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Bankruptcy And Divorce — Lawyer Advises Individuals, Couples On Related Issues

It is perhaps not surprising that divorce and bankruptcy often occur around the same time of life. Financial pressures can put strain on a marriage, just as marital strife can end up causing of financial instability. You may or may not know all causes that led to your marriage breakdown or to your financial near-collapse. However, it would be wise to consult with an attorney who can offer critically important guidance about the most advantageous way to move forward as you face both divorce and financial hardship. Edwin L Feld & Associates, LLC, has helped many clients clarify the best path ahead through bankruptcy, even in light of challenging complications such as divorce.

Bankruptcy And Divorce: Each One A Hard Road; Each One An Opportunity For A Fresh Start

Both bankruptcy and divorce are difficult turns of event that affect many facets of life. Almost no one gets married anticipating a divorce down the road. Likewise, the vast majority of debtors do not set out to incur excessive debt without the ability to take care of their obligations. Preparing to file bankruptcy and divorce in close proximity to each other involves a number of critical issues that must be carefully considered.

  • For example, which should come first, the bankruptcy or the divorce? There may be reasons to file bankruptcy before the divorce. There may be also compelling reasons to wait and file bankruptcy after a divorce in other cases. And there are often cases that present "gray areas" that can make it a challenge to determine the most advantageous sequence of legal events.
  • Another key concern involves your spouse's cooperation or lack thereof. Does he or she agree on bankruptcy as a debt relief solution? Will your spouse cooperate well enough to meet the requirements associated with a jointly filed bankruptcy? If your wife or husband is already working with a divorce attorney, that lawyer's recommendations may also help your efforts to resolve both legal events as advantageously as you can.
  • Are there reasons for one spouse to file alone? Every individual's and every couple's financial circumstances are unique. There may be compelling reasons for one of you to file bankruptcy alone. This possibility also requires a close look at all relevant financial factors, including the joint debts that you have in common.

At Edwin L Feld & Associates, LLC, we are prepared to do the in-depth analysis needed to advise potential bankruptcy filers on how to proceed when divorce is also coming up. Contact us to schedule a free consultation if you are contemplating bankruptcy and also have a pending divorce to deal with.

Contact A Chicago Bankruptcy Attorney If Divorce Is Also In The Cards

As you decide whether to file bankruptcy, it is critical to ask the right questions such as questions about how to pursue a fresh start to your best advantage as you approach both bankruptcy and divorce. Attorneys at Edwin L Feld & Associates, LLC, offer free consultations at several convenient Chicagoland law office locations. Contact us toll free at 888-645-4357. You may also contact us by email.