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August 2017 Archives

Virginia residents contribute to record debt levels

American consumers now have a total debt balance of $12.84 trillion according to a report published by the Federal Reserve of New York. The report covered the second quarter of 2017, and it represented a $552 billion increase from this time last year. Higher levels of mortgage, auto and credit card debt were cited as factors for the overall increase. It was noted that there was a jump in credit card delinquency rates.

Chapter 7 bankruptcy trustees target online accounts

Court protection offers several benefits for Richmond residents seeking debt relief with a Chapter 7 bankruptcy. Certain assets can be sheltered from creditors, and bankruptcy forces creditors to deal with the trustee instead of the debtor. However, it has been reported that two trustees may be jeopardizing debtors' sensitive information by requesting login information for popular websites. With the U.S. Trustee Program withholding support, it is unclear whether electronic snooping is a new trend in personal bankruptcy cases.

You may not be a Hollywood star, but you probably need to rethink your social media strategy

As you may have heard by now, Chris Pratt and Anna Farris have decided to end their marriage. Even if you have no clue who these people are or couldn't care less about their break-up, if you find yourself participating in the legal system, you should borrow a page from their social media playbook.

About Chapter 13 bankruptcy

Virginia residents who have substantial debt and a steady stream of income may consider using Chapter 13 bankruptcy to resolve their obligations. However, there are many things they should consider before entering bankruptcy, which can last for years.

U.S. consumer debt soars to new highs

A report released on Aug. 7 by the Federal Reserve reveals that the U.S. economy grew by 2.6 percent during the second quarter, but some experts are worried about the amount of revolving debt being carried by consumers in Virginia and the rest of the country. Consumer activity accounts for about 70 percent of the nation's economic output, and the data suggests that much of this spending is being done using high-interest credit cards.

Steps to take when closing a joint account

Virginia residents often share a bank account with their spouse. If the need arises to close the account, it can generally be done without the consent of the other person or people on the account. However, it may be best to have everybody on board with the closing to ensure that all parties know what is happening with the money.

Why child support orders often differ from estimates

One of the many things parents desire for their children is predictability. Avoiding nasty surprises and maintaining a stable living condition is a difficult proposition when facing divorce, and it turns out that child support calculators will not help much in the matter. They are capable of returning by-the-book values based on a few critical pieces of information covered in state family laws, but the calculators that appear on Virginia and other state websites are incapable of predicting judicial decisions regarding the best interests of the child in specific circumstances.

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Bowen Ten Cardani, PC

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