Oak Park Real Estate & Estate Planning Blog

Consumer bankruptcy in the U.S. can be filed by an individual or by a married couple according to U.S. bankruptcy law . Yet it is important to know that, even if you or your spouse are considering personal bankruptcy, the other spouse is not required to file for bankruptcy in a joint petition. At the same time, if spouses are married, even if they are separated, one spouse’s bankruptcy could have a major impact on the other spouse’s current and future finances. What do you need to know if your spouse or your ex is considering bankruptcy? Our Oak Park bankruptcy attorneys have more information for you. If You are Already Divorced, You Do Not Need to Consider Your Ex’s Bankruptcy If your divorce has already been finalized, it does not matter if your ex-spouse is filing for bankruptcy as far as your personal financial situation goes. In other words, your ex-spouse’s decision to file for bankruptcy will not impact your current assets or debts. At the same time, if your ex-spouse does file...

Going through any major life event or experience can be stressful, and a consumer bankruptcy or divorce on its own can be a time-consuming process. Yet many people are considering both personal bankruptcy and divorce at the same time for a variety of reasons. It is essential to take into account a number of considerations if you are thinking about bankruptcy and divorce, and our experienced Oak Park bankruptcy attorneys have three important considerations for you. If you have additional questions or need assistance with a Chapter 7 bankruptcy or Chapter 13 bankruptcy, the Emerson Law Firm is here to assist you. 1. Type of Bankruptcy May Determine Whether You Should File for Bankruptcy First The type of bankruptcy you are planning to file for ultimately may determine whether you should file for bankruptcy before you file for divorce or vice versa. Chapter 7 bankruptcy, which is a liquidation bankruptcy, is a relatively quick process—a few months, typically—after which point all el...

When a couple is considering filing for bankruptcy , it is often a real possibility that those spouses also are considering divorce. As an article in Business Insider explains, financial difficulties, including consumer debt, often are listed as a primary cause for divorce. Yet when you are considering both personal bankruptcy and divorce, it can be difficult to know whether you should file for bankruptcy before you file for divorce, or vice versa. If you are thinking about bankruptcy and divorce, you should get in touch with an Oak Park bankruptcy lawyer as soon as possible who can help you to determine a course of action that is best suited to your individual circumstances. In the meantime, however, we want to provide you with some information that can help you to get a sense of whether filing for bankruptcy before divorce may be in your best interests. Which Type of Bankruptcy are You Considering? If you are planning to file for Chapter 13 bankruptcy, which is a type of reorgan...

Is there a gender gap when it comes to consumer bankruptcy in Oak Park ? When we talk about the gender gap, we often are referring to the gender pay gap. According to the American Association of University Women (AAUW), women are paid, on average, less than men for doing the same or similar work. While the AAUW underscores that the gender pay gap has narrowed since the 1970s, it remains salient across the United States. In Illinois in particular, the AAUW reports that women only earn on average 79% of the salary of their male counterparts. That number is lower than the national average of 80%, meaning that there is an even wider gender pay gap in Illinois than in other parts of the country. Does the gender pay gap also lead to a gender gap in bankruptcy filings ? According to a report in the Financial Times , it might. Different Reasons for Bankruptcy Between Men and Women If women earn less on average than men for doing the same work, are they also more likely...

The prospect of filing for divorce while you are dealing with the burden of overwhelming debt can make for a very frustrating situation. If you have the option of deciding whether you’ll file for bankruptcy or divorce first, how should you decide? No matter what kinds of questions you have about consumer debt and personal bankruptcy , the dedicated Chicago bankruptcy attorneys at the Emerson Law Firm can talk with you today. Saving Money By Filing for Bankruptcy Before Divorce It may very well be that you and your spouse are considering a divorce, but you are also thinking about filing for consumer bankruptcy. If you have the benefit of choosing which will come first, how should you move forward? The question is a complicated one, given that many Illinoisans report that financial problems lead to divorce, or that divorce leads to the need to file for bankruptcy. The two issues often are deeply intertwined. But let’s take a look at some of the pros and cons of fili...