousal support, also known as alimony, will be left to the discretion of the judge.
Posted on 06 01,2014
Are you a Virginia homeowner who is planning on filing for bankruptcy? Are you worried about protecting your home and the equity in it? Each state has a variety of bankruptcy exemptions which can be used to help individuals protect certain assets and property during bankruptcy. One of the exemptions our state offers is the homestead exemption.
Posted on 05 28,2014
When a couple makes the decision that their marriage has come to an end and it time to file for divorce, this is only the beginning of what could be a very long, drawn-out and volatile battle over assets, property and custody of the children. In most divorce cases involving children from a marriage, both parents usually want to be granted custody rights.
Posted on 05 20,2014
As a parent who is going through a divorce or planning on filing for divorce, you may be curious as to how child support will be calculated in your particular case. The terms of each child custody and child support agreement will be different, as no family situations are the same and neither are a child's individual needs. In our state there is a standard schedule which is used to determine the amount of support a child will be given. The combined gross monthly income of both parents, along with the number of children from the marriage who require support, are some of the primary factors used to determine the amount of child support which is to be paid. If you want to find out how much you can expect to pay or receive in child support payments, a divorce lawyer from our firm is only a phone call away.
Posted on 05 15,2014
Each and every year the U.S. Trustee's Office selects a number of bankruptcy cases, either at random or based on certain red flags, on which it is going to perform an audit. The reason it does these bankruptcy audits is to detect instances of fraud and seek out debtors who have not been truthful about their income, assets or other pieces of pertinent information. Hidden assets, false or misleading statements made to the bankruptcy court, and other discrepancies are what the appointed audit firm are looking to find. You will have a much greater chance of being able to avoid a bankruptcy audit, if you are completely honest when preparing your bankruptcy petition and during your hearings. Having a bankruptcy lawyer by your side to help guide you through the bankruptcy process will also lessen your chances of either being audited, or of having your case dismissed following an audit.
Posted on 05 06,2014
If you are planning on filing for bankruptcy, we recommend you familiarize yourself with the steps involved in the bankruptcy process. Becoming aware of your legal rights and gaining an understanding of what is expected of you at each step of the way will go a long way towards helping you attain true debt relief. Each type of bankruptcy has different steps which must be followed before a debtor will be able to eliminate or significantly reduce a large portion of debt.
Posted on 05 01,2014
Divorce is arguably one of the most difficult, emotional, and stressful experiences a person can go through. This is especially true when the divorce is contested and involves litigation. Many people try to minimize the trauma of their divorce by attempting to handle the matter on their own, without legal counsel or representation. Doing so will only make the situation more difficult, however, since the individual does not have the guidance of a knowledgeable attorney.
Posted on 05 01,2014
With tax season here again, some of you may be wondering whether filing for bankruptcy will allow you to get rid of your outstanding tax debt. Not all tax debts can be eliminated through filing for bankruptcy protection. Payroll taxes and cannot be discharged by filing for bankruptcy. Certain tax penalties and any unpaid income taxes from tax returns at least 3 years prior to the date you file for bankruptcy may be eligible for discharge.
Posted on 04 30,2014
Chapter 7 bankruptcy is a way in which an individual may be able to put an end to creditor harassment, stop wage garnishments and repossession actions, or other legal actions from moving forward, and to get unsecured debt discharged. If you want to file for bankruptcy, hiring an experienced bankruptcy lawyer from the David McCormick Law Group will significantly heighten your chances of obtaining the debt relief you seek. We do not judge people who retain our services as we believe every individual has a right to avail him- or herself of the benefits of bankruptcy.
Posted on 04 21,2014
If you are contemplating bankruptcy as a way to resolve unpaid debt, you may be wondering who will be able to find out you filed. When an individual files for bankruptcy it becomes a matter of public record. A bankruptcy filing will remain on your credit report for up to 10 years after the date of discharge, so any individual or organization who runs your credit will be able to see you filed for bankruptcy. This does not mean all of your friends, family, co-workers and others will ever become aware of your financial situation. It simply means the information is available should someone choose to search for it. In most cases, unless you personally advise others of the fact you filed for bankruptcy, they will never be alerted to or made aware of the fact that you have done so.
