According to an article in the The Dallas Morning News, many divorcing couples are finding themselves returning to the negotiating table after one party faces a job loss , reduced income or some other financial crisis.
With the economy in turmoil, divorce settlements are becoming more fluid as job losses, foreclosures and bankruptcies reach a wider American demographic. With over 6 million Americans out of work because of job losses, many are finding that they are unable to make payments in a divorce settlement they way they agreed because of reduced income.
If you’re responsible for making divorce settlement payments and have faced a job loss or reduced income you should first make your ex-spouse aware of the change in financial circumstances. If you find that you are facing lawsuits, garnishments and/or foreclosure you may want to meet with a bankruptcy attorney to find out how he can help you renegotiate the settlement in bankruptcy and avoid foreclosure and wage garnishments .
But be aware that there are certain payments you cannot avoid. You should never stop paying such as child support. If you fail to pay child support, even if you have faced a job loss, lack of payment could create legal troubles including prison time.
Consult our bankruptcy lawyer
For help navigating the renegotiation of a divorce settlement in bankruptcy contact a Dallas-Fort Worth bankruptcy attorney today.