Trying to decide whether or not to file for bankruptcy? You’re not alone. Given our current economic climate, it’s not surprising that a number of people are searching for debt relief. Yet even knowing others are contemplating the same, you may still feel alone. You may have questions. You may not know where to turn.

The Law Offices of Eric W. Johnson serves clients in San Diego County by offering sound advice regarding bankruptcy filing.

Qualifying For Chapter 7
It is difficult to qualify for Chapter 7 bankruptcy protection since the changes to the bankruptcy law in 2005. It is possible for some to still qualify for Chapter 7, this just involves a test employed to determine eligibility. Chapter 7 is sometimes referred to as straight bankruptcy and is a liquidation of unsecured debts. Under this form of bankruptcy, some are able to save their homes from foreclosure, but some are not.

Qualifying For Chapter 13
Chapter 13 recognizes your debt into a more manageable payment plan. Depending on your level of debt and your financial situation, you will be scheduled to repay your debt in a three or five-year period. Too often, individuals tire of this plan and find it difficult to maintain payments. Others are able to obtain financial freedom after repaying a percentage of their debt.

Understanding Your Options
Not everyone with financial issues is necessarily a good candidate for bankruptcy. The best way to determine if bankruptcy is right for you, contact an attorney. Many attorney’s see their role simply being that of a clerk, helping you complete forms and file them in a timely manner.

At the Law Offices of Eric W. Johnson, we do much more than this. We sit down with our clients, listen to their stories, and help then strategize for a brighter financial future. We never make promises and always set realistic expectations. Facing the reality of your financial state can be a sobering, even surprising, experience. Our consistency provides an anchor to clients. We’re a firm that can be counted on to help you make the right decision – whether you are filing for Chapter 7 bankruptcy or working out a payment plan with lenders.