Blog 2020-03-26T23:38:28+00:00


Bankruptcy Blog for Las Vegas Bankruptcy Lawyer

Nevada Bankruptcy Attorney Erik Severino Blogs About Bankruptcy Topics

Read on for news stories and updated information regarding Chapter 7 Bankruptcy, Chapter 13 Bankruptcy, Emergency Bankruptcy Filings, Foreclosure, Garnishment, and other general bankruptcy news from Nevada and throughout the United States. Our Las Vegas Bankruptcy Attorney will share helpful tips and information you need to know to guide you through the bankruptcy process.  Enjoy.

COVID-19 Cripples Vegas’s Economy, Bankruptcy Filings to Increase

March 26, 2020

COVID-19, the Coronavirus, has turned the Las Vegas economy into something a little darker.  There is a lot more uncertainty now than there has been for a long time. The people of Henderson and Vegas most affected are the people least able to afford it.  Service sector employees are some of the lowest paid people. However, with casinos, bars, restaurants, and even offices closing, service sector people like dealers, waitresses and custodians are going to be the most vulnerable.

COVID19 cripples Las Vegas economyBankruptcy will come up as the best option for a lot of folks.  Whether Chapter 7 bankruptcy or Chapter 13 bankruptcy, filing personal bankruptcy is usually the best bet.  Bankruptcy will wipe out debt instead of asking for concessions from creditors like debt relief companies. Instead of asking to pay half, the federal court will simply tell creditors they don’t get paid at all.  That is a powerful and beneficial tool.

Even though bankruptcy will be the best option for most people who lose jobs or go without income, there is still a stigma that comes with it.  This should not be the case. Throughout history, some of the most respected figures have gone bankrupt.

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What is Chapter 13 Bankruptcy?

Chapter 13 bankruptcy is the second most common type of bankruptcy in Nevada.  Chapter 7 bankruptcy is what is chapter 13 bankruptcy?the most popular type of bankruptcy in Henderson and Las Vegas.  There are definite differences between ch 13 and ch 7 bankruptcy.  While chapter 7 Bk wipes away all of your debts (With no repayment plan), whereas, Ch 13 bankruptcy, the filer repays a portion of their debt through the chapter 13 bankruptcy repayment plan.
Additionally, there are income requirements in a Nevada chapter 7 bankruptcy.  Usually qualifying for chapter 7 bankruptcy is determined by the bankruptcy means test.  If you are below the Nevada median income for your household size, you will more than likely qualify for a chapter 7.  However, in a chapter 13 bankruptcy you can qualify to file regardless of whether your income is below the Nevada median income level or whether you pass the means test. Nonetheless, your income will play a factor in determining whether filing a Chapter 13 case in Nevada is a feasible option for you.

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Las Vegas Firm Explores Federal Program to Assist COVID 19 Victims in Nevada

On 3/18.2020, our Las Vegas and Henderson attorneys write:
COVID-19, commonly known as the Coronavirus, is impacting us all in one way or another. The most serious threat is to the health and safety of our loved ones. We realize that there are more vulnerable sects of our population who are up against a frightening challenge. To those people, and everyone dealing with illness and stress of COVID-19, our hearts and prayers are with you.
Coronavirus assistance in Las Vegas blogThere will be many long term changes because of this pandemic that our city, our state, our nation is facing. The financial security of countless people, homes, both currently employed and unemployed, is in peril. Long term, family homes, vehicles, and assets may be threatened as we struggle through this trying time. Fallout from, casino closures, the stock market decline, climbing unemployment numbers, and many other inconveniences the financial drain and burdens will be sizeable.

