Divorce and Bankruptcy in Chicago

Chicago Bankruptcy Lawyer

When married couples divorce, they often find that they are facing entirely different financial situations. Where they may have previously relied on two incomes, they may now find that their expenses need to be paid based off one income. This can be particularly difficult if one spouse earned little to no money and was primarily a homemaker. They may also face added complexities from child support or spousal support arrangements or agreements regarding the division of property, assets and debt. It is therefore no wonder that bankruptcy sometimes follows divorce, and vice versa.

Are you currently going through a divorce or are you recently divorced? Are you considering a divorce and also bankruptcy? A Chicago bankruptcy attorney at the Law Office of Marc Wagman can offer you helpful information and guidance. It is crucial that you obtain information about how your divorce may affect bankruptcy or even how your spouse or ex-spouse's filing for bankruptcy may affect you. A lawyer at my firm can conduct an initial analysis of your financial situation and your divorce to offer you applicable information that enables you to make the right choices about your case.

Divorce Agreements, Support and Bankruptcy

A key issue to consider when filing for bankruptcy is what debt can be discharged. You cannot discharge past due child support or spousal support payments. In discharging other debt through bankruptcy, however, you may find that you now have the money to pay the support called for in your divorce agreement.

Filing for divorce and filing for bankruptcy are both big decisions. Getting knowledgeable guidance in either of these matters may make all the difference in your ability to build a more secure financial future for you and your family.

Contact a Chicago Bankruptcy Lawyer at my firm today to discuss your unique situation and how I can help you.