Going bankrupt is not the end of the world, as much as you’d like to think otherwise. It’s more like being resurrected again and having a chance to sort out all the loopholes that were there in the first place. Starting from a clean slate and that also so late in your life is not something many people get a chance to do, so if it’s coming to you in the form of bankruptcy consider it a blessing in disguise and climb the ladder as high as possible.
Should I file for bankruptcy?
Ah! Yes the dreaded question! If you’re a resident of Las Vegas, then Las Vegas bankruptcy lawyers, empathetically state, that certain questions should be answered before any decision is made.
- Is your property going to be foreclosed?
- Are creditors and bailiffs chasing and harassing you at every point?
- Are there any judgements against you that need to be sorted out?
- Are you having IRS problems and issues that need sorting out instantly?
- Is your car, property or other assets in danger of being taken from you?
Before you get stressed out and worried about filing for bankruptcy, understand a few basics regarding Las Vegas bankruptcy lawyers. To begin with bankruptcy is a legal method of eliminating debt and providing a means for debt-oppressed individuals to begin with a fresh start concerning your creditors. Las Vegas bankruptcy lawyers focus on two primary categories Chapter 7 and Chapter 13.
Is it Legal to file for Bankruptcy?
Let’s face it; from seductive messages that coax us to consume and buy on a constant basis, it should come as no surprise that consumers are drowning in debt on a constant basis. For most of us, this debt is insurmountable and is causing drastic family issues that are taking individuals to the brink of hopelessness. Las Vegas bankruptcy lawyers know how to manage and figure out a way out of this hapless situation. By allowing individuals to recover and recuperate from the burden of debt, Las Vegas lawyers know how to alleviate this pain from clients.
Chapter 7- Bankruptcy case in Las Vegas
Las Vegas bankruptcy Lawyers label this as getting a “fresh start” , since it allows individuals to be relieved of most of their debt and focus on maintaining and keeping most of their property.
Chapter 7 eliminates:
- Credit card debts
- Medical debts
- Personal Loan debts
- Lawsuit debts
- Judgements- unless fraud or criminal related
- Deficiency debts on vehicles which are owned by you
- Some IRS Debts- many income tax debts
- Personal Injury Debts
Chapter 13- Bankruptcy Lawyers
Chapter 13 bankruptcy allows a person to consolidate the debt while making convenient payments to a trustee. Eventually with the help and facilitation of Las Vegas a payment plan is proposed, where due payments can be made over five or three years. However the Las Vegas bankruptcy lawyers do keep certain factors in mind, like:
- Monthly income of a person
- Monthly expenses of a person
- Amount and nature of the debt
For more answers about bankruptcy law in Las Vegas visit our Bankruptcy FAQ page.
To get serious about your finances and your future contact us by filling out the form on the right or call us at (702) 878-1115.