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Child support payments are essential for making sure a child receives financial support from both their parents when those parents are not living together. These payments are frequently court-ordered as part of a divorce or separation. Unfortunately, they are also an additional cost in an already costly separation. Some parents may be unable to afford the payments, and the unpaid amounts add up.
Bankruptcy is not an option that will allow you to avoid your obligations to your child. Instead, it may help you lower or remove other debts, giving you more financial ability to pay for your child’s support.
As a dedicated Tennessee bankruptcy attorney, Mark T. Young & Associates understands that divorce proceedings and bankruptcy petitions often go hand in hand. If you are considering divorce and also need financial relief through Chapter 7 or Chapter 13 bankruptcy protection, it is important that you seek guidance from a qualified lawyer.
At Mark T. Young & Associates, we have significant experience in helping individuals and families review the pros and cons of bankruptcy. Mark T. Young & Associates has more than 31 years of experience in filing bankruptcies, and he has worked only in this area for the last 15 years. Our firm can explain your options for debt relief.
At Mark T. Young & Associates, in Chattanooga, our legal team understands the emotional and financial issues associated with divorce, separation, and bankruptcy. We devote the necessary time, talent and resources to help clients achieve their financial goals. We have helped many parents understand the benefits and drawbacks of bankruptcy.
Custody cases are handled by the Hamilton County Court System’s General Sessions Civil Division. With the costs of a divorce or child custody case, it can be hard for the parent who is ordered to make child support payments to afford them. Child support in Tennessee collects and pays over $675 million a year. If bankruptcy is the right option, our firm helps couples through the process as they divorce or separate.
However, bankruptcy for child support rarely happens immediately after a separation. For many, bankruptcy becomes necessary after significant support arrears have built up, and the amount is too overwhelming to address.
Unpaid child support occurs for a variety of factors, which often compound. About 70% of arrears that noncustodial parents owe are owed by parents with income under $10,000 a year. Many of these parents face several barriers that prevent them from securing higher-paying jobs, such as uncertain housing and limited education.
On top of the arrears, there is interest to consider. The interest rate for unpaid child support in Tennessee can range from 4-6% for support orders after 2017 if the court deems interest to be appropriate.
Bankruptcy can help with child support payments. It can free up your finances to enable you to support your co-parent with childcare expenses.
Bankruptcy is frequently used to address and cancel debts. It is important to note that child support and alimony obligations are nondischargeable debts under the Bankruptcy Code. You cannot discharge or wipe away child support payments in Chapter 7. However, there are other types of bankruptcy that could be useful.
An attorney can review the specifics of your financial situation, including your debts and assets, and determine if you qualify for bankruptcy. An attorney can also determine if bankruptcy is the right option for you.
Chapter 13 bankruptcy will also not cancel your child support payments. You may place back child support (arrears) in a Chapter 13 bankruptcy, which could enable you to catch up on your support. This means that the arrears are included in the repayment plan for all your debts.
In a repayment plan, you will have an amount you pay monthly for three to five years. This repayment may fully or partially repay the debts. The debts may be cancelled when the repayment period is over. While child support will still be owed, repayment can help make payments more manageable. Because it can clear other debts, you may have additional finances to put toward your support payments and arrears.
Filing for Chapter 13 bankruptcy also limits the ability of other creditors to harass and contact you, and it prevents them from taking most collection actions. This can also make it easier to pay your support payments.
Our legal team is available to discuss your situation at 423-933-1606 or toll-free at 423-870-5225. You may also send us an email to schedule your free consultation with a qualified lawyer. We are conveniently located and offer handicap accessibility, as well as free parking.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.
At Mark T. Young & Associates, We Get You The Help You Need.
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