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August 2016 Archives

Timing of earnings significant in bankruptcy filing

Virginia residents who are considering filing for Chapter 7 bankruptcy should keep records of any earnings before and after the bankruptcy petition. In Massachusetts, a court found that the claims of an attorney who filed for Chapter 7 bankruptcy regarding when he earned a portion of his income were not credible.

Paying for a child's athletic future after divorce

Many prominent athletes of the 2016 Olympic Games are children of divorce parents. This shows that a parental separation does not mean that a child has to put their athletic dreams on hold. However, divorced parents of future Olympic hopefuls from Virginia may have to decide how they intend to split the costs of training, lessons and other related costs.

Court commands settlement winner to repay debt

Virginians who file for bankruptcy aren't necessarily guaranteed that their future earnings will be excused from old debt. In one August ruling, a bankruptcy court judge decided that a man who had filed for Chapter 13 and had the plan confirmed must use the funds he later received from a motor vehicle accident settlement to repay his debtors.

Joint custody could result in lower migration figures

Sociologists and demographers in Virginia and around the country have found it hard to explain the sharp decrease in inter-state migration. About 8 percent of Americans moved to a different state each year in the 1960s and 1970s, but migration has fallen sharply in the 21st century. Rising divorce rates have been blamed for a cornucopia of societal ills and demographic trends, and one researcher believes that evolving child custody practices may explain the rootedness of modern Americans.

Financial planning during and after a divorce

Not every married couple in Pennsylvania shares their financial responsibilities equally. There are many marriages where one spouse controls the bank accounts, investments and bill paying while the other spouse is unaware of what's going on financially. When a couple like this goes through a divorce, the one who was not involved with the finances is usually at a disadvantage.

Falling behind on a mortgage

There are many events that could lead to Virginia homeowners being unable to make mortgage payments. However, they might not know what to do when falling behind on payments. A house is a secured debt, so payments must continue when staying in the property. If foreclosure is possible, a homeowner needs to act promptly and take the threat seriously.

Smart ways to reduce credit card debts

In today's economy, it's easy to quickly accumulate large credit card debts. Using this mode of instant cash can be handy for people who want to keep track of their purchases and improve their credit ratings; however, paying off high-interest credit cards can be quite challenging. There are several solutions that may be of interest to Virginia residents who are having trouble ridding themselves of their credit card debts.

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