Illinois Bankruptcy and Divorce
Many people who are considering filing for divorce and bankruptcy have questions about which they should do first. It is an important issue that you should discuss with an attorney before making a decision.
At The Law Offices of Chad M. Hayward, P.C., we have counseled many couples and individuals who are going through divorce and bankruptcy simultaneously. We understand that this is an especially stressful time for you and will work hard to resolve your bankruptcy issues. To schedule a free consultation, please call 888-804-8641 or contact us online.
There Are Many Factors to Consider
In some cases, it is less expensive to file bankruptcy jointly. If a couple jointly acquired their debts, filing jointly may be a way to resolve the situation fairly. If one spouse caused the debts, perhaps he or she should file individually.
One benefit of waiting to file until after the divorce is that the parties will each have lower incomes when they are single. This may allow each person to meet the income requirements of Chapter 7 so he or she can file Chapter 7 individually instead of Chapter 13. However, you must consider the marital assets and the property division before making that decision.
You may want to file bankruptcy before your divorce settlement is finalized. Each case is unique, however, so it is best to discuss your situation with a bankruptcy lawyer before taking action.
Chicago Bankruptcy Filing Lawyer
Please call our office at 888-804-8641 to schedule a free consultation. We have offices in Chicago, Aurora, Joliet, Schaumburg, Palos Heights, Northbrook, Oakbrook and St. Charles.
