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Divorce and Bankruptcy in Illinois: A short summary

Posted by John Ioakimidis | Aug 29, 2023 | 0 Comments

Starting both a bankruptcy and divorce journey in Illinois at the same time may feel overwhelming, but it's possible to come out on the other side with a brighter outlook. The timing of these processes can impact their cost and complexity, and it's important to have a trustworthy guide. Attorney John D. Ioakimidis is here to help. Call us at 1-312-593-1765 for a free consultation and personalized support. Let us be your beacon of hope in these difficult times.

Before Divorce: A Financial Reboot to Complement a New Chapter in Life

Should you consider bankruptcy before the divorce? It's a question with multiple answers that hinge on your unique circumstances, and we're here to help you untangle them.

Chapter 7: A Quick and Clean Option

Chapter 7 bankruptcy usually works well before a divorce, serving as a quick solution to eliminate debts, often concluding within a few short months. In contrast, Chapter 13's extended repayment plans might prolong your divorce process.

Financial Efficiency: A Shared Journey

Choosing to file for bankruptcy jointly can be a financially prudent move, as you'll share legal fees and pay a single filing charge. The money saved could provide a cushion as you both transition to new beginnings.

Asset Division Made Easier

Wiping out your unsecured debts through Chapter 7 can make the division of assets in your divorce straightforward, offering a less cumbersome road ahead.

Dual Shield Against Creditors

A joint Chapter 7 filing can offer mutual protection from debt collectors, setting both of you on a smoother financial path moving forward.

During Divorce: Tread Carefully

Combining bankruptcy and divorce might seem convenient, but it can actually stretch both processes thin, leading to more stress. Keeping them separate can be the wiser choice for your emotional and financial health.

After Divorce: A Second Chance at Financial Stability

Divorce aims for a fresh start in your personal life, and post-divorce bankruptcy can provide a financial reset button.

Individual Financial Empowerment

Filing for bankruptcy after divorce means you'll manage the fees solo, but you'll also have sole control over your financial destiny.

A New Look at Chapter 7 and Chapter 13

Once your financial household changes after divorce, you may find new eligibility for Chapter 7, which could open doors to liberate you from lingering debts.

Ready for a Fresh Start? We're Here to Help

Life's complexities like divorce and bankruptcy are undoubtedly challenging, but they also present opportunities for growth and new beginnings. At John D. Ioakimidis, we are passionate about helping you succeed in this new phase of life. Take the first step toward your hopeful future by reaching out for a Free Consultation. Simply fill out our online form or give us a call at 1-312-593-1765 today.

About the Author

John Ioakimidis

Experienced Bankruptcy Lawyer Handling Bankruptcy case in the Chicago Metropolitan Area For over 25 years, I have helped hundreds of individuals, families, and businesses erase or restructure tens of millions of dollars of debt in the greater Chicago area - including Cook, Lake, DuPage, McHenry,...


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