Hire Bankruptcy Attorney in Las Vegas to Rebuild Your Financial Future

Bankruptcy is governed by the US Bankruptcy Code that provides a pathway for a fresh financial start while ensuring fair treatment of creditors. It provides relief from harassing creditors, lawsuits, wage garnishments, and foreclosures, and discharges many types of debts, allowing individuals or businesses to rebuild their financial health. Bankruptcy is a common option for those drowning in medical debt they cannot repay, or if income loss makes it impossible to meet financial obligations It also stops collection actions through an "Automatic Stay," a court order halting creditor actions during the process.   

  

Filing for bankruptcy can be a difficult decision, but it is often the most effective solution for individuals or businesses facing insurmountable financial difficulties. When you hire bankruptcy attorney Las Vegas, Nevada, they can help discharge your unsecured debts, such as credit card balances, medical bills, and personal loans, providing relief from overwhelming financial burdens. For businesses, it can restructure or wipe out debts, allowing a struggling company to regain financial stability or close operations responsibly. Bankruptcy can also protect essential assets like your home, car, and retirement accounts, depending on the type of bankruptcy and applicable exemption.  

  

Protecting co-signers   

If you have multiple creditors with different demands and repayment terms, bankruptcy consolidates these into a single legal process. This simplifies what would otherwise be an overwhelming situation. Some forms of bankruptcy (e.g., Chapter 13) can shield co-signers from liability on certain loans, offering additional protection for friends or family who have helped you secure credit. One of the key benefits to hire bankruptcy attorney in Las Vegas is that they can allow you to focus on rebuilding your life without constant financial worries.  

  

Liquidation Bankruptcy (Chapter 7)   

Chapter 7 bankruptcy, also known as "liquidation bankruptcy," is designed to help individuals or businesses eliminate most unsecured debts by selling non-exempt assets. The proceeds from the liquidation process are used to repay creditors. It’s a fast and straightforward form of bankruptcy, typically completed within 4-6 months. Most unsecured debts, such as credit card bills, medical debts, and personal loans, are wiped out. However, your essential assets like your home, car, and retirement accounts may be protected under state or federal exemptions.  

  

As you will be informed when you hire bankruptcy attorney in Las Vegas, you will have to pass a Means Test to qualify for filing for Chapter 7 bankruptcy. The means test was introduced as part of the 2005 Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA). The goal was to prevent individuals with higher incomes from abusing Chapter 7 bankruptcy to discharge debts that could otherwise be repaid  

  

Automatic stay under bankruptcy   

Another option, that you may be informed of when you hire bankruptcy attorney Las Vegas, is Chapter 13, which is designed for individuals with a regular income who need help repaying all or part of their debts over a period of time. The bankruptcy process begins by filing a petition with the bankruptcy court, along with financial documents outlining income, expenses, debts, and assets. As with Chapter 7, filing for Chapter 13 triggers an automatic stay, which halts collection actions, lawsuits, wage garnishments, foreclosures, and repossessions. Contact Recovery Law Group to hire bankruptcy attorney in Las Vegas to help you with your bankruptcy options.