Bankruptcy can be an overwhelming and even frightening thing to consider. On top of the heavy burden from debt and bills, there is a stigma that comes with bankruptcy that can also weigh on your decision. It may be difficult to admit that you need help just as it may be hard to accept the realization that your debt has spiraled beyond your control, but taking a step towards a debt-free, carefree future may be the best choice you can make.
What Is Bankruptcy?
Bankruptcy is a legal process that provides a solution for individual people or companies who are struggling or unable to repay debts. There are several types of bankruptcy providing varying options for individual situations. From repayment plans to property liquidation, filing for bankruptcy offers solutions to help those with excessive debt and not enough money to cover them.
What Are The Advantages Of Filing For Bankruptcy?
Bankruptcy code and laws were first established to offer a second chance providing a worthwhile opportunity for those devastated by their burden of debt without a foreseeable change to their financial situation. Through bankruptcy, debts can be reduced, restructured or in some cases discharged (eliminated).
In addition to providing a fresh start, filing for bankruptcy can provide several advantages for both individuals and businesses such as:
- Solutions for unsustainable amounts of debt
- Relief from aggressive calls, letters, collection action, and harassment from debt collectors and creditors
- Potentially avoiding evictions, foreclosures, utility shutoffs, repossessions, wage garnishments, and lawsuits
- Financial reorganization
- Repayment plans structured based off available income and cost of living expenses
- Possibility of avoiding property liquidation
- Learning to live without credit cards
- Credit counseling to help you rebuild your credit and improve financial habits
- Potential for dischargeable debt after property liquidation or completion of repayment plan period
What Are The Disadvantages Of Filing For Bankruptcy?
Bankruptcy is an opportunity for a clean slate and a fresh start, however, it is not an easy, quick fix for people simply looking to get out of paying their bills and debt. For many the advantages of a bankruptcy filing are worth the disadvantages, while for others there is no other positive solution.
Some disadvantages to filing for bankruptcy can include:
- Negative impact on your credit score
- Bankruptcy will remain on your credit report for 7-10 years
- Cancelled credit cards and difficulty getting new ones
- Loss of property
- Potential difficulty in obtaining a new loan or mortgage
- Some debts cannot be discharged under bankruptcy such as student loans, child support, alimony, and certain tax debts
When Should You Consider Bankruptcy?
Although filing for bankruptcy does come at a cost, it can provide a valuable solution to help you find freedom from an overwhelming or devastating burden of debt. If you are considering bankruptcy, here are a few questions to help you decide if you should take the first step towards filing:
- Are you drowning in debt and bills and do not have the income to help you get out from under?
- Are you only able to make the minimum monthly payment on credit card debt?
- Are you behind on bills, mortgage or car payments?
- Are you unable to pay your bills?
- Are you on the verge of foreclosure or repossession?
- Does your debt keep growing despite making regular payments?
- Do you have medical bills that are burying you in debt?
- Are bill collectors and creditors constantly calling you?
- Do you use your credit card to pay for everything?
- Are you unsure of how much debt you have?
- Have you thought about the possibility of debt consolidation or bankruptcy?
- Are you being sued for payment of debts?
- Have you used one credit card to pay off another?
If you are overwhelmed by debt and don’t know what to do, filing for bankruptcy in Las Vegas can provide you with an opportunity for a fresh start.
At Fair Fee Legal Services, we understand the overwhelming burden from debt and the impact it can make on a person’s life or their business. If you’ve reached the point where you know you need help, reach out to our legal team at Fair Fee Legal Services today. With just a call, text, or email, you start the process for the best Las Vegas bankruptcy filing and take the first step towards a debt free, carefree life! Contact us today at (702) 703-3333.
Fair Fee Legal Services
8665 South Eastern Avenue, Suite 101
Las Vegas, Nevada 89123