Posted by DivorceLine in People who declare bankruptcy may possibly hold the belief that all of their debts will be wiped away. Regrettably, this is not usually the case. One debt that several bankrupted people are left with is child support in arrears.
Child support in arrears merely indicates past due payments. In other words, the individual has failed to maintain present on support payments to his or her child’s custodial parent. When people fail to pay these obligations, they are not just forgotten; a balance accrues.
After a although, this balance can get out of hand, leaving people with thousands of cash in debts. Always times, the only way to recover from this massive debt is to declare bankruptcy. There are a number of crucial things about the relationship between bankruptcy and child support.
For one, as previously mentioned, child support debts, and future payments, do not go away. There is no automatic stay on these sorts of payments, as there is on other needed payments. As such, people are needed to maintain present on these payments even when they are attempting to repair their finances.
Additionally, since child support in arrears does not go away, people will still need to raise the funds to pay off their obligations. An individual can not work out a payment plan or settle the debt as he or she can with other debts.
It is necessary to note that after past due payment have been paid in full, People may perhaps be able to petition for support modifications. In these instances, people who have declared bankruptcy might be able to decrease the quantity of future payments.
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