Sat. Jul 4th, 2020

How To Start A Bankruptcy Case

3 min read

Although bankruptcy can be overwhelming or daunting to think about, it can provide an opportunity for a fresh start that can help you regain control of your financial situation. Deciding if bankruptcy is right for you is difficult, but starting your case doesn’t have to be with direction and experienced representation from a reputable bankruptcy attorney in Las Vegas.

Don’t File On Your Own

The bankruptcy process can be long, detailed, and complicated for anyone who is not familiar with bankruptcy law or the bankruptcy court system. Rather than filing on your own, invest in your future by hiring an expert bankruptcy attorney. Filing for bankruptcy doesn’t have to be as difficult as the decision itself.

A bankruptcy attorney has the knowledge and experience needed to help you throughout the process from weighing your options and filing paperwork through to the discharge of your case. If you need help deciding if bankruptcy will benefit you or you’re ready to begin the process, start by contacting a bankruptcy lawyer who offers experience and comprehensive service to handle your case.

Understand What Bankruptcy Means

Be sure that you have a full understanding of what bankruptcy means, how it works, what it does, and what it will cost. Filing for bankruptcy is not a simple, insignificant action that will wipe out your debt and it isn’t the best solution for everyone with debt.

Bankruptcy provides an opportunity to find freedom from the burden of debt, but it won’t eliminate all types of debt and it also comes at a price. It can be used to eliminate or repay unsecured debt such as credit card balances, medical bills, and some types of loans, but it cannot erase student loans, tax debt, child support, alimony, court fines, and other types of secured debt.

Declaring bankruptcy will also have an initial negative impact of you credit and will remain on your credit report for 7-10 years making it difficult to be approved for new credit cards and other types of loans. While you can rebuild your credit during that time period and it can be beneficial in the long run, it is important that you know how it will affect you.

Compile Your Financial Inventory

Once you have determined that bankruptcy is right for you and have retained the best bankruptcy lawyer in Las Vegas, the first thing you must do is gather all of your financial information.

Your attorney will likely have you fill out a detailed questionnaire to collect necessary information, but you will still need to compile a list and documentation of your complete financial situation. You will need your total annual income along with value from any assets or property and detailed list of monthly living expenses. You will also need to provide information on all your debts and liabilities including the creditors name, total balance, interest rate, and current monthly payment.

Make Sure You Are Eligible

There are also different types of bankruptcy with individual requirements and outcomes, so be sure that you understand what you qualify for and what it will mean for your financial situation. The best way to determine if you are eligible and what type ofbankruptcy you are eligible for is to speak to an attorney with knowledge and experience who is able to gauge your situation and provide reliable consult.

File Your Petition

Once you have determined eligibility and gathered all necessary financial documents, you can file your application with the Bankruptcy Court. Your attorney will prepare the paperwork and guide you through completion to ensure that everything has been filled out properly. They will guide you through state exemptions and consult you on the best way to file while providing direction throughout the process.

Fair Fee Legal Services highly recommends filing for bankruptcy with help from our experienced Las Vegas bankruptcy attorneys. With over 50 years of combined experienced we can help you every step of the way. Just a call, text, or email can start your bankruptcy case, so contact us today!

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