Filing for Bankruptcy in Las Vegas? What You Need to Know
The best business owners are those who not only strive for success but have knowledge about their available resources in the event of financial setbacks. If your business gets into a bad financial situation and becomes insolvent, it may be time for a contingency plan where the business needs to erase its debt. The prospect of filing for Chapter 7, Chapter 11 or Chapter 13 Bankruptcy can be very intimidating. However, if it is the right decision for your financial situation, then it’s a responsible one that has been part of the American legal system for a long time. The legal side of declaring bankruptcy is intricate and seeking a bankruptcy lawyer can make the process much easier to navigate. However, it behooves one to become familiar with the background and basics of the process before engaging an attorney. You will find below, a basic guide surrounding filing for Chapter 7 and 13 Bankruptcy. For Chapter 11, the process is more intricate and should be discussed with an attorney. However, for Chapters 7 and 13, use this and other resources to determine what the best course of action is for your business. Why File Bankruptcy? You should because you deserve a fresh start. Edison tried over 700 ways to make a light bulb before he got it right. When asked by a New York Times reporter about the concept of failure, Edison answered, “I have not failed 700 times. I have not failed once. I have succeeded in proving that those 700 ways will not work. When I have eliminated the ways that will not work, I will find the way that will work.” Do not feel discouraged in the process of filing for bankruptcy. [...]
