Bankruptcy and Divorce
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"At the end of every seven years, every creditor shall make a release and not exact a debt from his neighbor; it is called the Lord's release." |
Experienced Bankruptcy Lawyers Serving Couples throughout Illinois
Protecting Clients with Bankruptcy and Divorce Concerns
If you and your spouse are on the brink of going your separate ways, you might want to stop and consider your respective financial situations before filing for divorce.
In general, if debt was accrued jointly and a couple subsequently divorces, it remains shared debt in the eyes of creditors. This means that even if a divorce/property settlement that divides debt is in place, creditors can still come after either spouse in the event of a default.
Similarly, when one spouse files for bankruptcy, the responsibility for paying the outstanding debt falls solely to the other spouse. This can push a once solvent spouse closer toward insolvency and, ultimately, filing for bankruptcy.
At Lathram & Herbert, LLP, in Collinsville, Illinois, and Bankruptcy Advocates, in Carbondale, Illinois, we have helped hundreds of couples file for bankruptcy. Our attorneys have practiced together for more than 30 years and have a comprehensive understanding of the bankruptcy process. We are proud to bring both commitment and compassion to clients with bankruptcy and divorce concerns.
E-mail the Collinsville Office or Call 866-553-1981 toll-free
E-mail the Carbondale Office or Call 866-675-5067 toll-free
Protecting Clients in Bankruptcy and Divorce
If you and your spouse are experiencing financial difficulty, you may want to seriously consider filing for joint bankruptcy before a divorce. This can prevent future complications and firmly settle your financial situation before moving forward with your life.
Please note, filing for joint bankruptcy before a divorce may not be your only option. Together, we can discuss how you can protect yourself from your spouse's financial problems and the possibility of him or her filing for bankruptcy.
Our firm understands that considering both bankruptcy and divorce is an emotionally draining experience. As such, we will always take the time to clarify the law and answer your questions so that there are no unpleasant surprises. For example, we will carefully explain why the following debts cannot be discharged through bankruptcy:
- Alimony
- Tax debts
- Student loans
- Child support payments
We are prepared to help couples address complicated issues, including non-dischargeable debts.
When Experience Matters, Contact Us
Meet with one of our experienced attorneys to learn more about debt relief.
- In Collinsville, contact us by e-mail or call 866-553-1981 toll-free
- In Carbondale, contact us by e-mail or call 866-675-5067 toll-free
For more information, please visit our firm's bankruptcy practice center or sign-up to obtain our bankruptcy newsletter.
