When you are falling behind on your child support payments, you need to create a plan to solve your problem. Luckily, you have several options for resolving this issue, it will just take some time and planning to so do.
Your first option is to seek help with organizing and making your payments. You can consult an accountant to get their help organizing your finances. The accountant can also find areas where you need some assistance such as reorganizing when you pay your bills.
Another option for making a payment arrangement is to visit your local Child Support Enforcement Agency. This agency offers several services, which include automatic payments that are deducted from your paycheck. You can set up a repayment plan through them that allows you to pay your current child support as well as your past due amounts.
When you are behind on child support payments due to financial reasons, you may need to restructure your debt. One option is to apply for a consolidation loan, which may give you lower monthly payments. The idea is to use the loan to pay off your other creditors so you only have to make one payment each month.
This type of loan is a good option when you have different interest rates as well, since it may reduce the interest you need to pay each month. With the lower monthly payment, it can become easier to afford your past and current your child support payments.
When you take an honest look at your finances and you cannot make the payments at all, then bankruptcy is a good option. Keep in mind that bankruptcy will not erase debts from alimony or child support. Instead, bankruptcy can eliminate your other debts, so you can get caught up on your past due payments.
It does not matter if you file Chapter 7 or 13, this method will help you reduce your current debt so you can make larger child support payments. In most cases, this process eliminates additional debt from credit cards, personal loans and mortgages you are having a difficult time paying as well. Consult with a professional bankruptcy attorney, such as Donald T Tesch, PS, to see how to best fulfill your needs.
The last thing any parent wants to do is not provide from their children. However, items such as mortgages, credit card bills and unexpected hospital bills can make it difficult to keep up with your child support payment. When this is your situation, you need to look through all of your options and choose the right solution for your problem.