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What Happens to Tax Debt in a Nevada Bankruptcy?

Treatment of tax debt in bankruptcy is complicated, which leads to a great deal of confusion. The common belief that you can’t discharge tax debt in bankruptcy isn’t accurate. In fact, the Internal Revenue Service (IRS) specifically calls out bankruptcy as an option for managing tax debt on its website.  But, the opposite statement doesn’t tell the whole story, either. …

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The Truth about Bankruptcy and Employment

Many people considering filing for bankruptcy protection are concerned about the effect a bankruptcy filing may have on their current employment or their future employment prospects.It makes perfect sense that a person who is facing financial challenges significant enough to consider bankruptcy would not want to make take chances with his or her employment. Fortunately, the U.S. Bankruptcy Code provides …

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Understanding the Nevada Chapter 7 Bankruptcy Process

The legal process is daunting to most people. Even being called as a witness in someone else’s civil case or being summoned for jury duty can be stressful. So, it’s no surprise that many people struggling with debt are worried about the legal process associated with bankruptcy. Often, people considering bankruptcy are especially concerned because they are uncomfortable discussing their …

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Medical Debt and Bankruptcy

The link between medical debt and bankruptcy has become surprisingly controversial over the past decade. In 2005, then-Harvard-Law-Professor Elizabeth Warren published a study concluding that about half of U.S. personal bankruptcy filings were triggered in part by medical expenses. An update published four years later put that number even higher. Quibbling over those conclusions began almost immediately and hasn’t slowed. …

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The High Cost of Being in Debt

When you’re overwhelmed by debt, it’s often difficult to look beyond the “minimum payment due” box on your bills. Constantly racing against disconnection dates, juggling payments, and fielding debt collection calls leaves little time or energy for long-term planning. Often, the loudest debt collector or the one with the most intimidating threat gets whatever funds you have on hand, re-starting …

5 Things to Know About Government Lawsuits Against Mortgage Banks

Even though housing prices in Las Vegas and elsewhere began sliding in the mid-2000s, and the mortgage crisis didn’t strike until 2008, the federal government is finally prosecuting banks for committing various illegal acts. This should be welcome news for underwater homeowners who are considering filing Las Vegas bankruptcy. What benefits this will provide anyone is debatable, but based on …

Is Las Vegas Debt Stress Affecting Your Health? 4 Signs.

Dealing with debt (along with moving and starting a new job) is one one of the top life stress events.  And there’s no dispute that stress does affect your health. How do you know if your current debt situation is directly affecting your health? 1.  Unexplained aches and pains and/or auto-immune reactions such as a rash or even hair falling …

What If You Forget A Creditor During Your Las Vegas Bankruptcy?

Usually by the time a person visits a bankruptcy attorney in Las Vegas he or she has been struggling with overwhelming debt for months if not years.  Often the person’s creditors have not been paid for a considerable time.  It is not surprising that occasionally a person will forget to list a creditor in the bankruptcy paperwork. If an omitted …

Consumer bankruptcy filings increased! Listen Up Las Vegas.

Listen up Las Vegas…. across the nation, consumer bankruptcy filings have increased 14% from the same period one year ago. Over 770,000 consumers have filed bankruptcy during the first six months of 2010 – a rate of one in 150 households, according to data from the National Bankruptcy Research Center. The American Bankruptcy Institutes estimates that more than 1.6 million bankruptcy cases …

Las Vegas: The Bankruptcy Trustee Is Not Your Friend

The United States Trustee Program is a component of the Department of Justice. The Trustee Program appoints and supervises local private trustees who administer Chapter 7 and 13 bankruptcy estates. One of the private trustee’s chief duties in Chapter 7 cases is to liquidate the debtor’s nonexempt assets and pay creditors with the proceeds. Similarly, in a Chapter 13 case the trustee must …