Child support enforcement can be a major concern for many families in Virginia struggling to cover everyday expenses while a delinquent parent refuses to pay court-ordered child support. Because the failure to pay support can lead to a difficult life for many children, enforcement has become a major priority for federal and state agencies. One of the most frequently used mechanisms for enforcing the payment of overdue child support is through wage garnishment or payroll deductions processed at the delinquent parent's workplace.
Leaning more about credit scores and bankruptcy
Far too many people in Virginia struggle with the devastating impact of overwhelming debt that seems impossible to repay. The accumulation of late fees, interest charges and other costs can leave individuals searching for a solution to their financial crises. While bankruptcy can offer hope for the future and an ability to escape from these unpayable debts, many people refrain from filing out of fear of what bankruptcy could mean for their future financial lives and health.
Credit card debt on the increase nationwide
People in Virginia who are carrying a lot of credit card debt are not alone. According to a report by WalletHub, in 2017, credit card debt increased throughout the country by $92.2 billion. A Federal Reserve estimate says the total owed in credit card debt is over $1 trillion.
Dividing a 401k in retirement
Virginia residents and anyone else looking to divide a 401(k) in a divorce may need to tread carefully when doing so. Ideally, the account will be split with the assistance of someone who has knowledge of the qualified domestic relations order (QDRO). The order will need to be written carefully to ensure that it adheres to language included in the divorce decree itself. Funds are generally sent from one person's 401(k) into a 401(k) in the other spouse's name.
Fed chair questions inability to discharge student loan debt
Student loan debt can be some of the most difficult debt for people in Virginia to deal with; while the numbers can be large, this type of debt is also unique in that it is ineligible for discharge in bankruptcy unlike other loans and debts. However, the chair of the Federal Reserve Board, Jerome Powell, questioned the necessity of this policy during testimony before the Senate Banking Committee in March 2018. Powell said that student loan debt stands alone in its inability to be discharged in bankruptcy and that he had no clear answer as to why this is the case.
Tips for keeping or buying a car during bankruptcy
People in Virginia who are considering filing for bankruptcy might be wondering whether or not it will affect their ability to purchase or keep a car. In a Chapter 13 bankruptcy, a person's debts are restructured to allow the person to keep some assets and pay creditors over three to five years. A person's car is usually among the assets kept although there are a few exceptions.
