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February 2015 Archives

How conflict can drive up the cost of divorce

As many Virginia readers may be aware, divorce litigation can be expensive. What readers may not be aware of, however, is the fact that spouses have a great deal of control over the cost of their own divorce. In other words, the cost of a divorce is proportional to how honest, fair and reasonable both parties are towards each other.

How to proceed after filing for Chapter 13

A Virginia resident who files for Chapter 13 bankruptcy may worry about delays in action after the submission of required documentation. It is important to be aware of one's responsibilities if the plan is not approved within 30 days of filing. Payments on secured loans such as cars and homes may come due during this time, and protection payments should be made directly to the lenders in these instances. The amounts paid to these entities may be deducted from the amount to be paid to the trustee overseeing the case. Additionally, payments to the bankruptcy trustee must commence within 30 days of filing.

Virginia crime victims could get compensation from state

Crime can have devastating effects on its victims. An act of violence can leave victims physically or mentally scarred. They also can be affected financially by either the crime or the cost of treatment for physical or mental injury. Under some circumstances, victims of crimes in Virginia may qualify for financial assistance from the state.

The status of a business after Chapter 7 bankruptcy

Virginia business owners who are faced with unmanageable debt likely have many areas of concern. One question that they will need answered is whether or not they can keep operations going after the bankruptcy has been filed. The answer to that question largely depends on how the business is organized.

Single parent tax issues

At the end of a marriage, Virginia parents work through divorce legal issues that affect their children such as child custody and child support and visitation plans. Decisions about these issues could have an effect on taxes.

Chapter 7 vs. Chapter 13

Individuals in Virginia who file for bankruptcy generally choose between Chapter 7 and Chapter 13. Chapter 7 involves liquidation of nonexempt assets while Chapter 13 involves making payments to creditors over a period of 3-5 years. In many cases, Chapter 13 payment plans will last five years. Those who file for either type of bankruptcy must partake in a credit counseling class up to 180 days prior to filing.

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