Credit Repair Lawyer Oklahoma City, OK
Certain financial obligations can feel like a tremendous weight is resting on a person’s shoulders. This may be especially true when you find yourself in over your head, unable to keep up with payments. For some, bankruptcy may be a viable option for financial relief. If you are obligated to pay alimony payments or child support (or you receive this kind of support), you may be wondering how bankruptcy may impact this obligation. Speaking with an experienced credit repair lawyer Oklahoma City, OK residents trust is essential when evaluating your debt management options. Working with the team at The Law Offices of Marty D. Martin will not only allow you to get your questions answered, it will help you to understand how each debt management option available to you may impact your credit.
What is alimony and how long will I need to make payments for?
When two people determine that they will move forward with divorce, one spouse may require financial assistance in order to maintain their standard of living following the divorce. This often occurs when the supporting spouse is the breadwinner or earns far more than the person who is requesting the support. The duration a supporting spouse will be required to make alimony payments for can vary. In most cases, alimony payments are made until the other person is able to get back on their feet again. In some cases, temporary alimony may be granted which may only be required until the divorce is finalized. Permanent alimony may be required for the duration of a person’s life. The amount of time that you or your former spouse is required to pay alimony will impact the financial guidance you receive from an Oklahoma City, OK credit repair lawyer. Obviously, if your support award will continue for some time, that financial situation will impact your credit challenges and solutions more significantly than if your support award will expire soon.
What factors does the judge take into consideration when determining the duration for alimony payments?
There are a number of factors that help the judge to determine whether alimony is appropriate, and the duration for which it may be required. Factors may include:
- Lifestyle or standard of living during the marriage
- Education and work history
- The length of the marriage
- Age and health
It is important to note that if your financial circumstances (or your former spouse’s financial situation) have changed dramatically since alimony and/or child support was first awarded, you may be able to modify your award at this time. An Oklahoma City, OK credit repair lawyer can speak with you about the feasibility of a modification.
Will I be able to eliminate alimony if I file for bankruptcy?
Debts such as child support and alimony payments are considered non-dischargeable. Should you file for bankruptcy, you will need to list the spouse you are supporting as a creditor. Essentially, filing for bankruptcy will not eliminate your obligation to pay alimony or child support, if you pay alimony or child support to your former spouse. Similarly, if you receive support, your former spouse won’t be able to discharge overdue support debt. This is one of the reasons why it is important to speak with an experienced Oklahoma City, OK credit repair lawyer before making any assumptions about how bankruptcy will affect not only your credit, but your existing obligations/sources of income as well.