To many of us, Las Vegas is the city of neon lights, all-night long parties, lavish resort and casinos. What we always forget is the city is not just made of tourists. Las Vegas is home to about 624,000 people who live in either the city or the suburbs. The city is only marginally cheaper than NY and that does not make life any easier for the businessmen and residents of LV.
The most common fate of businesses in LasVegas
It is common for most new businesses to fail that is located in the heart of the city. Between 215 and 15 Charleston Boulevard, about 500 businesses close down steadily each year. This is just an average number of business that also close down on the north side of Sahara and Decatur every year. Only about 15% of all new businesses in Las Vegas has a chance of surviving the first year.
Is bankruptcy an option?
As we all know, Trump has declared bankruptcy twice in his business lifetime and yet, he has managed to make a fortune. However, bankruptcy should not be your option unless you are a millionaire as most people filing Chapter 7 bankruptcy in Nevada are. You will likely lose your house and car since their value will be determined after deducting your mortgages and loans. Your property in Nevada may also be at risk if your creditors have “security interest” in your car, home etc.
Keeping mortgaged property after filing for a Chapter 7 or Chapter 13 bankruptcy is rather difficult. If you receive any inheritance or life insurance benefit within 6 months of filing for bankruptcy, that money will go to your creditors.
Overall, bankruptcy is an option, but it is not the smart one.
What’s the smart way out?
Debt consolidation is a wonderful way to restore the health of your business finances without making any compromises on private property or lifestyle. Many businesses all across Nevada have filed for debt consolidation. These debt consolidation companies coalesce all your debt together and pay your creditors off with one huge amount. You can later pay these companies off in monthly (fixed) installments at low-interest rates.
3 points to remember while opting for debt consolidation in Las Vegas –
Just like bankruptcy, there are a few downsides to debt consolidation. However, you can easily avoid them by sticking to these 5 points:
- Do not borrow against your home: Many lenders prefer to give secured loans only. In that case, you should find another company that is ready to give unsecured consolidation loans and compares their terms.
- Consolidation loans should cost less: If you working with the right company, the new installments and interest rate should bring your monthly expense down significantly.
- Look for genuine companies: All genuine companies have online profiles, mentions, and reviews. Research, compare and consider before choosing your debt consolidation company.
Debt consolidation is not rocket science, but you need to be extremely cautious about the reputation of a consolidation company before you sign on the dotted line.
