Nevada Bankruptcy Facts
If you have been struggling with increasing debt and are up to your neck in bills and creditor threats, bankruptcy may just be your ticket to debt relief. But before you petition Nevada bankruptcy court for protection against creditors, there are a few facts you should know about the process and what you can expect.
With so much to know regarding each chapter, it can be easy to make a mistake when filing for bankruptcy protection. Luckily, our attorneys are here to make the process simple and hassle-free. Below are some details surrounding the bankruptcy process in Nevada to help you understand what you can qualify and how long proceedings can last, as well as information on our featured attorneys who will do everything in their power to get creditors off your back.
What is Bankruptcy?
Bankruptcy is the legal term for the federal process of declaring that you are unable to pay your outstanding debt with collectors. Bankruptcy can be filed by both individuals and businesses and there are a number of chapters you can choose from as well. Depending on your particular situation, you will want to opt for one chapter or another and our bankruptcy attorneys in Nevada will help ensure you may the right decision.
Where Does Debt Come From?
Debt can pile up for several different reasons. Some debt accrues because of pay cuts or job loss while others result from medical expenses or unpaid credit card bills. Unfortunately, debt usually piles on very quickly and by the time that the debtor realizes, it is already unmanageable. However, bankruptcy can get rid of that debt significantly or possibly even completely. As long as the debt is unsecured (meaning it’s not backed by assets) individuals and businesses may qualify for debt relief through bankruptcy protection.
Choosing the Best Chapter for Your Financial Situation
Although there are several bankruptcy chapters that can be filed in Nevada, there are two that are most commonly sought: Chapter 7 and Chapter 13. Chapter 7 is called liquidation bankruptcy because a debtor’s assets are liquidated in exchange for the discharge of unsecured debt. Both individuals and businesses may file and if you qualify, you can expect to get rid of you debt in as little as three months.
The other popular option is Chapter 13 bankruptcy, which involves paying creditors back over time while on a payment plan. Unlike Chapter 7, no assets are liquidated but you can expect proceedings to last anywhere from three to five years.
Why Hiring an Experienced Bankruptcy Lawyer in Nevada Can Make a Difference
As quickly as debt can accrue is as long as it can take to get discharged. If you have been struggling with debt that you can no longer manage, our Nevada bankruptcy lawyers are here to help. Our featured attorneys will help you obtain debt relief as quickly and successfully as possible, the information you need to chose the chapter that’s best for your situation. Your attorney will review your finances and income, determine if you qualify for bankruptcy protection, and if so, the chapter that’s better suited to reducing your financial obligations the most. When you have an experienced bankruptcy lawyer on your side, rest assured everything about your case will be handled without you having to lift a finger. Your Nevada bankruptcy lawyer will take care of all the paperwork, court appearances and will even speak with creditors to see how much your debt can be lowered.
If you are sick and tired of struggling with debt, contact one of our Nevada bankruptcy attorneys today to get started on your case and obtain the debt relief you deserve.