Insights From A Tax Attorney Las Vegas NV
We are a tax attorney in Las Vegas NV, and we would like to help with your debt situation. Read below for more information.
Debt can have crippling effects on a person’s financial life. Sometimes, the burden of debt can become absolutely unbearable. It is during such a time that many individuals start exploring all the debt relief options available to them. Although many debt relief methods have a negative effect on your credit score, they can also be the only chance you have to lead a debt free life.
However, debt relief is a process that is governed by many federal laws. It is very important to be thoroughly familiar with all the legal implications of any given program before you settle on it. Keep in mind that the laws aren’t aimed at absolving you of your debt burden. They are to ensure that the collection of debt is done reasonably. Some of the most common relief systems include bankruptcy, debt management and debt settlement.
1. Debt management
You can choose to renegotiate the terms of your unsecured loan with your creditors if the burden of repaying the debt becomes too onerous for you. For instance, you could ask them to look into lowering the interest rates they charge on the funds you borrowed. This will ease the repayment load for you. In most instances, the creditors will close your credit accounts, but that may be all you will have to suffer.
2. Debt Settlement
Alternatively, you can ask your creditors to accept partial payment of the debt in settlement for the full amount. This will of course take some convincing. This is why it is best done with the help of a settlement company. Often, creditors are threatened by the companies into accepting the smaller amount of money.
Usually, you will deposit some money each and every month to an account owned by the settlement company. This is done instead of repaying the money to your creditors. Over the long haul, your debt will accumulate to colossal amounts of money. The settlement company will then approach your creditors. They will propose that they accept some little money instead of losing it all. The catch here is that you are vulnerably exposed to any number of legal actions, as the law provides little protection for such debtors.
You can also choose to file for bankruptcy, but this should be seen as a last option. Sometimes, even after slashing your budget and trying your ultimate best to settle your debts, it just isn’t possible to do so. When you get to this point, declaring bankruptcy can be the out that you need. That way, all your unsecured loans are erased. You are then saved from having to lose your property to tenacious creditors. On the downside however, filing for bankruptcy can have a very long lasting effect on your credit scores. In fact, it will stay in your credit score for a whole decade. Also, you can not file for bankruptcy again until a period of 8 years. If you get overwhelmed by debt again, you stand to lose everything.
Why do you need a tax lawyer Las Vegas?
1. Protection from harassment
Nobody enjoys having creditors breathing fire down their neck every single minute. In fact, even the law appreciates just how relentless and obstinate creditors can be when they are collecting money owed to them. This why it seeks to protect debtors from harassment. However, in most instances, many debtors don’t even know that a creditor is crossing a line, and they end up being bullied unnecessarily. With a tax lawyer Las Vegas, you will be more enlightened about your rights, and are likely to suffer less at the hands of creditors.
2. Legal Advice
Debt relief is at its core a legal activity, and you would be ill-advised to go ahead with it without the help of a qualified tax lawyer Las Vegas. You need to know all the ways in which the law works to your advantage as a debtor, and how to exploit those provisions to your maximum advantage.
3. Court Battles
More often than not, creditors will take a case of debt to court in the hope that their debtor will be compelled to repay the amount of money owed. While this is generally true, it also isn’t always as clear cut as that. A tax lawyer las vegas can be able to argue your case in a way that compels the judge to rule in your favor, and this can help you a great deal. For all you know, it might be the only reason the creditors will be stopped from coming at you so doggedly.
Debt relief is a process best undertaken with the help of a debt attorney. The expertise and experience of such an attorney can seal some loopholes in your financial case that you probably wouldn’t have noticed, and this will certainly save you plenty of legal trouble in the future.
We are the best tax attorney in Las Vegas NV. We offer a free consultation to decide the best course of action. Contact us today at (702) 800-7230.