Bankruptcy and School Expenses

The main purpose of the bankruptcy means test is to prevent wealthy debtors from filing for Chapter 7 Bankruptcy. Debtors who earn more than their state’s median income for their family size must complete the means test to determine eligibility. The means test deducts reasonable and necessary expenses from average income. If there is sufficient “disposable income” after these expenses …

Sanctions for Bank in Nevada Foreclosure Mediation

Nevada’s foreclosure mediation program has had mixed results, few of them resulting in principal reductions. However, in the good news department, thanks to a Nevada Supreme Court ruling a homeowner won sanctions against a lender that participated in foreclosure mediation in bad faith. Here are the facts. ·       The homeowner, Miguel Jacinto, emerged from a successful mediation with Citimortgage with …

Can I Select Which Debts To Include In Bankruptcy?

One of the most common questions asked by new bankruptcy clients is, “Can I leave a debt off my bankruptcy?” The answer is an unequivocal “no.” Every debt you owe at the time your bankruptcy is filed must be listed in your bankruptcy schedules. However, not every debt is discharged, nor is every debt forgotten. While the federal bankruptcy laws …

6 Strategies for Married Couples in Las Vegas Bankruptcy

Many struggling homeowners in Nevada who consider filing Las Vegas bankruptcy are married. The question of how the bankruptcy code addresses married couples is a common one, and rightly so. Married couples almost always take on debt together to purchase major items like cars and houses, and even if they don’t, the financial decisions to do so are based on …

4 Ways Las Vegas Debtors Can Modify a Chapter 13 Repayment Plan

For people who are considering filing Las Vegas bankruptcy, Chapter 13 has a few benefits that Chapter 7 does not, but in many cases, people file in Chapter 13 because the Chapter 7 means test prevents them from doing so. Chapter 13, however, isn’t easy, and frequently, those who start down the 3-5-year repayment plans fail to complete them. If …

Bankruptcy Exemptions

In the ancient Roman world, most commercial transactions took place in open market places. Moneylenders transacted business on benches in these markets. When a moneylender failed, his bench (bancus) was broken (ruptus) to signify publicly that he was no longer in business. In the ancient world, a debt could result in the creditor taking property, or even forcing the debtor …

What Happens to Las Vegas Parents Who Co-Sign Student Loans?

More and more, we’re hearing about a student loan crisis brewing, and that debtors are having difficulty resolving their student loans in bankruptcy, in Las Vegas as much as anywhere else. Most of the time, the media portrays it as an issue affecting younger people, but there are many older student debtors, and more commonly, many of the younger debtors’ …

5 Facts about the Meeting of the Creditors in Las Vegas Bankruptcy

It’s common knowledge that filing the bankruptcy petition with its attached schedules initiates the bankruptcy case. Most of the time debtors feel some relief because the automatic stay comes into effect, meaning they are no longer subject to collection efforts and foreclosure proceedings. The next phase of the bankruptcy process is what’s referred to as the “examination,” or the “meeting …

5 Things for Las Vegas Bankruptcy Filers to Know about Pro Se Creditors

Back in April, the bankruptcy court of the Central District Court of California published a report titled, “Access to Justice in Crisis: Self-Represented Parties and the Court.”  Bankruptcy lawyers who noted it focused on the evidence it provided that showed how bad an idea it was to file bankruptcy without experienced legal counsel. The report’s research persuasively showed that going …

6 Things to Know about ‘Luxury Goods and Services’ in Las Vegas Bankruptcy

One of the changes the 2005 bankruptcy law made was to lower the minimum amount of debt a debtor could take on within 90 days of filing bankruptcy for spending on “luxury goods and services.” If the amount of debt is greater than this minimum threshold, then the debt is presumed to be fraudulent and therefore nondischargeable. Thus, there are …