Las Vegas Bankruptcy Attorney Vegas BK
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When you are struggling with a substantial amount of debt and facing foreclosure, you may feel that bankruptcy is your only option. Bankruptcy may or may not be your best option, but it certainly isn’t the only solution available to you. An experienced bankruptcy and loan modification attorney can help you avoid filing for bankruptcy and save your house through a restructured loan.
There are many alternatives to bankruptcy that can help you gain control of your finances and protect your assets.
Mortgage Loan Modification
You do not need to file Chapter 13 bankruptcy to save your home and avoid foreclosure, even if you are behind on payments. An experienced attorney can help you determine what you can afford to pay for your home loan and negotiate directly with your lender to modify the terms of your mortgage. A loan modification can dramatically reduce your monthly mortgage payment and interest charges through one or more of the following:
- Interest rate reduction
- Principal balance reduction
- Extending your loan term
- Switching to a different loan type, such as an adjustable rate mortgage (ARM) to a fixed-rate mortgage
If you are very behind on your debt, you may have success negotiating with your creditors to settle your debt for a reduced amount. Debt settlement will impact your credit score and you will likely owe taxes on the forgiven debt, which is treated as income by the IRS, but debt settlement can be an alternative to bankruptcy that works for you.
Debt Consolidation Loans
If you are struggling with multiple monthly payments and falling behind, a debt consolidation loan may be a good fit. If you have good enough credit to get approved for a loan, you can consolidate all of your debts into a single loan which may have a lower fixed interest to save you money and give you one monthly payment.
Our law firm can also help you explore other options to avoid bankruptcy, including:
- Smart budgeting of your income
- Solutions to create more income
- Credit counseling plans
Contact a Nevada Bankruptcy Attorney
Bankruptcy can be an excellent form of debt relief when you are struggling, but it is not the right choice for everyone. Our law firm will not push you into choosing bankruptcy but instead help you find the best solution for your financial situation. There are many alternatives to bankruptcy that can help you save your credit or your assets without the consequences that bankruptcy can bring to your life. Contact Las Vegas BK for a free consultation with a debt relief attorney who can help you explore your options.