Divorce lawyer Chicago, IL
What Happens If I File For Bankruptcy?
Unfortunately, divorce has caused some people to lose their homes. Some divorcees have found themselves in homeless shelters or having to live with relatives temporarily. In some instances, the sudden change in finances, coupled with the monthly costs of spousal support and child support can result in you needing a financial planner. You may even consider filing for bankruptcy. If you’re considering filing for bankruptcy, there’s no need to be ashamed. Millions of Americans file for bankruptcy each year.
The most common bankruptcy chapters are Chapter 7 and Chapter 13. Chapter 7 bankruptcy erases a lot of your unsecured debts, such as credit card debt, medical bill debt, and others. When you file for bankruptcy, the judge issues a temporary automatic stay on your property and bills so that no one can seize your property and your creditors can’t pester you during this time.
In particular, Chapter 7 bankruptcy gives you a fresh start. You liquidate your assets and sell them off. You can start a new life with the money left over. Less debt and a clean slate are bound to make paying for yourself post-divorce much easier.
As for Chapter 13, you agree to a payment plan. This payment plan ranges from three to five years. You’ll need to prove that you have or will make enough money to pay off your debts during this timespan. Then, your debts are consolidated and rearranged.
However, neither bankruptcy can erase your debt if you’re in child support or spousal support arrears. The law obligates you to pay these bills every month regardless of a court’s automatic stay. Because divorce and its aftermath are expensive, you should consult with a knowledgeable divorce lawyer in Chicago IL immediately. Let Hurst, Robin & Kay, LLC handle your divorce proceedings to minimize your losses.
What Are Illinois’ Marital Property Laws?
Illinois’ marital property laws state the property you owned before you married remains yours after the divorce. A judge cannot touch this property nor order you to distribute it. Any property you acquired during your marriage you can expect a judge to split equally between you and your soon-to-be ex. Of course, if the property you acquired is yours through gift or inheritance, then it’s protected should you divorce. Furthermore, a prenup or postnup will take precedence over marital property laws so that you can protect property you acquire during the marriage, too. On the other hand, you and your spouse could agree to divide or give to one another property that each of you had before marriage in a prenuptial agreement.
Is Mediation Best?
It may still be a shock that you and the love of your life are separating. It may be especially devastating if children are involved. The dreadful depictions of messy, tug-of-war divorces can scare you from wanting to go to court or get divorce lawyers. Fortunately, a compassionate and skilled Chicago IL divorce lawyer from Hurst, Robin & Kay, LLC can provide you a neutral third-party mediator. Mediators are attorneys who help you and your soon-to-be ex spouse settle matters without going before a judge. A mediator can help you two come to agreements regarding child custody, dividing property, living arrangements, etc. For more information, contact us at 312-854-7670.