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When it comes to bankruptcy, it can be hard to separate fact from fiction.? There are so many misunderstandings concerning the law that the only way to be sure everything is handled properly is to use a Las Vegas bankruptcy lawyer to help you with your claim.? However, some very common and basic myths can easily be explained, and may even help you realize bankruptcy really is your best option.
Myth 1: You Will Lose Everything
Many mistakenly see bankruptcy as the end of everything; a never ending trap with no way out.?? This stems from the belief that those filing for bankruptcy lose their home and automobiles along with everything else.?? They question how they can hold a job without transportation, and how they can provide shelter for their families without their home.? They feel they will never be able to purchase another home, and essentially all is lost and bankruptcy is the end of the road financially.
The fact is that the process is designed to provide a fresh start.? In most cases some property can be retained as a part of that fresh start.? A Las Vegas bankruptcy lawyer can help determine what is at risk and what is safe, as it varies by state.? Most often you can keep your home and one vehicle at the bare minimum.? While credit will definitely be negatively affected, and it will be difficult to purchase a home for quite some time, it will not last forever.? Those who take the fresh start approach seriously often end up in a much better financial situation over time.
Myth 2: You Can Only File Once
This is just simply not true.? While no one particularly wants to file more than once, circumstances sometimes dictate that the fresh start intended does not take.? There is a minimum amount of time that must pass between filings.? The length of time you have to wait before filing for bankruptcy a second time depends on what type of filing you are claiming and what type the first claim was.? The maximum amount of time that must pass is 8 years between Chapter 7 filings.
Myth 3: You Have to Have an Attorney
Technically this is a myth.? There is no law or other requirement that says you have to use an attorney during bankruptcy proceedings.? However, there is much to be said for having a Las Vegas bankruptcy lawyer in your court.? The vast amount of paper work combined with complicated bankruptcy law can make the process cumbersome for someone without special training and experience.? Not to mention, if things are not handled properly the case could be thrown out altogether.? So, while having an attorney is not mandated, it is definitely encouraged.
These are just some of the common myths floating around about bankruptcy.? There are many other details related to the issue that are likely not understood by those who are not specially trained I the area.? This is another reason that contacting a bankruptcy lawyer is a good idea.
Faith S. wrote this article for Top Las Vegas Bankruptcy Lawyer Anthony Deluca of Deluca & Associates. To learn more about bankruptcy check our the Deluca & Associates Law Blog.
nbsp; There are so many misunderstandings concerning the law that the only way to be sure everything is handled properly is to use a Las Vegas bankruptcy lawyer to help you with your claim.? However, some very common and basic myths can easily be explained, and may even help you realize bankruptcy really is your best option.
Myth 1: You Will Lose Everything
Many mistakenly see bankruptcy as the end of everything; a never ending trap with no way out.?? This stems from the belief that those filing for bankruptcy lose their home and automobiles along with everything else.?? They question how they can hold a job without transportation, and how they can provide shelter for their families without their home.? They feel they will never be able to purchase another home, and essentially all is lost and bankruptcy is the end of the road financially.
The fact is that the process is designed to provide a fresh start.? In most cases some property can be retained as a part of that fresh start.? A Las Vegas bankruptcy lawyer can help determine what is at risk and what is safe, as it varies by state.? Most often you can keep your home and one vehicle at the bare minimum.? While credit will definitely be negatively affected, and it will be difficult to purchase a home for quite some time, it will not last forever.? Those who take the fresh start approach seriously often end up in a much better financial situation over time.
Myth 2: You Can Only File Once
This is just simply not true.? While no one particularly wants to file more than once, circumstances sometimes dictate that the fresh start intended does not take.? There is a minimum amount of time that must pass between filings.? The length of time you have to wait before filing for bankruptcy a second time depends on what type of filing you are claiming and what type the first claim was.? The maximum amount of time that must pass is 8 years between Chapter 7 filings.
Myth 3: You Have to Have an Attorney
Technically this is a myth.? There is no law or other requirement that says you have to use an attorney during bankruptcy proceedings.? However, there is much to be said for having a Las Vegas bankruptcy lawyer in your court.? The vast amount of paper work combined with complicated bankruptcy law can make the process cumbersome for someone without special training and experience.? Not to mention, if things are not handled properly the case could be thrown out altogether.? So, while having an attorney is not mandated, it is definitely encouraged.
These are just some of the common myths floating around about bankruptcy.? There are many other details related to the issue that are likely not understood by those who are not specially trained I the area.? This is another reason that contacting a bankruptcy lawyer is a good idea.
Faith S. wrote this article for Top Las Vegas Bankruptcy Lawyer Anthony Deluca of Deluca & Associates. To learn more about bankruptcy check our the Deluca & Associates Law Blog.
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