Bankruptcy and you: A discussion with Phillip E. Bolton

Phil Bolton has been practicing Bankruptcy Law in North Carolina since 1985. As a bankruptcy attorney, he has worked with thousands of individuals and businesses over the years. Below are excerpts from a recent discussion with Phil Bolton about Bankruptcy filing and what it can mean for the individual:

Q: What are the benefits for the average individual who is seeking relief from creditors?

A: Bankruptcy is a considered decision and one that requires a clear assessment of the facts. The benefits bankruptcy offers the individual include immediate protection from creditors, the clearing or elimination of most debts and the opportunity for a fresh financial start.

Q: When is the right time to file for bankruptcy?

A: It depends. Under the United States Bankruptcy code, you are entitled to file for bankruptcy if you owe more than you can reasonably expect to repay. There are certain advantages in waiting to file but that determination can only be made after a thorough assessment of your situation. Our team works closely with you to help make a decision that is right for you. If you think bankruptcy might be an option for you, please contact us today.

Q: How long does the process take?

A: Filing for bankruptcy can generally be accomplished in only a few days (sometimes faster). Once the bankruptcy filing occurs, the relief is almost immediate. Depending on the type of bankruptcy that is filed, the entire process (including sale of assets or restructuring of debt if required) is generally complete in less than 12 months.

Q: What advice do you have for “getting back on your feet” after a bankruptcy?

A: Creating an action plan for your financial life is an important first step. Take the time to document your expenses and income and create a decision-making process for any additional expenses you wish to occur so that you can easily decide if you should or can add new debt. Finally, set up a savings account and commit to adding something (no matter how small) to it each month. 

For more information, contact Phil Bolton or our staff at Bolton Law Group, P.A. We have offices in Greensboro and Winston-Salem, North Carolina.


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