Chicago Bankruptcy in Divorce Attorneys
Bankruptcy in an Illinois Divorce
Financial difficulties can take a heavy toll on a marriage. In some cases, the strain becomes too much for the spouses to bear. If you are facing the joint challenges of bankruptcy and divorce, the assistance of Nottage and Ward, LLP will be invaluable in finding a resolution and fighting for what is rightfully yours.
Our divorce lawyers have experience dealing with bankruptcy law and can help you untangle the complex issues involved in filing for bankruptcy during divorce. If you have filed for a Chapter 13 bankruptcy and are now facing divorce, conversion to a Chapter 7 bankruptcy may or may not be in your best interests. Relinquishing your interest in assets, such as the former family home, may damage your ability to discharge your debts successfully - but maintaining your interest may leave you with ruined credit and significant liability if the assets are destroyed. Divorce changes the bankruptcy playing field. You need the assistance of an attorney who won't back down and understands both divorce and bankruptcy issues.
How Does Bankruptcy Affect Divorce Arrangements in Chicago?
Bankruptcy does not end your responsibility to pay for child support, maintenance, or property settlements if these are a part of your divorce arrangements. Illinois parents have an obligation to support their children even while they go through bankruptcy. In some cases, one spouse has a right to the proceeds from property even if the other files for bankruptcy. Knowing your rights after a divorce when you or your former spouse file for bankruptcy is crucial to protecting your interests and emerging from both proceedings successfully.
Even after a divorce is final, you may still be obligated to inform your former spouse if you later file for bankruptcy. In 2005, federal bankruptcy law was amended to require people filing for Chapter 7 bankruptcy to tell a former spouse about the bankruptcy if the former spouse is receiving maintenance or child support payments. The notification allows the former spouse to protect his or her rights to domestic support. Choosing an attorney versed in Illinois divorce law and bankruptcy law can help protect your rights and interests if a bankruptcy may be in your future.
Protecting Your Financial Future
In part, divorce is a business proceeding. It involves the splitting of assets that used to belong to a partnership. Bankruptcy, too, is a business issue. It allows you to preserve vital assets while starting anew financially in some ways. Since divorce and bankruptcy can be emotionally harrowing events, the experience, compassion, and objective viewpoint of a skilled divorce lawyer can help you keep track of the financial and legal elements of your situation, helping you to navigate both in an equitable manner.
The Illinois lawyers at Nottage and Ward, LLP focus on the financial and legal tangle that is divorce. For more than twenty years we have helped couples navigate both divorce and bankruptcy issues. We know how to address our clients' needs and ensure they receive the assets they need to settle and complete the complex and confusing processes of divorce and bankruptcy.
Interview us. Contact Nottage and Ward, LLP at (312) 332-2915 to set up a consultation to determine if our experience meets your needs.
To learn more, click here.
To learn more, click here.
Leslie has been the strongest representation I could ask for
Leslie has been the strongest representation I could ask for in a very complicated, emotional matter. She has continuously looked out for my best interest and the best interest of my son. She is always prompt in getting back to me and in keeping me well informed about my case.
Read More Client Reviews