Alimony is considered to be financial support that one spouse may be ordered by a court to give to the other during their separation or following their divorce. This is intended to be a temporary payment plan that allows the receiving spouse to maintain the standard of living they established during their marriage until they become financially independent once again. So, if you are the spouse who is tied to this financial obligation, this may become difficult to fulfill if you are treading toward bankruptcy. Follow along to find out what happens to your alimony payments after you file for bankruptcy and how a proficient bankruptcy attorney in Rockland County at the Law Offices of Allen A. Kolber, Esq. can help you review your options.
What happens to my alimony payments after I file for bankruptcy?
First, it is important to note the two types of debt that are considered when filing for bankruptcy. They read as follows:
- Dischargeable debt: this is a type of debt that will likely be wiped out in the bankruptcy process (i.e., credit card debt).
- Non-dischargeable debt: this is a type of debt that will likely remain and be required to pay off (i.e., tax debt).
With that being said, domestic support obligations are considered non-dischargeable debt. So, alimony payments will remain and you will be required to pay them even after you file for bankruptcy.
Can I modify my alimony payments after I file for bankruptcy?
Though you will still be required to make alimony payments during and after your file for bankruptcy, this does not necessarily mean that you cannot modify them. That is, you may be eligible to petition for a modification of your spousal support obligation that better reflects your current financial status. Specific circumstances in which you may request a post-judgment modification to your alimony payments read as follows:
- You unexpectedly lost your job (i.e., for any reason besides quitting or being fired for negligence or criminal behavior).
- You are earning less money than at the time your agreement was reached.
- You developed a serious medical condition that caused you to incur serious medical bills.
- You realize that your former spouse’s financial situation has improved since the time your agreement was reached (i.e., they remarried, received an inheritance, or otherwise became financially independent).
If you require assistance with going about a modification of your alimony payments, do not hesitate in reaching out to a talented Rockland County bankruptcy attorney today.
Contact our experienced New York firm
If you require the services of an experienced Bankruptcy attorney, contact the Law Offices of Allen A. Kolber, Esq. today to schedule a consultation and discuss your options.
