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If you, your family or your business is struggling to find freedom from debt, we can connect you with a debt relief attorney. Lawyers|West will use the U.S. Bankruptcy Code and start you on the path to financial independence. In Nevada, Colorado and Utah, our firm stands out as one of the few law firms that can display a successful record of bankruptcy filings. The following information can help you identify which bankruptcy chapter is right for you.
Chapter 7 Bankruptcy: Business Owners, Professionals and High-Asset Individuals [read more]
Chapter 7 Bankruptcy: Individuals and Families [read more]
Chapter 7 also helps individuals and families struggling with debt. Credit cards, medical bills, secured loans (boat, auto) and sometimes even tax arrears can be written off under Chapter 7. Under certain conditions, you can maintain possession of your house and one car. Chapter 7 does not cover student loans, alimony or child support arrears. To determine whether or not you qualify for Chapter 7, you must take a means test. This test quantifies your income-to-debt ratio.
If you do not quality for Chapter 7 Bankruptcy because your income is too high, relative to your debts, you can qualify for Chapter 13 bankruptcy.
Chapter 11 Bankruptcy: Make Your Business Structure More Profitable [read more]
Under Chapter 11 of the U.S. Bankruptcy code, debt-ridden business owners can file for bankruptcy. A central process of business bankruptcy is negotiating with creditors. You will want a competent bankruptcy lawyer assisting you with this process to prevent creditors from performing legal collections remedies and judgments. In addition to this protection, Chapter 11 allows your business to continue to function as you work towards financial freedom.
Chapter 13: Reduce Total Monthly Debt Payments [read more]
Chapter 13 personal debt reorganization not only helps individuals and families, but also those with business debt. As a business owner, you can file for Chapter 13 and then move to a Chapter 11 business debt restructuring. This will be more profitable for your business.
Under court supervision, Chapter 13 allows you to reorganize your debts in a repayment plan. Contrary to popular belief, this is a good alternative to Chapter 7 because your debt can be compiled into a three- or five-year monthly plan. This plan can include any kind of debt, such as student loans, tax debt, mortgage, alimony and child support arrears. Often, you can save money in the following areas:
If your plan is successful, then any remaining debt (remaining money owed) will be removed.
Throughout this process, you can remain in your home. You can also strip off a second mortgage if you are underwater with your property value.
Stop Creditor Harassment
Are you constantly being harassed by collection calls and legal actions? Filing for bankruptcy demands creditors make any future calls directly to your attorney.
You will no longer deal with: