Many people struggle with debt management. Doctors, office workers, secretaries, construction workers, small-business owners and countless others — for various reasons — have found themselves overwhelmed by debt.
At Granda and Associates, we handled countless bankruptcies for clients in Miami, Florida, from all walks of life in many different financial predicaments. Let us help you understand your options for debt relief.
Typically, there are two main types of bankruptcies available. Ultimately which option is right for you will depend on your circumstances and goals.
CHAPTER 7 BANKRUPTCY: THIS OPTION MIGHT BE RIGHT FOR YOU
We primarily help clients file for Chapter 7 bankruptcy. With this type of bankruptcy, individuals — even small-business owners — can seek to discharge credit card debt, medical bills and other types of loans. The process takes as little as 90 days to complete. Once the discharge is approved, individuals walk away free and clear of much of the mounting debt they’ve likely been carrying for years.
CHAPTER 13 BANKRUPTCY: AN ALTERNATE OPTION
In some cases, Chapter 13 bankruptcy may be a better option, particularly for homeowners. Under Chapter 13, a person’s debt load is restructured. A monthly payment plan is setup whereby the individual makes monthly payments, as determined by a bankruptcy trustee, over a three to five-year period.
There are important differences between Chapter 7 and Chapter 13, with benefits and disadvantages to each. At Granda & Associates we can offer guidance on the best bankruptcy option for your situation. If you have any questions or for a complementary consultation, please don’t hesitate to contact our compassionate, experienced team of associates today to learn more about how we can help you. Call 305.595.4011 or Email us