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 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 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 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 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 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 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 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
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 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 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.