Is Bankruptcy Right for Me?

Should you File for Bankruptcy?

The question of whether you should file for bankruptcy is a serious decision. Determining if you are eligible to file is an important part of the decision-making process. As each individual, family or business has a unique situation, your individual case should be evaluated by a Nevada bankruptcy lawyer. Our legal team at Price Law Group can assist you in determining whether bankruptcy is right for you, or if there are alternatives that could be effective in your case.

Our legal team at the firm is prepared to evaluate your financial situation and advise you as to your best course of action in resolving serious debt problems. Some people discover that they will get the best result from filing Chapter 7, and discharging their unsecured debt. This can be helpful even for those who are in mortgage trouble.  If your home is financed far beyond its current market value, your second mortgage may be considered to be "unsecured" debt by the bankruptcy court, and could potentially be discharged with other consumer debt. This could allow you to afford the payments or negotiate better terms with the help of our legal team. Those who are not eligible for Chapter 7 can file Chapter 13, allowing them 3 - 5 years to pay off outstanding obligations in one affordable payment.

For business owners that are suffering from a crushing debt load, and have vendors threatening them, lease problems or other difficulties, making a decision about bankruptcy can be very distressing. If you want to keep your business, it may be possible to get help in debt negotiation that can allow you to move forward without filing for bankruptcy; other cases are better served by filing.  A Chapter 11 filing will allow you to keep your business and pay the back debt off over time. If you are ready to "move on" and let the enterprise die, you can file Chapter 7, liquidation bankruptcy and be released from the accumulated debt.

Determining whether bankruptcy is right for your case is usually an urgent decision; by the time the individual or business owner is considering bankruptcy, they may already be in deep financial waters. Fast action is critical. As time passes, things rarely improve, and you will suffer more losses than if you do not take effective action to resolve your debts, whether though filing bankruptcy or an alternative to bankruptcy. We have assisted over 100,000 clients over the years, and are proud of our ability to determine the best course of action in resolving serious debt problems for Nevada residents.

Contact a Nevada Bankruptcy Attorney if you are wondering if bankruptcy is right for you.