Raising a child requires money. If the child has a parent’s who don’t live together, the parent without custody of the child might be ordered to pay child support for the child. This money is meant to help out with the expenses related to raising the child. When the non-custodial parent has a substantial income, child support payments can be considerable. According to the mother of Chris Bosh’s 5-year-old child, receiving almost $2,700 per month in child support has led to her having to file bankruptcy.
This Chapter 13 bankruptcy filing is the latest legal event in a years-long struggle over support and custody for the child. The woman, who appeared on “Basketball Wives,” was sued by Bosh for appearing on the show. She was later cut from the show, despite the fact that the judge threw out Bosh’s petition.
The woman filed for Chapter 13 bankruptcy protection claiming she has debts totaling at least $286,946 with approximately $320,446 in assets. She says she still owes $284,000 on her home in Windermere, Florida. The woman is said to have a monthly income of $3,985 with monthly expenses of $1,615. She owns a BMW worth $15,000, savings of $18,000 and a checking account with $1,250. She also says she owns jewelry and furniture worth $3,700.
This woman is facing financial difficulties and has opted to try to get a fresh financial start by filing for bankruptcy. Anyone who is facing financial difficulties might need to consider the protections that filing for bankruptcy offers. Understanding the different types of bankruptcy, how each affects your financial status and your responsibilities under each type might help you to decide if one of the options is right for you.
Source: Sports World Now, “Chris Bosh Baby Mama Files For Bankruptcy? Claims Low Child Support Payments Hurting Bottom Line [VIDEO]” Glenn Minnis, Feb. 04, 2014