Advice on how to deal with back child support - The Bills.com Blog

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Advice on how to deal with back child support

Question: My husband has $40000.00 in back child support - they keep garnishing our checking account and we are stressing all the time even though he pays every month for the last 10 years. Will they let us refinance to pay this type of debt off? Will the child support division consider a settlement?

Answer: Generally speaking, a debt consolidation loan can be used to repay any outstanding debt you owe,including back child support. A debt consolidation loan is essentially a home equity loan which you use to pay off other creditors. Since you are borrowing money against your home equity to repay debts, most lenders do not care what type of debt you are using the money to repay. Sometimes, lenders for debt consolidation loans place conditions on the loan, such as requiring you to use the loan proceeds to repay certain accounts. Such restrictions are especially common for borrowers with poor credit.

Bills.com makes it easy to compare mortgage offers and different loan types. Please visit the loan page and find a loan that meets your needs at:
https://www.bills.com/mortage/refinance/

If you do not own a home, you may be able to obtain an unsecured debt consolidation

loan, which is basically an unsecured personal loan which you use to pay off your creditors. Interest rates on unsecured consolidation loans tend to be significantly higher than the rates on their secured counterparts. Hopefully, you will be able to find a loan that you will fit your needs.

If you would like to read more about debt consolidation loans, I encourage you to visit the Bills.com Debt Consolidation Resources page at http://www.bills.com/debt-consolidation-loan/

If you enter your contact information in the Bills.com Savings Center at the top of the page, we can have several pre-screened lenders contact you to discuss the consolidation options available to you.

Unfortunately, these types of

debts cannot be included in credit counseling or debt settlement programs.

Very quickly, if you want a free debt consultation with one of Bill's approved debt help partners, click here:

https://www.bills.com/debthelp/debt/

If you find that a consolidation loan is not a workable solution for you, you may want to contact the child support administration in your area to discuss available plans to bring your child support obligations current - but none of these obligations are dischargeable in a bankruptcy, so none of them can be negotiated down.

I wish you the best of luck in resolving your outstanding obligations. I hope that the information I have provided will help you Find. Learn. Save.

Best,
www.bills.com

Also, make sure to get a free financial health check-up with Bills IQ!

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Bill has answered all sorts of questions and has been able to provide those in need of financial guidance with helpful and valuable advice and information on their specific financial area of interest. If you need specific guidance on any of the above mentioned financial areas, feel free to Ask Bill your financial questions and get better informed. Also, make sure to get a free financial health check-up with Bills IQ!

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