2013


      HOMESTEAD EXEMPTIONS IN VIRGINIA

      Posted on 12,28,2013
      HOMESTEAD EXEMPTIONS IN VIRGINIA

      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.

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      VIRGINIA STATE BANKRUPTCY EXEMPTIONS

      Posted on 12,20,2013
      VIRGINIA STATE BANKRUPTCY EXEMPTIONS

      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.

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      5 TIPS TO HELP YOU REBUILD YOUR CREDIT SCORE

      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:

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      WHAT PROPERTY IS EXEMPT OR PROTECTED WHEN FILING BANKRUPTCY IN VIRGINIA?

      Posted on 10,19,2013
      WHAT PROPERTY IS EXEMPT OR PROTECTED WHEN FILING BANKRUPTCY IN VIRGINIA?

      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.

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      What is the Fair Debt Collection Practices Act (FDCPA)?

      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.

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      WHICH OF MY DEBTS CAN BE DISCHARGED BY BANKRUPTCY?

      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.

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      ARE YOU CONSIDERING BANKRUPTCY?

      Posted on 09,20,2013
      ARE YOU CONSIDERING BANKRUPTCY?

      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.

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      CHILD CUSTODY IN VIRGINIA BEACH DIVORCE

      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.

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      VIRGINIA BEACH DIVORCE FAQ

      Posted on 07,18,2013
      VIRGINIA BEACH DIVORCE FAQ

      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.

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      MCCORMICK & CALDERÓN PROUDLY SERVES HISPANIC COMMUNITY

      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.

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      DIVORCE ISSUES IN BANKRUPTCY

      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.

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      BANKRUPTCY BOOSTS YOUR CREDIT REPORT SCORE

      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.

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      MCCORMICK & CALDERÓN GIVES A SALUTE TO OUR MILITARY

      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.

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      MCCORMICK & CALDERONE RECEIVES A+ RATING FROM BBB & OTHER FIRM NEWS

      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.

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      THE BENEFITS OF AN AUTOMATIC STAY

      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.

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      TELLTALE SIGNS YOU COULD BE HEADING TOWARDS BANKRUPTCY

      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.

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      WHAT WILL BANKRUPTCY DO TO MY BANK ACCOUNT?

      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.

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      FIVE OF THE MOST COMMON REASONS FOR BANKRUPTCY

      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:

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      BANKRUPTCIES AND FORECLOSURES

      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.

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      STOPPING GARNISHMENTS

      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.

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      REBUILDING CREDIT AFTER BANKRUPTCY

      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.

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      ROLE OF THE BANKRUPTCY CASE TRUSTEE

      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.

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      NEW BILL COULD HELP DEBTORS WITH PRIVATE STUDENT LOAN DEBT

      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.

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      DISTRIBUTION OF PROPERTY IN VIRGINIA

      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.

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