Bankruptcy laws in the United States are premised on the notion that people deserve second, third and fourth chances and certain debts should not be allowed to ruin your life.  The bankruptcy attorneys at Matthew C. Bothwell, P.A. can help you obtain your freshstart.  Congress has seen fit to pass a set of laws that allow certain individuals or companies to discharge debts or restructure their finances in an effort to get you back on your feet.  For individuals, bankruptcy relief and protection can be found under Chapters 7, 11 and 13 of Title 11 of the United States Code and Chapters 7 and 13 are the best options.  The bankruptcy lawyers at Matthew C. Bothwell, P.A. are here to help you navigate the complicated world of bankruptcy petions, bankruptcy schedules and filings.

Benefits of Filing for Bankruptcy  

  • Filing a bankruptcy petition automatically stays any collection efforts by  creditors.  It stops the harassing phone calls, letters and any legal actions pending against you.  Bankruptcy will also stop the foreclosure process and the forced sale of your property.
  • Bankruptcy allows you a fresh start.  It allows relief from an unyielding mountain of debt, allows you to restructure your finances and helps you take back control of your past, present and future finances.

Disadvantages of Filing for Bankruptcy 

  • A 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.
  • Depending on the type of bankruptcy you file,  you may lose certain non-essential possessions that are not protected by bankruptcy exemptions.
  • Debts such as past due child support, alimony, income taxes less than three years old, student loans, debts incurred due to fraudulent activities and fines and restitution imposed due to your committing a crime cannot be discharged in bankruptcy.

For more information about Chapter 7 or Chapter 13 bankruptcy please contact Matthew C. Bothwell, (904) 351-6640 or by email at [email protected].  We are here to help.