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Las Vegas Family & Divorce Attorney > Blog > Bankruptcy Law > Knowing Bankruptcy Laws in Las Vegas

Knowing Bankruptcy Laws in Las Vegas

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Bankruptcy laws help people who can no longer pay their creditors get a fresh start by liquidating assets to pay off their debts, or by creating a repayment plan. Bankruptcy laws also protect troubled businesses and provide for orderly distributions to business creditors. Most cases are filed under three major chapters of the Bankruptcy Code, namely Chapter 7, Chapter 11 and Chapter 13. Filling under Chapter 7 is basically a liquidation.

Filing for bankruptcy is more than simply filling out paperwork or pulling your credit report. You are in grave danger of losing your valuable property and assets if the laws are not understood. Getting an experienced attorney is how to go about this delicate business of losing valuable and hard earned cash. Through bankruptcy you can:

  • Stop foreclosures
  • Stop lawsuits
  • Stop repossessions
  • Lower interest rates
  • Lower payments
  • Stop IRS levies and also,
  • Strip second mortgages

Chapter 7 – Discharge Your Claims

With Chapter 7 bankruptcy claims, you will typically receive a complete discharge about four months after filing. At the time you receive your bankruptcy discharge, most or all of your debt would have been erased hence giving you a blank canvas to make a fresh start on. However, under chapter 13 bankruptcy, the individual is required to pay a certain portion of their debt over time.

Before one can file for bankruptcy in Las Vegas, provisions in the new bankruptcy laws mandate that one must complete a credit counseling course. A personal financial management seminar must be completed eventually. Henceforth, the lawyers will begin, compiling the information that is needed to complete your bankruptcy petition.

Choosing the Right Bankruptcy Attorney in Vegas

If you go to meet with a lawyer about your issues and are instead met with a receptionist behind a glass barrier who hands you a massive form to compete before you proceed any further, then chances are you want to walk right out the door. In such instances, choosing the right lawyer can make or break you.

It is not surprising for people to file for bankruptcy thinking everything is going to be fine. However, a rude awakening may come when your creditors are all set to take everything away from you and strip you off all your assets and property.

Know Your Attorney

Most attorneys who run “bankruptcy mills” do not even know their clients. If an attorney doesn’t familiarize himself with their client, the entire process has a greater tendency of being more stressful than it would be otherwise.

Bankruptcy Laws Undergoing Changes

Recently, filing for bankruptcy has become more difficult due to the recent changes in the law. Many people may not easily qualify for protection, whereas in the past these very laws have done the same. Speaking to an experienced attorney regarding your bankruptcy case is the key.

There is a possibility of multiple options being open to you and facilitating you to manage your finances and coming up with ways that can aid you to keep your property and assets and not lose them at the hands of amateurs.

To get serious about your finances and your future contact Ghandi Deeter Blackham Law Offices by filling out the form on the right or call us at 702-878-1115.

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