Bankruptcy And Divorce
How Does Bankruptcy Affect Divorce?
Divorce and bankruptcy can be difficult to handle on their own, let alone at the same time. At Lois Kulinsky & Associates, Ltd., we provide compassionate support and knowledgeable legal advice regarding bankruptcy law’s effect on divorce.
Our lives are in order now. Debts behind us; have savings, and feel better about everything thanks to you.” – Alan G., Wheeling, Illinois. Read more testimonials.
When Should I File For Bankruptcy?
Whether you file for bankruptcy before, during or after your divorce will depend on the specific facts in your case. At our firm, we will work with you to understand all aspects of your marriage and financial issues to provide you with comprehensive advice about the timing of your bankruptcy.
For example, if your debts are held jointly, it might be a good idea to file jointly for bankruptcy prior to your divorce. This can save you the cost of filing separately and minimize potential conflicts with your divorce proceedings.
However, if the debts are in only one spouse’s name, it may be beneficial to wait to file until after the divorce. Also, if your and your spouse’s combined income disqualifies you from filing for Chapter 7 bankruptcy, then you may want to wait to file until after your divorce to qualify and discharge your debts.
Careful Drafting Of Your Divorce Settlement
If you have overwhelming debts and are getting a divorce, it is important to account for all of your debts in your settlement. We can help you draft a comprehensive divorce settlement that provides you with protection in the event that your spouse chooses to file for bankruptcy in the future.
While child support and alimony are not dischargeable in bankruptcy, creditors could pursue you for unpaid debts if your spouse discharges in a bankruptcy after your divorce. Our attorneys are skilled and experienced divorce lawyers who understand the potential future implications of debt on your marriage.
Contact Us Now For A Free, Half-Hour Consultation
Contact our law firm now to learn more about the interconnection of family law and bankruptcy. We provide a free, half-hour initial consultation to every new client. For your convenience, our main office is in Wheeling, and we also have an offices in Libertyville and in Buffalo Grove.