Bankruptcy and divorce are two legal issues that often go hand-in-hand. In many cases, debt problems cause marital strife, eventually leading to bankruptcy. Conversely, a divorce can cause severe financial strain, leading recently divorced spouses into debt problems and bankruptcy.
At Lynch Law LLC, we are knowledgeable about the intersection of divorce and bankruptcy law. We are experienced bankruptcy and divorce attorneys who can help you navigate these complex legal and financial matters.
When considering bankruptcy and divorce, timing is everything. Generally, couples are better off filing for bankruptcy before getting divorced. This way, there is only one filing fee and property division matters are typically much simpler after a bankruptcy than before.
Filing for Chapter 7 bankruptcy before divorce eliminates unsecured debt. If one spouse files for bankruptcy after the divorce, the other spouse may still be responsible for all of the debt. It is very important to protect your rights by consulting with your attorney if you face divorce and have significant debt problems.
Your situation is unique, and these general guidelines may not apply to you. You should not make any important decisions before consulting with an experienced Naperville bankruptcy lawyer at Lynch Law, LLC.
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