Why You Need to Consult with a Las Vegas Bankruptcy Attorney

By: lasvegasbankru | Posted: 23rd February 2010

The Las Vegas economy continues to one of the hardest hit by the country's economic downturn, as it suffers from an unemployment rate higher than the national average and a slump in its construction and tourism industries, two of the traditional drivers of the local economy. Thus, a lot of residents face the threat of a Las Vegas foreclosure filing, since they can no longer service their mortgages. But there are still legal options by which they could stave off foreclosure, and one of them may be declaring bankruptcy. If you are considering this option, then you need to consult with a Las Vegas bankruptcy attorney who will discuss with you the various possibilities for legal action, including filing bankruptcy under the various chapters of the Bankruptcy Code for debt relief.
The Las Vegas bankruptcy attorney you consult will inform you about the eligibility requirements for the various types of bankruptcy and whether you qualify. But he or she may also advise you that bankruptcy is not the best option for you and that you may have to negotiate with your lender a Las Vegas short sale (the sale of your house for an amount below what you still owe on your mortgage) or hand over the deed to your property in exchange for the lender reliving you of your loan obligations. In the best case scenario, the lender may be willing to modify the mortgage terms or allow you to refinance or restructure the loan under a forbearance agreement. Many of these bankruptcy lawyers offer free consultations, so don't hesitate to seek help from them.
A bankruptcy lawyer will examine your individual financial situation, explain to you exactly how bankruptcy works and the different types of bankruptcy open to you, and advise you on what filing you should make. On the other hand, he or she may also advise you that bankruptcy is not the best option and inform you of other alternatives open for you such as a deal with your lender for a Las Vegas short sale
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