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The Advantages of Bankruptcy

Nevada Bankruptcy Lawyer

When facing crushing debt and the inability to pay your obligations, there are advantages to filing for bankruptcy, and even the initial steps can bring great relief. After you have filed, there is an "automatic stay" of all collections. This means that all letters, calls and legal action with regard to collection of debt will be halted. The creditors are no longer allowed to contact you by any means. Most people who file for bankruptcy experience great relief when they are no longer being hounded by creditors or threatened with legal action.  A Nevada bankruptcy lawyer from Price Law Group can assist you in filing Chapter 7, Chapter 13, or Chapter 11, and will guide you and support you throughout the process.

Discharging Debt

In Chapter 7 bankruptcy, all of your unsecured or consumer debt is discharged. There are certain exemptions and types of debt that cannot be discharged. Outstanding credit card bills, utility bills, medical bills, unsecured loans and other debt will no longer be owed when the process is complete. If you have a car payment or mortgage, it can be worked out how you will keep up the payments, if at all possible. It may be necessary to negotiate with regard to a mortgage that has gone sky-high when refinanced. Our legal team is well qualified and experienced in resolving loan modifications or even foreclosure defense when necessary. For homes that are mortgaged far above their current market value with a second mortgage, it may be possible to discharge the second mortgage as it may no longer be secured by the value of the home.

When you are free of debt, the advantages of bankruptcy become evident. You no longer have your income eaten up by bills or have to juggle credit card payments. Most people find that they can now save and pay their basic expenses without stress. This opportunity is provided under federal law to allow those who have suffered severe financial setbacks to get a fresh start and move forward. We have helped over 100,000 clients over the years in the process, and are prepared to evaluate your situation and advise you of your options and alternatives.

Contact a Nevada Bankruptcy Lawyer to discuss the benefits of bankruptcy, and whether it is right for you.

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