Virginia
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Tuition is Dischargeable in Bankruptcy
Section 523 of the Bankruptcy Code provides that student loans are not dischargeable in bankruptcy. But unpaid tuition is not a student loan. While it is extremely difficult to discharge student loans in bankruptcy, unpaid tuition is dischargeable in bankruptcy. 11 U.S.C. 523(a)(8) provides that, absent undue hardship, a debtor cannot discharge student loans. The…
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Will Partial Payments Delay Foreclosure?
If you have missed mortgage payments, you may wonder: Will partial payments delay foreclosure? In most cases, unfortunately, the answer is No. If your mortgage company actually accepts your payment, they will not apply it to your most recent bill. To stop or delay a foreclosure, you must get the bank to agree (in writing)…
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Getting Approved for a Car Loan After Bankruptcy
Getting approved for a car loan after bankruptcy can sometimes be a bit tricky. But it happens every day, and you can do it too if you follow the steps below. As of November 2016, six million Americans have stopped paying their car loans. So far this year, a record 32% of all vehicles offered…
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Missed Mortgage Payments: Your Options If You Default
If you have too many missed mortgage payments, your mortgage company will no longer accept payments from you. After too many missed mortgage payments (typically three), your lender will instead insist upon payment in full of the entire amount past due. The amount of missed mortgage payments, plus penalties and interest, is called the “arrearage.”…
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The Debt Snowball and the Debt Avalanche
I periodically review debt management books to see if there are any new methods that might be useful to my clients. I just finished the book Dear Debt: A Story About Breaking Up with Debt by Melanie Lockert. The book contains a few useful pieces of advice. But the most interesting section deals with the two…
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Hire Lee Legal to Defend Your Virginia Warrant in Debt
Going into court alone (or “pro se”) to defend a Virginia warrant in debt lawsuit can not only be intimidating. It can also cost you a lot of money. Here are five good reasons why you should hire Lee Legal to defend your Virginia warrant in debt lawsuit. 1. Send a Signal of Strength Retaining Lee Legal…
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Hire an Experienced Bankruptcy Attorney
Almost a year ago on December 1, 2015, major changes to the official bankruptcy forms took effect. One of the stated purposes of the changes was to make the forms easier. Unfortunately, the new forms did not accomplish that goal. The official bankruptcy forms are now actually more difficult to complete. Even more changes to…
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How Long Does Foreclosure Stay on a Credit Report?
If you are facing foreclosure or have already been through foreclosure, you may wonder: How Long Does Foreclosure Stay on a Credit Report? Most of my clients who are facing foreclosure want to keep their properties. There are lots of options for those facing foreclosure in DC, Maryland or Virginia. If you want to save…
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D.C. Means Test Unjustly Denies Chapter 7 Bankruptcy Protection
New Chapter 7 bankruptcy means test numbers take effect today for Chapter 7 cases filed on or after November 1, 2016. The D.C. means test numbers are obviously miscalculated and unfairly exclude bankruptcy debtors in the District of Columbia. Since October 17, 2005, the Department of Justice has promulgated median incomes for Chapter 7 debtors. To qualify for Chapter 7 bankruptcy, you…
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The Debt Buying Industry
Delinquent debt has given rise to an entire debt buying industry. When a debt becomes seriously delinquent, the bank holding the debt will write it off then sell it to a debt buyer, like Midland Funding, for a tiny fraction of the amount of the debt. In turn, that debt buyer might sell it to yet…
