Depressed couple doing their accounting in their living room
How Can I Get Rid of My Debt?
Are you losing sleep because you’re drowning in debt? Could you benefit from solutions that help you eliminate your debt and regain your financial freedom? Filing bankruptcy may provide the debt relief you are seeking. People enter into bankruptcy for a variety of reasons. They lose jobs, rack up excessive medical bills, fall behind on school loans, and much more.
No matter the reason, there is probably a bankruptcy solution for you. A debt attorney Las Vegas, NV has years of experience helping clients get financial relief through filing bankruptcy and consolidating debt. These legal professionals offer more than mere assistance through a bankruptcy filing; they provide you with a future free of your financial burden and greater peace of mind.
More about bankruptcy
There are many myths and misconceptions about filing bankruptcy. Yet, it remains and endures as a safe, legal way to manage your debt and regain financial stability. All Americans have a constitutional right to file bankruptcy, helping them move into the future with a fresh financial start.
Understandably, you have many questions and concerns if you’re considering filing bankruptcy. Experienced bankruptcy attorneys are prepared to answer your questions. They’ll make every effort to help you understand how bankruptcy may benefit your unique circumstances. If filing bankruptcy is not the appropriate choice for you, your lawyer will tell you that upfront, and suggest alternative options.
The benefits of bankruptcy
Far too often, people make the mistake of continuing to deal with their financial predicament and put off bankruptcy. They may use up any savings they’ve tucked away and spiral deeper into debt. If you wait, you can do further damage to your finances, and the stress of the situation can continue to overwhelm you. It is better to speak with a seasoned bankruptcy attorney as soon as possible to find out about your options.
Depending on your unique situation, much of your unsecured debt may be dischargeable. Dischargeable debt is any type that can be canceled due to bankruptcy. If you meet the conditions offered by the court, you may have your debt discharged. Or, your financial circumstances can be reorganized into an agreed-upon repayment plan that you can handle more easily.
Bankruptcy also offers the benefit of a court order called an “automatic stay.” Once your bankruptcy is filed with the court, this automatic stay prevents creditors from calling and harassing you. It also intervenes to avoid wage garnishment, vehicle repossession, foreclosure, and the filing of liens while the bankruptcy proceeding is in progress. With the automatic stay in effect, you have ample time to get your finances organized and make sound decisions about the future.
Contact a bankruptcy lawyer for professional help
In general, people want to pay back the debt they’ve incurred without resorting to bankruptcy. But, that is not always possible if you wish to live a certain quality of life. Indeed, bankruptcy is better than living with an uncontrollable burden of debt. Plus, you will likely be able to rebuild your credit after your bankruptcy is settled.
Contact a Ballstaedt Law Firm debt attorney Las Vegas, NV to find out how bankruptcy can help get you financially solvent again.
What You Should Know About Filing for Bankruptcy
If you are drowning in debt, you may be considering filing for bankruptcy. It can be the best option in certain situations, but you should take some time to learn the facts about it. Here are some important things a debt attorney in Las Vegas, NV wants you to know about bankruptcy.
Bankruptcy Will Negatively Impact Your Credit
Unfortunately, there is no way to get around this. If you file for bankruptcy, you can expect your credit rating to take a hit for a while. You may have trouble getting approved for loans in the beginning. However, this shouldn’t necessarily deter you from pursuing it if it is the best way to free you from your debt. You can repair your credit over time and be able to apply for credit cards and loans again.
Bankruptcy Filings Are Public
Before you decide to file for bankruptcy, you should understand that filings are public. That means that anyone who is interested to learn about your financial information can look at this paperwork. Additionally, your name will be published in the newspaper if you file.
Bankruptcy Can Be Expensive
Bankruptcy comes with many costs. When you’re struggling financially, paying these fees might sound daunting. In addition to paying your debt attorney in Las Vegas, NV, you’ll have to pay a filing fee. You should be cautious of a lawyer who charges unusually low fees because he or she might not be experienced or skilled enough to handle your case.
Bankruptcy Won’t Solve Everything
While bankruptcy can eliminate most of your debts and help you get a financial fresh start, it won’t get rid of all your problems. First of all, some debts can’t be discharged in bankruptcy, including student loans, tax debt and child support payments. You will still be expected to pay these debts after filing for bankruptcy. Also, depending on the type of bankruptcy you file, you may lose some assets.
You Have to Be Honest About Your Assets
When you file for bankruptcy, you may be tempted to hide certain assets. However, you should avoid doing this because you have too much to lose. Your bankruptcy petition will not only be denied, but you may also face criminal charges. To avoid this, be completely honest about all the assets you have.
Paying Off Your Debt Isn’t Always a Better Option
Making the decision to file for bankruptcy shouldn’t be taken lightly. However, that doesn’t always mean it’s a bad idea. If your debts are more than 50 percent of your yearly income, a debt attorney in Las Vegas, NV may advise you to file for bankruptcy.