Bankruptcy Attorney

Advice from a Bankruptcy Attorney: Handling Bankruptcy as a Family

April 10, 2017 By Shari DeArmon

A severe financial setback requiring a bankruptcy filing can be devastating to any family structure. Whether the cause of the bankruptcy is due to job loss, medical bills, bad investments or worse, all the members of a family will be affected by the change in the financial situation.

The bankruptcy attorney team from Groce & DeArmon, P.C., an experienced law firm specializing in bankruptcy and foreclosure, is here to help you navigate not only the legalities of bankruptcy but also the personal changes brought about by a bankruptcy filing.

Communicating with Your Family Members

The realization that a bankruptcy filing is necessary can be devastating for a head of household as well as the family members. It can create temporary changes in finances that will require understanding and adjustment from all members of the family. Communicating this to family members successfully will require openness, honesty as well as patience. Having an experienced bankruptcy attorney by your side during this stressful time can be invaluable.

Preparing your spouse as well as older children for the temporary but significant financial changes that may happen during bankruptcy can be made easier by hiring an experienced bankruptcy attorney from a law firm like Groce & DeArmon. Our law firm will lead you through the disclosure, filing, and resolution of bankruptcy will make the process easier on the entire family.

Effective communication between family members with a commitment to see the family through the bankruptcy as a team will increase the opportunity for a successful pathway through the bankruptcy proceedings.

Family Gifts and Bankruptcy

In most states, gifts to family members of cash, vehicles or property prior to the bankruptcy can be challenged by the bankruptcy trustee for a time period ranging from one to four years prior to filing, depending on the state of residence. This indicates a gift to a loved one of significant value may end up being challenged in a lawsuit to protect the creditor, not your loved one. Therefore, bankruptcy can have a direct legal effect on family members. Should this be the case, it is imperative to have an experienced law firm with an experienced bankruptcy attorney team on your side to help you navigate these difficult waters. Groce & DeArmon, one of Springfield’s leading bankruptcy attorney teams, is here to help you navigate the challenging waters of bankruptcy proceedings and family matters.

Finding the Right Bankruptcy Attorney

Groce & DeArmon, PC is Springfield’s leading bankruptcy law firm with over 13 years of experience. Led by Shari Groce DeArmon, our law firm provides you with legal expertise whether it’s Chapter 13 bankruptcy, Chapter 7 bankruptcy or bankruptcy protection that you are seeking. Call us today at 1-800-640-3706 for your free consultation.

What Is Bankruptcy Protection?

February 28, 2017 By Shari DeArmon

Anything involving bankruptcy can feel a bit overwhelming. There are many rules and regulations involved in bankruptcy as a whole, and then each type of bankruptcy has its own specific rules and regulations. One of the many elements involved in bankruptcy is bankruptcy protection. The bankruptcy lawyer team at Groce & DeArmon, P.C. has the answers you need to understand the ins and outs of bankruptcy protection.

What is Bankruptcy Protection?

Bankruptcy protection comes into effect when an individual or company files for bankruptcy. Simply put, bankruptcy protection is a status that helps those who are unable to pay their debts in full. After filing for bankruptcy, this protection prevents creditors from harassing those going through the bankruptcy process. This automatic stay helps the person focus on restructuring their debts. By hiring an experienced bankruptcy law firm like Groce & DeArmon, the debtor can be assured to have the best help on their side during the bankruptcy process.

If a creditor was not informed of the bankruptcy filing and continues to send notices to the individual or company, that creditor must be informed by the debtor that they have filed for bankruptcy. The notice can also be sent through a bankruptcy lawyer, who can then manage all other communication between the debtor and the creditors.

Bankruptcy protection covers the assets of the debtor. This protection helps to ensure that the debtor will not lose all of their possessions due to financial difficulty. If a person who has filed for bankruptcy does not have bankruptcy protection, they run the risk of losing all of their assets.

Bankruptcy Protection and Bankruptcy Chapters

The group of laws in the United States that govern bankruptcy are referred to as the Bankruptcy Code. Bankruptcy protection is present in all the common types of bankruptcy, including Chapter 7 bankruptcy and Chapter 13 bankruptcy. Chapter 7 bankruptcy often results in the liquidation of most assets to pay off debts, while Chapter 13 bankruptcy may allow the debtor to retain some assets. A bankruptcy attorney will be able to assist in either situation, depending on the specific situation.

Bankruptcy Advice from Groce & DeArmon, P.C.

If you are filing for bankruptcy and would like an experienced team to help you along the way, Groce & DeArmon, P.C. is here to help. We have the knowledge and experience to handle your case as efficiently as possible. For more information about our services and to schedule your free consultation, check out the Groce & DeArmon, P.C. website or contact our office today.

Avoid Foreclosure with a Bankruptcy Attorney

January 24, 2017 By Shari DeArmon

Most homeowners would do anything in their power to avoid a foreclosure on their home. In some cases, there is nothing that can be done. But in many cases, declaring bankruptcy may help a homeowner keep possession of their home.

