If you have found yourself in a situation where you cannot make child support payments because you are in a significant amount of debt, you may be seeking relief. To learn about filing Chapter 13 bankruptcy and the effect it may have on paying child support payments, continue reading and reach out to our experienced attorney. If you have any further questions, do not hesitate to contact our firm.
Can Chapter 13 bankruptcy help me to catch up on missed payments?
Filling Chapter 13 bankruptcy triggers an automatic stay on your assets. This means that you will be able to keep your home and many other assets. Filing for Chapter 13 bankruptcy gives debtors the chance to restructure their debt and create a payment plan that will work best for them and their lifestyle. This plan is generally executed over three to five years which should give you the opportunity to get your finances back on track. This should allow you to no longer be in debt. As a result, you should be able to catch up on any owed child support payments.
If I file for bankruptcy, can I stop paying child support?
To answer this question, it is important to understand the two types of debt when it comes to filing for bankruptcy: dischargeable and non-dischargeable debts. Dischargeable debts are debts that will essentially be removed. An example of dischargeable debt is credit card debt.
Various other debts are considered non-dischargeable debts. This includes most liens, money owed to another party from a lawsuit, child support, and other debts. Filing for bankruptcy may allow you to have the opportunity to catch up on child support payments and avoid the penalties that may come from failing to make those payments. However, filing for bankruptcy cannot cancel out your child support payments altogether. If you and the other child’s parent, or you and a judge, can agree that child support should be terminated, only then can child support be canceled.
If you have any additional questions regarding filing for bankruptcy and the effects it was may have on your financial situation, reach out to our experienced bankruptcy attorney today. Our firm is prepared to assist you when you are ready. Give us a call to schedule your initial consultation.
Contact our experienced New York firm
Bankruptcy, for many people, is a frightening endeavor. Fortunately, with the help of an experienced attorney, it does not have to be. If you require the services of an experienced Business Law or Bankruptcy attorney, contact the Law Offices of Allen A. Kolber, Esq. today to schedule a consultation and discuss your options. We will have your back every step of the way.