How Much Debt Do I Need to File Bankruptcy in Las Vegas?

There is no minimum amount of debt that is required in order to qualify for the ability to file bankruptcy protection in Nevada.  In most cases, to file bankruptcy or not is a personal choice. Filing bankruptcy is different for every person.  You will need to decide if the benefits outweigh the disadvantages in your own situation. If you file for bankruptcy, it will be determined by your independent circumstances.

If you have answered yes to any of the following questions, filing chapter 7 or chapter 13 bankruptcy could definitely a beneficial form of debt relief.  Contacting an experienced Las Vegas bankruptcy attorney may help you better determine if declaring bankruptcy is in the best interest of you and your family.

A Bankruptcy Attorney can help you determine which Chapter you qualify for, how much your payments would be in a Chapter 13, and present you with pricing and payment plan options if they are available to you. Bankruptcy will affect each filer differently, so be prepared to tell the attorney details about your life and financial situation as they pertain to your potential case.

Considerations when Filing Bankruptcy in Nevada

People in Las Vegas and throughout Nevada considering declaring bankruptcy often wonder if their debt is large enough to qualify them for the protection they seek. There is no minimum debt requirement in bankruptcy. How much debt you have is certainly an important consideration when determining whether bankruptcy is in your best interest. Bankruptcy will impact your credit- whether it is positive or negative will depend on your credit before the bankruptcy. You will need to wait for two years from the date your bankruptcy petition is filed before you can qualify for an FHA loan. A Chapter 7 Bankruptcy will remain on your credit for 10 years from when your case is filed. A Chapter 13 will remain for 7 years. However, bankruptcy provides protections while your case is active and once it is complete, your financial slate will be clean.

Should you Proceed Declaring Bankruptcy? 

The beginning process in bankruptcy starts with meeting with a bankruptcy attorney in Las Vegas and determining if bankruptcy is the right debt relief option.  An experienced bankruptcy attorney can also advise you as to which chapter of bankruptcy suits your situation the best.  Chances are, either chapter 7 or chapter 13 bankruptcy will be advised as they are the 2 most popular forms of bankruptcy protection in Nevada.

In many cases, when seeking a bankruptcy lawyer in Las Vegas or Nevada it is usual to find a bankruptcy lawyer who offers a no obligation, a free consultation.  A free bankruptcy consult is used to explore the facts and details of the individual’s case with an experienced lawyer.  Often, determination of the feasibility of filing bankruptcy can be determined. However, please keep in mind, filing bankruptcy is not an option for everyone or for every situation.

You Need a Bankruptcy Attorney You Can Trust

No matter what type of debt relief you choose to pursue, bankruptcy lawyer Erik Severino is able to assist.  As an experienced Nevada debt relief attorney, Erik has personally filed for debt relief for thousands of people in Las Vegas and throughout Nevada.  Erik and his dedicated bankruptcy staff understand that financial concerns can be very stressful. That is why he offers a FREE debt relief consultation to see what option is best for you to regain control of your finances. The Law Offices of Erik Severino welcome you to contact us today.