Posted on 04 02,2014
Despite its negative connotation, bankruptcy can be a clear path to a fresh financial start. Many individuals believe filing for bankruptcy means they have failed financially. This is far from the truth. Rather, changes in life circumstances, including the loss of a job, huge medical expenses, and divorce, are the most common reasons individuals file. The idea that life after bankruptcy is void of any financial possibilities is also a myth. By keeping credit card balances low and making regular payments, it is absolutely possible to rebuild your credit and enjoy financial freedom after bankruptcy.
Posted on 04 01,2014
For many individuals, filing for bankruptcy can seem overwhelming and complicated. With our seasoned Virginia Beach bankruptcy attorneys by your side, it doesn't have to be. At the David McCormick Law Group, we have helped thousands of individuals find debt relief, and we are confident we can find options to ease your financial burdens as well. If you are considering bankruptcy as a path to a brighter financial future, here are a few documents you can begin to gather to make the process move more quickly and smoothly:
Posted on 03 06,2014
Many people are well aware of the fact that bankruptcy can work as an effective foreclosure defense. What you may not be aware of is that there is an alternative to bankruptcy that can also be used to help save your home from foreclosure, a loan modification. The majority of mortgage lenders offer some type of loan modification program that homeowners who have found themselves underwater on their mortgage, out of work, going through a divorce or struggling to make ends meet after sustaining serious injury in an accident, can implement to prevent foreclosure on a property. Foreclosure proceedings are not only time consuming, but they are also costly to a lender. If there is a way in which your lender can avoid having to foreclose on your home, it is very likely they will be interested in working with you on another option, particularly if you are represented by an attorney.
Posted on 02 06,2014
Posted on 01 29,2014
While bankruptcy can provide an amicable solution for overwhelming debt, it is not the answer to all financial issues. In some cases, it may not even be the right choice for certain individuals or families, and another alternative might be more appropriate. Below we have listed some of the things that are not possible when filing bankruptcy.
Posted on 01 23,2014
Consumers are protected from creditor harassment by both state and federal laws. At the federal level, the Fair Debt Collection Practices Act puts restrictions upon creditors with regard to how they try to collect from any consumer in the USA. At the state level, the law is the Consumer Protection Act. If any creditor has violated your rights by overstepping the bounds of either of these laws, you may have a case that will allow you to file a claim and recover damages from the creditor – they will have to pay you. In fact, even your legal fees may be awarded by the court, and the creditor forced to pay your attorney. Are you the victim of creditor harassment?
Posted on 01 16,2014
Many people understand Chapter 7 bankruptcy, in which unsecured consumer debt is discharged, and this is the most commonly filed form of bankruptcy. The process of filing Chapter 13 is far different, and could be the right solution for you, particularly if you are trying to avoid losing your home through foreclosure. Chapter 13 is also known as "wage-earner's bankruptcy," as it is often the appropriate solution for those who don't qualify for Chapter 7, as they are above the state's median to be eligible, and are currently earning an income as an employee, or as a self-employed person.
Posted on 01 09,2014
When credit card debt has gotten out of control, it can be difficult to figure out what to do. Some people, in an effort to be honorable, have cashed out retirement funds to pay off credit cards or overdue debt, thereby creating another debt – this time to the most relentless debt collector of all – the IRS. Did you know that when you file for bankruptcy, your retirement accounts are exempt? Before you make any decision about cashing out the savings you have set aside for retirement, it is worth looking into filing for bankruptcy protection.
Posted on 01 04,2014
If you are asking yourself the questions of "How do I file for bankruptcy?", chances are you are already in financial trouble. Perhaps you have substantial debt from credit cards, loans or bills and have been dealt a costly blow to your finances and life. These setbacks can come in the form of losing a job, house or car or many other ill-fated situations. While you are undoubtedly experiencing a high amount of stress from the piling debts against you and the unknown nature of your future, there are options for you to explore.