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Las Vegas Economy Takes a Hit as Coronavirus Spreads

 On March 16, 2020, experienced bankruptcy attorneys at The Law Offices of Erik Severino wrote:
Whether you are reading this article from your desk at work, or from your home quarantine, you have probably noticed the spread of COVID-19 in the past few weeks.   It has affected many lives in Las VegasHendersonParadise, and throughout Nevada.  Many are not infected but are victims of casinos and businesses closing because of the Coronavirus.
Coronavirus affects bankruptcy courtAs more events are cancelled and more people begin to self-quarantine, people worldwide are worrying about the economic effects this pandemic will have. Though many may disagree about the severity of COVID-19’s impact, it is undeniable that the economy will soon see the results of the virus.  The impact will have consequences on Nevada Unemployment rates, the stock market, housing prices, interest rates, and this is quite possibly the tip of the proverbial iceberg.
Some Nevadans are self-quarantining, while others are working from home per their employer’s instructions. Currently, gatherings of more than ten people are discouraged. More people are holing up at home instead of going out for activities, such as bars and restaurants. Plus, employees in this industry are often rely on tips, and can expect greatly diminished income for at least the near future.
Also in Nevada, business owners of almost every type should be expecting reduced income and a drop in business. Employees in other sectors can expect a change in their work life- for example, the bankruptcy courts are closed for the rest of the month- but may work remote and receive their normal income. Detriments of the COVID-19 and it’s affect on Nevada employers and workers is going to be staggering across the board.

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Who is responsible for debt in a divorce in Arizona?

What happens to debt in a divorce or break up?Divorce is a complicated and most often difficult experience for couples. When money is involved, the emotional and financial connection is broken. Couples divorcing will have to decide how to split up anything and everything from furniture, possessions, the dog, and any debt that was accumulated in the marriage.

Who is responsible for which debt? More importantly, how do spouses protect themselves from the responsibility of an ex’s debt?

Technically, if your name is not listed on the debt, you are not legally responsible. So if you are going through a split, there may be a moral obligation to the other partner, especially whatever incurred in the debt benefited both of you. This moral obligation really depends on the nature of the relationship, where you live, and if you were married to your partner.

How to handle debt in a breakup? If not married, the person whose name is on the debt is responsible for repayment. Debt circumstances happen in many relationships. It’s when the relationship ends that makes life a bit more difficult. For example, you and your partner accumulate a credit card balance with the expectation that each would contribute to the payment. Reality? The name on that card is legally responsible for the bill.

Clearly, the best way to handle debt in the event of a breakup is to work together on how to split up the debt that was incurred while a couple. When the relationship is ending, however, this is not easy to do.

A cohabitation agreement may be established for couples not married to protect themselves from a potential breakup. Deciding in advance how debt or property would be divided in case of a split may help any discussion about handling debt. An official contract as such is an advantage when dealing with debt and a breakup.

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It’s the New Year. Time for a Fresh Start

Many of us start the new year with the resolution to leave all of the past’s baggage behind. Abandoning toxic situations and breaking bad habits will take self control. However, self control will probably not be enough to deal  with looming debts if you are already considering filing for bankruptcy.  Chances are that your current financial situation are already too dire to fix.  Perhaps filing for bankruptcy protection would provide you with the debt relief and “Fresh Start” that you seek.
There are many reasons that you may want to consider filing bankruptcy at the beginning of the year versus later on in the year.  Filing bankruptcy earlier in the year has it’s benefits.  Here are a few reasons to consider declaring bankruptcy sooner this year than later.

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Why Our Las Vegas Bankruptcy Attorney Offers “Zero Down Bankruptcy Filings”

infographic zero down bankruptcy programMany people in Las Vegas who need to file for chapter 7 or chapter 13 bankruptcy simply can not afford a bankruptcy attorney.  This is one of the many reasons that The Law Offices of Erik Severino offers “Zero Down Bankruptcy Filings”.
As we are in the full swing of the Holiday season, there is no greater time that the stresses of finances rear their ugly head.  Christmas and New Year’s is a usual time of year that people reach the end of their rope with credit cards and bill collectors.  There is not much Holiday cheer when a person is worried about a wage garnishment or repossession.
Something to consider as we are heading into the new year is getting a “Fresh Start” through our Zero Down Bankruptcy Filing.  The no money down bankruptcy filing will be the perfect solution as chances are the bevy of Christmas presents and holiday expenses have left you without enough money to pay for a bankruptcy lawyer in advance.  If you had to wait and save $1200 or more to pay an experienced Nevada bankruptcy attorney, how long would you have to wait before you could get the much needed debt relief.

