As a premier bankruptcy law firm in Las Vegas, people are constantly asking us whether they should file for individual bankruptcy. To determine whether bankruptcy would benefit these people, we sit down with them and have extensive conversations about what’s going on in their lives. Here are some of the questions we ask:
- Have your wages been garnished or your bank account attached?
If so, you may especially benefit from a bankruptcy because it stops most garnishments and can release attachments.
- Do you have a lawsuit pending against you?
Once your bankruptcy petition is filed, most lawsuits are automatically halted. Certain exceptions apply, such as criminal actions, domestic relations lawsuits, actions to collect child support or alimony, and IRS audits.
- Do you have medical bills and credit card bills?
A bankruptcy filing will help you erase these and other types of unsecured debt.
- Are creditors and collection agencies calling you at home or work?
Your bankruptcy filing makes it illegal for them to keep harassing you.
- Do you owe income taxes that you are unable to pay?
In a Chapter 7 case, some or all of your income tax debts will be eliminated. Tax liens will not be discharged, but will be reduced to the extent of your equity in the property. In a Chapter 13 case, you will be able to force a repayment plan for your taxes on the IRS. It may also be possible for you to reduce your tax bills in a Chapter 13 case.
- Do you need to protect your retirement funds?
Bankruptcy law will shield your retirement plan assets from creditors for unlimited amounts, except for limitations which are placed on certain types of accounts, such as Traditional and Roth IRAs.
Bankruptcy can provide a very welcome new beginning for many people. If you would like to talk to a Las Vegas bankruptcy lawyer about whether bankruptcy is right for you, call us at 702-880-5554. If you are calling from within Nevada, you can also reach us at 702-880-5554.