Do you have a lot of debt? Have you thought about filing for bankruptcy? Do you know the bankruptcy alternatives for your financial situation? Have you explored all of your options? If you are contemplating bankruptcy, contact the trusted Nevada attorneys at Anthem Injury Lawyers for a free consultation. Reach us online or at (702) 857-6000.
What to Consider
Bankruptcy can be a solution to financial problems. Whether you should file for bankruptcy will depend on your unique financial situation. In a bankruptcy proceeding, the debtor is an individual or company, owes outstanding debt to the creditors, and initiates the bankruptcy proceeding. The creditor is the individual or company to which the debtor owes money.
Prior to filing for bankruptcy you should understand your alternatives. An experienced bankruptcy attorney can help you understand your bankruptcy alternatives. Your financial situation will determine what alternatives are available to you. Contact Anthem Injury Lawyers today to discuss whether bankruptcy is right for you.
You may consider the following alternatives before filing for bankruptcy.
- Can you apply for protection under the Fair Debt Collection Practices Act?
- Do you qualify for student loan forgiveness?
- Has a creditor sued you?
- Is your debt negotiable?
- Do you qualify for a loan modification?
- Will consumer credit counseling help?
What is the Fair Debt Collection Practices Act?
The Fair Debt Collection Practices Act (FDCPA) is a federal law that limits how a third-party can attempt to collect on debts. A debt collector is anyone who regularly collects debts owed to others and includes the following.
- Any third party attempting to collect a debt for an original creditor.
- A person or entity that has purchased a debt.
- Attorneys who collect debts on a regular basis.
Under the FDCPA, a debt collector cannot:
- Call you before 8 am or after 9 pm, based on your time zone.
- Contact you if an attorney represents you.
- Communicate with you at your place of employment if the employer prohibits such communication.
- Contact your family members, friends, or employer regarding a debt or other third parties regarding your debt.
- Disregard a written request from you to cease further contact.
- Harass, oppress, or abuse you.
- Lie to you or falsely imply that you have committed a crime.
- Use unfair practices in an attempt to collect a debt.
- Conceal his or her identity on the phone.
After the Initial Communication
Within five days after the initial communication, the FDCPA requires a debt collector to validate the existence of a debt. The initial communication may contain the debt validation.
The notice must contain the following.
- Amount of the debt.
- Name of the creditor to whom the debtor owes the debt.
- The following statements.
- That the debt collector will assume the debt to be valid unless the consumer, within 30 days, disputes the validity of the debt.
- The consumer must notify the debt collector in writing within 30 days that the consumer disputes the debt. In response, the debt collector will obtain verification of the debt (or a copy of a judgment against the consumer). The debt collector will mail a copy to the consumer.
- Within 30 days of the consumer’s written request, the debt collector will provide the consumer with the name and address of the original creditor.
Is a debt collector violating your rights? A debt collector that violates your rights may be liable for monetary sanctions. If you believe a debt collector has violated the FDCPA, contact an experienced debtor attorney. An experienced attorney can advise you of your rights.
Bankruptcy is a complex matter that is best addressed with a bankruptcy attorney. Call our Las Vegas bankruptcy lawyers to discuss your options; (702) 857-6000. Schedule a free consultation and let our experts learn about your case, and offer you potential solutions that can help you get on the road to an improved financial future. Don’t wait: with help from our law firm, you can discover if bankruptcy is the right decision for your situation. Call our office now: (702) 857-6000.
Can You Qualify for Student Loan Forgiveness?
Is a majority of your debt student loans? Bankruptcy may be a limited option for student loan debt. If you have student loans, there may be an applicable Department of Education program that can provide debt relief. In limited situations, you may be able to obtain permanent relief through forgiveness, cancellation, or discharge.
Have You Been Sued by a Creditor?
If a creditor files a lawsuit against you, do you have to answer the complaint? Yes, if you do not want to risk a default judgment. If you do not file an answer to the complaint, the court may enter a default judgment against you. A default judgment in favor of the creditor, grants the creditor’s request.
If you answer the complaint you can
- challenge the debt and
- be heard in court.
If you lose, the court will award the creditor a judgment for the amount of the debt. With a judgment, a creditor may be able to collect the amount owed through wage garnishment or bank account attachment.
A judgment may not be an issue if you are judgment proof. There are limits on what a creditor can take with a judgment. If your income is exempt or you have no assets, you may be judgment proof.
A creditor lawsuit, or threat of lawsuit, affects your rights. Contact an experienced debtor attorney to explore your options. The attorneys at Anthem Injury Lawyers have experience in all aspects of bankruptcy. Reach us online or at (702) 857-6000.
Is Your Debt Negotiable?
Did you know that you may be able to negotiate with your creditor(s) by contacting them directly? You may be able to
- lower your interest rate,
- reduce the total debt amount, or
- request a repayment plan.
Do You Qualify for Loan Modification?
If you are falling behind on your mortgage payments, it’s best to contact the mortgage company before the foreclosure process begins. You may be able to modify your loan payment. You do not have to pay up-front costs or fees for loan modification assistance. You may also be able to refinance your home. You might qualify for a cash-out refinance program. This would allow you to use the equity you have in your house to gain access to money.
- Money Management International assists homeowners in negotiating loan modifications.
- The Home Again Nevada Homeowner Relief Program is a free public service from the Office of the Nevada Attorney General. The program seeks to educate Nevada residents on housing resources that may or may not be available to them.
It is for those:
- planning to buy their first home,
- seeking credit restoration, or
- looking to modify their home loan.
It’s best to speak to an experienced bankruptcy lawyer before you receive a notice of default. This way you will have the maximum number of options. But if you have already received a Notice of Breach and Election to Sell, you still have options. You or your lawyer can file a petition in District Court to participate in the State of Nevada Foreclosure Mediation Program.
The bankruptcy attorneys at Anthem Injury Lawyers can answer your legal questions and provide foreclosure advice specific to your situation. Contact Nevada’s Anthem Injury Lawyers for advice from experienced bankruptcy attorneys.
Will Consumer Credit Counseling Help?
To find out if credit counseling may help with your debt, contact a nonprofit service in your area. Money Management International provides nonprofit financial education and counseling to consumers struggling with debt, budgeting, housing, and student loan concerns.
Hire a Las Vegas Lawyer Before You File For Bankruptcy
Filing for bankruptcy is a difficult decision. It’s best to make an informed decision about bankruptcy, to see if it is the right option for you. Our Las Vegas bankruptcy lawyers advise you to know your rights and options before you file for bankruptcy. We are a team of experienced, dedicated bankruptcy lawyers based in Henderson, Nevada. We serve clients in Henderson, Las Vegas, North Las Vegas, Summerlin, Reno, and Clark County. Contact us today at (702) 857-6000 to make an appointment for a free consultation.