Bankruptcy Instead of Divorce

Everyone knows that money troubles are one of the predominant reasons that married couples divorce. Money problems, however, are problems that many couples can work through, so a heartbreaking divorce is not necessarily the solution. In fact, divorce rarely helps anyone financially, and most people who divorce end up with more money problems rather than fewer. For some couples, bankruptcy may be a more appropriate and less heartbreaking alternative. In the Chicago area, if you and your spouse are struggling with overwhelming debts that may never be paid, don’t see a divorce lawyer first. Marriage counseling never hurts, but if your marriage problems are mostly financial, your wisest move is to discuss your circumstances at once with an experienced Chicago bankruptcy lawyer.

Spouses who ceaselessly complain about a partner’s spending habits may need to speak with a marriage counselor or a spiritual advisor. There may be an underlying relationship issue connected to resentment or to self-esteem rather than money. If the financial complaints are legitimate, you can start working to fix the problem. If excessive spending has put your marriage in too much debt, an experienced bankruptcy lawyer can help.

For some couples, however, there’s no conflict because both spend excessively. In fact, couples that are still “wildly” in love tend to overspend on each other with overpriced gifts, vacations, and even new cars and homes that the other spouse “deserves.” Good financial planning, a precise budget, and a commitment to adhere to that budget can pull these in-love couples out of financial difficulty. Other couples spend too much “keeping up with the Joneses.” Couples with Park Avenue tastes but a Main Street income may need not only better financial planning – they may also need to reassess frankly their overall social, financial, and life goals.

These financial situations can destroy marriages, and that often also means damaged friendships, moving, finding new employment, and raising children alone. Don’t let debt wreck you marriage – a better solution is almost always available. Some couples may require bankruptcy; others may simply need good financial advice and a bankruptcy lawyer’s representation in debt negotiations. If your marriage is sinking in debt in the greater Chicago area, consult with an experienced Chicago bankruptcy lawyer immediately to learn more about the bankruptcy process and your alternatives to bankruptcy. Help is here, so don’t hesitate to make the call.