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Understanding Spousal Support
Spousal support, also known as alimony or maintenance, is a financial obligation that one spouse may be required to pay to the other after a divorce or separation. The purpose of spousal support is to help maintain the standard of living that both parties experienced during the marriage, particularly for the spouse who earns less or is unable to support themselves due to various reasons.
Bankruptcy and Spousal Support: The Basics
Filing for bankruptcy can be a stressful and overwhelming experience, especially if you’re also dealing with the fallout from a divorce or separation. One question that often arises in these situations is how bankruptcy will affect spousal support obligations.
In general, filing for bankruptcy does not automatically eliminate or reduce your spousal support obligations. However, the specific impact depends on several factors, including the type of bankruptcy filed, the nature of the spousal support obligation, and the individual circumstances of both parties.
Chapter 7 Bankruptcy
When filing for Chapter 7 bankruptcy, an individual’s assets are liquidated, and the proceeds are used to pay off their debts. In most cases, spousal support obligations are considered non-dischargeable debts, meaning they cannot be eliminated through the bankruptcy process. This means that even after the completion of a Chapter 7 bankruptcy, the individual will still be responsible for paying their spousal support payments.
Chapter 13 Bankruptcy
Chapter 13 bankruptcy, on the other hand, involves creating a repayment plan to pay off debts over a period of three to five years. In this case, spousal support obligations can be included in the repayment plan. However, the debtor is still required to make their full spousal support payments during the duration of the plan, and any remaining balance after the plan is completed will remain non-dischargeable.
Bankruptcy’s Impact on Modifying Spousal Support
In some cases, an individual may seek to modify their spousal support obligation due to a significant change in their financial circumstances, such as job loss or substantial reduction in income. Filing for bankruptcy may be one of these significant changes.
While bankruptcy itself does not guarantee a modification of spousal support, it can be a factor that the court considers when determining whether a modification is appropriate. The court will typically evaluate the financial situation of both parties, the needs of the recipient spouse, and the ability of the paying spouse to meet their obligations.
Protecting Yourself: The Importance of Consulting with a Bankruptcy Attorney
Given the complexities of bankruptcy and spousal support, it’s crucial to consult with an experienced bankruptcy attorney if you find yourself in this situation. A knowledgeable attorney can help you understand your options, guide you through the process, and protect your rights.
If you’re in the New Bedford, Fall River, or Wareham areas of Massachusetts, Logan A. Weinkauf at Weinkauf P.C. is a highly recommended bankruptcy attorney who is committed to helping individuals navigate these complex issues. Logan’s empathetic approach ensures that you’re well-informed of your options and helps you make the best decision for your unique circumstances.
Other Services Offered by Weinkauf P.C.
In addition to bankruptcy law, Weinkauf P.C. offers expertise in divorce law, loan consolidation, and wage garnishment. If you’re facing any of these challenges, Logan A. Weinkauf is prepared to provide the guidance and support you need.
Take the First Step: Schedule a Free Consultation Today
If you are grappling with bankruptcy and spousal support issues, don’t hesitate to reach out for professional help. Taking the first step toward understanding your options can make a world of difference in alleviating stress and finding the right path forward.
Logan A. Weinkauf at Weinkauf P.C. offers free consultations to those in the New Bedford, Fall River, and Wareham areas of Massachusetts. During this consultation, Logan will listen to your concerns, assess your situation, and provide personalized guidance on how to address your spousal support obligations in the context of bankruptcy.
Don’t let financial uncertainty and the complexities of bankruptcy law overwhelm you. Contact Logan A. Weinkauf today and get the support you need to make informed decisions about your financial future. To schedule your free consultation, visit the Weinkauf P.C. website at https://weinkaufpc.com or call their office to speak with a compassionate and knowledgeable professional.
Remember, when it comes to navigating the intersection of bankruptcy and spousal support, having an experienced bankruptcy lawyer by your side can make all the difference. Don’t face these challenges alone – let Logan A. Weinkauf and Weinkauf P.C. guide you through this difficult time and help you achieve the best possible outcome.
Attorney Logan A. Weinkauf is ready to help you. Call 508-375-3878 or use our no obligation case evaluation form on our website’s home page.