3 Ways Your Divorce May Cause Bankruptcy
When a married couple goes through a divorce, both people may be faced with significant financial problems once the legal proceedings are over. In part, this is because each person needs to deal with their own finances for the first time since the marriage. However, the more common reason is due to the results of the divorce proceedings themselves.
If you are facing bankruptcy after a divorce, there may be legal options available for you to protect your property during these difficult times. For more information, contact the Joliet bankruptcy attorneys of the Law Offices of Stuart B. Handelman, P.C. by calling 815-722-2201.
The Impact of Divorce on Personal Finances
A person coming out of a divorce may face the following issues with their finances because of these legal proceedings:
If a person has been married for a long period of time, alimony payments may leave one person in the marriage providing financial assistance to the other. While this is meant to help the couple adjust to life separated from each other, alimony can actually drive someone into financial trouble.
#2: Loss of Property
When property is divided, a person may lose a substantial amount of the items, real estate, or vehicles they purchased. As a result, new expenses may arise. For example, if a person is left paying for a new car because they lost their old one, the consequences on their finances can prove severe.
#3: Child Support
If the couple had children, one parent may be held responsible for providing regular support for that child. This is especially the case if one parent receives full custody. These payments can significantly wear down a person’s finances.
If you are facing difficult times because of your financial worries, bankruptcy may be the right solution for you. To discuss how bankruptcy may bring you back the financial freedom you once enjoyed, contact the Joliet bankruptcy lawyers of the Law Offices of Stuart B. Handelman, P.C. at 815-722-2201.