The debt that many people carry is the highest that it has been for many decades. This could be due to a number of different factors but probably can be blamed on the high rate of unemployment, crash of the housing and stock markets, rise in number of divorces, and even rising costs of medical bills. Whichever the case, many Americans are struggling to pay the bills that they have and are turning to things like bankruptcy to rid them of the debt that they have. Bankruptcy allows you to get a fresh start on life.
The laws that dictate bankruptcy are very complicated and actually differ depending on which type of bankruptcy you are filing. Because of the confusion that can be associated with these strict proceedings, it may be a good idea to hire a lawyer if you are going through a bankruptcy in the near future. A bankruptcy lawyer will be able to help you through the process and answer any questions that you have. One such question deals with whether or not child support and alimony are considered income when a person is filing.
The simple answer for this question is yes. Most types of alimony and child support are considered income when you are filing for bankruptcy and you must include them in the income section of your paperwork. Other types of income that you must report would be things like your job salary, unemployment compensation, side jobs, self employment, social security income, retirement, pension plans, sales of stock that you may have, income from rental properties, and even frequent gifts from family members or friends.
Filing for bankruptcy is not as easy as saying that you cannot pay your bills. You actually have to meet some very strict income and salary requirements to even be considered for many types of bankruptcy. Almost the same laws apply for people that have to pay alimony and child support when they are filing for bankruptcy. They are not able to skip payments for these two things even if they are going through a bankruptcy themselves.
This and many other questions that you have about bankruptcy can be answered by an experienced San Antonio bankruptcy lawyer. If you are going through a bankruptcy, you will want to find a lawyer that can help you through the process. Look for a bankruptcy lawyer that is experienced with all different types of bankruptcy and that can answer your questions quickly and efficiently. A good bankruptcy lawyer may be the difference between being approved for you bankruptcy and being responsible to paying your debt. Do your research on the lawyers in your area and you will likely have a good experience.
Jeff Davis is the Owner of the Davis law firm, and a highly experienced San Antonio bankruptcy attorney. To find out more information about a San Antonio bankruptcy lawyer, please visit www.jeffdavislawfirm.com.