Child Support Non-Dischargeable by Bankruptcy
Finances are something that every family worries about at some point. With the different monthly bills that families have to pay, it is no wonder that many people struggle to pay the bills. The economy has not made paying those bills any easier. Sadly, a large number of families have now found themselves upside down on their homes with the recent collapse of the housing market. This means that they owe more money of their home than it is actually worth or than they can sell it for. That fact, combined with the high amount of unemployment has made it almost impossible for many families to keep up with what they owe. The inability to pay the bills and keep up with what you owe may force you into bankruptcy in some situations.</p>
Bankruptcy is increasingly popular but should only be used as a last resort. Many people rush into the process without getting properly informed on what the process consists of and how it can impact the rest of your life. Something that people do not realize is that just because you file bankruptcy it does not mean that all of your debts will be forgiven. There are a few different types of monetary obligations that you cannot escape including child support and student loans.
One debt that many people forget to take into consideration is child support. Child support is non-dischargeable by bankruptcy, meaning that you cannot be forgiven for the debt that you owe associated with child support. The support that these payments give to dependents is very important and should not be forgiven even in extreme financial situations. Even in extreme monetary struggles, these payments can mean life and death for dependents, without which they may not be able to afford life's necessities. The bankruptcy laws rightly require that these payments continue despite a pending or approved bankruptcy.
If you have questions about debts that can and cannot be forgiven by bankruptcy, you would likely benefit by hiring an San Antonio bankruptcy lawyer to help you through the process. A bankruptcy lawyer has experience with bankruptcy cases that you do not and can answer any questions that you have. A lawyer can also help you through the process of bankruptcy and in meeting all of the laws and other requirements that are associated with filing for bankruptcy.
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Schooling is expensive and since it can be difficult to pay for living expenses, tuition, books, and recreation, students may be forced to take out student loans to pay for their education. One of the problems with student loan debt is that there is nothing to back it up in case of non payment.
The decision to file bankruptcy is a serious decision but it is a decision that can give you a fresh start if there is no other way out. Bankruptcy is a legal way to discharge unsecured debt that can provide an overwhelmed debtor with a new beginning. It may be possible to keep your present home and your car after filing bankruptcy. A law firm such as the Malaise Law Firm, with attorneys skilled in San Antonio bankruptcy law can help you.
What does this mean for people who overindulge with their spending during the Christmas season? If you spend thousands of dollars in December knowing all along that you plan to file for bankruptcy once the New Year rolls around, your plans for debt relief may be delayed. If you know that you will not be able to pay for the bills you created during Christmas, you will have to wait at least four to six months into 2010 to file for bankruptcy.
Students from both private and public universities all over the country may also provide low cost or free advice. The sessions will only achieve directing clients to the right legal path in filing the right papers. Note that with the new bankruptcy laws taking into effect making the bankruptcy filing process more difficult than usual, an experienced bankruptcy attorney will be worth your money.
Many people who enter the bankruptcy process worry about the fate of their credit. This is actually unnecessary as the bulk of credit damage happens before the bankruptcy process is even initiated. While no one wants the added hassle of rebuilding their credit after resolving debt troubles, doing so can put you leaps ahead of others in the credit game.
Americans are now filing Chapter 7 or 13 Bankruptcy to get their debts under control. Bankruptcy in itself is designed for debt elimination. Chapter 7 bankruptcy functions to cancel out unsecured debt such as utility or medical bills, credit card, etc. Chapter 13 Bankruptcy on the other hand is designed to give individuals more time in repaying all their debts.
Filing for bankruptcy is good news whenever you are struggling with your credit card debt, mortgage or medical bills. Bankruptcy laws help families and individuals in their debt struggles. You have two options on how to deal with your debt problems, Chapter 7 (debt elimination) and Chapter 13 (reorganization). Always remember that you can regain credit again after successfully filing your bankruptcy.
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