 |
| Chapter 7 Bankruptcy |
Chang and Carlin, LLP is a well-known
law firm serving the Illinois area, bringing a ray of hope to the lives of
people struggling with their debt situations. At Chang and Carlin, LLP, the
experienced Chapter 13 & Chapter
7
bankruptcy attorneys Chicago
have been involved in thousands of bankruptcy cases, representing debtors through
a difficult time.
Money problems can frequently put a
marriage on the rocks. Many times, couples facing personal relationship
problems are also struggling with financial stress within the marriage. Couples
hold each other responsible for all the financial problems, but technically,
both spouses are responsible for the debts incurred during the time of the
marriage.
Many people facing both strained
relationship and financial problems come to the expert Chicago Bankruptcy
Lawyers at Chang and Carlin,
LLP with a good question: “Which should I file first: Divorce or bankruptcy?”
Let’s see what the experts have to say.
Divorce or Bankruptcy: Which one
should come first?
Whether you should file a bankruptcy
before or after a divorce depends on where you live, how much property and debt
you have, and what type of bankruptcy you wish to file. For example:
In case of Chapter 7 bankruptcy:
In a Chapter 7, you usually receive a discharge after only a few months.
So it can be completed quickly before a divorce.
In case of Chapter 13 bankruptcy:
Chapter 13 bankruptcy lasts three to five years, so if you were looking to file
a Chapter 13, it may be a better idea to file individually after the divorce
because it takes a long time to complete.
Important things to know:
1. Your
divorce settlement will divide up the debts, assigning responsibility for some
to one spouse and some to the other, but it doesn’t bind the creditors, who can
collect the debts from either one of you. So, it may make more sense for you
and your spouse to file for bankruptcy before getting divorced.
2. Wiping
out your debts jointly through a bankruptcy will simplify the property division
process in a divorce.
3. If
you file bankruptcy during an ongoing divorce the automatic stay will put a
hold on the property division process until the bankruptcy is completed.
Bad financial condition and troubled
relationships together can create a lot of stress for anyone. It’s always
advisable to consult a competent bankruptcy attorney to find out what
works best in your situation.
The expert attorneys at Chang and
Carlin, LLP can help alleviate your stress during troubled financial times. So,
if you are thinking of filing for Chapter 13 or Chapter
7 bankruptcy Chicago and initiating a divorce at the same time, it is
in your best interest to discuss your choices with an experienced bankruptcy attorney
in order to determine what your best options are.
For
more information, please visit www.changandcarlin.com or call them at
1-866-790-8601.
Disclaimer:
The
content provided by Chang and Carlin, LLP is not legal advice and is purely for
informational purposes. The information contained herein is not a substitute
for the advice of an attorney and does not create an attorney-client
relationship. If you are interested in obtaining information about Chapter 7
Bankruptcy, Chapter 13 Bankruptcy, Foreclosure services, or Real Estate legal
services, call our law firm at 1-866-790-8601 for a Free Legal
Evaluation. Chang and Carlin, LLP serves clients
in Chicago, Schaumburg, Joliet, and Warrenville.
No comments:
Post a Comment