Groce & DeArmon Explores Some Things to Know About Bankruptcy in 2018
It’s 2018 now, and last year has come to a close. Maybe it was a particularly difficult year for you financially and you’re already struggling to see how you’ll make it through 2018. The good news is, bankruptcy is still an option in 2018 and the law firm of Groce & DeArmon can help.
Bankruptcy Will Continue to Happen
Despite the hopes and goals for the new year, many individuals and corporations will file for bankruptcy protection in 2018. According to an analysis by S&P Global Market Intelligence, several companies will most likely default within this next year, including Sears, Vince, Bebe, Stein Mart, and Destination Maternity.1 Individuals are no exception, and many families may follow suit in 2018.
Becoming Debt-Free in 2018 is Possible
If you are already overwhelmed by debt this year, bankruptcy protection may be the best choice for you. Most unsecured debt that is not tied to collateral can be eliminated by filing for bankruptcy protection. When you file for bankruptcy, creditors must immediately stop contacting you and foreclosures are temporarily paused.
It is important, however, to note that bankruptcy protection will not eliminate unsecured debt like some taxes and child support. The legal team at Groce & DeArmon will make sure you understand which types of debt are secured and unsecured, and what applies to you.
How Filing for Bankruptcy Protection Affects You in the Long Run
Groce & DeArmon can help you eliminate your debt in 2018 and determine which type of bankruptcy protection is right for you. Our experienced bankruptcy lawyers will explain the various types of bankruptcy you may choose to file, and most importantly, make sure you understand how filing for bankruptcy may affect you in the future.
For example, a Chapter 13 bankruptcy stays on your credit report for seven years, and a Chapter 7 bankruptcy can remain on your credit report for up to 10 years. Additionally, it will be difficult to get approved for loans and credit immediately following your bankruptcy and even if and when you can get them, your interest rate will most likely be extremely high. Getting a new mortgage will also most likely not be possible within the first five to seven years after a bankruptcy.
Contact Groce & DeArmon Today
At Groce & DeArmon, we’ll make sure you understand the implications of filing for bankruptcy protection before you make the decision to do so. Our legal aid team is well-versed in the intricacies of filing, and we will provide trustworthy legal counsel throughout your entire bankruptcy experience if you decide that is it right for you.
Call Groce & DeArmon to speak with a legal representative today or to set up a free consultation.