As Economy Slows – Modify Support Orders Soon!

In Child Custody Issues, Child Support, Spousal Support, Strategy Issues on November 10, 2008 at 11:23 am

            The news has been bad lately. We are all faced with the increasing challenges of an economy that is quickly turning into a stagnant pool of sickness.

            Most of us don’t spend much time thinking about the economy. So long as we have a job, a home, and a car, we are pretty content to just live our lives and let the people on Wall Street and Pennsylvania Avenue deal with the big picture of the economy.

            Well no more. It’s hitting home for a lot of us. For the business addicts out there like me, we’ve seen it coming. All you had to do was to take a look at the spending patterns to know who the next victim was going to be in the economic meltdown that is occurring.

            The CEO’s of America are engaged in this type of forecasting all the time, it’s the part of the job which requires a willingness to look at the hard cold facts, and take decisive action, no matter how painful it is for the company.

          Because goods are not being sold, retailers who normally pay for their goods months after they receive them, are finding that their cash-flow is tightening up and they can’t make their payments for their rent, and for the products that are lining their shelves. This is why companies like Circuit City are in chapter 11 bankruptcy court, trying to reorganize by cutting underperforming stores and seeking protection from their creditors.

      This will lead to a holiday season of early holiday blowout sales and lowered prices. The problem with that is how it impacts these companies, sales are good for immediate cash-flow, but not necessarily for long term profits.

    I have many clients who come to see me after they are four, five, sometimes many more, months behind on their child support payments. Men in particular are resistant to coming in to see a lawyer about lowering their child support payments when they have been laid off or fired from work.

     This is disastrous. The minute a person is laid off of their job, they need to get in to see a lawyer and have their child support reduced. Even if they don’t actually get in front of a judge to get an actual reduction, they need to have papers filed so that if three months, when they finally see a judge, he can make a retroactive reduction in the child support.

     Filing the paperwork for a child support modification is like drawing a line in the timeline of your work life. It allows the court to lessen your child support financial burden, at a time when you need help.

     It’s a very hard thing for most men to admit that they need help. But not doing so only makes the situation worse in the long run, when a father falls behind in his payments, he suffers an ego blow, at a time in his life when he already feels beaten up by the workplace.

     If more people saw themselves as the CEO of their life they might understand that filing for a child support reduction is equivalent to a corporate restructuring. Just like Circuit City, or Linens N Things, and soon GM,  had to protect themselves, people who are laid off need to take action and see themselves as actively protecting themselves and their futures.


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