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Potential Bankruptcy for Forever 21 Clothing Store

Forever 21 is a clothing retailer for teens and fashionable young adults. The company is preparing for a potential bankruptcy, according to reports. The clothing retailer has more than 800 stores in 57 countries. Forever 21 is among the traditional “brick and mortar” stores that have seen financial trouble as young shoppers make online purchases instead of heading to the mall.

American Apparel, Aeropostale, Wet Seal, and Delia’s are among the retails the filed for bankruptcy and/or closed stores in the past five years. A major factor in declaring bankruptcy was the presence of online shopping.

Forever 21, a  privately owned business still run by its founders, reports $3.4 billion in annual sales and employs 30,000 workers. The owners are trying to maintain control of the company, but this limist the ability to find funds its company may need to avoid a bankruptcy filing.

“Preparing for potential bankruptcy” could indicate that the fashion retailer has talked with lenders and advisers to restructure its debt, according to reports. Although Forever 21 was / is a strong store presence, internet consumers affect chain stores, and “potentially” Forever 21’s days may be numbered.

In the past several years, American companies that have thrived decades of substantial store business including Sears, Toys R Us, Payless, and Mattress Firm have filed for bankruptcy. Even thought these stores were household brand names, they struggled keeping up with online shopping.

A chapter 11 bankruptcy filing is an option for Forever 21. This chapter filing  may offer an opportunity for Forever 21 to restructure debt while continuing to operate the business. If Forever 21 can continue profit, without rebranding or with only closing smaller, less profitable stores, they may not have to completely shut down.

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How a $15.00/hr. Minimum Wage Increase Would Affect the U.S.

Federal minimum wage was created in 1938. Since 1938, in the last 81 years, minimum-wage has increased from $.25 to $7.25.  For the longest time in history, Congress has not raised the wage (over 10 years). The federal minimum wage is currently $7.25 an hour. The Congressional budget office is evaluating the impact of raising the federal minimum wage. A new report considers what the impact in our country would be if the federal minimum wage was raised to $15 an hour.

Of course, raising minimum-wage would be a hot-topic issue and a reported it 27 million people would benefit from the increase in pay. There are arguments for and against raising minimum-wage to $15 an hour by the year 2025. Some critics opposed to raging raising the minimum wage say employees would lose their jobs because employers would not be able to afford that wage. Currently it is uncertain that the increase in the wage would have an effect on employment.

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Toys-R-Us Pays Severance

A bankruptcy judge approved a settlement to be paid to 33,000 former Toys R Us workers. The laid-off employees filed a class-action lawsuit against the company. Workers are receiving $2 million dollars. The law firm representing Toys R Us is getting $56 million. When a company files Chapter 11 bankruptcy protection, pensions and severance payments are considered unsecured debt. This means these debts are less likely to be paid in a bankruptcy, as they are low-priority debt.

33,000 Toys R Us workers awarded to split $2 million severance package

Although awarded $2 million dollars, each of the former Toys R Us workers will receive around $60. News reports indicate that some of the company’s previous employees who gave thirty years of service are disappointed and feel unappreciated and undervalued. Some of the workers are staying out of jobs in retail altogether, indicating other bankruptcies in the industry (Sears, Shopko, Kmart).

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Filing Bankruptcy on your Doctor

Filing bankruptcy for medical debt

Filing bankruptcy does wipe out medical debt. When filing a petition, the debtor is required to list all debts and creditors, this includes medical debt and doctors. A Chapter 7 bankruptcy permits unsecured debts, such as medical bills, to be discharged.

A legitimate and common concern is the possibility of a person losing a doctor if they file bankruptcy to discharge medical debt owed.

In an emergency medical situation, regardless of insurance status or the ability to pay, everyone is entitled to initial treatment. A federal law called the Emergency Medical Treatment and Labor Act states that anyone who seeks medical attention at emergency department shall be stabilized and treated.

