Find a Bankruptcy Lawyer in North Las Vegas, Nevada

Find the right Bankruptcy attorney in North Las Vegas, NV

Bankruptcy in North Las Vegas, Nevada is a court procedure through which a person or business who is unable to pay their debt is able to have some of their debt legally excused, or "discharged." This theoretically allows the debtor to move on with a clean slate. However, bankruptcy should not be treated as a way to avoid debt that one simply doesn't feel like paying. It is meant to be a safety net for people or businesses who are truly unable to pay off their debts. Because bankruptcy is not without negative consequences (such as a heavily damaged credit rating for many years afterward), it should be viewed as an option of last resort.

Accordingly, you should speak with a good North Las Vegas, Nevada bankruptcy lawyer. Your North Las Vegas bankruptcy lawyer can inform you of the costs and benefits of filing for bankruptcy, and give his or her professional opinion as to whether or not it's a good option, given your particular circumstances.

Types of Bankruptcy in North Las Vegas, Nevada

In North Las Vegas, Nevada, there are three basic bankruptcy schemes that are most commonly used. They are known as Chapter 7, Chapter 13, and Chapter 11. Being a product of federal law, the procedural rules governing bankruptcy in North Las Vegas, Nevada will be very similar to those in any other part of the United States. Chapter 7 bankruptcy requires the debtor to liquidate some of his or her property, and use the funds to pay creditors. While this doesn't sound like much of a relief at first glance, the upshot is that once the eligible property is sold, and the proceeds directed to the creditors, all of the debtor's eligible debts are deemed paid in full, regardless of how much the creditors actually ended up getting. Not all of the debtor's property has to be sold off - the debtor will usually be allowed to keep things like a house, at least one car, some types of personal property, retirement accounts, and insurance policies. It should be noted that some debts are not dischargeable, and will have to be paid in full even if the debtor files for bankruptcy. This includes student loans, taxes, and criminal fines.

The other typical bankruptcy scheme used by consumers in North Las Vegas is Chapter 13 bankruptcy. In this system, debt is not discharged. Instead, it is restructured. This allows the debtor to have the terms of the agreements that gave rise to their debts in the first place thrown out, and replaced with new terms that call for a structured repayment plan, designed to allow the debtor to survive on whatever income they have, and allowing the creditors to get paid back eventually. Once a payment plan is authorized, creditors are not allowed to attempt to collect payment under the original agreements. Chapter 11 bankruptcy is primarily used by businesses, though it can be used by individuals (which is quite rare). Chapter 11 bankruptcy requires that the debtor come up with a reorganization plan - essentially telling the court how they propose to cut costs, streamline their operations, and pay their debts. This plan must be authorized by the participating creditors through a simple majority vote.

A major advantage of Chapter 11 bankruptcy is that businesses can continue their operating while going through the process. Also, they can continue to buy and sell their stock.

How Can a North Las Vegas Bankruptcy Lawyer Help?

Filing for bankrtuptcy in North Las Vegas is a major decision with costs and benefits that must be weighed carefully. Before filing, it would be a good idea to speak with a seasoned North Las Vegas bankruptcy attorney.

Talk to a Bankruptcy & Finances Law Attorney now!

Life in North Las Vegas

North Las Vegas is "Your Community of Choice" located in the southwest Mojave Desert. Just north of the town of Sunrise Manor and Las Vegas, North Las Vegas is home to 120,000 Nevada State residents.

Many North Las Vegas residents work in the hospitality and leisure services in Las Vegas but a number of outstanding lawyers also live there. North Las Vegas lawyers advise on a wide range of cases.

One major employer in the city is the Nevada Department of Corrections. The Florence McClure Women's Correctional Center has been operating from North Las Vegas since 1997 and houses over 2,500 inmates since its expansion in 2009. North Las Vegas enjoys a relatively low crime rate that attracts a number of families. The area also has a good school district and lower property prices attracting young professionals who have relocated to North Las Vegas for business.

Residents of North Las Vegas have access to many local shopping malls and centers of commerce. I-15 and CC-215 are easy highways for commuting. The North Las Vegas Airport, formerly the Sky Haven Airport, is home to sightseeing airline Vision Airlines that offers areal tours of the city and desert.

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