Posted on 12 28,2013
Under Virginia State law, the homestead exemption allows for homeowners to exempt up to $5,000 of their property or home. The homeowner may also exempt up to $500 for each of their dependents. For elderly individuals over 65 years of age, they are able to exempt up to $10,000.
Posted on 12 20,2013
Every state in the U.S. has their list of items, value of a homestead or vehicles that can be considered exempt during bankruptcy. Under Virginia State laws, they have decided to opt out of all federal exemptions. This means that Virginia residents filing bankruptcy will only receive the exemptions allowed by the state, not on a federal level. Married couples are allowed to double the exemptions allowed by the state, meaning that each spouse individually can claim their full exemption of property.
Posted on 11 26,2013
Bankruptcy is a legal process geared to help an individual eliminate all outstanding debt so that he or she can get a fresh financial start on life. Filing for bankruptcy can provide an untold amount of relief to an individual who has been struggling to win a losing financial battle. While there are numerous benefits to bankruptcy, one downfall is that bankruptcy will have a negative impact on a person's credit score. On the positive side, it will not be permanent. If you have completed the bankruptcy process and your debts have been discharged by the bankruptcy court, your next step is to start rebuilding your credit score. Here are 5 tips that can help:
Posted on 10 24,2013
While there is no simple way to get out of overwhelming debt, there are alternatives to filing Chapter 7 or Chapter 13 bankruptcy that may be a better option for you and your family. Depending on your level of debt, one of the options listed below may be a viable option for you.
Posted on 10 19,2013
For many people, one of their biggest concerns when filing bankruptcy is whether or not they will be able to keep their home, car or other material possessions. This fear of losing everything is what deters many people from filing at all, even when it could be a tremendous benefit to them financially. Under Virginia State bankruptcy law, there are certain exemptions that you can claim that can allow you to keep certain property and possessions without having them used as repayment for creditors.
Posted on 10 12,2013
The Fair Debt Collection Practices Act (FDCPA) was enacted in 1977, as part of the Consumer Credit Protection Act, to help protect consumers against the deceptive, unethical, and abusive collection efforts being made by collection agencies trying to collect on unpaid debts. The FDCPA provides clear and concise regulations which debt collectors must adhere to when contacting consumers about their delinquent accounts and outstanding debt.
Posted on 10 09,2013
One of the most common myths about bankruptcy is that you will be able to discharge all of your outstanding debt by filing for bankruptcy protection. That is not true. What is true, however, is that if you qualify for Chapter 7 bankruptcy you will be able to discharge your unsecured debt such as any credit card debts, medical bills, utility bills, certain tax bills, certain accounts that have been sold to collection agencies, personal loans, and more. Secured debts, most student loans, court-ordered child support or alimony payments and specific taxes are not eligible for discharge. In cases where an individual does not qualify for Chapter 7 bankruptcy and must seek protection by filing for Chapter 13 bankruptcy, each of the individual's debts will be restructured so as to get them paid off within a 3-5 year time period. This may involve some debts being renegotiated to allow the debtor to pay only a portion of the debt before it is considered fully resolved.
Posted on 09 20,2013
Before jumping into any financial decision, it is always a good idea to consider all of your options and make sure it is the best for you or your family. The same is true of bankruptcy. While it can be extremely beneficial for many people, it is not always the perfect solution for everyone. Below we have listed some of the various questions to ask yourself before filing for bankruptcy.
Posted on 07 20,2013
When there are children involved in a divorce, their well being is the top priority of the courts and the chief concern of their parents. Determining child custody involves the issues closest to your heart, and we ready to help you fight for what is fair for your child or children. This is understandably a stressful time, but it does not have to be a contentious one. Ideally, with the right legal counsel, a fair arrangement can be created in a quick and peaceful manner. We can also help you understand the legal process as we navigate you and your family through the various steps towards a final resolution. Virginia Beach family law attorneys at McCormick & Calderón want to help you find the brightest possible future for both you and your child.
