Bankruptcy Can Relieve Personal And Business Debts
Debt might eventually hit a point at which it becomes nearly impossible to repay in full. To pay one creditor, you would have to seek financial support from another. However, families and businesses may break out of the cyclical nature of debt by exploring how bankruptcy could help them.
Dunn Law, P.A., provides experienced and thorough bankruptcy counsel. Our lawyers regularly assist Florida individuals and small-business owners with the filing process. Discuss your financial profile and options with our team today.
How Each Type Of Bankruptcy Can Help Stabilize Your Finances
Some of the most common bankruptcy methods include:
- Chapter 7 bankruptcy: The court may wipe many types of debt completely clean, but it may need to acquire and sell some of your nonexempt property to do so. The value of the debt is usually far greater than the loss of property, which makes this an attractive option for debtors seeking a fresh start.
- Chapter 11 bankruptcy: Businesses can work toward debt relief through a customized reorganization plan. This plan can give the business an opportunity to regain its footing as a profitable entity, but the process requires careful reporting and close communication with the court.
- Chapter 13 bankruptcy: Individuals who face heavy debts but still earn sufficient income can set up a gradual repayment plan with the court. This method can reduce interest payments, creditor calls and other burdens of debt while protecting personal property.
Each option has a complex set of potential benefits and drawbacks. Therefore, consulting your attorney first is critical. We work to help our clients maximize the overall value they can gain from bankruptcy.
Our dual experience with creditor representation gives us a comprehensive perspective when helping clients file for bankruptcy. Our attorneys can creatively design repayment strategies, protecting our clients’ priorities throughout the process.
Review Your Options With An Attorney
Based in Miami, Dunn Law, P.A., offers reliable insight into bankruptcy and business reorganization. For a consultation focused on how to overcome personal or business debts, call 786-785-2203. You may also send an email to contact our experienced attorneys.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.