Can your medical treatment be terminated if you file bankruptcy on your doctor? If you owe your doctor money, and you are required to list that debt in a bankruptcy, you may not necessarily have to find a new physician. One recommendation would be to contact the doctor before filing bankruptcy. It would be appropriate to discuss your intent to file bankruptcy with the doctor to explain your situation. A payment arrangement could possibly be worked out with the doctor’s office, even though the money owed would be listed and erased in bankruptcy.

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Bankruptcy Filings Declining in the U.S.

chart showing a decline in bankruptcies in the U.S.

Bankruptcy filings in the U.S., according to the Administrative Office fo the United States Courts, were down .9% from March 2018 to March 2019. The statistics show a nation-wide declining trend since 2011. Bankruptcy cases peaked at almost  1.6 million in 2010, when data indicated an overall increase in filings from 2008-2011.

Eight years later, after the elevated number of bankruptcies in 2010, new bankruptcy filings have been cut in half. Compared to years past, consumer and business bankruptcies are at the lowest in almost a decade. It has been since

Americans may not be pursuing bankruptcy, possibly, in part because of the cost to file. Also, people may not have the assets to protect. Filing a Chapter 7 bankruptcy involves court costs, lawyer fees, and debtor fees. In a Chapter 13, a repayment and debt reorganization plan is constructed which includes these fees. The debtor  the course of the bankruptcy case pays back debt.2007 that bankruptcy petitions filed has been this low.

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Maker of OxyContin Explores Bankruptcy

The maker of OxyContin, Purdue Pharma LP, my be exploring bankruptcy as an option to acknowledge the liabilities that stem from about 2,000 lawsuits against the company. These lawsuits allege that the drugmaker supported the opioid crisis in the U.S. The litigations accuse the company of misguiding patients and doctors about the long-term risks of using its prescription opioids.

If Purdue files for Chapter 11 bankruptcy protection, the lawsuits would cease, allowing for the company to negotiate legal claims under the direction of a United States bankruptcy judge. Purdue denies the alleged clams against them, disputing that its opioids came with an FDA-approved warning label concerning the risks associated with the pain medications.

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Are the Conditions Right to File Bankruptcy in Las Vegas?

Unexpected Snowfall Hits Vegas
Snowfall in Las Vegas on February 20, 2019

Las Vegas, Nevada, February 20, 2019

A perfect storm has led to snowfall in Las Vegas this week.  The great 2019 blizzard took much of Las Vegas and Henderson by surprise.  Sometimes a perfect storm in your life can lead you to a financial hardship.  When facing financial hardship, it is important that you seek help to assist you with your debt relief need.

People often have the misconception that people file for bankruptcy because they were simply irresponsible with their finances. People assume debtor’s recklessly racked up their credit cards with vacations, shopping, and frivolous purchases. Just like most people won’t believe that snow if currently falling in Las Vegas, many won’t believe that very rarely are bankruptcy filings due to someone’s irresponsibility.  Take a look outside Clark County, Nevada, it looks like Christmas, though 2 months too late.

In fact, according to a recent study, over spending barely breaks into the top ten reasons people file for bankruptcy. The number one reason for filing for bankruptcy is medical expenses. One trip to the ER can leave someone hundreds of thousands of dollars in debt.  According to a Harvard University study, approximately 62% of bankruptcy filings are due to medical bills and expenses. An even higher percentage also had medical insurance that covered  a portion of the debt.

Job loss or reduced income is also a factor. With many companies downsizing due to the increase in minimum wage, people are starting to see themselves out of work. Often times employees will take a lesser paying position simply to remain employed. Unfortunately expenses don’t change when income does.

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Sweethearts Are Not Being Produced for Valentine’s Day Due to a Company Bankruptcy

SweetheartsIt’s hard to imagine a Valentine’s Day without one of the holiday’s most popular candies: conversation hearts. Sweethearts, the candy hearts stamped with messages like, “I LOVE YOU,” “CALL ME,” or “LOVE BUG” will not be available this Valentine’s Day. For the first time in 153 years, the Necco company will not be selling Sweethearts Conversational hearts. Typically, the candy company turns out around 8 billion candy hearts each year.

