Archive for the ‘las vegas chapter 11’ Category
Monday, June 20th, 2011
During World War II American servicemen were cautioned against careless talk that might reveal information useful to the enemy. One popular saying was, “Loose lips sink ships.” Today, debt collectors are using a variety of information sources to locate income and assets. A similar warning may be applied to bankruptcy debtors: “Loose lips may sink your bankruptcy.”
For some time debt collectors have used social media sites to discover information about a debtor. One popular method is through Facebook, which boasts more than 500 million active users. Some collectors make a friend request in order to gain access to the debtor’s private information and friends. Once the friend request is accepted, the collector will monitor the Facebook page for information concerning income and assets.
While Facebook is a fun way to keep in touch with your friends and discuss what is currently happening in your life, it can also create problems when you reveal too much. For instance, pictures of your home (including furnishings), yourself wearing jewelry, or photos of Christmas or birthday presents could reveal assets that were not listed in your bankruptcy schedules, or perhaps were erroneously under-valued. Additionally, discussion about jobs or even hobbies may reveal un-reported or under-reported income.
Not only are debt collectors looking for this information, but the bankruptcy trustee, private creditors, or perhaps an angry ex-spouse or ex-business partner may also be interested. In most cases debtors adequately account for income and assets, and the information obtained on an individual’s Facebook page is negligible. But why take the chance? The best advice is to heed this advice: “Loose lips may sink your bankruptcy.” Be careful what you disclose publicly – especially over the internet.
If you are struggling with debt, discuss your financial situation with a bankruptcy attorney. A licensed Haines & Krieger Las Vegas bankruptcy attorney will keep your financial information confidential and give you legal advice that will lead to a financial fresh start. For a free consultation call us at 702-880-5554 or visit our website at www.hainesandkrieger.com.
Tags: clark county, debt collection, information, las vegas bankruptcy attorneys, las vegas bankruptcy lawyers, nevada, southern nevada
Posted in General, bankruptcy in las vegas, bankruptcy in nevada, haines and krieger, las vegas bankruptcy, las vegas bankruptcy attorneys, las vegas bankruptcy information, las vegas bankruptcy lawyers, las vegas chapter 11, las vegas chapter 13, las vegas chapter 13 attorneys, las vegas chapter 13 bankruptcy attorneys, las vegas chapter 7, las vegas chapter 7 bankruptcy attorneys | No Comments »
Saturday, April 16th, 2011
Some individuals in Las Vegas are reluctant to use the federal bankruptcy process to legally adjust an unmanageable personal financial condition. Many of these people view bankruptcy as a personal failure, something to be avoided at all costs. In truth, bankruptcy is not a declaration of failure; it is simply the recognition of an inability to pay creditors. This may be caused by financial mismanagement; or it may result from illness, job loss, or another catastrophic event beyond your control.
The United States has historically been called as a country of second chances and opportunity. Consequently, it is not surprising that the United States is more forgiving of failure and ready to give the honest person a second chance. In 1934 the Supreme Court stated that the purpose of bankruptcy law to give the “honest but unfortunate debtor . . . a new opportunity in life and a clear field for future effort.” Local Loan Co. v. Hunt, 292 U.S. 234, 244 (1934). Bankruptcy attorneys often refer to this “new opportunity” as a financial “fresh start” that is provided by the bankruptcy discharge.
Bankruptcy is not about the end of something, it is the beginning. It is a chance to restart without the burden of unmanageable debt. Bankruptcy is, what some of today’s economists call “failing forward.” When a person files bankruptcy, she is using the law to restructure her finances so that her chance of future success is more likely. American humorist Will Rogers once said, “Good judgment comes from experience, and a lot of that comes from bad judgment.” Obviously, a large part of “failing forward” is not repeating past mistakes, but mostly it is giving yourself, now wiser and armed with good judgment, a second chance to do better.
If you are struggling with unmanageable debt and need to legally restructure your finances, consult with an experienced bankruptcy attorney. Call 702-880-5554 to set up your free Las Vegas bankruptcy consultation. The federal bankruptcy laws can provide a second chance at a bright financial future, and an escape from a life buried in debt.
