Article provided by: Atkinson Law
If you suffer from financial problems you are not alone. When you are having money troubles you are probably under a lot of stress and you may be worried about your future. Those who have serious financial difficulties may be eligible for bankruptcy. There are different types of bankruptcy that are possible depending on your specific circumstances. You can learn more about your options from an experienced bankruptcy lawyer in Las Vegas.
What Are the Types of Bankruptcy?
There are several main types of bankruptcy including chapter 7, chapter 11 and chapter 13. Chapter 7 and chapter 13 are options for personal bankruptcy while chapter 11 is business bankruptcy. Each type of bankruptcy has specific requirements so you should speak with a qualified bankruptcy lawyer in Las Vegas to discuss your situation. Your lawyer will review your finances and provide you with some alternatives to meet your needs.
What is the Difference between Chapter 7 and Chapter 13 Bankruptcy?
Chapter 7 bankruptcy is also known as liquidation bankruptcy because you will sell some of your assets to repay your creditors as part of the process. Chapter 13 bankruptcy allows you to keep your assets when you make a commitment to consolidate your debts and stick to a repayment plan that will last over the next few years. You may only opt for chapter 13 bankruptcy if you have the ability to make regular monthly payments towards your debts.
What Happens If I File Bankruptcy?
When you file bankruptcy you will immediately put an end to harassing creditor phone calls and letters. This will give you immediate relief from the stress and pressure you have been under. The case will be handled through the court system. Depending on the type of bankruptcy that you file you may be able to keep some or all or your belongings. There are exceptions that allow you to retain your car and other important belongings. A bankruptcy lawyer in Las Vegas will answer your important bankruptcy questions.
Will My Finances Improve After Bankruptcy?
Bankruptcy provides you with a clean start. This means that you will be able to begin rebuilding credit immediately after you file bankruptcy. Keep in mind that this can be a slow process but over time you will start to improve your credit. The first step is often the hardest but once you make the decision to file bankruptcy you will undoubtedly feel much better. Your finances will begin to improve and you will be ready to start again, this time with better financial knowledge to help prevent problems in the future.
A knowledgeable bankruptcy lawyer in Las Vegas will assist you with the bankruptcy process from start to finish. The first step is to meet with the attorney to review your situation and determine your options. Once you know the pros and cons of filing bankruptcy you will be ready to make a choice that is best for you and your family. Contact our office to schedule a consultation to talk about how bankruptcy may be able to ease your financial problems.
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