If you owe back child support, then you may have received a letter from your former husband or wife asking you to return the money. The question many couples are asking is whether or not the second stimulus check they will receive through the IRS will help pay off their debts. This is a question that has bewildered many couples who are reeling from the loss of their jobs and their rising costs of living. Hopefully this article will shed some light on whether or not you will receive your second stimulus check.
The key to answering the question of whether or not you will receive a check for the back child support payments is to ask the lender what will happen to it once you file bankruptcy. You may find that the lender is not required to repay this debt in full. This is because the federal government has mandated that they must aid you in these difficult times. Many of them will simply cut off the checks that you will be receiving which means that you may never have to repay the money at all.
In some cases, this may not be the case. What you need to do is go to the internet to see what the terms of repayment are for the check you will receive. If you owe child support, then chances are that you will be required to make payments at least four times per month. This means that if you receive a check for seven dollars and fifty cents per pay period, you should expect to receive ten payments. While the lender is not expected to assist you with repayment, they are required to give you a check once per month for the amount owed.
If you do not qualify for the child support money, then this may end up being the only check you receive during your life. This is because the second stimulus check is an excellent way to keep you from losing your property to foreclosure. It is also a great way to avoid paying back child support completely. Many people mistakenly believe that this money will just sit in their bank account until it is repaid. This is not true and the government will send the check out to the appropriate agency to be dispersed.
This money is distributed each month. Some will be put into a special account for those who qualify while others will go to your creditors. If you owe more than seven hundred dollars, then your creditors will be the ones who receive the money first. It may take several months for the money to reach its destination depending on where you live. If you make late payments, then that money may not be distributed until the following month.
One of the reasons that you may be able to get back child support is because you are legally defined as being a dependent. In most cases, this means that you have another living parent. You can change this and become responsible for yourself if you go through a divorce or a separation. For many who are in a situation where they need extra financial assistance, this is a great way to get out of debt and start over financially.