Las Vegas Chapter 7 Lawyer
by Amy Finley
Las Vegas might be a great place to live, but for those haunted by debt, it may be a nightmare. There are several considerations you may want to think about before you decide to contact a Las Vegas chapter 7 lawyer, though.
Where is your debt coming from?
Some of the reasons you might contact a Las Vegas chapter 7 lawyer to file bankruptcy are: unemployment, very large medical expenses, outstanding credit balances (especially if the debt to income is not exactly where it should be), and divorce or marital problems.
If your debt falls under one of these categories, you might consider hiring a Las Vegas chapter 7 lawyer.
If your debt to income ratio isn’t too bad, however, or there is plausible reason to expect changes in your current situation, you may want to hold off on hiring a Las Vegas chapter 7 lawyer. While filing chapter 7 bankruptcy does offer a ‘fresh start’ for many, there are inevitably downsides, like losing some of your possessions and notation of filing bankruptcy on your credit record for up to ten years.
Chapter 13 vs. chapter 7 bankruptcy
If you deal with a Las Vegas chapter 7 lawyer, he or she should be qualified to handle proceedings for chapter 13 bankruptcies as well. While both often involve a court injunction, they are two different methods of absolving debt.
In chapter 7 bankruptcies, some of a person’s possessions and assets are liquidated to pay creditors. Things that are usually exempt from liquidation include a home, vehicle, life insurance policies (if immature), furniture, and household necessities. (A Las Vegas lawyer chapter 7 lawyer will be able to give you a complete listing; other things may be exempt as well.)
Chapter 13 bankruptcies absolve credit problems by instituting a court-approved program to pay off creditors within a certain timeframe – typically three to five years. This is more of a debt reorganization than chapter 7’s fresh start, but is a good option for those with steady income. It’s also a good choice for a person with assets that would normally be liquidated under chapter 7 bankruptcies that he or she wants to keep.
Other options to consider before contacting a Las Vegas chapter 7 lawyer
There are also a variety of other options to consider before contacting a Las Vegas Chapter 7 lawyer. These include debt consolidation programs (your credit card interest will be reduced, as well as possibly your monthly payment), unsecured personal debt-consolidation loans, and secured loans (i.e. home equity loans, refinanced home loans, or refinanced car loans).
It’s difficult to say what the best option is – each person’s financial struggles are unique. If you aren’t exactly sure of your financial situation, however, you may want to take advantage of online offers for free bankruptcy evaluations before you contact a Las Vegas chapter 7 lawyer – you may find out you’re not in as bad of shape as you thought.
To keep from incurring new debt
Many of the reasons for filing chapter 7 or chapter 13 bankruptcy are unforeseeable or unavoidable, like medical expenses, marital problems, and unemployment. If you do decide to file bankruptcy, a Las Vegas chapter 7 lawyer may be able to help you find resources to help you develop a healthy financial plan and keep from incurring new credit debt.
General financial tips
Financial experts have different theories on what the best financial and credit repair solutions are. There are several things, however that they seem to concur on. These include creating a spending plan and accounting for all monies spent, contributing to savings plans on a regular (weekly or monthly) basis, and minimizing credit temptation by canceling credit cards or keeping only one with a low ($1000 or less) credit limit for emergencies.
Whatever your decision regarding contacting a Las Vegas chapter 7 lawyer or seeking alternative debt consolidation or elimination choices, you deserve to be congratulated for taking charge of your financial situation.
In addition to being a freelance journalist with PULSEMEDIA International, Ms. Finley is also a creative writer and a graduate student of English at Cleveland State University. She lives in Rome, Ohio with her husband and three young children.