Before filing for Nevada bankruptcy, people must find out what bankruptcy means and what consequences there will be.
The Nevada bankruptcy system has the following definition for bankruptcy: it is a business or person’s legally declared inability to pay off their debts. Although the Nevada bankruptcy court may be considered as a last legal resort, sometimes it is necessary and can also mean the only way out for a person or business. This means that by filing for Nevada bankruptcy, someone can continue living his financial life whenever there’s a financial setback of any kind.
Facing your life after filing for Nevada bankruptcy is not an easy task. It always gets a lot harder before getting any easier. We, as a professional bankruptcy counseling company, always suggest people think twice before making this final decision.
Angela Anderson, former client of Personal Bankruptcy Avoidance, had to file for Nevada bankruptcy 4 years ago. We went through the bankruptcy process with her and also gave her advice on how to recover after the process ended.
Angela Anderson: How does Nevada bankruptcy work?
Martin Rogers: Nevada bankruptcy as a federal court process has 2 different kinds of proceedings: liquidation known as number 7 or by reorganization known as numbers 11, 12 and 13. The first one, number 7, is the most recognized Nevada bankruptcy proceeding. This process is used to get rid of all or part of an accumulated debt and to give the person a relief from financial breakdown. A professional counselor will guide you through the process and will help you explore other options before filing for bankruptcy because sometimes debt relief programs can make a difference.
Angela Anderson: If I file for Nevada bankruptcy, can I save my house?
Martin Rogers: While Nevada bankruptcy is designed for specific purposes such as withdrawing from the program at any time during the collection process and stopping all harassment activity from letters to collection calls almost immediately; you can save your house by following some basic rules. First, a debtor has to receive 180 days of counseling from a non-profit credit counseling company before filing Nevada bankruptcy. Even though collection companies may have stopped contacting the client, they can still continue the collection process and can even serve the debtor with foreclosure papers. Meaning that you could end up losing your house even if you follow the procedure and hire your own lawyer. The Nevada bankruptcy trick lies in the timing of filing for bankruptcy be very careful and plan your filing.
Angela Anderson: Is there a legal way to avoid Nevada bankruptcy?
Martin Rogers: Of course. On my previous articles, I have stated the importance of thinking filing Nevada bankruptcy or any other bankruptcy system through. People need to see beyond all this and start looking for new debt relief options.
In conclusion, it is up to the debtors or the future clients to educate and brace themselves for worse-case scenarios. The Nevada bankruptcy system may be easy to grasp, but it is important to keep the consequences in mind. Applying in the Personal Bankruptcy Avoidance program is an excellent way of facing your debt problems once and for all. The program can also be used as training ground to avoid similar situations in the future. It surely will teach homeowners how to protect themselves under the new bankruptcy law. Most Americans do not have health or disability insurance and are vulnerable to work layoffs because of a stagnant economy.
We have different articles of interesting topics and current and former clients’ experiences with our programs. Take a look at the different situations on debt related topics such as the Nevada bankruptcy process and learn how to keep yourself a debt free person.
Avoid Nevada bankruptcy and become debt free once more. If at the end of this process you do not feel filing for bankruptcy is inevitable, remember to seek professional counseling.
Martin Rogers is a contributing writer to http://www.personal-bankruptcy-avoidance.com and is currently writing some special articles to guide business on how to manage debt and avoid bankruptcy. For Free information on the Nevada Bankruptcy Information, call toll-free 1-877-850-3328