If you are struggling to pay off debts and deal with other financial obligations, you may be wondering if filing for bankruptcy is your best option. It might be, but it’s also important to know that bankruptcy does not wipe away all debts. If you are looking for a way to get rid of your alimony obligations, this might not be the best path forward for you. You should consult with a Rockland County Chapter 13 bankruptcy lawyer to figure out the next steps.
What Are Domestic Obligations?
Domestic obligations are any payments that you make in support of your family. This includes alimony paid to your ex. If the court has ordered you to make these payments, bankruptcy will not wipe out your obligation or your past debt, if you have been unable to pay for a while.
If you were made to pay spousal support, there was good reason for it. Maybe there is a big difference between your income and the income of your ex. Maybe they need the support as a stay-at-home parent. Whatever the reason may be, it would be unfair if you could just unburden yourself of this obligation and leave your former spouse without alimony payments they may rely on.
Can I Stop Paying Alimony During the Bankruptcy Process?
In some cases, yes. If you owe alimony or back alimony, filing for bankruptcy can put a stop to it being collected. This is because filing for bankruptcy ensures that no one can come after you for any debts while you go through the process. You can only be pursued for more money once the process ends and you have liquidated assets or come up with a payment plan.
Can I Modify My Alimony Agreement?
This could be a good time to attempt to modify your alimony agreement though. If your financial situation has led to you filing for bankruptcy, you may be able to ask for a reduction in how much alimony you pay. Agreements like this can often be modified when one spouse has financial difficulties.
You may also find that you do not have to modify your agreement to meet your obligation. If you go through bankruptcy and discharge other debts, you may find that you now have enough money to pay your alimony without issue. You may not be able to discharge this domestic obligation, but you can get yourself back on track and begin paying on time.
Contact Our Bankruptcy Lawyers
Contact our law firm if you want to learn more about bankruptcy and how it could help you get a fresh financial start. The attorneys here at the Lauterbach Law Firm would be happy to take a closer look at your finances and advise you about your options.
