Las Vegas Bankruptcy Lawyer
Skilled Bankruptcy Lawyers Serving The Great City of Las Vegas, NV
A financial crisis is something which, irrespective of income or past, anyone can experience. Enormous debt can be both financially and emotionally damaging. Today, many people are losing work, incurred credit card debt to meet their monthly expenses, or are entangled in hospital costs in all areas of life. There is a realistic solution, irrespective of whether you are facing unsustainable debt or simply cannot keep up with your daily bills, and you do not have to face an enormous financial strain forever. A Las Vegas bankruptcy lawyer understands the reality of these situations.
The bankruptcy lawyer of Black Mountain Legal will help you get back on your own, clean your situation, and provide you a new beginning. The bankruptcy process can seem lengthy and daunting, with legal documentation and legal requirements never-ending, but our bankruptcy lawyers can guide you through the process to a debt-free future with their support.
Our Las Vegas bankruptcy lawyer will help ease the burden and liability of getting out of debt, and you can put an immediate end to collection efforts and creditor correspondence by filing a bankruptcy case. You are not just a number or a file, but a person that needs the respect and recognition that your concerns deserve, with top-class customer support and personal care as our priority.
Understanding Las Vegas Bankruptcy
Bankruptcy is a legal mechanism that helps clear debt and reimburses creditors from an insolvent individual or corporation. Bankruptcy filings will prevent creditors from seeking debt collection instantly. At least until your debts are figured out according to the laws, this coverage will continue. Since federal law allows for the right to file bankruptcy, all bankruptcy proceedings are resolved in federal court.
It will depend on your financial situation and priorities to determine whether to file for bankruptcy and what sort of bankruptcy. There are three forms of bankruptcy that we address during our initial consultation with each client. Chapter 7 provides a way to discharge and remove debt but could require certain assets to be surrendered. Chapter 13 (for individuals) and Chapter 11 (for businesses) require debt reorganization and repayment under the protection of the bankruptcy court.
An automatic stay will be put into place the instant you file for bankruptcy. This means that it would require your creditors to avoid threatening you. Furthermore, an automatic stay would allow wage garnishments to cease. This will bring an immediate stop to the:
- Threats of Creditors
- Foreclosures
- Wage garnishment
- Repossession of car
- Sheriff’s sales
- Creditor lawsuits
Difference Between Chapter 7 Bankruptcy & Chapter 13 Bankruptcy
Chapter 7 Bankruptcy is initiated by individuals and lasts between three and six months in particular. To pay down debts, this property liquidation technique allows you to sell the property. Chapter 13 Bankruptcy is regarded as the form of the “wage earner.” You must have a steady income that you can use to repay a portion of your debt to apply for Chapter 13 bankruptcy.
Liquidation And Discharge
Under section 726 of the Bankruptcy Code, the claim of the creditor to the bankruptcy estate’s assets is divided into six hierarchical groups. Creditors with the highest claim category will first be paid. The next class of claims will be compensated after each creditor with the highest class of claim has been paid, and so on until the bankruptcy estate’s assets are exhausted.
Generally, in a Chapter 7 case, all of the individual’s debts will be forgiven. If a debt has been issued, by legal proceedings or other means, creditors can no longer seek to recover the debt. In a Chapter 7 bankruptcy, not all debts can be discharged. Some typical debts that may not be forgiven include:
- Student loan debts
- Fines/penalties
- Taxes on income
- Awarded damages
- Debts of Child Support and Alimony
Hiring An Experienced Las Vegas Bankruptcy Lawyer
The bankruptcy process in Las Vegas is complex and intricate. Many procedures must be followed closely when preparing the documents required to file for bankruptcy. If you’re based in Las Vegas or somewhere else across Nevada, you must consult your case with a Las Vegas bankruptcy lawyer at the Black Mountain Legal to protect your financial interests. Contact us today!