Bowen Ten Cardani, PC

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July 2017 Archives

Treatment of retirement accounts in bankruptcy

In 2016, over 770,000 people in Virginia and throughout the country filed for Chapter 7 and 13 bankruptcy. In a Chapter 7 bankruptcy, nonexempt assets are sold with the proceeds going towards paying off creditors. While unsecured debts can be eliminated, it may not be possible to discharge secured debts or student loan balances. Those who file for Chapter 13 bankruptcy reorganize and repay their bills over a period of up to five years.

The relationship between careers and divorce

Virginia military members are more likely to go through divorce than those in other professions, according to an analysis of census data by the website Zippia. The analysis found that three of the top 10 jobs with the highest divorce risk before age 30 were military professions. The number one career associated with divorce was first-line enlisted military personnel. The two other military jobs in the top 10 were air weapons and tactical operations. Other professions in the top 10 included mechanics, automotive service technicians and logisticians.

Rule permits lawsuits against banks, credit card companies

Consumers in Virginia and across the United States can't be prevented from joining class action lawsuits against their banks or credit card companies by arbitration clauses. A rule issued by the Consumer Financial Protection Bureau is designed to stop companies from preventing consumers from taking legal action about issues that affect a large number of people.

Bankruptcy court sides with debtor

A Virginia man who filed for Chapter 7 bankruptcy separately from his wife received a positive ruling from his district's bankruptcy court. The trustee in his case had challenged the fact that he was maintaining two homes while trying to discharge debts. The trustee declared that the debtor should sell one home instead of seeking relief through bankruptcy. The court, however, deemed his expenses to be valid and not an abuse of the Bankruptcy Code.

Myths about divorce can confuse separating spouses

Virginia residents headed for divorce may receive a lot of advice from family members and friends based on their personal experience or that of their own loved ones. However, a number of common beliefs are not true. Correcting that information can help to protect the emotional and financial well-being of people in this situation.

Secured creditors must file proofs of claim on time

In Virginia bankruptcy cases and elsewhere, secured creditors are not required to file proofs of claim as unsecured creditors are. Nonetheless, a recent case set a precedent that if they do file a proof of claim to receive payments out of a Chapter 13 bankruptcy case, secured creditors must file it on time.

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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
Richmond Office Location

Ashland Office
9410 Atlee Commerce Blvd
Suite 2
Ashland, VA 23005

Toll Free: 866-601-7371
Phone: 804-767-6850
Ashland Office Location

Super Lawyers | K. Matthew Long