Divorce can be a difficult and emotionally draining experience, but it can also lead to financial problems. When a household is divided, expenses increase dramatically and incomes are divided. If either party or both people cannot pay their debts, it can be very difficult to control the expenses that are generated. In such cases, bankruptcy may be the best solution.Bankruptcy is a legal procedure that begins when a person or company cannot pay outstanding debts or obligations.
It helps people who can no longer pay their debts to start from scratch by liquidating assets to pay their debts or creating a payment plan. Bankruptcy laws also protect companies with financial problems. Our Chicago bankruptcy lawyer can help you determine if filing an application is the right solution for you. Bankruptcy can provide relief from debt and give you a fresh start.
It can help you get rid of some of your debt, stop creditor harassment, and prevent foreclosure on your home. It can also help you keep your car and other assets.If you are considering bankruptcy after a divorce, it is important to understand the process and the potential consequences. Bankruptcy will stay on your credit report for up to 10 years, so it is important to consider all of your options before filing. Our experienced Chicago bankruptcy lawyer can help you understand the process and determine if bankruptcy is the right choice for you.