Bankruptcy
Bankruptcy Attorneys Serving Mesquite, NV
Filing for bankruptcy is never an easy decision. The inability to pay your debts can be overwhelming. The first step in taking back control of your finances is to know your options. This why you should schedule a consultation with a bankruptcy attorney in Mesquite, NV at Barney McKenna & Olmstead.
The old rumors of how long it takes to re-establish a good credit rating are no longer true. Many factors affect your credit, and while bankruptcy is definitely a negative mark on your credit report, it isn’t the only factor. For example, some applicants have been carrying tens of thousands of dollars of debt for years by the time they file bankruptcy. Bankruptcy relieves you of the maxed out credit cards and struggles with delinquent payments, and the removal of those negative marks can have a positive effect on your credit.
We can help you with a Chapter 7 Bankruptcy for Individuals or Businesses
Knowing your options can empower you to take control of your finances and plan for a fresh start. Whether you are considering bankruptcy due to medical bills, looming foreclosure, credit cards and personal loans, business debt, divorce liabilities or some combination of the above, we are here to help you sort out your options and choose the best path forward. A complete discharge of your debt or a liquidation of your business may be the best solution.
Life happens. Ventures fail. Things don’t always turn out like you expect. Many good, hardworking and honest people find themselves facing the decision to file bankruptcy. We live in a country that recognizes and has established a system that allows individuals to take risk because we acknowledge the benefits these progressive individuals bring to the economy. Bankruptcy is a necessary part of our country’s economic system as it provides a safety net and new beginning when, despite best efforts, the results of certain ventures do not turn out as planned. Many people have gone on to have very successful financial futures after bankruptcy—consider the fact that both Henry Ford and Walt Disney went through bankruptcies prior to finding great success.
Our Bankruptcy Lawyers in St. George, UT, Can Help Individuals and Businesses
We can help with bankruptcies throughout Utah as well. Chapter 7 allows both individuals and businesses to request a full discharge of their debts. Bankruptcy laws do vary from state-to-state. The Bankruptcy Code changes frequently, and it’s crucial to work with a legal team that is up-to-date on the latest changes that are relevant to your case. Whether you need a bankruptcy attorney in Nevada or Utah, the bankruptcy laws can help you get relief from:
- Mortgage foreclosures
- Credit card debt
- Loan defaults
- Income tax debt in some cases
- Property liens
- Divorce liabilities
- Unpaid real estate taxes in some cases
- Loan guaranties
- Business debt
One of the main differences between states is the list of exemptions. Certain types of bankruptcy require the liquidation of assets, which allows the trustee to use current assets to pay creditors back in full or in part. However, the bankruptcy court realizes that it’s not practical or reasonable to take everything from an individual to pay off debt. Each state has its own list of exemptions, and you can use these exemptions to keep some or all of your property. There are often significant differences between different states as to what you can keep in value as far as your primary residence or motor vehicle. Nevada provides a fairly high value of equity for an exemption on your personal residence. Whereas Utah only allows a very modest amount of equity in your private residence. There are also differences on exemptions for motor vehicles. In some instances, you can reaffirm a debt on your motor vehicle and keep it. Every situation is unique. There is a lot to consider before deciding whether bankruptcy is right for you.
Debt does not have to be an ever-present force in your life, dragging you down with stress and anxiety. There are options available to you. Ready to learn more and find out if bankruptcy is the right choice for you? Let’s talk. Call the St. George office of Barney McKenna & Olmstead at 435-628-1711 or connect with us using our online contact form.
