Las Vegas Bankruptcy Attorney
Bankruptcy in Las Vegas
When you find yourself struggling beneath a mountain of debt, it is time to take action. Whether you have too much personal debt, or the business you own is struggling, filing for bankruptcy can provide the relief you need and the ability to have a fresh start.
There are several types of bankruptcy to choose from, as well as many important steps you should take to prepare before you file for bankruptcy. Our Las Vegas bankruptcy attorneys will help you determine whether filing for bankruptcy is the right option for you, and if it is, we will handle your bankruptcy case from beginning to end and aggressively pursue all avenues to drastically reduce, restructure, or eliminate your debt.
Should I File for Bankruptcy?
There are many factors that may lead you to consider filing for bankruptcy in Las Vegas. Some of these include:
- Your home is about to be foreclosed
- Creditors are constantly harassing you
- A judgment has been entered against you
- You owe money to the IRS
- Your car or other assets are in danger of being repossessed
- The business you own can no longer pay its debts
If you are facing any of the above, our Las Vegas bankruptcy lawyers will explain the next steps to take to protect yourself and your assets.
Types of Bankruptcy
In Las Vegas, the most common types of bankruptcy fall under chapter 7, chapter 11, and chapter 13 of the Bankruptcy Code. If you are an individual with unsurmountable debt, chapter 7 or chapter 13 bankruptcy may be right for you, depending on your current income. If you own a business that is in need of restructuring and reorganizing its debt, chapter 11 bankruptcy may allow you to reorganize and emerge in a stronger financial position.
Our Las Vegas bankruptcy lawyers have helped countless clients take advantage of the “fresh start” provided by chapter 7 bankruptcy. Chapter 7 allows individuals to be relieved of most, if not all of their debt, and to keep most of their personal property.
Chapter 7 bankruptcy eliminates:
- Credit card debt
- Medical bills
- Personal loan debt
- Litigation debt
- Judgments, unless fraud- or criminal-related
- Vehicle debt
- Many IRS debts, including many income tax debts
- Personal injury debt
Individuals who currently earn too much income to qualify for chapter 7 may file for chapter 13 bankruptcy. Under chapter 13, our Las Vegas bankruptcy lawyers will create a plan for you to repay a portion of the debt you owe by making regular payments over three or five years.
Benefits of chapter 13 bankruptcy may include:
- Saving your home from foreclosure
- Saving your car from repossession
- Keeping property that you would have to liquidate under chapter 7
- Protecting collectors of joint debt
If you own a business that is struggling to pay its debt, whether a limited liability company, corporation, or partnership, or if you own one or more rental properties and cannot make the mortgage payments, our Las Vegas bankruptcy lawyers can help you take advantage of the opportunity to reorganize through chapter 11 bankruptcy.
Benefits of chapter 11 bankruptcy may include:
- Maintaining the assets
- Continuing to operate the business throughout the bankruptcy
- Emerging from bankruptcy in a stronger financial position
- Negotiating with creditors to reduce debt
- Creating a structured plan to reorganize and repay your debts over time
- Eliminating unsecured debt
Las Vegas Bankruptcy FAQs
If you are considering bankruptcy, you may be feeling that you’ve reached the last resort for getting out from under overwhelming debt. However, bankruptcy is also a first step toward rebuilding financial security, and it is one that we can help you take with confidence. Below are answers to questions our Nevada bankruptcy attorneys frequently receive from clients, discussed here with the goal of shedding light on typical bankruptcy concerns. For more information about filing for bankruptcy and other options for dealing with debt, please contact our Las Vegas office and ask to speak with an experienced Nevada bankruptcy attorney.
What is the difference between bankruptcy and a debt management plan?
Bankruptcy is a legal proceeding provided under federal law to give people who cannot pay their bills a fresh financial start. Debt management plans are frequently offered by credit counseling agencies to pay off some or all debt by sending the counseling agency a monthly payment that is then distributed to creditors. Sometimes debt management plans are helpful, but often they are not. It’s important to keep in mind that bankruptcy is not necessarily to be avoided at all costs. In fact, if you sign up for a debt management plan you can’t afford, you may end up in bankruptcy anyway. An experienced bankruptcy attorney can provide advice on whether bankruptcy is your best option, as well as offer a range of other suggestions if appropriate and beneficial.
Will I Own Anything after Bankruptcy?
Many people who are considering bankruptcy fear they will not own anything after filing for bankruptcy, but in most cases, this is not true. If filing for Chapter 7 bankruptcy, you can keep your exempt property, such as equity in your home and car, household goods, and items you need for your job, as well as income earned and property acquired after the bankruptcy is filed. If filing for Chapter 13 bankruptcy, you can keep all your property if your repayment plan meets the requirements of bankruptcy law.
Will filing for bankruptcy affect my ability to get a job?
A potential employer or government agency cannot discriminate against you because you have filed for bankruptcy. If you wish to further your education, government agencies and private entities offering student loans also cannot discriminate against you due to a bankruptcy filing.
What if my credit report doesn’t show a zero balance for the debts that I was able to discharge in bankruptcy?
Debts discharged in bankruptcy should be listed on your credit report as having a zero balance, indicating you no longer owe anything on that debt. If any of your discharged debts incorrectly show a balance owed, that will negatively affect your credit score and make it more difficult for you to rebuild your credit. For this reason, check your credit report after your bankruptcy case is complete and file a dispute with the credit reporting agencies if the information is not correct. Our Las Vegas bankruptcy lawyers can help you do this.
Contact Our Experienced Las Vegas Bankruptcy Attorneys Today
For a consultation about your bankruptcy options, call Ghandi Deeter Blackham Law Offices at 702-878-1115.