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August 2019 Archives

The reality of bankruptcy among boomers

As the baby boom generation continues to age, they face new challenges that may not have been experienced by previous generations at the same stage of life. Many residents in Virginia and around the nation who are in the boomer group are plagued with serious levels of debt, forcing them to search for ways to get relief. There are different options available to consumers and for many boomers, a Chapter 7 or Chapter 13 bankruptcy may be the answer. 

How do Chapter 7 and Chapter 13 bankruptcies differ?

Once debt begins to spiral out of control, it can become increasingly difficult to get a handle on your finances, and if you are among the many Virginia residents facing mounting debt, you may be considering filing for bankruptcy. Most people who file for personal bankruptcies do so either through a Chapter 7 or a Chapter 13 filing, but there are some important differences between the two types.

Bankruptcy myth: You can end your child support obligations

Divorce is often the source of financial difficulty, as people have to split their assets and savings while simultaneously incurring substantial expenses from their personal attorney and the courts. Beyond that, there is the potential financial impact of the requirement to pay child support and spousal support, also known as maintenance or alimony.

What constitutes marital property in a divorce?

If you are filing for divorce in Virginia, you may be faced with a host of issues that must be resolved before creating a divorce settlement. One of the most difficult topics to tackle may be that of property division. With emotions running high, it can be hard to determine who is entitled to what in the final settlement. Whether you are going through a court-room divorce and it is up to the judge to decide the fate of your property or you are dividing your property through mediation, it is important to know what marital property entails. 

Credit counseling required before filing for bankruptcy

Many residents of Virginia are struggling tremendously to stay on top of their bills and finances, and if you count yourself among them, you may be thinking about filing for bankruptcy as a method of getting your affairs back in order. At Ferriswinder, PLLC, we recognize that there are certain steps you must take as you navigate the bankruptcy process, and that one such step involves participating in credit counseling prior to filing.

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