Filing for bankruptcy is a major decision; certainly it is not one to be taken lightly. Whether bankruptcy is the right move for you to make is all dependent on your particular situation. Before you make this move you may want to speak to a Henderson Nevada bankruptcy lawyer and consider the following few factors:
* Can you pay back your indebtedness?
* Are any creditors suing you?
* Are you facing foreclosure?
* Do you own property; how much?
Can you pay back your debts?
Consider what types of debt you have and be realistic when you ask yourself if you can repay them outside of bankruptcy. If you are struggling with credit card debt perhaps you can afford to pay it off. If your current income is enough to pay off the credit card debt then you might be able to consolidate them into a lower interest loan.
If you debts are related to your mortgage or taxes you may be able to get your mortgage loan modified and you can discuss an agreeable payment plan with the IRS for back tax payments. If you cannot work anything out to the satisfaction of your creditors then perhaps bankruptcy is the best solution, just remember that certain debt such as taxes cannot be forgiven.
Are you being sued?
If you become far behind on satisfying your credit card debt or loans then you can be sued. If you do not oppose the suit then the creditor will normally be granted a default judgment. Depending on your income and your assets this can be the beginning of a wage garnishment or liens can be placed against your property. If you are sued bankruptcy will stop or delay the proceedings. Your Henderson Nevada bankruptcy lawyer will see to it that in the event the debt is discharged in bankruptcy the lawsuit will be dismissed.
Are you being foreclosed upon?
A very common reason to declare bankruptcy is to save the home from repossession or foreclosure. The lender has every right to take the asset back as they have been purchased on a secured loan. In most cases you can avoid this by declaring Chapter 13 bankruptcy, it does not eradicate a secured lenders lien but it will give you time to catch up on the payments under strict sets of conditions.
Do you own property?
If you have little in the way of assets then losing them really doesn’t matter so Chapter 7 bankruptcy is the way to go. If however you do have considerable property that you do not want to lose the Chapter 13 may allow you to keep it.
Regardless of your situation, do not make any moves without first talking to a Henderson Nevada bankruptcy lawyer.
If you are struggling with debt and considering declaring bankruptcy do not go into this without professional advice. If you need a Henderson Nevada bankruptcy lawyer you are invited to contact the Law Office of Hayes & Welsh. They are experienced in helping clients collect debts efficiently, effectively and as quickly as possible.