If you are looking into bankruptcy as an option to get your financial life on track, then you may have a lot of questions about whether or not this is the right option for you personally. Know that you don’t have to pay a lawyer a fortune to get answers. Working with a payment plan attorney Las Vegas, NV residents trust will allow you to evaluate your debt management options efficiently and effectively. Dealing with tough financial challenges can be taxing. Know that the team at the Ballstaedt Law Firm is here to help so that you don’t have to navigate this time in your financial life alone.
What does filing for bankruptcy mean?
Simply put, filing for bankruptcy is a way to federally protect yourself from harassment from creditors and to eliminate eligible debt. It is a process designed for those who have more debt than they can handle. Depending on the chapter you file, it will help you eliminate your eligible debts completely or restructure your debts to be paid off over a period of time before the remainder of your eligible debts are discharged. Virtually any business, individual, or couple can file for bankruptcy. An experienced Las Vegas, NV payment plan attorney can help you determine which approach is best for your situation.
What options do I have?
For typical consumers who don’t own small businesses, there are two options when it comes to filing:
Chapter 7 allows the Court to sell a filer’s non-exempt assets as a way to pay back their debts. Thankfully, most Chapter 7 filers don’t own many non-exempt assets, as this option is only available to lower-income households. Once eligible assets have been sold, the remainder of the filer’s eligible debts are eliminated outright.
Known as the reorganization option, this approach will allow you and your Las Vegas, NV payment plan attorney to create a restructured repayment plan based on your current income level. You should be able to keep all of your property, and use your income as leverage to restructure your debts into a repayment plan that works better for you.
Will filing for bankruptcy affect my employment?
No, your financial life is separate from work and the decision of filing for bankruptcy will not have any effect on your standing at your job. In fact, both state and federal laws prohibit employers from discriminating against employees when it comes to their personal financial matters.
Will filing for bankruptcy stay on my credit report?
Yes, depending on whether you choose Chapter 7 or 13, it will stay on your credit report for about 7 to 10 years. However, if you don’t take on new debt and you pay your current bills on time, your credit will rise slowly but surely over this period.
Will I have to go to court?
Generally, bankruptcy proceedings are settled out of court. If you do have to go to court, your Las Vegas, NV payment plan attorney will act as your legal advocate during this time.
You don’t have to face bankruptcy alone. Our Las Vegas, NV payment plan attorney team is here for you. Please schedule a consultation today so that we can advise you of your options and help to protect your rights.