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March 2015 Archives

Supreme Court debating fate of 2nd mortgages

As many Virginia residents may know, a case before the U.S. Supreme Court focuses on whether a second mortgage holder may be able to hold up negotiations when a debtor is going through bankruptcy. In this case, the appellate court for the 11th Circuit held that the debtor could dispose of a second mortgage in bankruptcy. The holder of the mortgage, Bank of America, objected to that ruling.

Social Security may be used to pay back child support

Some Virginia parents may know it is possible to collect back child support if a court orders withholding of funds from the other parent's earned income benefits. This depends on whether the individual paying child support collects certain types of Social Security or receives tax refunds.

Artists' works considered part of marital assets

Artists or artists' spouses in Virginia who are divorcing may not be aware that the work created by an artist during marriage is considered joint marital property. As such, it is subject to division during the divorce like any other asset. Works created prior to the marriage or for which payment was agreed before marriage are exempt. This includes not just artwork like paintings, but works that fall under copyright.

Illness more likely to lead to divorce when a wife gets sick

Issues like financial difficulties or sickness can strain a marriage, and a recent study conducted by researchers at two Midwestern universities tracked how often one of these problems led to divorce. Couples in Virginia and other states are more likely to divorce when a spouse gets sick but only if the spouse is a woman.

Doctors and surprising divorce rate findings

While doctors in Virginia and around the country no doubt have stressful lives, it seems that they actually divorce less than others. A group lead by an assistant professor at Harvard Medical School took what was described as the first in-depth look at divorce rates of doctors and other medical professionals. The only exception comes when looking at female doctors who work over 40 hours a week. That group is 1.5 times more likely to get divorced than a male doctor who works 40 hours a week.

The discharge of tax debt through Chapter 7

Individuals who file for Chapter 7 bankruptcy and successfully receive a discharge of their personal debt are often still responsible for any federal taxes that they owe. However, debtors who are unable to pay may seek to have this tax debt discharged as well. Individuals in Virginia who are in this situation may need information about the requirements.

Recovering from filing for bankruptcy in Virginia

If an individual has filed for bankruptcy, they can expect to take a hit on their credit score and have the fact that they have filed noted on their credit report for the next several years. This can make it challenging to obtain credit after filing, but it may be possible if people are willing to deal with higher interest rates and larger potential penalties. In some cases, individuals who have recently filed may be attractive to certain lenders because of how long people have to wait before filing for bankruptcy again.

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Bowen Ten Cardani, PC

Richmond Office
3957 Westerre Parkway, Suite 105
Richmond, VA 23233

Toll Free: 866-601-7371
Phone: 804-767-6850
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Ashland Office
9410 Atlee Commerce Blvd, Suite 2
Ashland, VA 23005

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Phone: 804-767-6850
Ashland Law Office Map

Super Lawyers | K. Matthew Long