Should You File for Bankruptcy in Las Vegas?
Recent statistics show that Americans are currently more than $11 trillion in debt. Out of this staggering number of consumer debt about $850 billion is attributed simply to credit cards. Considering these numbers it’s easy to understand the current situation of consumers who are unable to pay off their debts. If you find yourself drowning under large amounts of debt, you may have considered filing for bankruptcy. At this point, you may have to consider whether you want to file under Chapter 7 or Chapter 13 bankruptcy. Bankruptcy however isn’t a flick of a magic wand which will allow you to wipe away all previous regressions and start anew. This is why it’s important to hire a bankruptcy lawyer in Las Vegas in order to go through the process smoothly. The decision needs to be made with thorough planning and understanding of your current and potential future situation.
Negotiation
Before you plan for bankruptcy, contact your creditor and ask them to reevaluate the terms of your deal. In such cases, the creditor will realize that this is perhaps the last chance that they will have to redeem some of the money they loaned to you. This will make them much more likely to renegotiate your terms. If they refuse to make the terms easier, you will have no choice but to file for bankruptcy in Las Vegas.
Get a Consultation
There are many Bankruptcy lawyers in Las Vegas that provide initial free consultations and can guide you regarding your current financial situation. An experienced bankruptcy attorney will have the expertise and knowledge to advise you whether or not you should apply for bankruptcy.
Are your wages being garnished?
If your wages are already being garnished a result of a debt that you were unable to pay and want some of the garnished amount back, filing for bankruptcy will make sure that the wage garnishing stops.
Medical Bills
Medical bills are one of the leading causes of bankruptcy in Las Vegas. This is because many people don’t have insurance to begin with and those that do find it insufficient to pay off their medical bills. Filing a case under bankruptcy law can reduce or eliminate the amount of debt you owe. Alternatively you may even hash out a payment plan over 3 or 5 years.
Securing Assets
If you currently own assets that you don’t wish to lose in repayment of the loan, you may want to file for bankruptcy. In case of secured loans, it’s also possible to save a collateral asset that has been placed with the bank.
Have you been sued?
If you have received a summons from court, act immediately. Get in touch with a bankruptcy lawyer and evaluate your next steps. Sitting out the case is not an option as it will simply allow creditors to garnish your wages or seize an asset. A bankruptcy lawyer in Las Vegas can make sure that you are not exploited by any credit company and that your debts are cleared.
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.
