Filing for bankruptcy is a scary thought for many people. Not only have you been struggling financially, but now you might make a big decision that has other potential consequences. However, it has potential benefits, too. Learn what happens after you file for bankruptcy so that you’re prepared for the changes it will make in your life.
Whether or not you get to keep your assets and property depends on whether you file a Chapter 7 or Chapter 13.
With Chapter 7, you’ll usually have to sell off many of your assets to pay down a portion of your debt. However, some of your assets, including your car and retirement accounts, are exempt from this.
Chapter 13 keeps all your assets in your possession. Instead, your bankruptcy attorney will help you reorganize all your debt (including credit cards, mortgages, and personal loans) so that you can pay off a portion over the next few years. As long as you make the payments, you can keep your assets.
It’s no secret that filing for bankruptcy brings down your credit score. A Chapter 7 filing stays on your report for about 10 years, while Chapter 13 stays for up to seven years. Usually, Chapter 13 brings your credit score down less since you’re paying down some of your debt.
After your bankruptcy has gone through the entire process, applying for future credit cards or lines of credit can be difficult. However, some specific reputable lenders are known for giving bankruptcy filers a second chance. Plus, when you add new information to your credit history (which can come from simple things such as renting, phone bills, or utilities), these are given more weight than old information.
The good news is that watching your credit score develop is easy! Everyone can access their credit score report once a year for free from the three major credit bureaus. Many banks also offer a picture of your credit score along with their online banking program. (Credit unions usually offer financial literacy programs that you can make use of while you’re getting things back on track, so make sure to ask!)
Bankruptcies are part of public records, but that hardly means that everyone will know that you filed. If an attorney or a creditor wants to know this about you, they can look it up under the PACER (Public Access to Court Electronic Records) files. Other people such as landlords and employers can see this on your credit report, too, so be prepared to show them how you’re turning your financial habits around. However, they won’t see a bankruptcy filing on a general criminal background check, so if that’s all they’re running, you don’t need to bring forth the information.
Filing bankruptcy is a big step. However, it doesn’t have to be one that you’re making without any knowledge about how it will affect your future. Choosing a top-notch, compassionate bankruptcy firmsuch as Fair Fee Legal Services can help you make the step toward financial freedom with confidence.
In our culture, bankruptcy is often thought of as a four-letter word. However, it’s sometimes the smartest choice for a person or a couple who is overloaded by debt that they can’t pay back. Here’s how to know when filing for bankruptcy is the right choice for you.
Are you being hounded by creditors? – Filing for bankruptcy immediately stops creditors and collection agencies from calling you and trying to collect payment. As long as you stay on par with the terms of your bankruptcy, they are forbidden from contacting you.
Is your credit score already in the red? – It’s true that nothing lowers your credit score faster or more than bankruptcy. However, if your credit score is already very low (which it probably is if you’re thinking about bankruptcy), then it can’t get much lower. Plus, once you start the process, any good credit you build up has a more significant effect. Most people’s scores are higher a year after declaring bankruptcy than they were before filing.
Are your debts insurmountable? – Sometimes, life just hits you with one right hook after another. Perhaps you took out some personal loans to get through grad school. Then, you got sick while your insurance lapsed between jobs. The medical bills piled up and you had to live on credit cards while you got back on your feet. Rent and utilities got pushed to the back burner and all of a sudden you had more debt than you ever would’ve thought possible.
Do you want to pay back some of what you owe without the exorbitant interest rates?– Filing for bankruptcy doesn’t mean that you’re trying to run away from your responsibilities. If you file a Chapter 7, you have to liquidate your assets in place of paying back most of your debt. You can think of that as another way to pay back what you owe. Alternatively, Chapter 13 allows you to keep your assets and agree to pay back a portion of your debt over the next three or five years. You can think of this as paying back the principal amounts on your loans or credit cards without having to struggle with the interest rates that have kept you drowning year after year.
Remember that some debts, such as student loans, child support, and tax debt, don’t qualify to be forgiven with bankruptcy. So, those will always have to be paid back. However, filing either a Chapter 7 or a Chapter 13 can give you the financial freedom to pay back these things quickly and more easily, too.
If you’ve determined that bankruptcy is the best way to get out from under your mountain of debt and move toward a brighter financial future, then your first step is to choose the right bankruptcy law firm to help you with the process. You’ll want a firm that will give you a fair, affordable price as well as one that will treat you with compassion and respect. You’ll find both those and more with Fair Fee Legal Services.
