Are you seriously delinquent on your credit card payments? Do you often put your phone on silent just to avoid the endless calls from aggressive debt collection agencies? If so, it may be time to start looking for a fresh financial start. Your debt will not go away on its own. You need to take action.
Filing for bankruptcy might be the answer. While it is not right for everyone, bankruptcy protection is the best tool for consumers with an unsustainable amount of debt. If you are considering bankruptcy in southern Nevada, please contact our experienced Las Vegas bankruptcy attorneys today.
Five Steps to File for Personal Bankruptcy in Nevada
- Determine Which Type of Bankruptcy Is Right for YouFirst and foremost, you will need to determine which type of consumer bankruptcy is the best for your case. The two main options available in Nevada are (1) Chapter 7 bankruptcy and (2) Chapter 13 bankruptcy. Chapter 7 is viewed as a liquidation bankruptcy, whereas Chapter 13 is a debt restructuring bankruptcy. Your Las Vegas attorney will be able to assess your personal situation and figure out which form of bankruptcy protection better suits your individual needs.
- Take a Comprehensive Inventory of Your AssetsNext, you will need to gather and assemble all the financial documents, records, and information you can get your hands on. This part of the process can be frustrating for some people, but it is imperative that you obtain the most detailed information you can. This information includes everything from documentation regarding your income and assets to records pertaining to your outstanding debts.
- Go Through Credit CounselingUnder American bankruptcy law, Nevada consumers must complete a single credit counseling class before they can submit a petition. The United States Department of Justice (DOJ) maintains a list of approved credit counseling organizations that operate in each state. You may attend your counseling in person, but programs are also available over the phone and on the internet. Your bankruptcy lawyer can help you with this step.
- Meeting of the CreditorsOnce your bankruptcy petition has been successfully filed, all your creditors will receive official notice of your filing. Soon after, the trustee in your case will set up a 341 meeting of the creditors. Essentially, the purpose of this meeting is to confirm the debts and to give creditors an opportunity to raise any objections they might have.
- Post-Filing CounselingFinally, at the end of the process, you will once again need to attend an approved credit counseling course. When exactly this will happen depends on the type of bankruptcy in your case. In Chapter 7 cases, it will take place soon after the 341 meeting of the creditors. However, in Chapter 13 cases, it will not take place until you are near the end of your court-approved repayment plan.
Get Legal Assistance Now
If you are considering filing for bankruptcy in Las Vegas, Nevada, our bankruptcy attorneys can help. Bankruptcy filings are extremely complex; you do not need to go through this process alone. Please contact our team today to learn more about what we can do to protect your legal rights and financial interests.