The Bankruptcy Explained Series – Chapter 7 by Attorney Ryan Alexander

Do you have questions about filing Chapter 7 Bankruptcy?

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Ryan Alexander: Las Vegas Bankruptcy Attorney

The most important thing I’ve learn from handling well over 1300 bankruptcy cases? Every single person is different, and every single case is different. There is no cookie cutter approach that will provide each person the individualized case results need and deserve. I know that this can be a stressful time. So I do my best to give you the best possible service, create the best possible outcome, all while treating you with respect.

I want to help people facing bankruptcy, which is why I created a Youtube channel. To date that channel has over 50 videos that almost 600,000 views.

What are some Pros to filing for bankruptcy?

Filing for bankruptcy can have certain benefits, depending on your financial situation. Some potential pros of filing for bankruptcy include:

  1. Debt Relief: Bankruptcy can provide a fresh start by eliminating or reducing many types of unsecured debts such as credit card debt, medical bills, and personal loans.
  2. Protection from Creditors: Filing for bankruptcy triggers an automatic stay, which prevents creditors from attempting to collect debts from you. This means that creditors must stop any wage garnishments, lawsuits, or harassing phone calls.
  3. Retaining Property: Depending on the type of bankruptcy you file, you may be able to keep certain property, such as your home or car, by reaffirming your debts or using exemptions.
  4. Improved Credit Score: While bankruptcy will initially have a negative impact on your credit score, it can actually help improve it in the long run by allowing you to eliminate or reduce your debt and start rebuilding your credit.
  5. Emotional Relief: Constant stress and anxiety caused by financial difficulties can take a toll on mental health. Filing for bankruptcy can provide emotional relief and help you move forward with a fresh start.

It’s important to note that bankruptcy may not be the best solution for everyone, and it’s always advisable to consult with a bankruptcy attorney or financial professional before making any decisions.

What are the cons or drawbacks from filing for bankruptcy?

Filing for bankruptcy can have significant drawbacks, including:

  1. Negative impact on credit score: Filing for bankruptcy can have a significant impact on your credit score and may stay on your credit report for up to 10 years, making it harder to obtain credit or loans in the future.
  2. Loss of assets: Depending on the type of bankruptcy you file for, you may be required to sell some of your assets to pay off creditors. This can include your home, car, and other valuable possessions.
  3. Public record: Bankruptcy filings are public records, which means that anyone can access them. This can be embarrassing or damaging to your reputation.
  4. Difficulty obtaining credit: Even after bankruptcy, it can be difficult to obtain credit or loans. You may be required to pay higher interest rates or provide collateral to secure a loan.
  5. Emotional toll: Filing for bankruptcy can be emotionally taxing and stressful, as it involves admitting financial defeat and can be a source of shame or guilt.

It’s important to weigh the potential benefits and drawbacks of filing for bankruptcy before making a decision. In some cases, bankruptcy may be the best option to get a fresh start and regain control of your finances, but it’s important to consult with a bankruptcy attorney or financial advisor to fully understand your options and the potential consequences.

How do you know if filing bankruptcy is for you?

Filing for bankruptcy is tricky and takes some consideration.

Filing for bankruptcy is a significant decision that should not be taken lightly. It’s essential to understand the implications of bankruptcy and whether it’s the right choice for your specific financial situation. Here are some factors to consider when deciding whether to file for bankruptcy:

  1. Your Debt Situation: Bankruptcy is typically used when you have significant debts that you cannot afford to pay off. If your debts are causing significant financial hardship, bankruptcy may be a viable option to help you start fresh.
  2. Types of Debt: It’s essential to understand that not all debts are discharged in bankruptcy. Certain debts, such as taxes, student loans, and child support payments, cannot be discharged in bankruptcy. Make sure to research what debts you have and whether they can be included in bankruptcy.
  3. Income: Bankruptcy may not be the best choice if you have a high income. If your income is above the median income level for your state, you may not be eligible for Chapter 7 bankruptcy, which is the most common type of bankruptcy.
  4. Your Assets: In a bankruptcy, some of your assets may be sold to pay off your debts. It’s important to understand what assets may be at risk in a bankruptcy and whether you’re comfortable with potentially losing them.
  5. Other Options: Bankruptcy should be a last resort. Before filing for bankruptcy, consider other options, such as debt consolidation or debt settlement, which may be a better fit for your situation.
  6. Legal Advice: It’s recommended that you seek the advice of a bankruptcy attorney to help you make the best decision for your financial situation.

Overall, filing for bankruptcy is a significant decision that requires careful consideration of your unique financial situation. Make sure to weigh the pros and cons and explore all of your options before deciding if bankruptcy is the right choice for you.

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