If you are struggling with debt, bankruptcy may be your best option and Jacksonville’s debt relief lawyer, Matthew C. Bothwell, Esq. can help. Bankruptcy, whether chapter 7 or chapter 13, can help most individuals be free of the stress and burden of overwhelming debt and the harassment of debt collectors. Bankruptcy can give you the fresh financial start you deserve and offer you peace of mind. If you are concerned about runaway debt, are being harassed by debt collectors, are in foreclosure, are facing repossession or are having your wages garnished please call us for a free consultation; we are here to help.
Benefits of Filing Bankruptcy
Filing a bankruptcy petition offers numerous benefits such as:
- Automatically stopping any collection efforts by your creditors;
- Stopping the harassing phone calls, letters and any legal actions by debt collectors;
- Stopping foreclosures or the forced sale of your property;
- Stopping wage garnishments;
- Stopping vehicle repossessions;
- Allowing you a fresh start and can get you out from under an unyielding mountain of debt
- Allowing you to restructure your finances and catch up on past due arrears; and
- Can help you gain control over your financial past, present and future;
- If you are employed, a Chapter 13 bankruptcy may help you restructure your debt and establish a plan to repay all or some of your creditors;
- Most debtors are able to keep all of their property and possessions; and
- Most credit scores improve shortly after receiving your discharge.
Disadvantages of Filing Bankruptcy
- If you file for chapter 7 bankruptcy protection you may lose certain non-essential possessions or property that is not protected by Florida debtor exemptions. Florida offers generous exemptions to protect your home, retirement accounts, life insurance policies and pension from seizure by the trustee.
- If you file a chapter 13 bankruptcy you will be required to make monthly payments to the trustee for 3 to 5 years.
- Debts such as past due child support, alimony, income taxes less than three years old, student loans (absent extreme hardships), debts incurred due to fraudulent activities and fines and restitution imposed due to your committing a crime cannot be discharged.
- A your filing bankruptcy will remain on your credit report for up to 10 years (most credit reporting agencies remove them after 7 years). This may affect your ability to obtain credit at favorable rates or qualify for a loan or mortgage. However, in most cases your credit score will actually improve after receiving your discharge.
Need more information on Jacksonville Bankruptcy Issues? Read some of these helpful articles on bankruptcy:
For more information about Chapter 7 or Chapter 13 bankruptcy please contact Jacksonville’s debt relief lawyer, Matthew C. Bothwell, Esq. for your FREE INITIAL CONSULTATION.
Get a Free Initial Consultation Now