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Two Types Of Personal Bankruptcy

If you are a person who is over your head in debt and looking for relief, you have options. You may want to file for Chapter 7 (asset liquidation) or Chapter 13 (establishment of a payment plan). As the principal and founder of the Law Offices of Michael H. Johnson, P.A., I understand the process and will partner with you to ascertain which is the best choice for you.

Who Files For Bankruptcy?

It may surprise you to find out that people from all walks of life, at every age, education and income level, file for bankruptcy. Why? Because once people look further into it, they become less intimidated by the process. After months or years of stressful uncertainty, filing for bankruptcy is most often a huge relief.
Bankruptcy can be a much-needed fresh start. There are many, many reasons that cause people to fall into debt. Some of the most common causes of deep debt are:
  • An unexpected major surgery, a serious injury or illness that causes loss of work, large medical bills and expenses that just keep adding up
  • Job loss, unemployment or underemployment
  • An economic crisis or downturn
  • International events that affect an income source
  • Property damage due to a storm or other emergency

No matter how you got into your situation, skilled and experienced guidance can get you out of it.  Having a dedicated bankruptcy attorney by your side can make the process much easier. You do not have to go it alone. I work one-on-one with every person who comes through my door, from the start of the process to the finish.

Chapter 7 Bankruptcy

This form of debt elimination is best for people who have a low income and will not be able to pay back their debts over a period of time. With this form of bankruptcy, most (if not all) of your assets will be sold to eliminate the debt that has been accruing. Also known as “liquidation,” Chapter 7 bankruptcy is a great way to quickly get rid of your debt and start anew with your finances.

Chapter 13 Bankruptcy

If you have a higher income that is predictable, you may be able to keep your property and slowly pay back your debts through Chapter 13 bankruptcy, or “reorganization.” Because of your higher income, you will need to make a plan to pay a certain amount back to collectors on a monthly basis. Because you’re paying back in cash, you will not have to sell your home or other property.

Why Hire Me?

When it comes to finding bankruptcy help, you have many potential firms and attorneys to choose from. So, why choose me?  First, not many can match my over 20 years of Florida bankruptcy experience. I’ve handled virtually every type of situation there is. We will work together to assess if bankruptcy is the best option for you, which type to file and how best to protect your assets and plan for the future.

Second, as I am a solo practitioner, you will work directly with me. You won’t be shuffled from attorney to attorney or work with an inexperienced associate or paralegal. While I do have legal assistants, they are here to ensure that every last detail of your case is taken care of.  As a skilled bankruptcy attorney, I understand the law, the process and the options. I employ innovative, effective solutions to get you out of debt and help you have a brighter future.

Take A Step In A Brighter Direction

Debt can feel overwhelming and never-ending. Financial matters can often seem complicated and unresolvable. I will help you make wise and informed decisions. Together, we will move in the right direction to achieve your financial goals and freedom from debt. Call 954-535-1131 to arrange a free consultation. You can also reach me at the Law Offices of Michael H. Johnson, P.A., by sending an inquiry email to the firm. I help people throughout South Florida get out of debt and start fresh.

My firm is a debt relief agency. I help people file for bankruptcy relief under the Bankruptcy Code.