When it comes to filing for bankruptcy or opposition for such petition, the assistance of a good firm like Sterling Huhges Schaumburg IL may come in handy. If you are confused with the relation between bankruptcy and divorce, you can always ask more information from your lawyer about the said topics. He or she can give you a good legal advice or discussion on how declaration for bankruptcy may affect your divorce. [1]
As a result of divorce, many individuals encounter financial troubles or end up in financial distress. Such effect is only normal especially if the divorce proceedings taken are more complicated and with several issues to be resolved. Whether you believe it or not, the divorce case is not only emotionally draining for the parties but also financially draining. In this article, you will learn how bankruptcy and divorce are interrelated with each other. [2]
A divorce case can become traumatic for a particular party or for both the divorcing couple. When you are going through this process, it is important to remind yourself how to properly deal with the personal issues that come with it. Always remember that being emotional is just normal. What you need to do is to be mature enough in learning how to deal with your feelings in the right way. When you do this, you will be able to think well about certain things. Therefore, there is a big possibility that you will not be making wrong financial decisions that may lead to bankruptcy. [3]
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A bankruptcy case may be instituted prior to the commencement of the divorce proceeding or at its conclusion. If made before the issuance of the absolute divorce, its effect is that there may be a delay in the distribution of the marital assets. However, if the petition to be declared as bankrupt is filed after the divorce case, it can affect the payment of marital debts. As a practice, both the parties file a joint petition for bankruptcy in order to expedite the divorce proceeding. [4]
Take note that in every step that you will take, there will always be a corresponding legal consequence. Make sure that you have looked into the possible outcomes of your actions to ensure that your rights will be protected at all times. Do not take uncalculated risks as it may result to financial distress. [5]
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