Bankruptcy Attorney Blog Archives

Often times, financial problems can cause a marriage to disintegrate. Sometimes your spouse has lied to you about their spending habits, debt level and/or income. In many cases the debt that your spouse builds up is also in your name, and cutting them loose is the only way you can free yourself of the crippling debt your partner keeps piling up.

Making the decision to file bankruptcy is often difficult. Sometimes one spouse is ready to file long before the other has come to terms with the situation.

If you and your spouse are having financial problems, it is often smart to gather all of your information and speak to someone who knows how to handle debt. A financial planner or bankruptcy attorney can help you map out a plan to get out of debt and get your life back on track. 

A qualified bankruptcy attorney can explain to you both which of your assets would be protected in bankruptcy. In some cases, only one spouse may have to file bankruptcy.

If your spouse has alread filed bankruptcy, you should speak to a financial planner or bankruptcy attorney about your options. If you are on the hook for some of your partner’s debt, you should definately speak to a lawyer to see how filing bankruptcy can help.

The first thing to remember is that you are not alone. Over 1.2 million people have filed bankruptcy in the last 12 months, according to bankrupcy court records. Seeking help is not admiting failure, it is taking the necessary steps to protect your financial future.

Sun-Times Media Group, owner of the Chicago Sun-Times, filed for protection from its creditors under Chapter 11 of the U.S. Bankruptcy Code in a Delaware federal court.

The filing marks the fifth U.S. newspaper to file for bankruptcy protection in recent months, and gives Chicago the distinction of being the first U.S. city to be served by two insolvent newspapers. (Tribune Co., owner of the Chicago Tribune filed for bankruptcy protection last December.)

Sun-Times Media Group has said that it will study possible sale of assets and seek more investment as it works to reorganize. In addition to the flagship Chicago paper, it owns several community papers in Illinois along with matching online assets.