Jones Law Firm, PC Articles Former Petroleum Company CEO Files for Bankruptcy, Claims $30,000 per Month Alimony and Child Support Liabilities

Former Petroleum Company CEO Files for Bankruptcy, Claims $30,000 per Month Alimony and Child Support Liabilities

By Jones Law Firm, PC  Mar. 14, 2013 9:50a

A former CEO who was accused of insider trading recently filed for personal bankruptcy stating that he owes over $20 million and is unable to keep up with expenses. 51-year-old R.P. owns a mansion in Cherry Hills Village, and upscale Denver neighborhood, which is worth over $10 million. He claims he makes a little over $31,000 a month but has nearly $50,000 a month in expenses and bills. Included in his monthly expenses is $20,000 in alimony and $10,000 in child support. He has maintained the alimony and child support payments but says he cannot keep up with other bills and liabilities which total about $18,000 every month. Spousal support and child support payments, as well as any back owed payments, cannot be absolved by bankruptcy so R.P. will most likely be seeking a way to reduce his other liabilities and debts to creditors.

Speak to a family lawyer knowledgeable in handling alimony (also known as "spousal support" or "spousal maintenance") and child support issues if you have concerns about these matters. Spousal maintenance and child support amounts are usually determined by a family court judge during divorce proceedings. The judge takes many factors into account including the income, standard of living, length of the marriage, education of each spouse or parent, any medical needs for either spouse or children involved and other such matters. When it comes to child support, the children's best interests and well being are paramount. Child support, child custody and visitation are often tied together. Agreements concerning all of these factors must be made before a divorce can be finalized. Once alimony or other support orders have been issued, it is a legal matter if the terms of the agreements are not upheld by either spouse.

Family Law Attorney for Divorce Cases in Denver

Going through a divorce can be difficult but even when all has been finalized, there may still be issues if there are agreements in place for spousal maintenance and child support. This is especially the case when two former spouses had children together. If you find that you need help with modification or enforcement of court orders pertaining to a divorce then you should enlist the help of an attorney right away. A family lawyer on our dedicated team at the Jones Law Firm may be able to help you resolve these issues swiftly. Contact our offices to find out how we may be able to help you with your specific divorce concerns.

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