Why File an Individual Chapter 11 Bankruptcy?

While an individual may qualify for several different chapters in the Bankruptcy Code, most consumer debtor attorneys only concern themselves with two: Chapter 7 and Chapter 13. Occasionally, a high income debtor needs bankruptcy relief, but is disqualified from Chapter 7 because he makes too much money and has too much debt to qualify for Chapter 13. What can be …

Chapter 11 Can Help Turn Around A Small Business

For many people Chapter 11 bankruptcy conjures up thoughts of General Motors or Washington Mutual.  Fortunately, Chapter 11 bankruptcy is not just reserved for billion dollar corporations, but is a useful tool for many small companies suffering from financial distress that need to reorganize. Chapter 11 of the Bankruptcy Code contains special provisions designed for small businesses.  Generally, to qualify …

Loose Lips May Sink Your Las Vegas Bankruptcy

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 …

Las Vegas Bankruptcy Can Provide A Second Chance At Financial Success

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 …

Las Vegas Chapter 11 Bankruptcy: What is it?

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 …

Las Vegas: What is Chapter 7 Bankruptcy?

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 …

Bankruptcy Filings Increase Fourth Straight Year

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 …

Home Prices Drop Two Percent Nationwide

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 …

Las Vegas Chapter 11 Plan of Reorganization

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 …