DuPage County Bankruptcy and Divorce Lawyers
Experienced Guidance for Bankruptcy Issues During Divorce in Lombard and Bloomingdale
Many couples decide to get divorced for financial reasons. In some cases, the mounting bills that have put so much stress on the marriage need to be dealt with as well. There are many instances when bankruptcy may help divorcing couples start fresh on their own. However, it is not always clear whether it is best to file before or after the divorce proceeding. Before moving forward, it is best to speak with an experienced bankruptcy and divorce attorney who can advise you of your options.
At Mevorah & Giglio Law Offices, we have several decades of combined experience with all issues related to bankruptcy in Chicago and throughout Illinois. Our award-winning attorneys frequently represent individuals for Chapter 7 bankruptcy, Chapter 13 bankruptcy, small business bankruptcy, and non-bankruptcy solutions. We are also skilled across a wide range of other practice areas; including divorce, family law, personal injury, criminal, and immigration. We have extensive experience working with clients facing bankruptcy and divorce at the same time and navigating the complicated issues in both areas of the law. We put this experience to work to develop the most practical and effective solution to resolve your marital and financial issues.
We are known not only for our experience and skill but also for our client-centered approach. Our lawyers are honest, compassionate, responsive and down to earth. We understand that when you are going through divorce and bankruptcy, it is a difficult time for everyone involved. For this reason, we do everything possible to make your experience with us as smooth and seamless as possible. We offer free initial consultations, extended evening and weekend hours for your convenience, and we respond quickly to all client questions and concerns.
Common Issues with Bankruptcy and Divorce
One of the most common questions couples have when discussing divorce and bankruptcy is which to do first. This depends on several factors, such as the type of bankruptcy you plan to file, your income and marital assets and other unique circumstances.
Chapter 7 vs. Chapter 13 Bankruptcy
Chapter 7 is often referred to as a “straight” bankruptcy and is a complete liquidation of qualifying unsecured debts; such as credit cards, medical bills, and personal loans. As such, a Chapter 7 proceeding can typically be completed within three to six months. Filing Chapter 7 bankruptcy jointly can help simplify debt division during a divorce and allow couples to receive a double asset exemption to protect more of their assets from being liquidated. As long as the combined income of the couple does not disqualify them from filing, it often makes sense to file for Chapter 7 before initiating a divorce proceeding.
Chapter 13, on the other hand, is essentially a court-approved debt consolidation in which you agree to make one monthly payment for all your debts and pay them off over three to five years. Because of the time frame involved in, couples often prefer to file for divorce first and proceed with Chapter 13 bankruptcies individually after the marriage is dissolved.
Call DuPage Bankruptcy Attorneys at 630-932-9100630-932-9100
Divorce and bankruptcy involve a complex web of competing laws that must be navigated through. At Mevorah & Giglio Law Offices, we are committed to helping you emerge from these proceedings in the best possible financial position. We take the time to to analyze thoroughly your circumstances and draw on our experience to guide you smoothly through these processes. For a free consultation with one of our skilled Illinois bankruptcy and divorce lawyers, contact our office today at 630-932-9100630-932-9100.