Bankruptcy Law Firm
It almost goes without saying that when you’re experiencing financial hardship, even something as important as rendering financial aid to your children becomes taxing or nearly impossible. As much as you want to support your children’s needs, the reality is that paying child support each month doesn’t somehow become easier or possible just because you love your kids. You may be months or even years behind in child support payments so that it is one of your biggest debts. If that’s the case, you may hope that child support debt is a debt that you can discharge.
But, as mentioned above, child support debt cannot be discharged. This is true even if one or all of your children are at the age of the majority if you’re still not caught up. Remember, children are entitled to financial aid from the non-custodial parent. Because child support is the legal right of your children, you cannot legally absolve yourself of this responsibility. Thankfully, bankruptcy can at least make paying child support more possible and allow you to catch up if you’re in arrears. For one, with your other debts cleared, you’ll have more disposable income to put towards child support payments.
Under Tennessee law, a family court judge may reduce your monthly child support payment amount if you prove that there’s a substantial change in your income. Filing for bankruptcy, regardless of the chapter, is evidence of a substantial change. But before you apply for a reduction, call the best bankruptcy law firm Memphis TN has to offer. The law firm of Darrell Castle & Associates is the best. Review our list of exceptional lawyers here. Without our experience and guidance, you may forget to file critical information and risk not getting the results that you need.
How Will Bankruptcy Affect My Alimony Payments?
Alimony, like child support, can’t be discharged. Rather, you’ll have to pay it for as long as your court order says unless some other modification is made. That aside, if you’re struggling to pay this monthly bill on time and in its entirety, you might be able to request a reduction based on your economic standing. You’re in poor economic standing if you file and are approved for bankruptcy, regardless of which chapter. But don’t assume that just because you can prove you filed for bankruptcy that your alimony payments will lower to an amount that’s affordable or reasonable for you. This is why it’s always in your best interest to have a bankruptcy lawyer work with you and file for you.
Please note that, although an automatic stay is issued on your assets when you, as a spouse, file for bankruptcy, this stay doesn’t affect alimony or any other debt that’s related to domestic support.
What Are Other Bankruptcy Chapters I Can File For?
Other common bankruptcy chapters are Chapter 11 and Chapter 12. Chapter 11 is a good option for business owners and corporations who want to maintain control of their business and not have to forfeit their assets. Chapter 12 is specifically for farmers and fishers, be they individuals or businesses, who have come under hard times and would like to be put on a three-to-five-year payment plan.