Posted on 07 18,2013
A divorce can involve and affect some of the most important people in your life. It is vital that you understand the whole process and find a divorce attorney you can trust, who will safeguard a healthy future for you and your family. We believe in finding as fair and amicable of a resolution as possible. Virginia Beach divorce attorneys at McCormick & Calderón can help to protect the best interests of your family. Do you have pertinent questions that require immediate answers? Look to our list of frequently asked questions below and contact our office if you do not find the information you need.
Posted on 06 15,2013
Here is a small sampling of divorce case results that we have been able to attain for our clients;
Posted on 06 13,2013
For the past three years, bankruptcy attorneys David M. McCormick and Ismael Calderón Jr. have been members of the Hispanic Chamber of Commerce of Hampton Roads (HCCHR). This means that we are actively supporting local business and the community. Part of this entails spreading awareness of the significance of minority business people. We also strive to ensure that local businesses engage in fair competition, as the HCCHR is vigilant against abuse in commerce. We also want to contribute to the community, as we not only sponsor the HCCHR and its goals of fostering healthy local business, but also work toward a united and beautified community.
Posted on 06 11,2013
Divorces bring on alot of financial distress. Couples that had two incomes together now have just one income with a new set of expenses. Many times financial problems create the divorce and the divorce just compounds the problems. The financial impact of a divorce can be devastating to one or both spouses. Associated with the additonal financial burdens is alot of stress and uncertainty. Many adjustments have to be made, lifestyles often lowered, and spending reined in. With unpaid or late payments, interests rates soar and creditor pressure is applied. Not only are the adults affected, but the children are too.
Posted on 06 07,2013
More and more Americans are not only tracking their credit scores they are guarding and protecting their credit scores at all costs. They understand how a lower score can impact their ability to obtain credit and also how much they will pay for obtaining the credit. The amount of the interest rate is related to the credit scores. Works the same whether you are buying a car or some furniture. It fact it wasnt until the past few years that we had many clients bring this up at our free bankruptcy consultation. Now we are often told by potential clients that one of the main reasons for them wanting to file a chapter 7 is to clean up their bad credit.
Posted on 06 04,2013
While Memorial Day has passed, that doesn't mean we should stop giving appreciation to the men and women who bravely serve our country. We at David McCormick Law Group would like to give a special salute to our clients who have served in the military, as well as all the other military personnel in the local area. If you are member of the military, we want you know that there are multiple ways in which we can provide you with assistance—first, we can provide you with high-quality legal representation in a number of different areas; and two, we can provide you with an additional discount for our services if you are an active service member. By providing our military discount year-round, we make sure to salute our military members each month of the year.
Posted on 05 29,2013
At McCormick & Calderone, we take pride in client satisfaction. As a client-centered law firm, we measure our success by our numbers of happy clients, and there truly is not other measurement for a bankruptcy law firm. We are excited to announce that the David McCormick Law Group was recently recognized by the Better Business Bureau for our outstanding professionalism and integrity which has been demonstrated over the past 17 years while helping the residents of Hampton Roads with their legal problems.
Posted on 05 22,2013
The moment an individual files for bankruptcy protection, regardless of whether they are filing for Chapter 7 or Chapter 13, the bankruptcy court will issue an automatic stay. An automatic stay is a temporary injunction which serves to prevent creditors, lenders, or any other third party collection agencies, from continuing their efforts to collect on your debts. When an automatic stay is issued, all creditor phone calls, written notices, lawsuits, repossession efforts, and foreclosure proceedings, must cease at once. The purpose for issuing an automatic stay is to protect you, as the debtor, and allow you a little breathing room to be able to figure out a repayment plan and/or begin taking steps towards rebuilding your financial future.
Posted on 05 15,2013
There are many reasons why an individual may find themselves in need of bankruptcy protection. A divorce, unanticipated medical expenses, the loss of a job or significant source of income, and the overextension of your credit, could all lead to extreme emotional and financial hardship. The key is to be aware of your financial situation and be able to recognize some of the telltale signs you could be heading towards bankruptcy.
