Although it is true that many private student loans cannot be discharged through bankruptcy, Virginia residents may be unaware of exceptions allowing the discharge of such loans either in full or in part under some circumstances. Additionally, some private student loans may simply be beyond the applicable statute of limitations for debt collection, rendering them out of the reach of collection agencies through lawsuits or wage garnishment actions.
Although many ex-spouses in Virginia may think they have taken care of all important matters in a divorce, they should also change their beneficiaries after their divorces, unless they wish for their ex-spouses to receive their life insurance money. They must wait until the divorce is completely finalized because they cannot go through the process of changing their life insurance policies while they are going through divorce proceedings. If they fail to change their beneficiaries, their benefits could automatically go to their ex-spouses, even if they leave everything to other people, such as their children or new spouses.
Sometimes estranged couples in Virginia do not realize the real financial impact of their divorce settlement until they have lived with those decisions. Whether or not they feel like their settlements are turning in their favor, they might be making one or more of the biggest mistakes that are common in divorces.
Age, children and the length of marriage affect whether Virginia divorcees are able to collect Social Security benefits from their ex-spouses. While each marital situation is unique, there may be a possibility for stay-at-home parental former spouses, working ex-spouses, singles and newly married ex-spouses to still have the right to benefits from a former significant other.
As many Virginia residents may know, a case before the U.S. Supreme Court focuses on whether a second mortgage holder may be able to hold up negotiations when a debtor is going through bankruptcy. In this case, the appellate court for the 11th Circuit held that the debtor could dispose of a second mortgage in bankruptcy. The holder of the mortgage, Bank of America, objected to that ruling.
Some Virginia parents may know it is possible to collect back child support if a court orders withholding of funds from the other parent's earned income benefits. This depends on whether the individual paying child support collects certain types of Social Security or receives tax refunds.
Artists or artists' spouses in Virginia who are divorcing may not be aware that the work created by an artist during marriage is considered joint marital property. As such, it is subject to division during the divorce like any other asset. Works created prior to the marriage or for which payment was agreed before marriage are exempt. This includes not just artwork like paintings, but works that fall under copyright.
Issues like financial difficulties or sickness can strain a marriage, and a recent study conducted by researchers at two Midwestern universities tracked how often one of these problems led to divorce. Couples in Virginia and other states are more likely to divorce when a spouse gets sick but only if the spouse is a woman.
While doctors in Virginia and around the country no doubt have stressful lives, it seems that they actually divorce less than others. A group lead by an assistant professor at Harvard Medical School took what was described as the first in-depth look at divorce rates of doctors and other medical professionals. The only exception comes when looking at female doctors who work over 40 hours a week. That group is 1.5 times more likely to get divorced than a male doctor who works 40 hours a week.
Individuals who file for Chapter 7 bankruptcy and successfully receive a discharge of their personal debt are often still responsible for any federal taxes that they owe. However, debtors who are unable to pay may seek to have this tax debt discharged as well. Individuals in Virginia who are in this situation may need information about the requirements.