Blog 2018-10-27T23:30:04+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.




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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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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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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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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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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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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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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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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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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