It is no secret that the Las Vegas foreclosure rate has skyrocketed over the last decade or so. For many of those who are about to lose their homes, it can feel hopeless. But, there may be a solution through bankruptcy. Many Las Vegas homeowners have found that they were able to keep their homes through bankruptcy protections, and for those who may have lost their homes, even though they filed bankruptcy, at least they were able to get a new start.
Consider Your Options Before Bankruptcy
When faced with foreclosure, it is always a good idea to explore all other options before deciding to file for bankruptcy. But, when those options fail or do not bring about the results that you need, bankruptcy is a viable means of trying to keep the home. Any form of bankruptcy will, of course, affect your credit for some amount of time, but the truth is, foreclosure will also affect your future credit. If you your credit rating is going to suffer no matter what, why not try to keep your home in the process? Another benefit to bankruptcy is that it allows you to settle with your creditors which will reflect positively for any future credit you may need.
Stop Creditor Harassment:
Perhaps one of the most beneficial aspects to filing for ether Chapter 7 bankruptcy, or Chapter 13 bankruptcy, is that every one of your creditors who may have been calling you and putting you and your family through their various types of collection actions must, under law, stop doing so. Also, any financial proceedings that are being used against you, (and this includes foreclosure), must also be stopped.
Keep in mind, however, that no type of bankruptcy can reverse your foreclosure once it has occurred. This means that you have to move quickly to start the bankruptcy proceedings in advance of the actual foreclosure. Under the best of conditions, you would want to have your Las Vegas bankruptcy lawyer file your paperwork before any foreclosure paperwork is filed. In some cases, there may be certain proceedings that cannot be stopped. Your bankruptcy attorney can explain these to you if you happen to fall into those categories.
Why Work With a Las Vegas Bankruptcy Attorney?
Working with a Las Vegas bankruptcy attorney allows you to find out what the various types of bankruptcy are and which would be best for you and your family. For instance, he or she can explain in much more detail than presented here that filing a Chapter 13 bankruptcy allows you to settle with all of your debts, but allows you to retain your home. A Chapter 7 bankruptcy, on the other hand, normally results in the loss of the home, but does give you more time to relocate. It will also help with your debt issues.
An experienced Las Vegas bankruptcy attorney will take the time to explain all of your options and answer any questions you or your spouse may have. You will also be able to share with your attorney your personal financial goals and desires. Yes, foreclosure can be scary, but if you find yourself facing foreclosure you do have options.
Anthony Deluca of Deluca & Associates wrote this article about Las Vegas bankruptcy and how an experienced bankruptcy attorney can help people get through a difficult time.