Divorce or Bankruptcy: Which Comes First?

 Posted on December 00, 0000 in Bankruptcy

You may not have imagined filing for divorce on your wedding day. However, in a world where, according to the CDC, nearly 44 percent of marriages end in divorce, more and more couples will have to navigate their way through this trying time.

Divorce alone can seem overwhelming, but you may find it is not your only challenge. Couples with debt may face certain financial concerns, especially those who are considering filing for bankruptcy.

Why Filing for Bankruptcy First Is a Good Idea

If you are filing for chapter 7 or chapter 13 bankruptcy, you may want to think about jointly filing before the divorce has finalized. This way, you will have a repayment plan or possibly dismissal of certain debts, which will help you plan your post-divorce finances.

Debts incurred during the marriage are the responsibility of both partners. If your ex files for bankruptcy and you do not, you could be liable for the debt. With that said, bankruptcy will not shelter you from alimony, eliminate student loans, or stop you from having to pay child support.

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Residential Custody: Your Child’s Right to Choose

 Posted on December 00, 0000 in Divorce

Determining child custody in a divorce can be a lengthy and emotionally taxing process. In Illinois, the judge will consider many factors, including the testimonies of each parent, as well as the physical and mental health of the child and parents, when awarding custody.

However, your children will not be voiceless throughout this process. As outlined in the Illinois Marriage and Dissolution of Marriage Act, the judge may take into consideration the child’s wishes.

Children ages 14 or older may choose which parent to live with, but a judge can overrule this decision if he or she decides the child’s choice is not in their best interest. There are a few questions that judges may consider when adjudicating a case where a child has strong preferences toward a particular parent:

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Reducing Costs During Your Divorce

 Posted on December 00, 0000 in Divorce

Divorce is one of the biggest financial transactions in a couple’s life. Knowing this, many attempt to take shortcuts that end up costing them more in the end. Avoid this risk by examining how you can reduce cost, without compromising the outcome of your case, with help from the following information.

Never Skip the Attorney There are many ways to cut the cost of divorce, but removing the attorney out of the process should never be one of them. An attorney can do more than just file your paperwork; they can help reduce the risk of financial mistakes. Your attorney can also work as the communication hub between you and your spouse to reduce contention, and they assist with any parenting time or allocation of parental responsibility issues that might arise in your case. Educate Yourself on Your Financial Situation Whether you are in a marriage with a high net worth, middle-class, or nearing retirement, it is crucial that you fully understand your financial situation before the divorce. Budgets to determine your cost of living, statements that give a clear picture of your debts and assets, and an idea of what your living expenses might be after the divorce are all financial matters to consider. If you are in the dark on your financial situation, you may need to do some investigative work. Remember that an attorney can help with this, and should be your first point of contact once you have decided to move forward with your case. Consider Settling Outside of Court While not all cases are eligible for mediation, the process does offer some cost-saving potential to divorcing couples. In fact, it is the court process that often eats up a lot of the marital assets. By opting out of this contentious situation, you and your spouse can work toward a settlement that can hopefully satisfy both parties. Keep in mind that you should still have an attorney at your side to protect your interests and assist with the process. Remember the True Nature of Divorce Although divorce is, undoubtedly, an emotional process, the legal process is more like a business transaction. If you can remove the emotion from the actual process and cope with it outside of the mediation room or courtroom, you can reduce your risk of elevated divorce costs. Support, counseling, and other coping strategies can all be beneficial in helping you accomplish this difficult feat. Contact Our McHenry County Divorce Attorney At the Thomas Law Office, we understand the difficulties that divorcing couples face. That is why we take a personalized approach to each and every case. Learn more about how our dedicated McHenry County divorce lawyer can assist you. Call 847-426-7990 and schedule your consultation with us today. Source:

http://www.ctvnews.ca/5things/tips-on-how-to-save-money-if-divorce-is-the-only-option-1.3329365

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Bankruptcy Basics: Understanding the Discharge Process

 Posted on December 00, 0000 in Bankruptcy

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Appellate Court in St. Louis Grants Couple “Joint Custody” of Their Frozen Embryos

 Posted on December 00, 0000 in Divorce

Technology and medicine have made massive advancements over the last several years. In fact, things have progressed so quickly that the law has fallen behind. Consider, for example, the numerous cases involving frozen embryos, many with different outcomes. One of the most recent cases involves the awarding of “joint custody” to a divorcing couple in Missouri. Learn more about this recent case, some of the previous rulings, and how all this could impact your divorce case if there are frozen embryos involved.

St. Louis Appellate Court’s Recent Ruling The problem with embryos is that they are not, under most laws, considered human. They are not property either though – not really. They do not have monetary value. They cannot be split. Instead, the couple must attempt to come to an agreement about the fate of the embryos. When unable to do so, the court is forced to make sense of this confusing but unique legal situation. Historically, courts have ruled that embryos must be thawed and destroyed. However, there have been some rulings that granted “custody” of the embryo to one spouse or the other. Generally speaking, such rulings have only taken place in marriages where one spouse may have been deemed infertile, and the only chance to conceive is held within the embryos. Of course, this creates a sticky situation: a person who no longer wants to have a child with their ex-spouse is essentially forced to do so against their will if the embryos are granted to a party that wants to conceive. This is exactly what originally happened in the St. Louis case. According to the St. Louis Dispatch, the wife had originally been given “custody” of the embryos, but her husband appealed the divorce court’s decision. He did not feel comfortable with the idea of having a child with his ex-spouse. The appellate court saw where he was coming from and decided to grant the couple “joint custody” of the embryos. They will not be destroyed. They will continue to be stored. However, neither can use the embryos without the other’s permission. Unfortunately, gaining consent may not be easy for the would-be mother. Facing an Embryo Dispute? Contact Our McHenry County Divorce Lawyer Embryos in divorce are a complex matter that can easily lead to contention. The Thomas Law Office may be able to help. Dedicated and experienced, our McHenry County divorce lawyer can work with you to devise a creative solution that can hopefully satisfy all involved parties. In every situation, we pursue the most favorable outcome. Call 847-426-7990 and schedule your personalized consultation with us today. Sources:

