Divorce, bankruptcy and real estate

Real Estate.

These 3 areas of law are often intertwined.
Yes, it’s true, my office handles all three practice areas.
But for each client, these issues all come together. Divorce clients, who have racked up the debt before splitting apart often file bankruptcy to relieve the pressure & stress that the debts cause on top of their already stressful lives. Bankruptcy eliminates the unsecured debt for each party, thereby helping each party to truely get the fresh start after divorce. Although it could seem to be an easy way out, it helps reduce or eliminate the need for alimony (often called maintenence) when one party is burdened with debt, and a drastic change in lifestyle post divorce.

Real estate is also often sold to have the proceeds split between the parties. This occurs when there is a stalemate between the parties on who keeps the marital home. Another popular drafting technique allows for the property to be refinanced at a certain time after the divorce, to allow for the parties to adjust to the change, for the property to increase in value, and for the retaining party to become financially stable and time to seek out the best refinancing available.

Contact us today to help you sort thru all of your real estate issues. We also nave a new company we would like to introduce, called Lucky Realty Group. Lucky is a group of real estate brokers and agents who have the legal experience and background to understand these unique situations and can help you reach your goals you wish. Visit our newly developed website for details at http://www.luckyrealtygroup.com

As our loyal readers know, we have several bankruptcy resouces for you. Leeders & Associates, Ltd. and the Chicago Bankruptcy Network.

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About Author

Terrance Leeders

Chicago Bankruptcy Attorney, husband, father, Cubs fan.

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