Las Vegas Bankruptcy Lawyer Assisting With Student Loans

student loans written on paperStudent loans are both common and burdensome for many Las Vegas residents. The amount which people have borrowed for college has substantially increased over the last several decades. A soft job market, limited career opportunities, and other issues have made it difficult for people to make payments for the education they received. While student loans are generally not dischargeable in bankruptcy, going through the process can reduce a number of other debts which individuals have to pay. This, in turn, can make loan payments more affordable. Moreover, under limited circumstances it may be possible to discharge one’s loans. The most important step in gaining a financial “fresh start” is to hire an attorney who will handle your case correctly. Our Las Vegas bankruptcy lawyer assists those who are struggling to get ahead. Contact us today for an initial consultation.

Las Vegas bankruptcy attorney helping student loan holders with getting life under control

Student loan debt is typically not dischargeable in bankruptcy. An exception for this general rule does exist if one can demonstrate “undue hardship,” although this is a very difficult standard to meet. Filing for debt relief, however, can eliminate a number of other debts and the result of this can be that student loans become more affordable. Examples of how one’s finances can be streamlined include the elimination of credit card debt, the discharge of medical bills, eliminating tax debt, etc.

An individual filing for bankruptcy will do so under either Chapter 7 or Chapter 13. The former involves the liquidation of all non-exempt assets with the net proceeds being used to pay off creditors. The latter is a process for those with higher incomes or higher levels of assets. At the end of either of these processes, an individual’s debts will be considered clear and they will have a financial fresh start. This can free up money for the payment of student loans. The Chapter 7 process can typically be completed in approximate ninety days. The Chapter 13 process will involve a repayment plan which typically takes three to five years. A key aspect of either chapter is that an individual is granted several exemptions. These exemptions allow one to maintain a car with a value of up to a certain amount, a certain amount of home equity, and other assets as part of the bankruptcy process.

The process begins by filing a Petition with the Court. An automatic stay will be issued and collection activity by creditors other than your student loan holders will immediately stop. If you are filing for Chapter 7 then a Trustee will oversee the liquidation of your non-exempt assets and the distribution of the proceeds. If you are filing Chapter 13 then the Trustee will oversee the implementation of your payment plan. While the process often seems straightforward, a missed step or incorrect filing can result in the case being delayed or even dismissed. A qualified lawyer can ensure that your case is properly handled.

Nikki Dupree-O’Brien is a Las Vegas bankruptcy attorney helping individuals who are struggling with student loans and other debts. She will use your initial consultation to help you determine whether bankruptcy is a good option for getting your financial house in order. If you wish to proceed then she will quickly file your Petition with the Court and will represent you throughout the process. Nikki will make sure that she is available to answer your questions as the matter proceeds. Our firm understands that life can be difficult and sometimes one needs a financial reboot. This is why we treat every client with the highest level of courtesy and respect. Contact us today to get started.

Lawyer helping Las Vegas residents who are struggling with their finances

If you are a Las Vegas resident and are struggling with your finances clearing your debts through bankruptcy may be a viable option. We understand that no two situations are the same. This is why we will approach your case on an individual basis and help you determine what is the best course of action for your particular situation.