Are you thinking about filing for bankruptcy in Las Vegas? If you are like most people who are facing bankruptcy, you may be a little apprehensive about the process. People wonder everything from whether they should file bankruptcy at all to if they need a bankruptcy attorney.
If you’re wondering if you need a bankruptcy attorney in Las Vegas, continue reading to learn more about what a bankruptcy attorney does and whether you should hire one or not.
A bankruptcy attorney is someone whose specialty is giving legal advice to people who are considering bankruptcy. That attorney prepares the legal documents that the client needs to file a bankruptcy petition and then represents the client in bankruptcy court. When considering a bankruptcy attorney in Las Vegas, ensure they have the appropriate law degree and are licensed to practice law in the state of Nevada.
A bankruptcy attorney can give you information that helps you decide whether to file bankruptcy and what type to file. They can tell you how the process works and which forms you’ll need to complete for your local courts. In addition, the bankruptcy attorney can tell you which debts can be included in a bankruptcy and which assets you can keep once your case is filed.
When you are considering hiring a bankruptcy attorney, you should expect certain things from them to ensure you’ve made the correct choice.
An attorney should be able to help you throughout the entire process and answer any questions professionally and efficiently.
You can choose whether to hire a bankruptcy attorney or represent yourself in bankruptcy proceedings. However, hiring an attorney provides a tremendous advantage over attempting to represent yourself. Why do you need a bankruptcy attorney in Las Vegas?
Bankruptcy is not a simple subject. It’s actually quite complex. Your creditors want to get paid even if you don’t have the money to pay them. Your lawyer and their lawyer will be working to convince the judge of your situation and how to settle your case.
If you’ve never had experience completing and filing legal documents, you could make simple mistakes that cost you your case. An experienced attorney will help you file the appropriate documents and meet all the correct deadlines. They will also be familiar with the judges in the bankruptcy court and know how to make the correct arguments to help you win your case.
Not to mention, errors in any bankruptcy form can be extremely costly! Typically, an attorney doesn’t make the same kind of errors that someone will make attempting to file bankruptcy on their own.
Don’t try to navigate the bankruptcy courts on your own. Instead, contact Fair Fee Legal Services to hire a qualified bankruptcy attorney in Las Vegas.
Affordable Lawyers in Las Vegas
At Fair Fee Legal Services, we understand that when you are struggling with the burden of debt, you are looking for affordable lawyers Las Vegas, NV has to offer. You may think that you always get what you pay for. However, getting good legal representation during this time does not have to mean you are paying an arm and a leg or whatever finances you have left. You need to know that you are getting an attorney on your side who will be able to assist you through the bankruptcy or debt relief process without feeling that added burden of wondering how you will pay them. Interested in learning more about how we can help you through this time and what our payment process looks like? Give our office a call. We look forward to hearing from you.
What do you get when you work with a member of our team?
We understand that you will want to learn more about our process and how we can help you. You can speak with us about what the payment process will look like when you enter into a contract with us so that you are not concerned about where the money will come from to pay us immediately. When you take us on as your attorney, know that you are getting a team of cheap lawyers Las Vegas, NV has trusted for years. We care about the client and getting them a fair end result. We never want to mislead our clients by overpromising a good outcome, but we will work hard to get the outcome you deserve.
When you are in debt, one of the last things you want to do is sift through paperwork and figure out what needs to be done to get out of debt. You may not have the time or knowledge to do these things. That is why working with an affordable lawyer will be so important. We try to take a great deal of the stress off your plate so that you are not worried about both your finances and the legal side of how to fix your debt.
Get the Help You Need That’s Affordable
We want to give each of our clients the attention they deserve and the help they need. If you are interested in seeing what we can do when you need debt relief, contact our Las Vegas, Nevada affordable lawyers from Fair Fee Legal Services now.
Wage Garnishment Lawyer
A Las Vegas, NV garnishment lawyer knows that most people understand debt and some will struggle to overcome it. Bills might pile in and no matter what they do, paying all of them might seem impossible. At some point, important bills might be paid over those that seem less important. In the back of their mind, this person might be crossing their fingers with the hopes that the bill collectors will give them a break. These companies have their own objectives and getting their money is at the top of the list. Eventually, when their demanding phone calls don’t work, they may seek a portion of the person’s wages. A scenario like this is all too common and can have devastating consequences on a person’s life. If you are facing a garnishment of your wages, call a garnishment lawyer in Las Vegas, NV from Fair Fee Legal Services.
