Tuesday, February 14, 2012

Stepparent Adoption

Adoption can take on various forms depending on the parties to the adoption.  For example, there are close family adoptions, over 18 adoptions, in-state and out-of-state adoptions, international adoptions and stepparent adoptions.  This blog will deal specifically with stepparent adoptions.
A stepparent adoption takes place when the spouse of a child’s birth parent seeks to legally adopt one or more children of their spouse.  While we speak of birth parents, the custodial parent may have previously adopted the child.  An important distinction is made here in that following the adoption you are the parent!  While often a stepparent adoption arises following the divorce of the birth parents, the birth parents need not of been married.  The death of a birth parent and the subsequent marriage of the surviving spouse could also bring about a stepparent adoption.
In Virginia, the non-biological parent petitions the local Circuit Court with the biological parent joining in, and with the non-custodial parent signing a Consent for Adoption.  The fact that the biological parent joins the Petition typically prompts the court to waive the requirement for a Home Study.  The act of the non-custodial biological parent signing the consent, severs that parents rights over the child, permanently.  An important consideration is that if child support is being paid by the non-custodial parent it will end the day the Adoption Order is signed.
If the consent of the non-custodial parent cannot be obtained then there are procedures that may be put into play to facilitate the adoption.  For example, if the birth parent’s whereabouts are unknown, or the parent is not involved in the child’s life and refuses to sign the consent, then alternative steps may be taken.
The benefits of adopting a stepchild are endless, and beyond measure, so it is something that should be seriously considered with the child(ren) and other family members.  Adopting can create bonds between a child and stepparent that may not otherwise be there; for example, stability.  One adoptive father says, “He was already mine. It was just a matter of paper work.”  The commitment a stepparent makes to the child by solidifying their family unit is the greatest benefit of a stepparent adoption.
I take great pride in helping families grow through adoption.  Personally, it is the most satisfying aspect of my profession.  Having suffered the loss of a stepson, I understand and wholeheartedly respect your commitment to your children and your family.
If you just have questions, or for information on initiating this process, contact the Law Office of Kirk D. Berkhimer, P.C. 

Thursday, February 9, 2012

How Can I Repair My Credit Score After Bankruptcy? KDB Law Firm Credit and Bankruptcy Part Four

If you have filed for bankruptcy, your credit score will be affected.  So how can you be proactive and work to repair your credit? Here are some important steps to take to improve your credit:
1. Pay on Time (By Paying in Advance): Pay your current bills and loans reaffirmed in bankruptcy in advance. In Part One {LINK} and Two {LINK} of the KDB Law Firm series on credit and bankruptcy we discussed the easiest ways to both help, and conversely, harm, your FICO score: your payment history. As you now know, your payment history is 35% of your FICO score.
2.  Follow Up with the Three Major Credit Reporting Agencies: Send each reporting agency a copy of your discharge notice as well as the schedule of creditors listed in your bankruptcy (schedules D, E, F). This is an important element to being repairing your credit after bankruptcy, as creditors are no longer able to report the discharged debt as owing on your credit file.
3.  Monitor your Credit: Check with each credit agency quarterly to confirm that the creditors are abiding by the discharge order and your discharged debt is being accurately reported. If a creditor fails to accurately report the debt as discharged or is continuing to attempt to collect on the debt, they are committing “discharge violation”. If you notice such discharge violation, which is common in most cases, contact your attorney immediately.
4. Wait Before Seeking New Credit: Hold off as long as possible before seeking credit. You will find lenders who will make loans to you immediately after a bankruptcy, and they will seek you out. It is not uncommon to receive credit card offers in the mail even before you receive your discharge! However, you can expect to pay rates 5-10% higher than most people. That may not seem like a lot, but based on an average 30-year financial lifetime, the additional interest you could pay could end up as much as $200,000 or more.
5. Rebuild Credit with a Secured Credit Card: Many people looking to repair their credit start with a local credit union or bank and open a secured credit card. A secured card (meaning you back it with equal funds in a savings account) will help rebuild your credit history. After 6 months to a year of using a secured card you will find that you can get a more traditional credit card without having to put up the cash first. However, even then be very careful and read the fine print!
In summary: after you file for bankruptcy and receive your discharge, be sure to monitor your score diligently, pay your bills slightly in advance, wait until your score improves before seeking new lines of credit, and improve your score by using a secured credit card.
For more bankruptcy information, visit http://www.KDBLawFirm.net/.

Be safe and be well! ~Kirk Berkhimer, Norfolk Bankruptcy Attorney

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Divorce: Is it support or property?

In 2005 Title 11 of the U.S. Code was modified.  The changes were far reaching and significant.  One of those changes prohibited the discharge, in a Chapter 7 Petition, of debts and obligations owed to former spouses and/or children as a result of divorce.

However, by choosing to file under Chapter 13 those debts or obligations not considered "Domestic Support Obligations" are dischargeable.

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