Unforeseen circumstances can make it hard to pay back creditors, and your debts can quickly pile up. At these times, things can seem bleak. If this sounds familiar, there is hope for you to have a fresh start. Chapter 7 bankruptcy can act as a financial reset button to allow you to recover and try again.
Chapter 7 bankruptcy can help to eliminate several types of debt for you and your business. You can have a clean financial slate by eliminating the following:
Chapter 7 cannot clear all your debt. You will still be responsible for obligations such as income tax, student loans, and spousal and child support. However, Chapter 7 can help you free up money to take care of these other responsibilities.
If you live in the Las Vegas area and face severe financial burdens, contact the Las Vegas bankruptcy attorneys at The Rosenblum Allen Law Firm. Our team can help you to eliminate some of your debt and give you a fresh start.
When considering filing for bankruptcy, there are common questions and concerns that people may have. Let’s look at some of these and then show you how The Rosenblum Allen Law Firm can help.
The easy answer to this question is pretty much anyone. If you live in, do business in, or own property in the United States, you can file for Chapter 7. There are a couple of exceptions to this. If you deliberately dismissed a previous bankruptcy claim within 180 days or did not pass the bankruptcy mean test. The mean test is used to determine eligibility for Chapter 7. It considers the household size, income, and reasonable expenses to determine if you have enough disposable income to pay your debts under a Chapter 13 filing.
A reasonable bankruptcy attorney can help you to navigate these terms to determine if you are eligible. The bankruptcy attorneys at The Rosenblum Allen Law Firm can help to get the process started for you.
When people think of filing bankruptcy, they sometimes feel that it means “losing it all.” This is a false assumption. There are systems in place that can help protect your personal property and even your home. You can file for both state and federal exemptions to save some of your property. This can include your home, motor vehicles, trade tools, home furnishings, and percentages of your income.
To know if you qualify for bankruptcy, you must take the Median Income Test. This determines how much you owe compared to how much you make. The cutoff can vary from state to state, and there are also deductions you can file, which can help if you think you make too much money to qualify.
It is essential to know what property you can protect and what system works best for you. The Rosenblum Allen Law Firm team can help you find which method will allow you to retain the most of your assets. We can help you navigate the confusing and challenging process of determining if you qualify and what you can save. When it comes to filing for bankruptcy, you have too much at risk to try and do it yourself. You could risk having your case dismissed if you do not properly file your paperwork or realize how much you can claim on deductions. The Rosenblum Allen Law Firm team knows how to make sure you get the most out of your bankruptcy filing.
If you live in Las Vegas and are worried about bankruptcy, you may be wondering when the right time to file is. There are some signs if you look at the finances that can help you determine if it is time to file for bankruptcy.
Are you using your savings to help pay the minimums on your bills and debts? Are you using your savings to “float” to the next month without making a dent in your debts? Have you dipped into your IRA and 401 (k) accounts? Is paying on your debts causing you to miss home or car payments?
If your answer is yes to any or all those questions, it may be time to consider filing for Chapter 7 bankruptcy. If you are one of the lucky few who may see an increase in income soon, it may be an excellent step to make, as you could find yourself in another income bracket and exempt from qualifying.
With the uncertainties of the economic climate, unforeseen events can happen that can put people in dire straits. There is an unfortunate stigma that people equate bankruptcy with failure, and it cannot be enjoyable to ask for help. The truth is bankruptcy can help you out of a challenging situation and allow you to succeed. The Las Vegas bankruptcy attorneys at The Rosenblum Allen Law Firm have the compassion and understanding to help you to navigate this tough but beneficial decision.
A colossal bankruptcy myth is that if you file bankruptcy, you will never be able to rebuild your credit. This is not true. Many people can get new lines of credit within a few years or months.
The short answer to this question is no. Statistically, debt settlements does not work, and you may find yourself in the same situation later. It can also be a long, drawn-out process, and in the meantime, it can damage your credit. Bankruptcy should not be your last resort but one of the first options that you investigate.
While this can vary from case to case, typically, the process takes about 90 days. Many variables can either slow down or speed up the process. The best way to ensure that the process goes smoothly is to have competent Las Vegas bankruptcy attorneys like The Rosenblum Allen Law Firm.
Once your bankruptcy case is closed, you are free to make as much money as you like. After a successful bankruptcy case, your creditors will no longer be coming for your debts. You will be free of your previous financial burdens and able to make a fresh start.
Filing for bankruptcy can be a scary and sometimes embarrassing process. While this is natural, the weight you will lose from your financial burden will far outweigh your fears. Bankruptcy is not a failure, but the ability to have a fresh start.
If you require a Las Vegas bankruptcy attorney, The Rosenblum Allen Law Firm has the team and knowledge to help you through the process. Contact us for a consultation to see how trusted and compassionate attorneys can help you eliminate your debts and start again.