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April 2018 Archives

Divorcing parents can develop creative visitation plans

For parents in Virginia who are considering divorce, one of their primary concerns may be how to deal with child custody and visitation. Divorcing individuals may be very adamant that the end of their romantic relationships with their spouses should not affect their relationship with their children even if the time they spend together is now spaced out differently. When parents opt for divorce, there are a number of child custody and visitation schedules that they can consider in order to find the solution that is most suited to the individual needs of their families.

Unique custody arrangement keeps children in place after divorce

The divorce process can be quite difficult for the spouses as well as any children involved. That's why many divorcing parents in Virginia are committed to finding ways to help soften the blow of their split. For some, this means finding creative ways to address custody arrangements.

Tax debt and bankruptcy

Bankruptcy might seem like the right solution for some people in Virginia who are struggling with debt. People might file for Chapter 7 or Chapter 13 bankruptcy. A Chapter 7 bankruptcy discharges all allowable debts. A Chapter 13 allows a person to work out a payment plan in which some debts may be paid off. However, there are some types of debt that cannot be discharged, and tax liabilities may be among them.

Medical debt could be on the rise

Many people in Virginia are struggling with overwhelming debt that seems to be insurmountable. For far too many people, medical debt can be a major reason for their inability to pay their bills and escape financial crisis. Reports show that health care costs for Americans are continuing to increase in 2018 and patients are assuming a larger portion of the cost of their medical care. According to some estimates, 20 percent to a half of the U.S. population are dealing with medical debt. Due to the large costs associated with health care, the amount of this debt can be crushing in many cases.

Experian's 2017 debt report

People in Virginia who have credit card balances or other debts can find out how their debt compares to the state average and the averages across American by taking a look at Experian's State of Credit report for 2017. The report discloses the average debt in every state and the country as a whole. It also breaks the information down into categories, like credit card debt and mortgages and student loans, and includes several other facts and figures.

How Virginians can rebuild credit after a bankruptcy

More than 700,000 Americans filed for bankruptcy in 2017. While the debt-forgiveness process does make it harder to get credit in the short-term, there are ways to get a higher credit score long before the filing drops from a credit report. According to a survey from LendingTree, those who filed for a mortgage three years after a bankruptcy only paid 19 basis points more than people with no bankruptcy.

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Bowen Ten Cardani, PC

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