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Divorce and Bankruptcy

Palatine Divorce and Bankruptcy Lawyer

Marital debt division in a divorce settlement often raises disagreements between both spouses, especially when your marriage is plagued with overwhelming debt. The Law Offices of James M. Kelly can help you determine if filing for bankruptcy may be the best way to eliminate the majority of your marital debt.

For more than 23 years, our Palatine, Illinois, law firm has been assisting individuals and families throughout the Greater Chicago area with challenging family law and bankruptcy issues. Our knowledge of Illinois family law and the federal Bankruptcy Code allows our team of professionals to help you determine your best legal options during your debt division.

An Elgin Marital Debt Attorney Helping You Understand Your Debt Relief Options

How will my debt impact my divorce? Should I file for divorce or bankruptcy first? Palatine divorce and bankruptcy attorney and founder James M. Kelly can answer these questions and others you may have regarding your marital debt and your divorce.

Often, spouses who are divorcing are faced with challenges when dividing their marital debt or the debt that was accumulated throughout the course of the marriage. This debt can include credit card bills, mortgages, medical bills, car loans, home equity lines and business debt.

When your debt becomes unmanageable, bankruptcy may be the best option to relieve it:

  • Chapter 7 bankruptcy:If you qualify, Chapter 7 bankruptcy can help you eliminate your unsecured marital debt, including credit card bills, unpaid medical expenses, home mortgages and car loans. This does not include school loans, previous child and spousal support judgments, and other unsecured debt.
  • Chapter 13 bankruptcy:If you qualify, Chapter 13 bankruptcy can help you and your spouse reorganize your marital debt, often allowing you to keep your home.

In Illinois, marital debt is not required to be divided equally, only equitably. This is why you need to contact an attorney who understands both divorce and bankruptcy law in order to achieve a fair settlement. James M. Kelly will help you do so by working with you to determine whether filing for bankruptcy before your divorce will be more beneficial than filing after your divorce.

Learn more about how we handle divorce-related issues by visiting our Division of Marital Property and Debt Division pages.

Contact The Law Offices of James M. Kelly Today

We invite you to contact our lawyer at The Law Offices of James M. Kelly at 847-202-1616, or visit our Contact page, to schedule a free initial consultation regarding your family law or bankruptcy matters. We are located in Palatine, Illinois. We accept all major credit cards and offer flexible scheduling to suit your needs.

We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.