Foreclosure and Bankruptcy Lawyers in Las Vegas
If foreclosure has become a very real and threatening part of your life and you are feeling hopeless about where to turn, you should be aware that bankruptcy might be a viable option for you. If you have tried all other methods of getting yourself out of debt and fending off foreclosure, filing for bankruptcy may allow you to keep your home or to at least help you get back on your feet financially. Though it will have some impact on your long term credit score and on your ability to buy a home again in the future, it can also allow you to pay off your debts in a way that nothing else will. Settling debts is one of the best things you can do to improve your credit score, even if you have to go about it through bankruptcy.
When you file for Chapter 7 bankruptcy or for Chapter 13 bankruptcy, all of the creditors who have been hounding you and performing collection actions against you will be legally forced to stop. All financial proceedings against you, including foreclosure, will come to a halt. No bankruptcy can reverse a foreclosure that has already occurred, so you must act fast and begin bankruptcy proceedings before the actual foreclosure has occurred. Ideally, you will want to do this before any paperwork regarding the foreclosure has been filed or started. You should also be aware that, in some cases, certain proceedings may not be stopped, so you will need to check with your attorney to be sure no special circumstances apply to your situation.
Your attorney should also help you to understand the key differences between the different types of bankruptcy and which will be the most beneficial to you. Filing for Chapter 13 bankruptcy will enable you to pay off all of your debts and to keep your home, while filing for Chapter 7 bankruptcy is only a temporary fix. The foreclosure will still happen, eventually, but you will have more time to move from your home, to get rid of existing debts, and to find an alternate place to live. Though nobody wants to lose their home, sometimes Chapter 7 is the only option. Filing for Chapter 7 can give you the time to find a new home and to acquire a stable rental or residential history, which is important for improving your credit score. Be sure that you discuss your personal desires and financial goals with your Las Vegas foreclosure attorney and that he or she takes your wishes into consideration.
Foreclosure is a scary situation and one that homeowners should avoid getting themselves into at all costs. However, if you ever find yourself dealing with this issue, rest assured that you do have options. Aside from bankruptcy, you can opt to get a loan modification, loan forbearance, or various other types of assistance. Just be sure to do the work of finding out what your options are and exploring them thoroughly before rushing into a decision.
What Our Clients Say
Las Vegas Foreclosure Attorney