Understanding Wage Garnishment
Wage garnishment is also called wage attachment. It requires a court order that is sent directly to your employer which mandates them to hold some of your wages. This money will be sent to the creditor. All states have their own laws for wage garnishment. Some have low maximum limits, but most reductions in wages will have a serious impact on a person’s livelihood. A Las Vegas, Nevada garnishment lawyer may be able to stop creditors from taking your money.
Who Can Garnish Wages?
Your debts, as well as, your financial situation and perhaps other circumstances, will bring forth rules and guidelines for how much garnishment can be taken from your wages. There is also a maximum amount that can be taken which is typically between 15 and 30 percent after your necessary expenses. As a garnishment lawyer in Las Vegas, Nevada might explain, the following debts could be taken directly from your paycheck:
Student Loans
This is the most common reason for wages to be garnished. Young Americans are often facing thousands of dollars in debt and are unable to pay high-interest student loans. The loan companies have teams of lawyers, as well as, lobbyists working in the government to stop any new laws coming into effect that might help these students. The loan companies are notorious for placing a garnishment order on the student’s paycheck. As a garnishment lawyer in Las Vegas, NV, we will do our best to prevent this from happening.
Taxes
If you missed out on filing for and paying your taxes, the IRS might garnish your wages. In this case, a court order is not necessary. Furthermore, the IRS can opt to take more than the general minimum requirement. If the IRS is garnishing your wages, don’t hesitate in calling a garnishment lawyer Las Vegas, NV residents recommend.
Child Support
If you are required to pay child support but are behind in payments, your wages could be garnished. All that is needed to do this is your ex-spouse or partner to ask the court to garnish your wages.
Creditors
Virtually every kind of creditor can ask a judge to garnish your wages. Credit card companies, a mortgage company, car company, and so forth could seek a portion of your paycheck.
Get the Help You Need
When you have questions about wage garnishment, you should reach out to the wage garnishment lawyer Las Vegas, NV recommends. If you are not familiar with wage garnishments, it is when your employer is legally allowed to withhold portions of your paycheck in order to pay off some type of debt you owe. Typically, there will be a court order for this and it may be because you owe taxes or it could be for debts unrelated to taxes.
When do wage garnishments apply to alimony and child support?
If you owe alimony or child support, you should know that the law allows up to a certain percentage of an employer’s earnings to be garnished. This applies if they are responsible for supporting a child or their spouse. If you have payments that are more than 12 weeks behind, however, there may be a 5% additional payment garnished.
What kind of federal laws are there that apply to wage garnishments?
There are certain laws, like the Consumer Credit Protection Act, that have been put in place to ensure that only a certain amount of an employee’s wages can be garnished. Title III of this law was created to protect people who receive salaries, bonuses, wages, and commissions (among other things). This law is applicable in all 50 states, in Washington, DC, and in U.S. territories.
What kind of options do I have when my wages are being garnished?
You may be wondering if there is anything you can do when you are facing wage garnishment. When you owe a debt, it may actually be best to let your wages be garnished until your debt is repaid. However, a garnishment lawyer in Las Vegas, Nevada knows that there are other options. You can:
I already paid my debt off. What can I do?
The best thing you can do in this situation is to speak with our Las Vegas garnishment lawyer to see how we can help if you have already paid off your debt. It can be an extremely complicated process to try to prove that you do not owe a debt once someone has filed the wage garnishment, so attempting to prove this wrong on your own will be difficult.
Let Us Fight Your Wage Garnishment
If your paychecks are being subjected to wage garnishment and you cannot afford to cover the costs of your necessities, it may be in your best interest to consult a garnishment lawyer in Las Vegas, NV. Depending on the case, you may have only 5 days to contest the order, with an average maximum of 30 days to contest. Time is not on your side. The sooner you ask a garnishment lawyer in Las Vegas, NV for help, the better; call Fair Fee Legal Services now.
Debt Settlement Lawyer Las Vegas
When you are wondering about debt settlement, you should seek help from the trusted debt settlement lawyer Las Vegas, NV recommends from Fair Fee Legal Services. Understandably, you may be wondering if settling your debt is something you can do without the help of an attorney. What kinds of benefits come with working with one of our attorneys? We believe in giving each and every client we work with the care and attention they deserve and sympathize with the stress you are dealing with when it comes to being in debt. Would you like to learn more about the ways we can help you? Give our office a call now.
