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Chapter 13 Archives

How a 401k may help with debt relief

Virginia residents or others may find themselves in a financial emergency for any number of reasons. One way to possibly get out of that hardship is to apply for a 401k hardship withdrawal. A person may be eligible for such a withdrawal if he or she faces an emergency expense related to a medical issue or a home repair. It may also possible to qualify if making a payment will help the employee to avoid eviction or provides funds to pay for funeral expenses.

Homeowners pay more credit card interest

For many people, owning a home may be a better financial decision than renting. This is because homeowners can take advantage of tax credits while they build equity. However, it's important for Virginia residents to pay attention to the additional costs of homeownership as they decide whether they should rent or buy.

How to buy a home after bankruptcy

People in Virginia who have filed for bankruptcy or who are considering filing for bankruptcy might wonder if they can still buy a house afterward. It is possible to purchase a home after bankruptcy, although certain conditions must be in place for this to happen.

Chapter 13 bankruptcy and 401(k) deductions

Virginia residents who are filing for Chapter 13 bankruptcy can exclude 401(k) deductions when they are calculating their disposable income for their bankruptcy payment plan, even if the contributions were not made during the six months preceding the bankruptcy. This is according to an Oct. 30 ruling by an Illinois bankruptcy court.

The cycles of bankruptcy

The patterns of people filing for bankruptcy in Virginia and around the country often correlate with economic trends. An expanding economy and lowered unemployment rate may lead to fewer bankruptcies while downturns or higher interest rates may force more debtors to seek relief through the courts.

Credit card debt increases worryingly in August

Consumer borrowing in Virginia and around the country slowed in August according to a report released by the U.S. Federal Reserve on Oct. 6. The central bank says the nation's consumer debt load rose by $13.1 billion in August after surging by $17.7 billion in July, but the increase is far lower than the $16 billion predicted by experts. The figures pegged the annual rate of credit growth back to 4.2 percent. The annual rate stood at 5.7 percent at the end of July.

Impact of bankruptcy filings on credit reports

Virginia debtors will experience both short- and long-term effects after filing for bankruptcy. Typically, people falling behind on payments have declining credit scores. Although declaring bankruptcy represents a negative on a credit report, people often gain points on their credit reports in the immediate aftermath. Researchers determined that the short-term rebound occurs because the debtors' scores had dropped so low that the initial clearing out of debt improves their ratings.

Medical debt reforms help few people

Many people in Virginia who are struggling with medical debt should not expect too much from two recent reforms. Starting Sept. 15, credit bureaus will be required to wait 180 days before reporting medical debt on a person's credit report. Furthermore, if a bill goes into collections and is paid by an insurer, it will be deleted from the credit report.

Bankruptcy costs and facts

Virginia consumers who are considering bankruptcy may wonder what it will cost them. Even if a person does not use an attorney, there are filing fees. These fees vary depending on what kind of bankruptcy is being filed.

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

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