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March 2017 Archives

Judge decides retirement funding during bankruptcy excessive

People in Virginia who are considering a bankruptcy will likely need to limit how much they set aside to fund retirement plans during the course of the bankruptcy. A judge in one bankruptcy court rejected a Chapter 13 payment proposal from a married couple because about 18 percent of the couple's income would be directed to a retirement account.

Some debts may be excluded from FDCPA protection

Virginians who file for bankruptcy in order to get their debts excused may not always be able to leverage consumer protection laws the way they may expect. In one case, the Ninth Circuit Court decided to dismiss a borrower's lawsuit against one of her foreclosure trustees over what she believed was a violation of her rights under the FDCPA, which stands for the Fair Debt Collection Practices Act.

The rules of an auto loan cramdown

Virginia residents and those living elsewhere around the country that have negative equity in their vehicles may qualify for loan cramdowns. However, this option is available only to individuals who file for Chapter 13 bankruptcies and meet other requirements. It should also be mentioned that filing for bankruptcy may impact an individual's finances for several years, so the decision to file should not be taken lightly.

Divorce down for younger couples, up for older ones

People at or over the age of 50 in Virginia and throughout the country may be more likely to divorce than people in the 25-to-39 age group, and in 2015, they were getting a divorce at two times the rate they were in 1990. People at or over 65 are three times more likely to divorce than they were in 1990. However, the divorce rate is dropping among younger couples, and this may be because people are marrying later in life.

Credit card debt on the rise

Credit card debt held by cardholders in Virginia and throughout the country is on track to grow to an all-time high of more than $1 trillion by the end of this year. This is accompanied by a nearly all-time low in charge-off rates.

Helping kids through a divorce

As difficult as going through a divorce is for an adult, children who have parents who divorce also suffer greatly. However, the way that parents act during a divorce and after a marriage has ended can help to reduce the negative effects on children. Some of the ways to make things easier for kids in Virginia include setting up a temporary custody and visitation plan, making kids feel safe and considering a mediated divorce.

Good reasons to get a prenuptial agreement

Prenuptial agreements may be a practical way for Virginia residents or others to negotiate divorce terms before a marriage event takes place. While it may not seem romantic, it can provide a safety net in the event of a divorce, annulment or death. Statistics from the CDC indicate that roughly 50 percent of marriages end in a divorce, and prenuptial agreement may resolve child custody or alimony issues while both sides are thinking rationally.

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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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9410 Atlee Commerce Blvd, Suite 2
Ashland, VA 23005

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