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Bankruptcy is a federal mandated way for individuals to get out from the overwhelming weight of debt. You can eliminate your unsecured debt, keep your assets and start over. During these hard economic times many have taken a financial step back, especially in the Las Vegas area. The best way to help your self is to deal with your issues of debt now so you can set yourself up for a better financial tomorrow.

How does filing a bankruptcy stop creditors from harassing you? From the day you file a bankruptcy action the harassment of creditors will stop. When you file for a bankruptcy an automatic stay is placed upon the creditors. That means the bank can not foreclose on your home, make harassing phone calls to you, send you threatening letters, or continue collection efforts against you. The bankruptcy stay order is one of the strictest orders in the United States Court System.

What debt can you eliminate? Debt typically falls into two categories secured and unsecured. Secured debt is debt that is attached to an object such as a home or vehicle. Unsecured debt is typically not attached to any tangible objects such as credit card debt. When filing bankruptcy most unsecured debt can be eliminated. Secured debt can typically only be eliminated if you surrender the property it is attached to. But if you choose to keep the secured property, such as your home, in most cases you can keep it but must continue to repay the creditor.

Is filing bankruptcy stressful or embarrassing? No, you will be required to attend at least one hearing at Federal Bankruptcy Court which is located in Las Vegas. A bankruptcy trustee will be assigned to you case. Their job is to step into your shoes and determine which assets are protected or excluded form bankruptcy or if you have any assets that can or should be sold to repay your creditors. The intent of this hearing is not to harass or embarrass you, but to evaluate your case for debt dismissal. Then a few months later typically most individuals are discharged or released from their debt. The process can take from 4-6 months.

What assets are protected in a bankruptcy? While there is a very long list of protected assets or exclusions in a bankruptcy; typically your home, vehicle, personal property such as household goods and retirement accounts such as 401Ks and IRAs are protected. Within some federally mandated limits you will not be forced to relinquish these assets in a bankruptcy action.

Filing a bankruptcy action is an important decision with financial and legal ramifications. It is important to consult with an attorney before you file to determine whether or not filing a bankruptcy is right for you.

This information is provided for informational purposes only. It is not legal advice and does not constitute an attorney client relationship.


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