“Who is responsible to pay child support?”
Our Beloit Bankruptcy Law and Rockford Bankruptcy Law clients are understandably concerned just prior to declaring bankruptcy—clients are still wrestling with the irony of taking a positive step forward that also happens to cause the potential loss of several core assets.
But it’s important to seek guidance from an experienced Beloit Bankruptcy Law attorney, because you may stand to keep more than you may initially think.
Although you’re liable to lose certain property during bankruptcy in order for your trustee to repay creditors, bankruptcy law protects certain assets called “exemptions.”
In a previous blog post, we covered Homestead Exemption in Wisconsin and Illinois. And today we’ll look at a similar law:
Motor Vehicle Exemption
As a Beloit Family Law firm focused in family and divorce law, we’re familiar with the myriad stresses, concerns, and questions voiced by clients who are in the midst of a divorce.
In truth, no matter how agreeable a couple may be about separating, divorce is still a hugely complicated process that creates anxiety around nearly every aspect of a client’s life.
But among those questions clients have for us while counseling them through divorce, there’s always one that, when answered, at least partially alleviates the stress that comes from being unable to see the light at the end of the tunnel:
“When can my divorce be finalized?”
Anyone considering filing for bankruptcy—whether in Wisconsin, Illinois, or otherwise—should be aware of Homestead Exemption, and understand the law as it applies to the state in which they live. As Beloit bankruptcy lawyers and Rockford bankruptcy lawyers, we cannot stress enough how varied this particular law can be from state to state—the specifics will depend greatly on where you live.