How to protect assets in Nevada
When your family is dealing with money troubles, it feels like you’re all alone. In reality, countless hardworking families in Las Vegas and throughout Nevada have fallen behind on their mortgages, car loans, and other types of debt. If you start skipping payments, you will risk creditors assuming ownership of your most treasured belongings, or even your home or your vehicle.
But you don’t have to sit back and wait for your creditors to take your hard-earned possessions! Call or text us today at 725-373-5900 to schedule a free asset protection consultation, and one of our knowledgeable Nevada lawyers will explain bankruptcy filing requirements and how the law can protect your assets.
Nevada Asset Protection Laws
When you finance a substantial purchase like a house or vehicle, the loan is usually "secured" by the property you are purchasing. This means that if you default on your loan by falling behind on your payments, the lender has the legal right to take possession of whatever you bought.
For example, if you financed your Nevada home, you likely signed a deed of trust authorizing the lender to assume ownership of the property if you default. The lender then can foreclose on your home and force you out on the street, no matter how long your family has lived there.
Strategies for Protecting Your Assets From Creditors
Fortunately, Nevada bankruptcy laws can provide you with the protection from foreclosure and repossession that you need. On top of offering protection, filing for bankruptcy can wipe out your debt and let you start over fresh.
In Nevada, you can choose between two types of personal bankruptcies: Chapter 7 and Chapter 13. With Chapter 7, you can quickly and easily eliminate the majority of your consumer debts. While a case trustee is legally authorized to liquidate some of your assets to repay creditors, our experience is that DebtStoppers clients usually keep everything they own.
If you’re looking for guaranteed asset protection, you’ll probably choose Chapter 13, which never involves the sale of your property. Instead of eliminating debts, Chapter 13 reduces and restructures them into an affordable 3-to-5-year repayment plan. If you follow the payment schedule, you can enjoy total asset protection.
Another important benefit of bankruptcy is the automatic stay. The automatic stay is a court order that immediately prohibits your creditors from taking collection actions against you — including foreclosure and repossession. Once the stay has been issued, your creditors won’t even be allowed to call you!
Common Reasons for Asset Collection
Asset collection occurs when debt collectors accept your property as payment on your debt. If a creditor secures a court judgment against you, they can often force you to sell your belongings to pay your debts.
Your creditors can obtain a judgment against for unpaid:
- Credit cards
- Personal loans
- Medical bills
- Payday loans
- And more
We Can Help You Protect Your Assets
DebtStoppers provides its clients with asset protection plans that help them keep their hard-earned belongings. Call or text us today at 725-373-5900 to sign up for a free debt review with one of our experienced asset protection Nevada attorneys.
At DebtStoppers, we’ve developed proven asset protection strategies that let you hold on to your possessions. Call or text DebtStoppers today at 725-373-5900 to request your customized asset protection bankruptcy plan.