What is Bankruptcy and how can it benefit me?
Bankruptcy is an option to those with overwhelming debt as a means of becoming debt-free. For individuals with many assets or financial responsibilities, debt can easily and quickly get out of hand. Whether it be credit card debt, unexpected medical bills, mortgage or car payments, or even child support or alimony, debt can be acquired to the point where many see it impossible to ever completely recover. In these unfortunate situations, debtors may benefit from filing bankruptcy.
Below are a few of the advantages of filing for bankruptcy for an individual in extreme debt:
- Potential to avoid or suspend legal action such as foreclosure, repossession, eviction, lawsuit, etc.
In extreme situations, missed payments may often lead to impending legal action such as foreclosure, repossession, a lawsuit, or other repercussions. Filing bankruptcy can be a way out for individuals facing these situations.
- Potential to remain in possession of assets such as one’s home, vehicles, etc.
If filing Chapter 13 bankruptcy, an individual is able to maintain possession of their assets while their debts are repaid. Under this chapter, the individual’s assets will not be sold or used to help repay any of the outstanding debt.
- Potential relief of any obligation to repay outstanding debts
If filing Chapter 7 bankruptcy, all debts will be absorbed and repaid without any financial contribution from the debtor. Nonexempt assets will replace necessary funds to clear the individual’s debt.
For more information, and to hear our experienced bankruptcy attorneys discuss additional benefits of filing for bankruptcy, check out “What is bankruptcy and how does it benefit me?” on our Youtube channel.
All bankruptcy cases are unique. To discuss how bankruptcy may benefit your specific financial situation, contact one of our experienced bankruptcy attorneys. Contact our office at (702) 998-1188 or info@ljlawlv.com.