Operations at the Massachusetts plant that makes Sweethearts and other candy such as Necco Wafers has shut down by the owner of the company. Necco (that stands for New England Confectionery Company) is one of the the country’s oldest operating candy companies (170 years old), making  candies like Mary Jane and Squirrel Nut Zippers.

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Gymboree Preparing for Bankruptcy

gymboreeGymboree, the San-Francisco based major children’s clothing retail store, is reportedly filing Chapter 11 bankruptcy.  With over one billion dollars of debt, Gymboree is expected to not only file for bankruptcy protection, but also close all of its stores.

A report from The Wall Street Journal states that the company will file bankruptcy in order to liquidate Gymboree, Crazy 8, and Janie and Jack stores. The Janie and Jack stores may be saved if a buyer is found by the company for the brand. Currently, approximately 139 Janie and Jack stores are in operation across the nation.

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The Boy Scouts Consider Bankruptcy

Boy Scouts teach outdoor skills

The Boy Scouts of America teaches youth character, leadership, and outdoor skills.

After experiencing huge legal costs, reports say that the Boy Scouts have hired attorneys. The legal fees come from defending the organization against lawsuit claims of sexual abuse against them. Documented cases of sexual abuse has left a black mark on the organization whose foundation honors traditional values, character, and boyhood.

The Boy Scouts are suffering from debt and struggling financially because of the costs associated with defending themselves from sexual abuse accusations. The Wall Street Journal reported that The Boy Scouts of America is considering filing for bankruptcy. A law firm has been hired by the organization for possible assistance with a Chapter 11 bankruptcy filing. Filing the bankruptcy may stop the lawsuits facing the Boy Scouts of America. Bankruptcy might also give the nonprofit an opportunity to negotiate with victims who have sued the organization.

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The Automatic Stay – What is it and How Does it Work?

The Automatic stay is a legal term used when a consumer files for bankruptcy protection. It is a stay, which means any collection attempts by a creditor, law suits, or garnishments must stop when a bankruptcy is filed. This provides the relief needed from most collection efforts, and it goes into effect immediately when a bankruptcy petition is filed, and stays in place until the completion of the bankruptcy (discharge or dismissal). The automatic stay is granted for both Chapter 7 and Chapter 13 bankruptcy filings.

the automatic stay If you are experiencing harassment by creditors, the automatic stay can be beneficial. To suspend collection activities against you, the automatic stay will go into effect as soon as you file bankruptcy. The automatic stay is an injunction that helps you by suspending collection attempts as you reorganize your debt or restore your finances. 

When an attorney files a bankruptcy petition, a list of creditors is also filed. Each creditor is notified of the automatic stay by the bankruptcy court. Filing bankruptcy may be in your best interest if you require immediate action to stop a foreclosure, wage garnishment, or repossession, as the automatic stay is granted.

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Mattress Firm Joins Other Companies Who Have Filed Chapter 11 Bankruptcy in 2018

Mattress Firm files Chapter 11 bankruptcyThe largest mattress retailer in the country, Mattress Firm, filed for Chapter 11 bankruptcy. The plan for the company is to close around 700 of its stores. Currently operating 3,500 Mattress Firm stores, 200 will close immediately, as it plans to restructure.

As part of the business restructure plan, Mattress Firm would like to get out of some leases. The announcement of Mattress Firm closures accounts for almost a dozen retail companies that have filed for bankruptcy this year so far. According to a real-estate research firm, a recently-released report states that mall vacancy rates are at 9.1 percent. This is the highest level in seven years.

Joining Mattress Firm in filing bankruptcy include National Stores, Gumps, Brookstone, Rockport, Nine West, Claire’s, The Walking Company, Bon-Ton Stores, Kiko USA, and A’gaci.

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What If I Can’t Afford My Chapter 13 Payments?