Tags: attorneys, las vegas chapter 13 bankruptcy, las vegas chapter 7 bankruptcy, lawyers
Posted in bankruptcy in las vegas, bankruptcy in nevada, haines and krieger, las vegas bankruptcy, las vegas bankruptcy attorneys, las vegas bankruptcy information, las vegas bankruptcy lawyers, las vegas chapter 11, las vegas chapter 13, las vegas chapter 7 | No Comments »
Thursday, March 17th, 2011
What’s the deal with Las Vegas Chapter 11 bankruptcy?
While Chapter 7 is a straight liquidation, Chapter 11 bankruptcy is considered to be a reorganization of the debtor’s debts. It’s often used by corporations that wish to continue their business while resolving some of their major debts. But it’s also used by individuals with significant assets or debts (Think Lenny Dykstra and other celebrities.) Chapter 11 cases also usually take longer than Chapter 7 cases. Under Chapter 11 you can reduce or get rid of debts by deciding which leases to assume or reject, curing defaults, paying taxes over an extended period, or restructuring debts owed in other ways.
Do I need a lawyer to file for Chapter 11?
Yes, you do need a lawyer for Chapter 11. And not just any bankruptcy lawyer, but on who has experience handling Chapter 11 cases. Issues and strategic issues are generally more complicated and involved than in a Chapter 7.
To learn more about Chapter 11, please contact Haines & Krieger at 702-880-5554 us for a free initial consultation.
Tags: attorneys, bankruptcy, henderson, information, las vegas chapter 11, lawyers, nevada, nv, online
Posted in bankruptcy in nevada, haines and krieger, las vegas bankruptcy, las vegas bankruptcy attorneys, las vegas bankruptcy lawyers, las vegas chapter 11 | No Comments »
Wednesday, March 16th, 2011
Are creditors allowed to call me at work in Las Vegas?
They can. BUT NOT if you tell them you can’t take calls at work. And telling them is just as valid over the phone as it is if it’s in a written letter. This restriction on creditors is included in the Fair Debt Collection Practices Act (FDCPA) . Be aware, of course, that if you listed a work phone number on a credit application, then that may be why a creditor is calling you at work. So just remember to tell them that they may not call you there.
At what times are creditors allowed to call?
During the day between 8 am and 9 pm. If a debt collection agency calls you before 8 am or after 9 pm, then they have violated the Fair Debt Collection Practices Act. And such violations may entitle a debtor to an action for damages. That’s why it’s important to keep a record of calls from creditors and collection agencies. And also why it helps to have an experienced Las Vegas bankruptcy attorney in your corner.
Is there some way to stop creditors from calling me?
If you file for bankruptcy, something called the “automatic stay” protects you immediately. It’s kind of like a force field around you that prohibits creditors from contacting you in connection with any monies owed. It’s one of the very powerful protections afforded by the bankruptcy process. Creditors who violate it risk sanctions by the court.
More questions about how to stop phone calls from creditors? Ask an experienced Las Vegas bankruptcy attorney at Haines & Krieger at 702-880-5554. Get in touch for a free initial consultatoin.
Tags: bankruptcy, boulder city, creditors, filing bankruptcy, henderson, las vegas, nevada, north las vegas
Posted in bankruptcy in nevada, haines and krieger, las vegas bank account debt, las vegas bankruptcy, las vegas bankruptcy attorneys, las vegas bankruptcy information, las vegas bankruptcy lawyers, las vegas chapter 11 | No Comments »
Friday, February 18th, 2011
The Bankruptcy Code is a set of federal laws first enacted by Congress in 1979. The Bankruptcy Code is divided into chapters that provide specific legal protection for debtors experiencing serious financial difficulty. Chapter 7 of the Bankruptcy Code is the most commonly filed bankruptcy. Chapter 7 is often called a “liquidation” bankruptcy and is used by individuals, partnerships, or corporations who have no hope for repairing their financial situation and repaying their creditors. During a Chapter 7 case, the debtor’s property is liquidated in accordance with the rules of the Bankruptcy Code and the proceeds are used to pay creditors.
