Often bankruptcy and divorce need to be addressed at the same time. Couples that are divorcing will often disagree about who is responsible for the bills that were created during the marriage. As a contested divorce lingers, the bills will continue to increase. The couple will often have less money since they will be paying for two places to live instead of one. A lawyer in Ozaukee WI area should be contacted for legal advice with a free consultation. Bankruptcy is also an option for individuals that are not going through a divorce if they have mounting bills they are unable to pay.
The type of bankruptcy an individual can file will be determined by the amount of income they have and the amount of debt. For example, Chapter 7 bankruptcy is a choice for an individual that does not have any income or very little income. There are a few exemptions that can be claimed through a Chapter 7 bankruptcy. Most assets will be liquidated to pay off the debt. If an individual is already behind on their mortgage, Chapter 7 is usually not a very good option to choose. Chapter 13 bankruptcy offers the ability for someone to retain their assets and establish a repayment plan through the bankruptcy court. An individual must have a source of income to make the payments. Chapter 7 and Chapter 13 bankruptcy are very different and should only be considered after a free consultation with a lawyer in Ozaukee WI.
Divorce is always a turbulent time in someone’s life. Determining the best route for the division of assets, debts, child custody and the future of the parties can be addressed with the help of an attorney. They will offer the legal advice someone needs to make very difficult decisions as they enter the new chapter of their life. Although a close friend or family member may offer their advice or horror stories about their divorce, a lawyer is the only one who can offer sound legal advice for someone’s future. Visit a Lawyer that offers a free consultation about your legal questions. Their insight and guidance will give you a better perspective on the options you have available.
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