If you’ve fallen behind on your mortgage payments and the bank is harassing you with the possibility of foreclosure, a bankruptcy attorney at the law firm of Groce & DeArmon, P.C. can help. Most likely, foreclosure is not your only option and you may not need to give up your home. There are legal solutions that can help you regain your balance financially while also keeping your home.

How Does Foreclosure Work?

When you purchase a home, you sign several legal documents, including a deed of trust. The deed of trust is a document that permits your lender to foreclose on your home if you default on your loan. This simply means that if you stop paying your mortgage payment, your lender will take possession of your home. In the state of Missouri, your lender can do this without going to court. This is called nonjudicial foreclosure.

You will receive a notice of default, which is a notice that requests payment of the balance due, and you will also receive a notice of sale, which is a document that informs you that your home will be sold at auction. Once you receive a notice of default, you should know that your timeline is extremely short. You can either pay off the balance (plus late fees) or you can file a lawsuit to stop the foreclosure. Unfortunately, you may only have a few weeks (if that) before your receive a notice of sale.

How a Bankruptcy Attorney Can Help

You may be wondering how a bankruptcy attorney can be of any help in all this. The truth is, filing for Chapter 13 bankruptcy may be your only option if you are behind on payments but want to keep your home. A bankruptcy attorney will be familiar with Missouri’s laws regarding foreclosure and he or she will assist you in determining the best choice for your situation.

Once you file for Chapter 13 bankruptcy, an automatic stay will be created, which will prohibit creditors from collecting your debts. A bankruptcy attorney can help you work out a repayment plan with a judge so that you can pay off your late payment balance, as well as continue paying on your mortgage. Depending on your case, a lawyer may also help you get rid of second and third mortgages if you have them.

If you choose to file Chapter 7 bankruptcy, you may not be able to keep your home, but you’ll stall the foreclosure and have a few months to save your money, secure new housing and work things out with your lender.

Groce & DeArmon, P.C. Here to Help

Whether you’d like to learn more about your options or file Chapter 7 or Chapter 13 bankruptcy, call the law firm of Groce & DeArmon, P.C. today. We are happy to help you get started and meet with you for a free consultation.

Foreclosure isn’t the end. Let a bankruptcy attorney help you find your new beginning and get a fresh start.

Bankruptcy and Repossession: How to Protect Your Vehicle from Creditors

January 18, 2017 By Shari DeArmon

Bankruptcy and repossession are both ominous and dreaded things to talk about, but they are absolutely a reality for many individuals in financial distress. If your vehicle has just been repossessed or you have received several pre-repossession notices from your lender, filing Chapter 7 or Chapter 13 bankruptcy may help you get your vehicle back or prevent it from being taken in the first place.

Reasons for Repossession

If you have fallen behind on your payments, failed to maintain car insurance, or have otherwise defaulted on your car loan, your lender may repossess your vehicle. Although a lender cannot remove your car from a closed garage or breach the peace (aka cause you physical harm) while repossessing your vehicle, your lender may lawfully repossess your vehicle without prior notification.

When it comes to bankruptcy and repossession, most lenders will send notices to get you to pay something on your loan. But if you refuse to pay, or you simply cannot pay, the repo man will be paying you a visit eventually.

How to Protect Your Vehicle from Creditors

If you have fallen behind on your payments and are struggling in other financial areas of your life, your lawyer may have suggested bankruptcy as a valid option. Filing for Chapter 7 or Chapter 13 bankruptcy may help protect your vehicle from repossession. There are also a few things you can do to avoid repossession.

The automatic stay. When you file for Chapter 13 or Chapter 7 bankruptcy, an automatic stay is created. This prohibits most creditors from continuing their collection efforts against you. Once a judge approves your repayment plan, as long as it takes care of any outstanding payments you’ve missed, your lender cannot repossess your vehicle. If your car has already been repossessed before you file for bankruptcy, you may be able to get it back if your repayment plan addresses your overdue payments.

Catch up on your payments. Another way to avoid vehicle repossession is to catch up on your missed payments and get your lender off your back. Of course, this may not be easy if you are several payments behind, but if you can afford to pay the past due amount, it is highly recommended.

Talk to your lender. The truth is, your lender just wants you to pay something on your loan. Even if you can’t afford your monthly payment on your car, you can always call your lender and try to negotiate the terms of your payment plan. You may be able to work out a lower monthly payment that you can afford. Bankruptcy and repossession don’t have to go hand-in-hand. Talk to your lender to find out what your options are.

We Can Help with Bankruptcy and Repossession

If you’re struggling with bankruptcy and repossession, a bankruptcy attorney can help you sort out the mess. Vehicle repossession is always stressful and messy, but there are ways a bankruptcy lawyer can assist you in avoiding that situation.

Call the law firm of Groce & DeArmon, P.C. today to schedule your free consultation with one of our attorneys. Our lawyers are familiar with the issues concerning bankruptcy and repossession. We will gladly listen to you and help you file Chapter 7 or Chapter 13 bankruptcy, if necessary. Don’t let your lender or other creditors push you around. Consult with an attorney today and get back on the road to progress.

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