However, liquidating everything that a person owns is not practical. State and federal laws exempt certain property from creditor collection, and the truth is that only about one case in twenty-five has an asset that can be converted to cash and distributed to creditors, according to a report from the United States Trustee Program. Obviously, if you own a very expensive luxury item like a grand piano or expensive art, that property is at risk. On the other hand, if you own “Average Joe” type property necessary for day-to-day living, your property is likely protected from creditors.
The instant a Chapter 7 case is filed an “automatically stay” against creditor action is imposed. This stay arises by operation of law and requires no judicial action. Creditors may not initiate or continue lawsuits, garnish wages, or even place telephone calls demanding payment. This provides a “breathing spell” for the debtor to develop a strategy for eliminating or repaying debts. The bankruptcy clerk sends notices of the bankruptcy filing to all creditors listed in the debtor’s bankruptcy schedules.
One of the main objectives of Chapter 7 bankruptcy is to give an honest debtor a “fresh start.” The bankruptcy court will issue a discharge to the Chapter 7 debtor near the end of the case which acts as a legal injunction against the collection of debts. A discharge is only available to individual debtors, not to partnerships or corporations.
Chapter 7 is an “erase-your-debts-start-fresh” bankruptcy. Unlike Chapter 13 or Chapter 11, the debtor does not pay anything to creditors from future income. The vast majority of debtors lose nothing during the Chapter 7 process. However, there are income restrictions and some debtors may have equity issues in property. An assessment from an experienced bankruptcy attorney will inform you of your eligibility and whether Chapter 7 bankruptcy is right for you.
For a free Las Vegas bankruptcy consultation, call the offices of Haines & Krieger at 702-880-5554 or fill out or new client intake form.
Tags: boulder city, chapter 11, chapter 13, chapter 7 bankruptcy, consultation, free, henderson, information, las vegas, nevada, north las vegas
Posted in las vegas bankruptcy, las vegas bankruptcy attorneys, las vegas bankruptcy information, las vegas bankruptcy lawyers, las vegas chapter 11, las vegas chapter 13, las vegas chapter 7 | No Comments »
Monday, January 10th, 2011
Calendar year 2010 saw personal bankruptcy filing rates rise to the highest level in five years, according to information collected by the American Bankruptcy Institute, an association of attorneys and other bankruptcy professionals. There were 1,530,078 personal bankruptcy cases filed during 2010, a 9% increase from 2009. While the total numbers of bankruptcy filings continue to climb, the 9% increase from 2009 is actually the lowest rate increase in the last four years.
Nationwide, 1 out of 150 people filed bankruptcy in 2010. Nevada, with its unemployment rate at 14%, has the highest per capital filing rate averaging 1 bankruptcy filer out of every 67 residents. After Nevada, Georgia and Tennessee have the highest filing rates per capita, about 50% more than the national average. Alaska, South Carolina, Texas, North Dakota, South Dakota, and Vermont have the lowest filing rates.
A few states saw sharp increases in the number of personal bankruptcy filings. Hawaii experienced 29% more filings in 2010 over the previous year. California, Utah, and Arizona each had increases of 24%. The net increase in those states (about 62,000) was greater than the net increase in all other 46 states and the District of Columbia combined (around 60,000). The data indicates that while the southeastern states are filing bankruptcy cases at a slower pace, the southwest is experiencing further economic distress evidenced by its increased bankruptcy filing rates.
The raw bankruptcy data also shows a strong preference for Chapter 7 bankruptcy cases. Consumers filed Chapter 13 cases only 28% of the time during 2010. Information provided by the National Bankruptcy Research Center suggests that a higher percentage of Chapter 13 filings appears closely tied to high rates of auto loan delinquencies. Southeastern states have the highest percentage of auto loan delinquencies and corresponding high percentages of Chapter 13 filings.
If you are in financial trouble and need bankruptcy relief, you are not alone! The federal bankruptcy laws can help protect your income, assets, and retirement accounts, while stopping lawsuits, garnishments and repossessions. Speak with an experienced Haines and Krieger bankruptcy attorney and begin your path to a Fresh Start today! Call 702-880-5554 to set up your free bankruptcy consultation.
