Advantages of Filing Bankruptcy

The financial freedom from relieving debt and stripping the constant worry about finances is a large enough gain to consider bankruptcy. At Parker & DuFresne, we are experts in protecting assets and strategic debt consolidation. While bankruptcy is not the right answer for everyone, many clients share with us that it was the best decision and one that they should have made sooner. For both businesses and individuals, filing bankruptcy is a tool that offers the following advantages.

  1. Automatic Stay
    As soon as you file for bankruptcy, an automatic stay goes into effect. This halts any collection proceedings against you and gives you immediate relief from creditors. Creditors must cease collection until your bankruptcy case is settled. If you have been talking with creditors and trying to negotiate payment options or delay payments do, this is a huge relief. For example, they may not call you, send letters, sue you or try to repossess your car. The automatic stay protects you from certain actions from creditors including:
    • Beginning or continuing judicial proceedings
    • Any actions to obtain your property
    • Creating or enforcing a lien against your property
    • Set-off of indebtedness owed to you before the bankruptcy filing
  2. Debt Relief
    Debt relief is the most obvious advantage of filing bankruptcy. It gives you the opportunity to start with a clean financial slate. Under Chapter 7 your assets are sold to repay your creditors, and under Chapter 13 you establish a repayment plan. When any type of bankruptcy case is concluded, many or all of your debts will be discharged.
  3. Certain Assets are Exempt
    There are exemptions for certain assets under state and federal laws when filing for bankruptcy. Under these exemptions, you are permitted to keep certain assets and not have them sold to repay your creditors. These assets often include your primary residence, clothing, vehicle and appliances.
  4. Credit Education
    Under bankruptcy law, you are required to undergo credit counseling. This is an excellent opportunity to reflect on past habits and see what went wrong. It’s a good chance to learn how to better manage your finances and make wiser choices when it comes to credit.
  5. Rebuild Credit
    Once your bankruptcy case is settled, you have the chance to begin rebuilding your credit. It gives you the chance to begin living with financial responsibility. It can be difficult to get credit right away, but it’s not as impossible as you might think. One way to begin rebuilding credit is by opening a secured credit line and making timely payments each month. After 7 years, your bankruptcy should no longer appear on your credit rating, giving you a truly clean slate.
  6. Costs to file Bankruptcy
    There are costs involved when filing for a Chapter 7 or Chapter 13 bankruptcy. Attorney fees can vary by law firm however; filing costs, a credit report and required credit counseling costs are all the same depending on whether someone files as an individual or jointly. At Parker & DuFresne we offer a *No Money Down option that allows you to file fast and pay our fees over time or options that can save money when fees are paid in full. *With both options court costs associated with a Chapter 7 or Chapter 13 are paid when we file.
Deciding to File Bankruptcy in Jacksonville

Filing for bankruptcy is a big decision that requires careful consideration and legal guidance. For some, it’s a clear decision. For others, there may be a better solution available. By carefully considering all of the pros and cons of filing bankruptcy, it will be easier to determine if it’s the right choice for your personal situation. The highly skilled bankruptcy lawyers at Parker & DuFresne have the knowledge and experience to help you with the bankruptcy process. We can help you review your financial situation and find the best path for you to reach financial stability. Call us today at 904-733-7766, or complete the online form for more information on bankruptcy and debt relief.

Client Reviews
I was provided with a free consultation and was given great advice. I would definitely recommend Chip Parker to anyone who needs assistance with financial law. Meagan
Chip's law firm helped me through the bankruptcy process with ease. The staff was always willing to answer questions and ensured that their answers were provided in a timely manner. A great firm to represent you. Kevin
Mr. Parker and Mr. DuFresne along with their staff went the full mile to help my wife and I through some tough financial difficulties. They take great pride in doing what thy do and I would recommend them to anyone. Robert
Chip Parker autographs his work with excellence. Finding an attorney with real integrity in today's world of law is not an easy task. Chip believes in balancing the scale of Justice and removes the blind fold so the injustices are clearly seen. Thanks for all the good you and your firm achieve. Joy
I took a very complex problem to Chip, and he spent a generous amount of time outlining specific options. Chip has an amazing ability to grasp the important issues and quickly narrow down the key points. He is the best person to have on your side. Phenie