Posted on 05 02,2013
Once you file and receive a Bankruptcy Order, the process begins and all of your assets fall under the jurisdiction of the Official Receiver. They will order you to stop using all of your bank cards and check books, unless you use one of them for all of your living expenses. For a period of time your bank account could be frozen, which means that you will need to open up another bank account for your income and expenses. No matter whether you apply for a bank account before or after your Order is issued, all your accounts will still be frozen. Once the bankruptcy process begins, you should be able to use your alternate account.
Posted on 04 24,2013
Contrary to popular belief, bankruptcy is not always a result of crazy spending habits and unwise choices. The U.S. economy is not performing at its best and financial hardships can quickly creep up out of nowhere. It is critical to realize that filing for bankruptcy is not what it used to be, it is more commonplace and much more widely accepted. Do not allow other people's misperceptions to dampen your shot at financial recovery. Take a look at some of the most common causes for bankruptcy below:
Posted on 03 23,2013
According to information collected by the American Bankruptcy Institute, there were approximately 1.2 million bankruptcies filed in the United States during 2012. While that figure is quite large, it is still about 200,000 fewer bankruptcy filings than the year before. Experts predict that the decline in bankruptcy filings will continue through 2012 as well. Unfortunately, this decline did not carry through into foreclosures in Virginia Beach, VA. Reports show that nearly one out of every 81 homes in Virginia Beach, one out of every 80 homes in Norfolk and one out of every 88 homes in Newport News, were facing foreclosure in 2012.
Posted on 03 06,2013
Many of our clients who experience financial difficulty make the final decision to file bankruptcy after having their wages garnished. Most garnishments are for 25% of the gross wages and can drastically reduce the net take home pay.
Posted on 02 26,2013
Two of the most frequently asked questions during a bankruptcy consultation is what is the best way to establish credit and how to improve a credit score. After the bankruptcy discharge, the income to debt ratio will improve since a lot of debt has been eliminated. The bankruptcy filing process will be posted on the credit reports.
Posted on 02 13,2013
Bankruptcy case trustees play an important role in both maximizing repayment to creditors and protecting debtors from unfair claims. When a debtor enters into Chapter 7 bankruptcy, a case trustee will be assigned to oversee the liquidation of certain types of property owned by the debtor. In Chapter 7 bankruptcy cases—which allows individuals to have many of their debts discharged—the debtor is legally entitled to keep certain assets (known as exempt assets). Other assets (known as non-exempt assets), however, must be surrendered to the trustee. The case trustee then oversees the liquidation—or selling—of those assets or the debtor's interests in those assets. The funds from the liquidation are used to pay the necessary expenses and then to pay back certain creditors, a process that the trustee also oversees. In Chapter 13 cases, involve repayment plans instead of immediate debt discharge, the trustee is responsible for collecting regular payments from the debtor and distributing those funds to the appropriate creditors.
Posted on 02 06,2013
When a debtor enters into bankruptcy, the purpose is for that individual to be able to discharge certain debts that have become too financially overwhelming and to get a fresh start. Yet, one of the major forms of debt many people face today is generally not eligible for discharge today's bankruptcy law—that is debt from private student loans. Three U.S. senators are pushing to change that through a new bill. The proposed legislation, which is titled The Fairness for Struggling Students Act of 2013, is being cosponsored by Sens. Dick Durbin (D-Ill.), Jack Reed (D.-Ill.) and Sheldon Whitehouse (D-R.I.), as explained by a recent article by The Huffington Post.
Posted on 01 28,2013
When you are married, there are a few ways that property can be defined. If you owned property or inherited assets prior to the marriage, this can be considered separate property, so long as it was never mixed with marital property. Once you have legally married your spouse, property and assets obtained from that point forward are usually going to be considered marital property. When a couple gets divorced from one another, their property must be divided according to the state's equitable distribution laws related to the circumstances of the marriage and divorce.
Posted on 11 30,2012
We are pleased to announce the launch of our Bankruptcy Blog.
Posted on 04 18,2012
Well, it’s tax day.
Today is the filing deadline for federal income tax returns, and for some filers, it’s also the day they have to pay up and fork over some money to Uncle Sam. Some may be tempted to pay their tax debt with credit cards and then turn around and file bankruptcy on those same credit cards. Be careful, as this “strategy” can backfire.