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How to Get Debt Relief in Nevada

Dena Standley | October 19, 2022

How you feel when you find debt relief ^^

Summary: If you're struggling with debt in Nevada, SoloSuit can help you find the relief you need.

Financial freedom is a way of life that evades most Nevadans today and, like many others across the country, most are saddled with debt. Over 3 million people live in the western state, which has seen a drop in unemployment. However, statistics show a debt increase of 3.5 percent, from $101,727 in 2020 to $105,281 in 2021.

Contrary to popular opinion, earning more money will not grant you this independence or guarantee a debt-free existence. But, some debt relief choices and programs are available to assist residents in repaying their debts or‌ filing for bankruptcy protection.

Debt relief is a blanket word covering various debt-reduction strategies. Here are several Nevada debt relief options to give you peace of mind. Most people can access debt relief, although the type depends on your circumstances and debt relief in Nevada comes in many forms, including;

  • Debt refinance
  • Debt consolidation
  • Transferring all your credit card balances to a card with a free or lower interest rate
  • Filing for bankruptcy credit counseling
  • Debt settlement
  • National-based and non-profit Nevada state organizations

Debt refinancing in Nevada

Because interest rates fluctuate so much, it may be worthwhile to consider refinancing your home, auto, or student loans. You might reduce your monthly payment by lowering your interest rate or refinancing into a longer-term mortgage, freeing up money for savings or debt repayment.

Refinancing your vehicle loans with reduced interest rates might save you if your credit score has improved since you first applied for financing.

That being said, consider your alternatives carefully if you're considering a student loan refinance. Refinancing federal loans entails replacing them with a private loan, which does not provide the same flexibility in payments as federal loans. You will also miss out on any forgiveness programs.

Consolidate all your debt in Nevada

Making payments to various creditors—credit cards, student loans, car payments, and so on—can cause more debt than you think. After all, you're paying each of those creditors, interest, and principal. Some of those creditors, particularly credit cards, may have variable interest rates that rise over time, resulting in you paying even more in interest.

By consolidating these debts into a single personal loan with a lower interest rate, you may reduce the amount you pay in interest, which means more of your money will go toward the principal, the most critical factor in debt elimination. Because you are paying less interest, you will have more money to save.

You also improve your credit score by lowering your credit utilization ratio and making regular payments.

If you have small, manageable debts, debt consolidation may not make sense. You may pay more in loan application fees than you would save by paying off high-interest debt.

Use a balance transfer card

Consider a balance transfer if you're solely trying to merge credit card debt. This is when you transfer one or more credit card bills to a new card with a reduced (or no) interest rate. When you sign up for a new credit card, you receive a promotional annual percentage rate (APR) term with a low or no interest rate. These cards are perfect for paying off debt with low interest.

But, your credit needs to be excellent to qualify for these cards and gain one with enough limit to cover the debt you wish to transfer. Most cards that offer promotional 0% APR rates demand a credit score of at least 700. You must make all payments on schedule or risk losing the special rate.

A balance transfer may suit you if you are punctual in paying it off and endeavor to pay off the debt before the promotional APR term expires (usually within 12 to 21 months). This entails paying more than the minimum. However, if you do not pay the balance in full before the promotional time expires, you may incur an interest that considerably exceeds what you were previously paying on your original cards.

Debt settlement in Nevada

Debt settlement is when your creditor agrees to a lump-sum payment for less than the total amount. You deposit a modest amount into an account each month, and when the account balance reaches a certain level, the debt relief firm contacts the creditor to request a debt settlement. Debt settlements are unique to each debt relief company. To qualify for debt settlement in Nevada, you must be able to make monthly payments into the debt settlement account and owe a certain amount of unsecured debt—usually $10,000 or more.

In Nevada, you can declare bankruptcy

If your debt is substantially greater than you can handle, it may be time to file for bankruptcy. Bankruptcy allows you to erase your debts or put up a debt repayment plan to eliminate them. Most people have a choice between two options:

  • Chapter 7 bankruptcy in Nevada: When entering Chapter 7, often known as liquidation bankruptcy, you may have to liquidate some assets to pay off your obligations.

  • Chapter 13 bankruptcy in Nevada: Often known as payback bankruptcy. With Chapter 13, you create a manageable three- to five-year debt payback plan.

Choosing the right chapter for you involves an evaluation of your assets, liabilities, and income. We strongly advise that you consult with a bankruptcy attorney or financial advisor to evaluate which option is best for you. Consider the following Nevada resources while deciding whether bankruptcy is best for you:

National-based and non-profit Nevada state organizations

Various charity, state- and national-based organizations can assist Nevada citizens with debt management. GreenPath Financial Wellness, for example, is a national non-profit that provides people with free debt counseling and money management resources (articles, webinars, and seminars).

The NGO also provides a fee-based debt management program. These fees vary depending on several things. GreenPath Financial Wellness has an office in Las Vegas besides online and phone services.

Similarly, Consumer Credit Counseling Services is a non-profit that provides credit counseling, financial education, budgeting help, and debt management strategies. They offer credit counseling at no cost.

Community Services of Nevada provides financial counseling and discusses alternate debt payment choices for Nevada homeowners who have trouble paying their mortgages. Here are the credit counseling agencies approved in Nevada by the Department of Justice.

Nevada has debt collection laws to protect you

If you are struggling to pay off your debts, you probably have debt collectors contacting you frequently to discuss these debts. This can be exhausting and frustrating, especially when the collectors become aggressive or pushy. Luckily, the Fair Debt Collection Practices Act (FDCPA) protects you from harassment from debt collectors.

Under the FDCPA, debt collectors are prohibited from using any of the following tactics when trying to collect on a debt:

  • Calling before 8am or after 9pm
  • Discussing your debt with your family members, friends, or coworkers
  • Calling you at work, especially when your employer prohibits such communications
  • Using threatening or vulgar language to persuade you to pay the debt
  • Lying about the debt amount or the legal action they will take to get you to pay
  • Pretending to be lawyers or police officers
  • Submitting false information to the credit reporting agencies

If you are a victim of any of these debt collection practices, you may be eligible for compensation. Learn how to report FDCPA violations and stand up for your rights.

What if I've been sued for debt in Nevada?

If you're being sued for debt in Nevada, you're not alone. Around 40% of Nevadans have debt in collections. The first step to winning your debt lawsuit is to respond to the case by filing a written Answer.

Use SoloSuit's free Answer form to respond to your debt lawsuit in Nevada.

To learn more about how to draft and file an Answer, check out this video:

What is SoloSuit?

SoloSuit makes it easy to respond to a debt collection lawsuit.

How it works: SoloSuit is a step-by-step web-app that asks you all the necessary questions to complete your answer. Upon completion, you can either print the completed forms and mail in the hard copies to the courts or you can pay SoloSuit to file it for you and to have an attorney review the document.

Respond with SoloSuit

"First time getting sued by a debt collector and I was searching all over YouTube and ran across SoloSuit, so I decided to buy their services with their attorney reviewed documentation which cost extra but it was well worth it! SoloSuit sent the documentation to the parties and to the court which saved me time from having to go to court and in a few weeks the case got dismissed!" – James

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