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June 2016 Archives

Tax refunds and Chapter 13 bankruptcies

Virginia residents who have more debt than they can afford to pay off in a reasonable amount of time may decide to file for bankruptcy. Individuals may choose to liquidate all of their available assets to pay off creditors under Chapter 7 bankruptcy or develop a repayment plan under Chapter 13 bankruptcy and keep assets like a house and a car.

Social Security Disability benefits and bankruptcy

Virginia residents who have more debt than they can afford to pay back may decide to file for bankruptcy under Chapter 13. During the bankruptcy process, debtors will be asked to report all of their income and assets that could be used to pay off outstanding debts. Many people will have income from Social Security Disability benefits, but this income does not always have to be reported.

Baby boomer divorce rates high

Older adults in Virginia and throughout the country may be more likely to divorce than ever before. Statistics show that while the overall number of divorces has fallen, half of all marriages still end in divorce. Baby boomers are the main reason for the latter statistic.

Immigrant ex-wife entitled to support in spite of prenup

Prenuptial agreements are a popular option for couples in Virginia and around the country who wish to determine in advance how matters like alimony and property division will be handled if they decide to divorce. While these agreements are often able to withstand legal challenges and judicial scrutiny, this is not true in every situation. A federal appeals court ruled on June 8 that a California man was required to provide financial support to his immigrant former wife even though the couple signed a prenuptial agreement before walking down the aisle in 2012 that stipulated no spousal support would be paid if the couple divorced.

Dispelling bankruptcy myths

There are a number of misconceptions some Virginians have about filing for bankruptcy and what will happen if they do. Understanding bankruptcy may help people to better understand what they might expect from the process while dispelling their fears and any unrealistic expectations they might have.

Child support may include private school tuition.

When Virginia parents go through a divorce, the non-custodial parent will often be ordered by the court to pay child support to the custodial parent. Although Virginia has established guidelines that calculate an amount bases upon certain listed factors, courts have some discretion in this regard, and in some cases a share of private school tuition might be added to the basic award.

Divorce laws vary by state

Virginia residents who are considering divorce may wish to know more about how the process can differ from one state to another. Particularly for those spouses who own property in more than one state, there are some important considerations regarding divorce laws that may be worth understanding before divorce proceedings begin.

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