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Cook County Bankruptcy in Divorce Lawyers

How Finances May Impact Your Cook County Divorce

Financial disputes can be very difficult to deal with. In fact, financial problems may even be the cause of marital discord, which could eventually lead to divorce. In any case, when financial issues creep into the divorce process it can make an already emotionally difficult time even harder to bear. Many couples find themselves filing for bankruptcy at the same time they are filing for divorce, and although they are two separate legal processes, bankruptcy does still impact your divorce.

The most common forms of bankruptcy are Chapter 7 and Chapter 13 bankruptcy. Chapter 7 typically involves the liquidation of all your assets to pay off debts, while Chapter 13 protects your assets while you use your regular income to pay off all debts under an installment plan. The type of bankruptcy you are filing for and whether you are filing individually or jointly can all impact the divorce process. Additionally, the divorce settlement you reach may impact the bankruptcy process. In order to make sure that you have all your bases covered with both the bankruptcy and divorce process is to retain the services of a family law attorney who is familiar with bankruptcy law.

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Bankruptcy Is Not a Free Pass

In Illinois, filing for bankruptcy, whether during or after divorce, does not free a spouse of his or her obligations of child support, maintenance, or even property settlements. If you are planning to file for bankruptcy just before, during, or after divorce, a knowledgeable family law attorney in Cook County can help you understand your legal rights and responsibilities.

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Let Us Worry About the Details for You

Dealing with bankruptcy and divorce at the same time can be confusing, overwhelming, and frustrating. Both actions will have a substantial impact on your future and without an attorney experienced in navigating both, you may end up significantly jeopardizing your financial future. If you have found yourself in a position of having to file for bankruptcy around the time of a divorce, the knowledgeable Cook County bankruptcy in divorce lawyers at Nottage and Ward, LLP can make sure your future is protected. To find out more, contact us today for a consultation at (312) 332-2915.

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Cook County Divorce Resource Center

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Avvo Top Contributor Divorce Law - Jeffrey Knipmeyer