Las Vegas Bankruptcy Lawyer Assisting With Credit Card Debt

cutting up credit cardAmericans are increasingly becoming buried in credit card debt. Making matters worse is the fact that minimum monthly payments typically fail to keep up with compounding interest. This means that one’s debt can actually increase as they make their payments. Fortunately, it is possible to gain a financial fresh start by filing for bankruptcy. Doing so can remove you from underneath a heavy debt load and put you on a course towards rebuilding your credit. Our Las Vegas bankruptcy lawyer assists those who are struggling with credit card debt. Contact our office online or by telephone to speak with an attorney.

Lawyer helping Las Vegas residents discharge credit card debt through Chapter 7 or Chapter 13 bankruptcy

Credit card debt is typically entirely dischargeable in bankruptcy. If an individual is eligible to file Chapter 7 then the debt will be wiped away completely. If the individual is required to file under Chapter 13 then the amount of the debt they will have to pay can be greatly reduced or eliminated. Also, while declaring bankruptcy does harm one’s credit initially, it has the effect of clearing large balances off of a FICO report. This means that individuals who declare bankruptcy may actually see their score increase over time.

Whether one must file for Chapter 7 or Chapter 13 will be determined by the “bankruptcy means test.” Individuals with income over the means test threshold usually must file under chapter 13 while others may utilize chapter 7. Under Chapter 7, all of the individual’s non-exempt assets are liquidated and the money is used to pay off debts. The debts are then eliminated. Under Chapter 13, the individual submits a plan for repayment and will make payments for a number of years. Any debt remaining at the end of the repayment period is eliminated. It is important to understand that the bankruptcy code allows many exemptions for property of a certain value. This means that people typically do not have to lose their assets when they are declaring bankruptcy.

The process begins by filing a Petition with the Bankruptcy Court. The filing will trigger an automatic stay which will prevent the credit card companies from contacting the debtor and asking for money. If the individual is filing Chapter 7 a Trustee will oversee the liquidation of any non-exempt assets and use the money to pay off debts. This process usually takes approximately 90 days with remaining debt being discharged at the end. If the individual is declaring Chapter 13 a repayment plan will be submitted based on the debtor’s disposible monthly income. The Trustee will oversee the case during the repayment period. Remaining debt will be discharged at the end of the repayment period.

Our bankruptcy lawyer helps Las Vegas residents who are struggling with credit card debt. Nikki Dupree-O’Brien has been practicing law since 2008 and understands the urgency of the situation. She will assist you with the means test in order to determine which Chapter you must file under. Our firm will quickly file your Petition so that a stay is put in place. Nikki will represent you in all proceedings and will make sure that you know what to expect as the case moves through the system. We will make sure that your questions are answered and our firm will give your case the attention it deserves. Contact our attorney online or by telephone today.

Las Vegas lawyer helping those in credit card debt with a wide range of other issues

Those facing credit card debt often have other issues which are impacting their finances. Nikki is able to help with these other issues. By filing bankruptcy, one can often eliminate IRS debt, cancel medical bills, and stop wage garnishments. Also, declaring bankruptcy can make the repayment of student loans more affordable through the cancellation of other debts. Our lawyer is honored to serve the Las Vegas community and offers a high level of service in each and every case we handle. We focus on this area of law so that you may focus on improving your future.