Chapter 13 attorneyChapter 13 bankruptcy in Las Vegas and Henderson isn’t the most popular chapter of bankruptcy to file.  However, a chapter 13 bankruptcy does grant debtors a 3-5-year grace period to pay off the extent of their debt. Because this is a repayment plan, Chapter 13 is only available to people with regular sources of income. Debtors who successfully complete their repayment plans can effectively protect their assets and property from Chapter 7 liquidation.

If you find yourself in a Chapter 13 bankruptcy and are unable to make your monthly payments to fulfill your ch 13, you have a few options.

1.  You can request a Chapter 13 modification in which you may be able to reduce your monthly payment to a more affordable amount.

2.  Additionally, you could also suspend your payments.  This is the preferred option if the financial problems you are having are temporary.  Your Nevada BK lawyer can help you with this option.

3.  Depending on your personal and financial circumstances, you may be able to convert your current chapter 13 bankruptcy to a chapter 7 bankruptcy.  This option is primarily for people who are incapable of making their plan payments.

Regardless of which option you may choose.  You should always seek the help of an experienced bankruptcy attorney to assure that problems don’t arise.  Not making your chapter 13 payments is not the greatest position.  However, you do have options.

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How Much Debt Do I Need to File Bankruptcy in Las Vegas?

Find Out from a Las Vegas Bankruptcy Attorney
infographic: is bankruptcy right for you?There is no minimum amount of debt that is required in order to qualify for the ability to file for bankruptcy protection in Nevada.  In most cases, to file bankruptcy or not is a personal choice. Filing bankruptcy is different for every person.  If you file for bankruptcy will be determined by your independent circumstances.
Thus, if you are wondering of you have enough debt to file bankruptcy you should ask yourself the following questions.
  • Are you being threatened by a lawsuit for unpaid bills?
  • Do you have medical bills that you will never be able to pay?
  • Are you facing an eviction or a foreclosure on your residence?
  • Facing a repossession or in fear of losing your vehicle?
  • Do you have a wage garnishment against you?
  • Are you not able to make more than the minimum payments on your credit cards?
  • Have your utilities been shut off recently?
If you have answered yes to any of the following questions, filing chapter 7 or chapter 13 bankruptcy could definitely a beneficial form of debt relief.  Contacting an experienced bankruptcy attorney may help you better determine if declaring bankruptcy is in the best interest of you and your family.
People in Las Vegas and throughout Nevada considering declaring bankruptcy often wonder if their debt is large enough to qualify them for the protection they seek. There is no minimum debt requirement in bankruptcy. How much debt you have is certainly an important consideration when determining whether bankruptcy is in your best interest.
Should you Proceed Declaring Bankruptcy? 
The beginning process in bankruptcy starts with meeting with a bankruptcy attorney and determining if bankruptcy is the right debt relief option.  An experienced bankruptcy attorney can also advise you as to which chapter of bankruptcy suits your situation the best.  Chances are, either chapter 7 or chapter 13 bankruptcy will be advised as they are the 2 most popular forms of bankruptcy protection in Nevada.

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Brookstone Files For Chapter 11 Bankruptcy

Mc Carren Airport Stores to Stay Open

An increase of online purchasing and a decline of foot traffic in shopping malls and stores has caused some companies to go bankrupt. Recently, these “brick and mortar” retailers include RadioShack and Toys ‘R’ Us.  Now, another popular gift store, Brookstone, famous for personal massagers, tech gadgets, and travel accessories is filing Chapter 11 bankruptcy.  Brookstone plans on reorganizing their debt through Chapter 11 and close all stores.  Other well-known retailers located in malls who have also filed for bankruptcy, due to the lack of mall traffic, include Rue 21, Wet Seal, and The Limited.  Plus, the Brookstone company intends to maintain their brand and sell its products, just not at a store in a mall.

Brookstone Store in Las Vegas - Bankruptcy blog for Las Vegas Attorney

Brookstone store in the McCarran Airport, Las Vegas.  This is one of the approximately 35 airport stores the company plans on keeping open.  Picture by mylasvegaslawyers.

