BANKRUPTCY

If you’re in the midst of a financial crisis, you may be wondering if bankruptcy is an option for you.  At J. P. Johnson & Associates, we know that the decision to declare bankruptcy is never an easy one and that clients considering this option are experiencing some of the most intense personal and family stress of their lives. 

Filing for bankruptcy under Chapter 7 or Chapter 13 can provide relief from garnishments, foreclosures, repossessions and creditor harassment. 

Chapter 7 is the part of the United States Bankruptcy Code that provides for liquidation of non-exempt property.  Individuals may be eligible to file under Chapter 7 if they meet certain maximum income standards.  A Chapter 7 bankruptcy case generally allows the debtor to retain specific exempt property.  Your specific situation, along with federal and state laws, will help determine what property is considered exempt.  A bankruptcy trustee is then assigned to liquidate the debtor’s non-exempt assets to pay off creditors.

Chapter 13 bankruptcies, also known as a wage-earner’s plans, allow for debtors with regular income to keep property and pay off debts over a specified period, generally three to five years.  This option is essentially structured as a repayment plan, rather than liquidation, and may give an individual the opportunity to save his or her home from foreclosure.

Contact Josh Johnson for a free consultation with a Minnesota bankruptcy lawyer and to learn more about filing for individual bankruptcy.  We offer payment plans and weekend/evening appointments for your convenience.  Although J. P. Johnson & Associates is a Minneapolis / St. Paul affordable law firm, appointments are available at a location convenient for you.

We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.