How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Terry L. Your Own Question
Terry L.
Terry L., Attorney
Category: Bankruptcy Law
Satisfied Customers: 2830
Experience:  Better Business Bureau. 18yrs bankruptcy experience. Chicago Bar Assoc. American Bankruptcy Institute member.
15345323
Type Your Bankruptcy Law Question Here...
Terry L. is online now
A new question is answered every 9 seconds

I am 65 and currently unemployed as of 2/15/13. I live in NY

This answer was rated:

I am 65 and currently unemployed as of 2/15/13. I live in NY and owe $47000 in credit debt and have approximately $49000 left in my 401K. I receive $2400 per month in unemployement but that ends in april. I could potentially file for social security of approximately $2300 per month. My only other asset is the net value of my car of $4000. My living expenses are $4800 per month including debt service. I am married and my wife earns a good income but we have no debts or assets in common.
While I was working I paid $4500 per month in alimony to my ex-wife. I asked her to agree to suspend alimony until i found a new job but she refused. As a result, I filed a motion in family court in NJ to suspend alimony and have a court date in early May.
my question is - what is the impact on my motion to suspend alimony if I file for bankruptcy now before the court date? Thanks

Terry L. :

Hi, thanks for your question. You should hire a lawyer for specific legal advice. No attorney client relationship is created here.

Terry L. :

It won't have any affect.

Terry L. :

Domestic support obligations like this are not dischargeable in the bankruptcy case.

Terry L. :

You are telling the court that you don't have the income to pay.

Terry L. :

The court will consider your current income and expenses, and then determine how much a month, if any you should be paying.

Terry L. :

The debt payment will be removed from your budget once you file, so that will be the only factor involved.

Terry L. :

do you have any questions ?

Customer:

do you have experience in terms of what happens if the court determines that I cant pay

Customer:

my current income is limited to the 2400/month unemployement.

Customer:

but that is only temporary. after that ends, my only income potential short of a new job will be social security

Terry L. :

They may set a status to see what your income will go to

Customer:

sorry - what does "set a status" mean?

Customer:

i have a job offer as an independent sales agent - commission only- where i may start earning commissions in a few months

Customer:

but difficult to know what i will actually earn

Terry L. :

The court could continue your hearing so to speak and have you report back

Terry L. :

that way they can determine income if it may be changing

Customer:

ok thanks

Terry L. and 5 other Bankruptcy Law Specialists are ready to help you