Lakelaw: Bankruptcy and Divorce
Divorce Asset Protection | Marital Property Division | Home Valuation
Divorce and bankruptcy are both complex subjects on their own. Whenever they occur together — not an uncommon occurrence — it takes a very skilled and knowledgeable attorney to properly disentangle the issues and sort out matters soundly. Locally and nationally, attorney David Leibowitz of Lakelaw Wisconsin is respected for the way he handles complex bankruptcy cases involving divorce. For a free consultation, contact us online or call 262.694.7300.
Marital Property Division in Wisconsin
Wisconsin is one of only nine "community property" states in the nation. Generally, this means that both members of a marriage own and are responsible for all of the property and debt acquired during the marriage. Each spouse has an equal claim to all marital assets and debts. There are some exceptions, however. For example, you are not liable for a debt your spouse incurred from having been sued for personal injury.
When one spouse files for bankruptcy the nonfiling spouse in effect also receives a discharge, because the community property owned by both spouses is protected against marital debts, so long as the parties are living and stay married. When those debts are discharged through bankruptcy, they are discharged completely, and so both spouses end up being equally absolved of that responsibility. Because one spouse has his or her debts discharged without even having to file, we refer to this as a "phantom discharge."
Bankruptcy and Domestic Support
Many people feel they cannot afford their child support or alimony payments after divorce. Unfortunately, domestic support obligations cannot be discharged through bankruptcy, except in chapter 13 in certain unusual circumstances.
Lakelaw: Southeastern Wisconsin Attorneys Who Care
Our lead attorney, David Leibowitz is AV®-rated*, under Martindale-Hubbell's peer review rating system and is board-certified. He has handled thousands of bankruptcy cases, and has several years of legal experience. He and attorney Ryan Blay truly care about the welfare of each client, and we will always treat him or her with the care, kindness, courtesy, respect, professionalism and dignity that he or she deserves. At Lakelaw, in Kenosha, you do not need to go to Milwaukee to get “big city” service and knowledge.
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If you are facing bankruptcy because of a divorce, we can help. To schedule a free consultation, contact us online or call 262.694.7300.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.
*CV, BV and AV are registered certification marks of Reed Elsevier Properties Inc., used in accordance with the Martindale-Hubbell certification procedures, standards and policies.
Martindale-Hubbell is the facilitator of a peer review rating process. Ratings reflect the confidential opinions of members of the bar and the judiciary. Martindale-Hubbell Ratings fall into two categories — legal ability and general ethical standards.
