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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. [...]

How Will Bankruptcy Impact Your Life

By Developer Developer|August 30th, 2015|Categories: Bankruptcy Law, blog|Comments Off on How Will Bankruptcy Impact Your Life

[column width="1/1" last="true" title="" title_type="single" animation="none" implicit="true"] When times are tough, a number of people rely on credit cards to help them pay their bills. Reliance upon debt can become a burden quickly. If an individual fails to pay off their debts, they can start dealing with calls from collection agencies. Soon, legal claims can be filed against an individual if they do not have the financial means to pay for their debts. Bankruptcy can become the only option an individual has to pay off their debts and move forward with their life. High Interest Rates and Debt High interest rates on credit cards, personal loans, and other loans can cause serious financial strain. In some situations the only option available is to declare bankruptcy if you have previously tried working with creditors to reduce interest rates. How Bankruptcy Impacts Your Life If you declare bankruptcy, you will find relief from financial strain. When you declare bankruptcy, our lawyers will work with you to file the correct paperwork. Chapter 7 and Chapter 13 bankruptcy both have different methods to eliminate debt. Some individuals will pay back their debts over time, with a large percentage that is eliminated through bankruptcy. The other style of bankruptcy will pay off your debts by reclaiming some assets. Declaring Bankruptcy in Las Vegas Bankruptcy laws are designed to help individuals have a fresh start on life. Under Exemption Laws of Nevada, your assets may be protected as they are deemed “judgement proof”. Exemption laws will not protect you from interest debt and harassing phone calls from creditors until you declare bankruptcy. Exemption laws will not protect you from collection of child support or tax debts. Any property you pledge as [...]