There are many different types of bankruptcy. The first step is assessing if you are a candidate to file for bankruptcy at all. Setting up a free consultation with our firm can bring you peace of mind, at least in understanding some basic facts. With that in mind, there are some key factors that may signify that bankruptcy could be a potential option for you right away. Two common types of clients seeking bankruptcy consultations often fall into two categories:

• Those with business debts facing litigation from creditors
• Individuals have gone through extreme circumstances in which they have a mix of straightforward debt (credit card, medical, etc.)

Knowing your financial situation is crucial in determining if bankruptcy would be an avenue you want to take. Our Washoe County, NV bankruptcy law firm is well established in assessing the risks that go along with such a definitive option.

Do I Have Any Other Options In Handling Debt Besides Filing For Bankruptcy?

Due to the seriousness of filing for bankruptcy and its long-term effects on your finances, it would be a good idea to consider options outside of liquidating all of your assets. Many clients are concerned with bankruptcy's impact on their future buying power, status, and economic advancement. This is with good reason. Although the ideal outcome of bankruptcy is a discharge of debts in which you would no longer be responsible for paying the creditors and outstanding debts, and you would not have to pay taxes on that debt, there can be drawbacks. Filing for bankruptcy does not guarantee that you will be granted bankruptcy. In that case, debts you filed to have discharged may not be, and creditors can resume litigation attempts against you to collect outstanding money owed. Bankruptcy involves more than just discharging debts. It also includes a plan to repay non-dischargeable debts. Getting ahead of debt repayments before filing bankruptcy is a good strategy for those who are considering filing anyway.

However, negotiating with creditors is always a promising avenue to at least attempt. This could mean setting up repayment plans, requesting to pause payments, etc. A voluntary proceeding outside of a formal bankruptcy would be an Assignment for the Benefit of Creditors. This action sets debtors' assets aside in a trust to pay creditors. While available in Washoe County, NV, these proceedings are jurisdictional, meaning they may not be available everywhere, but they are worth looking into. The Law Office of Kent P. Woods has experience in bankruptcy case analysis and is adept at helping you choose the best option. Schedule a consultation with us today to start planning your strategy.

The Law Office of Kent P. Woods: Solution-Based And

Client-Focused In Washoe County, NV You don't have to deal with bankruptcy alone. Give our office a call today! We understand that bankruptcy is a touchy subject and a tough choice. Our commitment to standing by your side has been garnered through years of experience. Through building long-lasting, trusting relationships with our clients, we've been able to gain even more knowledge and build even more diligence as each year passes. At the Law Office of Kent P. Woods, we are devoted to securing the best possible outcome for your bankruptcy case, should you choose that path. Give us a call to set up a free consultation by calling our office at (702) 703-1540.