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Child Support Qualifications
Let’s say that you were married and you
did not work. Then you got divorced and
maybe you make enough money, or a least
a significant portion of your income
comes from child support. Maybe you have
another job or you don’t, but the fact
of the matter is that you count on your
child support to make up enough of your
income that it doesn’t matter what the
other income is. This will make it tough
when you go to get an auto loan because
it is not considered stable income.
When you have a job, you get a paycheck
on a regular basis. However, with so
many deadbeat parents not paying on
their child support it has become an
issue that that are not going to be able
to qualify you based on the fact that
they cannot depend on the fact that your
ex spouse is going to pay what they
should. Not only that, but child support
income cannot be garnished. In other
words, if you do not pay on that auto
loan, then the bank repossesses the car
and comes after you for the remainder of
the money due – but they can’t get
anything because they can’t touch child
support payments.
Not only that, but if you have poor
credit as well, most banks are going to
run from you. They think that you are
already a liability and now they know
that they won’t be able to get anything
if you default. They know that this is
just not worth the trouble. It is hard
enough qualifying if you have great
credit, never mind poor credit.
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2011 Archives
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