Going through a divorce is a profoundly challenging experience, and if you couple that with the financial turmoil of bankruptcy, it can feel like an insurmountable mountain to climb. However, understanding how to navigate both simultaneously in Illinois can help ease the stress involved. If you are currently juggling both divorce and bankruptcy proceedings, it is imperative you secure legal representation. Your attorney will ensure that you are able to face both challenges head-on, giving you a fair opportunity to get through each process and ultimately move on with your life.
Understanding the Basics of Divorce and Bankruptcy
Before discussing how each of these processes affects each other, it is essential to have a complete understanding of the fundamentals. In Illinois, divorce laws are under state family courts’ jurisdiction, while bankruptcy is governed by federal law. The bankruptcy process involves either Chapter 7, which is liquidation, or Chapter 13, which involves the re-organization of debt. Divorce involves the dissolution of marriage, dividing assets and liabilities, and potentially dealing with child custody, along with other important issues. Both processes require careful planning, which makes legal guidance an absolute necessity.