Las Vegas, the most popular resort city in Nevada is considered as a highly populous city. The place is extremely famous for casinos and gambling, fine dining, shopping and amazing nightlife. So, it attracts a whole lot of holidayers. But, there are also so many residents in Las Vegas who end up in a state of financial crisis owing to numerous reasons and have hit rock bottom where they are unable to make ends meet. It is during this time that the need for a bankruptcy lawyer Las Vegas arises.
The bankruptcy lawyer will in fact act as a mediator between the court of law and the person who is filing for bankruptcy. His main function is to explain to his client the way bankruptcy laws work and explain the main purpose of filing for bankruptcy. His main function also is to relieve people, companies; businesses from financial strain and by doing so give them a fresh lease of life. The clients are on the verge of facing a foreclosure or wage garnishment or lien or repossession or a lawsuit which can be extremely debilitating on the psyche of the individual or the business owner.
Role of the Bankruptcy Lawyer Las Vegas
- The main role of the bankruptcy lawyer is to help his client find the best option and come out of the predicament and start his life afresh. The same holds good for businesses and companies too. He will in fact be a guiding force and suggest various possibilities to seek respite.
- His main focus will be to eliminate debt in the best way possible. He can suggest various options like liquidating the assets that the client holds or distribute the proceeds between creditors. He will also abide by the reorganization plan that is approved by the court. He will however look into the way in which the creditors could be repaid over a certain period of time.
- The bankruptcy lawyer Las Vegas comes very much in demand as there is huge population in the city and the individual is also thoroughly familiar with bankruptcy law. There are different chapters which comprise Bankruptcy Laws. He will be able to provide adequate insight into various chapters and also guide the clients in the right direction.
As mentioned earlier, the main duty of the bankruptcy lawyer will be to explain what bankruptcy is all about. He will then ascertain each individual case and then identify the type of bankruptcy that the person falls under. The most common types of bankruptcies are Chapter 7 & Chapter 13. Filing for bankruptcy under each of these chapters has its own share of advantages and disadvantages. As a layman we may not be able to discern the difference but when you avail the services of a professional attorney, he will be able to provide you with all the necessary details that will help you arrive at a decision.
In short, the bankruptcy lawyer Las Vegas plays an indispensable role while filing for bankruptcy and perform numerous functions.