If you're encountering major financial difficulties and find yourself worrying about money all the time with no foreseeable solution, you may want to consider declaring bankruptcy to clear the slate and start over again. Our bankruptcy lawyers Las Vegas can go through the details, ramifications, benefits, and costs of declaring either Chapter 7 or Chapter 13 bankruptcy.
If you do not own a house and are earning a limited income, you may want to consider declaring Chapter 7 bankruptcy. If you are successful, all your unsecured debts including medical and credit card bills can be forgiven and major assets like a car can be kept.
If you have a home and other assets you hope to keep as well as reasonable income, Chapter 13 bankruptcy may be a better option. In this case, a court would have you reorganize and consolidate your debts and pay a certain amount of money over several years. At the end of this period, you keep your assets and the remaining debt can be forgiven.
The Next Steps
It's important to realize that declaring bankruptcy is only the first step to regaining financial stability. It has major implications to your credit rating, affecting your ability to borrow money in the future. During this time, you should seek assistance to change the habits that led you to major financial problems in the first place. Here are some considerations:
* Invest in professional assistance. By turning to a bankruptcy attorney Las Vegas, you'll be getting the help you need to complete all the filing paperwork and steps to bankruptcy as quickly and efficiently as possible. Experienced lawyers can help you navigate the confusing aspects of filings and help you understand what you need to do to get back on track.
* Keep an eye on your credit and identity. While you're in the process of starting over, consider closely monitoring credit scores and identity theft risks either on your own or through a monitoring organization.
* Dispute accounts with major credit agencies. Bankruptcy filing requires that negative accounts remain on credit reports for seven years, which can hamper your ability to get any kind of credit. Consider disputing the largest derogatory accounts, which can often result in them being dropped for your reports.
* Start proving your changed self. Assuming that you have a stable income and can meet your critical financial obligations, begin by re-establishing your credit by borrowing small amounts of money and repaying it. If you are tempted to spend borrowed money, you may want to set aside this money for the sole purpose of repaying it in the beginning.
* Get counseling. Many poor financial decisions are fueled by other underlying issues. Understand why you made poor decisions in the first place, giving yourself the tools to ensure you don't find yourself in the same predicament in years to come.
To get yourself on the road to financial stability, contact Vohwinkel and Associates. This bankruptcy firm can help you navigate through bankruptcy filings and help you get back on your feet.