Property division during a divorce includes the division of real property, personal property and financial assets. It also includes the division of debts. Determining what is separate property and what is marital property is contentious in any divorce. If you are simultaneously filing bankruptcy, the process becomes even more complex.
To ensure your rights are protected, you may want to speak with a bankruptcy attorney. At The Law Offices of Chad M. Hayward, P.C., we understand all aspects of filing for bankruptcy in Illinois, including how it affects the divorce process. To schedule a free consultation, please call 312-867-3640 or contact us online.
Dividing the Marital Assets and Debts
A thorough review of your finances, assets and debts is critical when filing for divorce and bankruptcy. This will help you decide whether to file bankruptcy jointly or individually. You must also consider the property exemptions under Illinois bankruptcy law.
In many cases, we follow the divorce court’s judgment on the division of property. However, every situation is different, so it is important to talk with a knowledgeable attorney. If a proposed property settlement will cause undue financial hardship, we can review it with you.
Chicago Real Estate Division Lawyer
Reach us to schedule an appointment at any one of our local community offices by calling 312-967-3159.