Filing for Las Vegas bankruptcy may not seem like your first choice, but it is a useful tool when you don’t have enough cash to pay for your debts. Learning about bankruptcy will enable you to focus on how to get yourself out of this mess, and start afresh.

What are the most common reasons for filing a Chapter 7 and Chapter 13 bankruptcy?

The most common reasons to seek out bankruptcy are unemployment, large medical expenses, and a grossly over-extended credit line. Additionally, if you have do not have a prenuptial agreement, a marriage gone bad can be easily lead to bankruptcy as well.

Chapter 13 bankruptcy instances are a bit different from chapter 7. Mortgages, car loans and the like are involved in chapter 13 bankruptcies, and usually the individual is required to in some way or the other pay a certain amount of the debt through a structured plan over time.

What happens once I go bankrupt?

Bankruptcy petitions are public knowledge, and your creditors will be notified. After filing for bankruptcy, your creditors must immediately cease their debt collection efforts, and will be required to contact your attorney instead of contacting you personally. Bankruptcy provides you with breathing room while you and your Las Vegas bankruptcy attorney work out a plan to deal with your debt.

Can I still keep my credit cards?

Under certain instances, you may be allowed to keep the credit cards. Many factors are involved, such as your credit card balance at the time of filing for bankruptcy, what the credit card company is willing to do to work with you, and your ability to pay the present and future credit debt.

What happens to my personal property?

In most instances you are allowed to keep most, if not all of your personal property. Your assets will either be excluded from the bankruptcy or exempted and you will be allowed to keep your property. However, if any question exists regarding protection of your assets, your Las Vegas bankruptcy attorney will make certain that you are protected from them in every instance.

What happens to my home and car?

In most instances, you can retain your home and automobile if your case falls under Chapter 7 bankruptcy. However, bear in mind that you will lose your home and car if you do not comply with the payment terms that are set out in your bankruptcy.