Bankruptcy Lawyers Las Vegas

Bankruptcy is probably one of the most misunderstood terms in our society. In the past many people abused the system and would rack up debts only to have the government wipe them clean and they could go right on spending again. Since so many people abused the system, the government has made it much harder to declare bankruptcy and they also have placed certain limitations on who can declare bankruptcy and what debts can be cleared. Bankruptcy Lawyers Las Vegas will be able to help you take a good look at your debt to income ratio to determine if it is a good idea to declare bankruptcy and gain a clean slate with your financial future.

There are 2 basic types of bankruptcy you can file for, Chapter 7 and Chapter 13. With Chapter 7, you can lose your property but all of debts will be wiped clean (except child support, alimony, and student loan debt). This is the most popular type of bankruptcy for individuals with high unsecured loans, credit card, and other debt. The other type of bankruptcy is called Chapter 13. With a Chapter 13 bankruptcy, you will undergo supervision to pay back all of your debts. This is common for a person that has a steady income and actually wants to repay their debts but is struggling to do so. The bankruptcy court will appoint a payment structure and a financial advisor will make sure you are making all of your payments as you have been ordered to. You will need to talk to bankruptcy lawyers Las Vegas to discuss the different options you have and to decide which best fits your situation.

Bankruptcy attorney MyBKHelp will help you take a good look at all of the alternatives to bankruptcy. Debt consolidation may be a wise decision as it doesn’t have as big of an impact on your credit rating and it still gives you a chance to repay your debt without having bankruptcy posted on your credit report for 7-10 years.