Making an agreement to pay a business or person a specified amount of money over a period of time is not new. This is something that has been going on for as long as people have used money for trade. When a person makes an agreement to pay another a sum of money, they become the obligor. The person receiving the money is the obligee. The obligor has to make the payments that they promise or they are in default of their obligation and will be subject to penalties that have been agreed upon.
Before a person enters into an agreement to pay someone else money and become an obligor, they need to make sure they understand all of the terms of agreement. This includes how much money they will pay, how often they will pay and whatever interest is to be paid on the money. There should also be a mention of what happens when the obligor fails to make his payments and how the agreement can be changed if needed.
An obligor should look for legal help to make sure that they understand any agreement they are signing as an obligor. It can be for a loan or it can be for payments such as alimony or child support. This will help protect the obligor from any problems that can occur if they did not understand the terms of their agreement.
People often have the following types of questions:
- What do I do if I owe child support?
- Do I still have to pay if I don’t get to see my child?
- What are my rights if I owe child support?
- What if I don’t owe the back child support?
- How do I get rid of back child support?
- Why do I owe back child support?
- If I file bankruptcy do I still owe back child support?
- How do I pay child support?
- Who determines the amount of child support?
- What happens if I owe back child support?
- What happens if I don’t pay my child support?