Why have an attorney by your side throughout this process?
One of your top questions may revolve around why you should work with an attorney throughout the process. In addition to getting help with the process of debt settling, you will also get all of the benefits that come with working with an attorney. This includes working with an attorney when it comes to filing paperwork, negotiating with creditors, and even if you want to file bankruptcy Las Vegas, NV can offer.
What if a creditor files a lawsuit against me and I am in the middle of the debt settlement process?
We know that this can add even more stress to your life and want to be there to help you during this time. While a creditor can still sue you during the debt settlement process, that does not mean you have run out of options. We can go over the lawsuit documents they have, answer any questions you may have, and proceed from there.
What does it mean to create a debt settlement plan?
Not everyone will have the money to settle their debts in one lump sum (in fact, this does not happen often). However, we can help you come up with a payment plan that works for you so that you will be able to keep making payments, work on your credit, and begin paying off your debts.
Do you need help with debt settlement?
When you are going through this difficult financial time, you should be able to have an attorney on your side you can rely on to help you come up with a reasonable debt settlement plan. Would you like to call Fair Fee Legal Services? Contact our reliable Las Vegas, Nevada debt settlement lawyer now.
Restructuring your Businesses’ Debt
If your business is struggling financially, you should speak to a debt restructuring lawyer in Las Vegas, NV. You may be able to restructure your debt, which can reduce the interest rates of your loans or extend due dates. Here are some of the benefits of debt restructuring:
Consolidate Debts
If your business has multiple loans out, you have to keep track of many different payments a month, which can be time consuming. If you restructure your debt, you can consolidate them into one payment. Instead of spending time juggling multiple payments, you can put your efforts into running your business.
Lower Interest Rates
If the loans you took out for your business have very high interest rates, paying them off in a reasonable amount of time may seem impossible. This can make things much more stressful. That’s another reason why you should consider restructuring your debt. It can lower your interest rates, allowing you to pay off your debts faster.
Increase Cash Flow
When your business is drowning in debt, you may spend a considerable amount of money each month repaying your loans. This may leave very little cash flow each month and prevent you from growing your business. By restructuring your debt, you can make lower payments each month and free up some cash for your company.
Avoid Bankruptcy
If you hire a debt lawyer Las Vegas, NV residents trust, you won’t have to file for bankruptcy. Although bankruptcy is a good solution in certain cases, it should only be used as a last resort. It can damage your credit for a while and is expensive to complete. Debt restructuring is much more affordable and won’t hurt your credit as much.
Tips for Restructuring Your Debt
If you have decided that debt restructuring is the best option for your business, consider the following tips:
If your business is in a lot of debt, you should schedule a consultation with a debt restructuring lawyer in Las Vegas, NV today.
Debt Relief Attorney Las Vegas
Our trusted debt relief lawyer Las Vegas, NV relies on from Fair Fee Legal Services knows that when you are searching for ways to relieve your debt, you have many options. You may feel that you have hit rock bottom and there is no hope when it comes to your finances. However, we have helped many clients who have felt the same way and we want you to know that there are always options. Instead of thinking that bankruptcy is the best solution, we want you to give our office a call so that we can talk about other debt-relief options that could be right for you.
Is debt consolidation right for me?
We believe one of the most valuable things we can do is get to know our clients better: when did finances start becoming a problem? What kind of debt are you in? What kinds of creditors do you owe money to? Once we have established this, we can begin determining which kind of debt relief will work for you. Our debt lawyer Las Vegas, NV trusts may offer debt consolidation as an option.
If you have debt from multiple sources, debt consolidation may be the way to go. When you do this, your lawyer negotiates with creditors to make your payments into one monthly payment. Not only can this relieve the stress of being harassed by multiple creditors, but it can also help to reduce your overall interest and the amount you owe.
What about late fees?
When you work with a lawyer who will negotiate on your behalf, you may be able to get late fees removed. This means you are paying for just the debt that you owe instead of the extra payments that make it even hard to pay back.
How will this affect your credit?
We understand that when you are having problems paying back debts you are likely concerned about your credit score dropping. That said, when you going through a debt relief program and begin consolidating your debt, you can expect better credit in the long run because you are able to pay off your debts in full.