http://www.stltoday.com/news/local/metro/divorced-st-louis-county-couple-s-frozen-embryos-are-property/article_396ca794-e3d3-5166-9e29-485feff8e6d4.html

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Can You Keep Your Home After Bankruptcy?

 Posted on December 00, 0000 in Bankruptcy

While the decision to file for bankruptcy should never be taken lightly, it is important to distinguish the difference between fact and fiction. For example, prospective filers are often told that they will lose home in the process. However, this is not always the case. Learn more about what happens to your home in a bankruptcy case, and discover what an experienced attorney may be able to do for you.

Understanding the Basics

Bankruptcy is a process in which a debtor comes to the court, asking to be released from their obligation to their creditors. It is, in many ways, a fresh start. Keep in mind, however, that it does not come without cost. Your credit does take a hit (though not quite as severely as people make it out to be). You may also lose some (or most) of your assets, but homesteads are protected. As such, they are treated quite differently in bankruptcy than other assets.

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What Divorcing Biological Parents Need to Know About Adoption

 Posted on December 00, 0000 in McHenry County Family Law Lawyer

When parents face an unplanned pregnancy or a pregnancy during divorce, they have three options: parent, terminate the pregnancy, or place the child up for adoption. Choosing the latter option, adoption, does not mean that a parent is “giving up;” it means they are making the best possible decision for everyone involved in their situation at that time. This decision belongs to the biological parents, particularly the mother, and no one else. However, even a decision made to place a child up for adoption remains unenforceable unless certain specific prerequisites are met.

A Biological Parent’s Rights Regarding Adoption at the Time of Birth

When a situation, such as a pending annulment or divorce, changes the dynamic of a family, a mother sometimes determines she does not want to be a single mother, or that it is not the appropriate time for her to raise a child. The birth mother has all of the rights and responsibilities as a parent to her child until she officially relinquishes her rights.

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Factors to Consider When Filing for Bankruptcy During Divorce

 Posted on December 00, 0000 in Bankruptcy

Divorce can be stressful for anyone, but it becomes especially difficult when a couple is struggling with financial difficulties during the breakup of their marriage. When spouses are facing overwhelming debt, bankruptcy may be their best option, allowing them each to have a fresh start after they have dissolved their marriage. However, if you are considering both bankruptcy and divorce, there are several issues that you should pay attention to when determining your best path forward:

Should I File for Bankruptcy Before or After Divorce?

In most cases, filing for bankruptcy prior to filing for divorce is the best option. When debts are shared by spouses, they can each be pursued by creditors if they fail to make payments. By filing for bankruptcy together, they can discharge their mutual debts, ensuring that neither spouse will be responsible for repayment of these debts after divorce.

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How Bankruptcy Can Help You Recover a Repossessed Vehicle

 Posted on December 00, 0000 in Bankruptcy

Getting behind on your bills due to unforeseen life events takes a toll on both your credit score and your emotional well-being. When your vehicle becomes repossessed, it may feel like the world has collapsed around you. How are you going to get to work? If you have no reliable transportation, how will you keep your job to pay bills and put food on the table? As contradictory as it may seem, filing for bankruptcy can help.

Get Your Vehicle Back

Many lenders do not give any advanced notification of an upcoming repossession. If you are behind on your payments, filing for bankruptcy can prevent the lender from taking your vehicle without warning. When you file for bankruptcy, an automatic stay is placed on all of your bills, preventing lenders and creditors from pursuing any collection actions, including repossessions and harassing phone calls. It may be possible to reclaim a repossessed vehicle, so long as it has not already been sold. Typically, lenders successfully sell these vehicles in under two weeks, depending on a variety of factors, so it is important to move quickly after a repossession.

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Tips to Help Older Children and Young Adults Deal with Divorce

 Posted on December 00, 0000 in Divorce

Younger children undoubtedly need more hands-on attention in all areas of life. In addition to learning how the world works, their psyche needs development. Negative experiences can leave a lasting impact on infants, toddlers, and young children. Although older children and young adults are more capable of understanding situations and are generally self-reliant, coping with the divorce of their parents has a dramatic impact on their lives as well. Whether they are a pre-teen or an adult, your children still need you to help them through your divorce.

Show Them They Are Loved

While younger children often need to hear that your divorce was not because they did anything wrong and that both parents still love them, older children and young adults also need to witness that they are loved. Older kids likely already know that the divorce is not their fault; their concern is how this will impact the future. Will you both be able to attend their graduation? Will you be civilized at their wedding? Who will attend family events? Older children need to know that your love for them is greater than the anger you and your spouse have toward each other.

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