Tags: bankruptcy filings, boulder city, henderson, las vegas bankruptcy attorneys, nevada, north las vegas, nv
Posted in las vegas bankruptcy, las vegas bankruptcy attorneys, las vegas bankruptcy information, las vegas bankruptcy lawyers, las vegas chapter 11, las vegas chapter 13, las vegas chapter 7, las vegas chapter 7 bankruptcy attorneys | No Comments »
Friday, December 31st, 2010
Data recently released by Standard & Poor shows that home prices have dropped roughly two percent nationwide since June. This news is a grim reminder to homeowners that real estate is dragging behind in the economic recovery. In some cities, notably Phoenix and Las Vegas, home prices are now roughly where they were in 2000, while a 27 percent advance would have been needed to keep pace with inflation.
Some analysts have speculated that the homebuyer’s tax credit artificially supported the housing market, and now that this credit has ended, the impact of foreclosures and a glut of homes for sale will depress prices in many areas. However, an improving economy could offset that trend and increase demand for homes as the job market improves.
In many cases the federal bankruptcy laws can help a family deal with a home that is losing value. During a Chapter 13 bankruptcy a debtor is able to strip away an entirely unsecured second and/or third home lien. A junior lien is unsecured when the senior lien is more than the value of the home. An unsecured junior lien can be stripped and the debt discharged during a Chapter 13 bankruptcy.
A Chapter 13 bankruptcy also provides an opportunity to negotiate with the lender for a modification of the debt. In some cases the lender may reduce principle or interest and modify the existing note, making staying and paying on the home a more attractive option.
During Chapter 7 bankruptcy or Chapter 13 bankruptcy, a debtor is able to walk away from a house and discharge the debt. In this way bankruptcy can be used as a financial tool to relieve the burden of a declining investment.
If you are struggling with debt and overwhelmed by a home that is depreciating in value, speak with an experienced bankruptcy attorney and discuss your options. Your bankruptcy attorney can help you devise a plan to eliminate your debt and improve your financial situation, both short term and long term.
Tags: boulder city, henderson, las vegas chapter 13, las vegas chapter 7, nevada, north las vegas, nv
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Friday, December 17th, 2010
Occasionally an individual or couple cannot qualify for a Chapter 13 repayment bankruptcy and must file under Chapter 13. The procedure for proposing a Chapter 11 plan of reorganization is dictated by the Bankruptcy Code and is in many ways similar to a Chapter 13 bankruptcy. The Chapter 11 bankruptcy debtor may file a plan of reorganization during the first 120-day period after the case is filed, and the debtor has 180 days after the entry of the order for relief to obtain creditor acceptance of its plan. After that period a creditor may file a proposed plan with the court. A bankruptcy trustee, if one is appointed, will also file its own plan, or a recommendation for conversion or dismissal of the case.
The Bankruptcy Code lists mandatory and discretionary provisions of a Chapter 11 plan, including the designation of classes of claims and interests. Generally, a plan will classify claim holders as secured creditors, unsecured creditors entitled to priority, general unsecured creditors, and equity security holders. These classes will vote on the acceptance or rejection of the proposed plan(s).
Before confirmation of a plan of reorganization can be granted, the court must be satisfied that the plan is in compliance with all the requirements for confirmation stated in the Bankruptcy Code. In order to confirm the plan, the court must find, among other things, that: (1) the plan is feasible; (2) it is proposed in good faith; and (3) the plan is in compliance with the Bankruptcy Code. In order to satisfy the feasibility requirement, the court must find that confirmation of the plan is not likely to be followed by liquidation or the need for further financial reorganization.
A Chapter 11 bankruptcy case is a complex legal proceeding requiring the leadership of a skilled and experienced bankruptcy attorney at Haines and Krieger at 702-880-5554. An experienced bankruptcy attorney can guide you through the Chapter 11 process, and help you reach the best possible financial outcome.
Tags: chapter 13, haines & krieger, las vegas chapter 11
Posted in las vegas bankruptcy, las vegas bankruptcy attorneys, las vegas bankruptcy information, las vegas bankruptcy lawyers, las vegas chapter 11, las vegas chapter 13, las vegas chapter 13 attorneys | No Comments »