Get Help When You Are Looking For Debt Relief!
Struggling under a heavy financial burden can mean that you are concerned about losing your house, your credit, and other property. It does not have to be that way, however. Are you interested in learning more about debt relief programs in Nevada? Contact our Las Vegas, Nevada debt relief lawyer from Fair Fee Legal Services today.
How to Protect Your Debt
If you are thinking of getting rid of your debt through debt settlement, there are two options: You can hire debt protection lawyers Las Vegas, NV has to offer, or two, you can try and do it yourself.
First and foremost, if you are not a lawyer or accountant, doing it yourself is very likely a bad idea. Think about the famous axiom “the lawyer who represents himself has a fool for a client”. There is truth in these words, and should be applied whenever you are thinking about negotiating your debt or representing your debt lawsuit. Do you fill your own cavities? Do you diagnose your medical ailments on your own. Most likely, the answer is no. You retain a professional because you want the best results. There is no difference when it comes to your debt. If this is not enough to convince you, you can feel confident in knowing your lenders and creditors will have spent many hours identifying ways to get money from you. They will have prepared a strong case, and your lack of knowledge or representation only benefits them. No matter what you might have read or watched, not all creditors are the same. Most DIY settlers will be given an offer that could have been a lot better had they retained a debt lawyer Las Vegas, NV trusts.
Why Choose to Retain Debt Protection Lawyers in Las Vegas, NV?
Debt is complex, and debt law is even more complicated. From a financial and logical standpoint, retaining a debt lawyer to represent you makes the most sense. Because of their knowledge and experience, a debt lawyer will likely be able to negotiate a settlement that better suits your needs.
By turning to a lawyer, you will have strong consumer protections. For example, in the rare event that a legal error occurs, your firm should carry malpractice insurance that acts as a recovery mechanism. In addition to this, Nevada has a number of recovery funds available to clients who were the unfortunate victim of a break in the legal code of ethics.
Finally, you will be given the opportunity to meet with your Las Vegas, NV debt protection lawyers. At this time, you can ask questions, address your concerns, and get a feel for who will be representing you.
Using a Non-Lawyer
There are non-lawyers who offer debt settlement. Because most of these people don’t carry malpractice insurance, in the event they make an error (which is possible because of their limited knowledge), you may lose thousands of dollars. These people are also not regulated by the Bar Association and are not required to follow a code of ethics. If something goes wrong, you have nowhere to file a complaint and open an investigation. Finally, some creditors will not work with a company or individual who works with debt settlement, but is not a lawyer.
Realistically, if you are concerned about your debt, and want to eliminate it, you should turn to our debt protection lawyers in Las Vegas, NV at Fair Fee Legal Services.
Debt Consolidation Attorney Las Vegas
Our debt consolidation lawyer Las Vegas, NV trusts knows that when you are swimming in debt and need to find a solution that works for you, debt consolidation may be that solution. You should not have to continue to fall behind on your payments because interest keeps piling up. We understand that you may be feeling like you are running out of options but that does not have to be the case. With the help of our team from Fair Fee Legal Services, we can find a debt consolidation solution that works for you and helps get you out of debt. Interested in seeing how debt consolidation can change your life? Give our office a call.
Can you save money with debt consolidation?
When you are looking for solutions to your debt problems, you probably want to know if the answer in front of you will truly help you save money in the long run. Debt consolidation can do this for you. There is no one method for doing debt consolidation and it will vary depending on the person, how much debt they have, and what their monthly income is. A Las Vegas bankruptcy lawyer knows that whether you choose bankruptcy or a different type of debt relief program, we can help you navigate these complicated waters.
What can debt consolidation do for you?
Understandably, you want to know more about debt consolidation before you jump in. Is this the right solution for you? Are there other financial programs that would serve you better? Here are a few things that debt consolidation can do.
What it Means to Take Out a Debt Consolidation Loan
We get it; the idea of taking out more loans in addition to the debt you have can seem counter-intuitive. However, taking out this kind of loan means you can use it to pay off other loans in one monthly payment that have higher interest rates. This will reduce the amount you will hear from different collections of companies and can give you a better interest rate. While you will need to pay off the loan you get, your attorney will crunch the numbers for you so that you are paying less in the long run.
Are you interested in debt consolidation? Call Fair Fee Legal Services, our trusted Las Vegas, Nevada Debt Consolidation Lawyer now.
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