Bankruptcy and a Former Number One Real Estate Agent
One minute you’re on top of the world. The next, you’re being swept aside. It would be easy for one of America’s top real estate agents to feel that way. John McMonigle’s tale is a true rags-to-riches success story, but so far he hasn’t achieved a fairy-tale ending.
For two decades, McMonigle has been the top real estate agent in Orange County, Florida. He lived in a mansion, drove an expensive car, and appeared to have everything going for him. Now he’s declaring bankruptcy.
The Realtor is not alone. So far in in 2011, 40,291 Florida Bankruptcies have been filed already in the courts. Shockingly, the Florida bankruptcy numbers are not the worst in the nation. Consider California, where 16% of all filings in the nation have been made this year. Florida bankruptcies are 7% of the nation’s total, while Michigan is close behind with 6%. If you look at the numbers another way, they still seem quite high. Nevada has the most filings per capita, with Georgia and Tennessee bringing in the second and third spots.
The Automated Access to Court Electronic Records, or AACER published numbers citing that there have been 133,459 bankruptcy filings in May of this year. That is 10% more than May of last year.
So, does all of this data translate to doom and gloom? Not for John McMonigle. He may be filing for Chapter 11 at the same time that his wife is filing for a divorce, but he remains optimistic. In an article published by the Orange County Register, McMonigle is quoted as saying that in the “market there are equal parts catastrophe and opportunity. I have experienced the former, I anticipate the latter."
He also remarks that he feels fortunate merely to be alive and healthy. It’s a refreshing attitude, one that others should strive to emulate. McMonigle sees the opportunities inherent in every challenge. Declaring a Florida bankruptcy is not the end, but the beginning, a chance to start fresh and build from the ground up on a solid foundation that draws from the rough experiences of the past.
Despair does not need to go hand-in-hand with filing for Chapter 11. People are doing so in record numbers, so there is also no need to feel alone. Hold your head high and seek out the help you need. Chances are you’ll be able to find a little bit of McMonigle’s optimism in yourself.
If you are considering a bankruptcy but do not know which option is best for you, contact a Florida Bankruptcy Lawyer to discuss your specific situation. Do not let the depression keep you from getting your life back on track. Let an experienced Florida Bankruptcy Lawyer, do the heavy lifting for you and make that step towards a fresh new start.
Brian F. LaBovick, Esq.
Esther Uria LaBovick, Esq.
Mark R. Hanson, Esq.
Joseph R. Fields Jr., Esq.
Marcie Dodson, J.D.