Debt


DANGERS OF USING A DEBT RELIEF COMPANY

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.

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WILL BANKRUPTCY PUT AN END TO ALL OF MY FINANCIAL PROBLEMS?

Posted on 04 02,2014
WILL BANKRUPTCY PUT AN END TO ALL OF MY FINANCIAL PROBLEMS?

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.

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WILL BANKRUPTCY GET RID OF MY STUDENT LOANS?

Posted on 02 06,2014
WILL BANKRUPTCY GET RID OF MY STUDENT LOANS?

Most student loans cannot be discharged by filing bankruptcy in the U.S.; however, according to 11 U.S.C. sec. 523(a)(8) there are two different exceptions that may allow this rule to be lifted.

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CREDITOR HARASSMENT - DO I HAVE A CASE?

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?

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ALTERNATIVES TO FILING BANKRUPTCY

Posted on 10 24,2013
ALTERNATIVES TO FILING BANKRUPTCY

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.

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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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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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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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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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