Additionally, chapter 11 bankruptcy includes a plan to repay creditors over time, still allowing the business to continue to operate.  Brookstone will maintain their online and wholesale business.  One of the top-sellers online at Brookstone are the Shiatsu Foot Massager with heat.  Also,bluetooth headphones, and luggage with charging ports.  The gift and gadget chain store will also keep open 35 stores that are located in airports.  Brookstone sell popular items to travelers such as neck pillows, luggage, and travel gear.

Brookstone in Pop Culture

It is a little known fact that the Brookstone brand name can be seen in the movie Jurassic World.  In some shots of the movie, you can see the Brookstone signage.  Maybe you have seen the episode of The Office where Dwight makes mention of Brookstone when looking for a specific gadget?  Brookstone used to be wildly popular but as the malls lost popularity, so did the Brookstone following.  The once well known, well visited store started to see a decline.  Unfortunately, the placement of their brand in the movie Jurassic World  movie or mention in a pop culture sit-com, did not boost sales enough to dodge bankruptcy.

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Medical Costs Soar, Consumers Need Debt Assistance


Las Vegas Medical Debt Attorney, Nevada bankruptcy blog - Low Cost AttorneyEmergency room and hospital costs are on the rise.  As medical costs soar, it is leaving many people in Nevada with outstanding medical bills.  This increase in medical debt will undoubtedly create an increase in the need for some sort of debt relief to combat the medical costs.
Additionally, one of the remedies for outstanding medical debt is filing for bankruptcy protection.  Discharging this medical debt may not be something you ever thought you would have to consider.  However, there may not be another choice if you hope to rid yourself of medical debt.
Recent reports indicate that emergency room visits in Clark County, Nevada, and across the country are being charged at much higher rates than they were just a decade ago.  These higher rates are creating problems for patients trying to service this debt afterwards.  The increase in fees is being attributed to fees that are being tacked on by medical centers.  These fees are usually charged to clients just for walking in the doors of an emergency room.

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What Happens To Your Credit Score After Filing Bankruptcy

Let Our Las Vegas Bankruptcy Attorney Help You

Repair your credit. Low Cost Las Vegas Bankruptcy Attorney, BK BlogAdditionally, most people believe that after filing for bankruptcy their credit score will drop drastically.  This, however, is not entirely true.  People filing for bankruptcy are usually already in financial hard times.  In these cases, where debtor’s already have a low credit score; the bankruptcy filer will see a significant increase within the first 12 months after filing for bankruptcy protection in Nevada.
The increase in a credit score after filing for chapter 7 or chapter 13 bankruptcy is largely due to the debt to income ratio being fixed upon the discharge of the unsecured debt.  In other cases when a debtor filed with a higher credit score, they may see a slight drop initially.  At the Law Offices of Erik Severino, our dedicated Nevada bankruptcy lawyer, pulls a bankruptcy specific credit report for our clients which will show them what to expect after filing.

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What Is a Chapter 20 Bankruptcy?

Our Las Vegas Bankruptcy Lawyer Explains

Chapter 20 Bankruptcy - Las Vegas Bankruptcy Lawyer BlogImagine filing for a Chapter 7 bankruptcy and then having an unexpected emergency.  An emergency that results in thousands of dollars of debt.  Most people are under the assumption that if they filed a Chapter 7 bankruptcy less than eight years ago they do not have the option of filing bankruptcy again.  While it is true that you cannot file another Chapter 7, there is the option of receiving a discharge under a Chapter 13 bankruptcy if it has been at least 3 years since the filing of a Chapter 7.  This is commonly known as a “Chapter 20” bankruptcy.

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Toys R Us Unable to Survive Chapter 11 Bankruptcy

Closing all Nevada and U.S. Stores

On Friday, June 29, 2018, the end of a legacy in the toy industry will close its doors for the final time.  After 70 years in business, Toys R Us will be no more.  Despite a last ditch effort in September 2017, the toy chain was unable to reorganize its debts in a Chapter 11 Bankruptcy to keep its doors open.  While a valiant effort was made, Toys R Us was unable to capitalize on the holiday season and secure a buyer to reorganize their debt.
Las Vegas Bankruptcy Blog, Toys R Us files for bankruptcy

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