Bankruptcy??

[John-J-Jay]

Do you know if a person was to file bankruptcy yet they are current on their house pmts etc. would that affect child custody in a custody suit? The purpose of filing bankruptcy would to get rid of credit card debt and to give my child a better life, since i'm not getting child support.

I'm concern as to the court would look at a parent who filed bky versus a parent who hasn't filed bankruptcy.

[jenkins9]

I dont see how that would affect child custody....they want the child to have stability and be safe...I would not worry about it.

[mistoffolees]

I would make sure you have a plan for how you're going to appropriately support the child. For example, be prepared to discuss your new financial situation (although I was forced to wipe out my debts, my current income is sufficient to support the child and here's my budget). I'm not sure that it matters, but it seems that it couldn't hurt to be prepared.

Of course, there's also the issue of child support. It might affect any support you receive for the child.

[notnew]

You don't get to pick and choose which debts you include in the bankruptcy. They all go in and you submit a request to reaffirm on those debts you want to hold onto (like your house). If the creditor accepts a reaffirmation agreement, then the bankruptcy court has to approve it.

Bankruptcy follows you around on your credit report for a long time afterwards too. You have to look at all aspects of this action before taking it.

I understand the new bankruptcy laws have made the process different then in the past also. I think you should speak with a professional before taking this action.

Also, it is inadvisable to go to these debt consolidators. They are a rip off mostly. However, I have no personal experience, I have read and hear some pretty bad stuff.

I would advise you try to  negotiate with your creditors in advance to hold down interest rates, late charges, etc., and work out payment plans to include lower payments over longer periods of time. Creditors almost always want to get paid rather then discharge through bankruptcy.

I just think you should consider this very carefully.

BTW - I still don't think your custody is in danger unless you do yourself in somewhow. The courts don't like to remove children from their normal environment unless there is something really bad happening.

[durandal]

Just to chime in...

I did the same thing in Feb 2007... and for the same reasons.

The court's generally won't give a care about that. But here's the rub -
it may look good that you are trying to get a fresh start, and that you may be in a better position to adequately care for you child.

Think it out though - the B word is one that should be used as a last resort. For me it came down to just that.

durandal