When you decide to file for bankruptcy, it can seem like the end of the world. Even if we file for the first time, we have nightmarish images of losing our possessions and livelihood.

Questions preoccupy our thoughts: What will I do next? How will I move on? What will people think?

It is important to remember, however, despite how tough it may seem, bankruptcy is a way for a Las Vegas Attorney to help you back on your feet to live your life, not take it away.

What Bankruptcy Is

In essence, bankruptcy is a petition for a debtor seeking protection from harassing debt collectors. A way to look at bankruptcy is giving up sole responsibility of an out-of-control monetary situation and giving it to a financial and legal third-party, such as a bankruptcy attorney, whose interest lies in helping you. 

There are multiple forms of bankruptcy, otherwise known as chapters. Whichever chapter you need depends on your situation.

Typically, most consumers choose either chapter 7 or 13. Chapter 7 bankruptcy is when a bankruptcy trustee liquidates, or sells, non-exempt property to pay off debts. Chapter 13 is where the consumer proposes a financial plan to pay off debt in the next three to five years. Seek a bankruptcy lawyer for council on what is right for you and insight on Las Vegas bankruptcy laws.  

Why People Avoid Bankruptcy

Most people avoid filing bankruptcy as it will impact your credit score, they have a strong connection to their possessions or because they have lulled themselves into thinking they can take care of their debt on their own.

There comes a point, however, in between the harassing phone calls, the instability of your livelihood and stressful feelings of financial entrapment that you need help. Bankruptcy is that help. Not only will it help create a realistic plan to get you out of your debt but will give you the stability to get you back to living your life. The other added bonus of bankruptcy is that it will allow you the time to reevaluate what you need in your life versus what you want.

Granted, it will affect your credit, and depending on which chapter you file for, you may lose your possessions to liquidation.

But consider this: Is that second car you bought on a whim more important than your security? Are high-interest rates, massive debts and threatening debt collectors already ruining your credit score better than an attempt at financial control? Which will be forgotten after 7 years?

Make the Right Decision. Get your life back.

When you’re ready to stop the stress and get your life back, Luh & Associates Attorneys at Law will be ready. Our attorneys in Las Vegas, Nevada, will give you the insight and set you on the right path to a debt-free life. Unlike other lawyers in Las Vegas, we care and want to help.  

Contact us today for a free consultation with one of our Las Vegas attorneys.