Even though bankruptcy is never anyone’s first choice, it can be useful in a variety of situations. But, the question is, is it useful when one is unable to meet their child support obligations?
What Does It Mean To File For Bankruptcy?
The act of filing for bankruptcy allows an individual to declare that they are legally bankrupt. By declaring that they are legally bankrupt, this same individual can:
- Reduce some of the debts that they may owe.
- Develop a payment plan for the payment of debts that they cannot discharge.
- Completely eliminate some of the debts that they may owe.
Every single one of the above makes it easier for the individual, in question, to regain a certain measure of financial security and financial freedom.
Even though filing for bankruptcy can allow an individual to regain financial security and financial freedom, the effects it can have on one’s child support obligations aren’t always easy to predict.
How Does The Court Calculate Your Child Support Obligations?
To calculate one’s child support obligations, the court looks at a variety of factors. Some of the most notable factors that the court looks at, to calculate one’s child support obligations, are as follows:
- The net income of both parents.
- The cost of the children’s health insurance.
- The cost of the children’s education.
- The amount of time both parents spend with the child.
- The age of the child.
Every single one of these factors is used to calculate one’s child support obligations. But, to go along with the factors outlined above, the court also relies on a chart that assigns a specific sum of monthly child support, depending on the amount of money that both parents earn.
Will Filing For Bankruptcy Modify Your Child Support Obligations?
Right before we can answer this question, we must clarify the debts and obligations that bankruptcy will not discharge an individual from. And, the debts and obligations, in question, are as follows:
- Fines that have been ordered by the court.
- Judgments that have been ordered by the court.
- Debts that come from unpaid taxes.
Outside of those three types of debts and obligations, there is one other set of debts and obligations that bankruptcy will not discharge: alimony and child support.
Someone who files for bankruptcy will not be able to discharge their child support obligations. For this reason, an individual who files for bankruptcy, due to owing several months worth of unpaid child support, will find that those overdue payments still remain.
Even though this is the case, there is one thing that a parent, who is unable to satisfy their child support obligations, can do: file for a reduction.
By filing for a reduction, a parent can clarify to the court why their current child support obligations cannot be met. And, when they do so, they may be able to reduce their monthly child support payments.
Speak With A Tampa Child Support Lawyer Today
Even though filing for bankruptcy can be useful, it will not alleviate your child support obligations. By speaking with a Tampa child support lawyer at the Westchase Law, P.A. today we can assist you in reducing your child support obligation.
Sources:
law.cornell.edu/wex/bankruptcy
flcourts.gov/content/download/685815/file_pdf/902(e).pdf