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.