COVID-19 and Bankruptcy FAQs2023-09-12T15:20:49-07:00
VEGAS BANKRUPTCY LAWYERS
HERE TO HELP LAS VEGAS THROUGH DIFFICULT ECONOMIC TIMES AND FINANCIAL CRISIS DURING THE CORONAVIRUS PANDEMIC
COVID-19 BANKRUPTCY FAQs
Las Vegas Bankruptcy Lawyer and Staff on 09/09/2020 wrote:
The Latest Bankruptcy Victim: The Las Vegas Monorail
It’s no secret that Las Vegas has been hit especially hard by the economic impact of the coronavirus pandemic. The initial damage was caused when nonessential businesses were forced to close, shutting down most of Nevada’s entertainment and hospitality industries. Tourism to the strip will likely be decreased for years to come due to prolonged unemployment and concerns about contracting COVID-19. While it’s now a part of daily life to turn on the news and see major stores and restaurants filing for bankruptcy, Las Vegas has now seen a more unique filing- the Las Vegas Monorail.
We help Las Vegas residents by offering help with COVID-19 and Bankruptcy through:
Bankruptcy by Phone
Zero Down Bankruptcy Filings
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File Now, Pay Later Payment Options
Experienced legal representation based on thousands of successfully filed Nevada bankruptcies.
Read other related Coronavirus and Bankruptcy Articles Here.
Coronavirus Pandemic Forces Companies to Consider Bankruptcy
Las Vegas Bankruptcy Lawyer and Staff on 4/28/2020 write:
The spread of coronavirus has been wreaking financial havoc on national and international businesses alike. Some industries, such as brick-and-mortar retail, were struggling before the pandemic. Filing bankruptcy will likely be the solution for many of these companies. Below are some of the companies that have already filed, or are still in consideration.
Have Filed Bankruptcy Protection
Many of the names on this list are familiar as several have stores in Las Vegas and throughout Nevada. Even some of the most common named businesses are either in the process of or are strongly considering filing for bankruptcy protection. Some of the companies will re-organize their debt in a Chapter 11 bankruptcy and come through this COVID-19 pandemic while others may have to do a Chapter 7 “Liquidation Bankruptcy”
We help Las Vegas residents by offering help with COVID-19 and Bankruptcy through:
Bankruptcy by Phone
Zero Down Bankruptcy Filings
Free Same Day Consultations
File Now, Pay Later Payment Options
Experienced legal representation based on thousands of successfully filed Nevada bankruptcies.
Read other related Coronavirus and Bankruptcy Articles Here.
Nevada Faces Financial Crisis Due to Pandemic
Las Vegas Bankruptcy Lawyer and Staff on 4/13/2020 write:
The spread of coronavirus is affecting almost everyone on earth, however, three states have been deemed the most economically vulnerable to the effects of coronavirus. Oxford Economics deemed Nevada the second most vulnerable, behind Maine and before Vermont. That type of a financial forecast is sure to scare.
Oxford Economics analyzed a number of factors to calculate economic vulnerability to the spread of coronavirus. States with older populations, those that rely on retail activity, and states with many small businesses were factors contributing to economic vulnerability. Additionally, reliance on tourism is another factor that Nevada obviously faces. Tourist attractions such as: Casinos, Clubs, Shows, and restaurants that visitors usually flock to would be closed to the public even if they wanted in.
We help Las Vegas residents by offering help with COVID-19 and Bankruptcy through:
Bankruptcy by Phone
Zero Down Bankruptcy Filings
Free Same Day Consultations
File Now, Pay Later Payment Options
Experienced legal representation based on thousands of successfully filed Nevada bankruptcies.
Read other related Coronavirus and Bankruptcy Articles Here.
Las Vegas Mainstay Cirque du Soleil Considering Bankruptcy
Nevada is projected to be one of the hardest hit states financially by the spread of COVID-19. Cirque du Soleil, which has six shows on the strip, recently had to lay off 95% of their employees, including the 1,500 located in Las Vegas. Cirque du Soleil was already in economic distress before the pandemic started. These existing debts, combined with quarantine measures closing their shows for the time being, and potential customers having less disposable income once the pandemic is over, is pushing them to the brink of bankruptcy.
Cirque du Soleil had just recently gone through a huge transition before the spread of coronavirus. The company’s founder, Guy Laliberte, sold 90% of the company to a trio of investment groups for $1.5 billion in 2015. In February 2020, he sold the remaining 10%. The company began to flounder under new management, taking out high-risk loans and stifling the show creators’ creativity. Many of their shows were rumored to be operating at a loss, including R.U.N. This show was rumored to operate at a $70 million loss and closed its curtains in early March 2020.
Cirque du Soleil was already rumored to be facing $900 million in debt before all this started. If the company is able to survive, it will likely have to cut some of the shows in its lineup. It also will have to refund millions in pre-sold tickets to customers for shows that won’t happen due to coronavirus. It is unclear whether the Cirque du Soleil layoffs were temporary or permanent, but they didn’t use the word “furlough” like many companies who intend to rehire their staff once the pandemic ends. This company has highly specialized employees who can’t be easily replaced.
It is sad to know how many small mom and pop businesses will likely have to close due to the spread of COVID-19. While it’s hard to feel bad for the people at the top of large businesses who make millions, the closure of large businesses will also effect thousands of employees. It is unsure if there will still be a Cirque du Soleil when things get back to normal, but bankruptcy may allow them to restructure their debt and survive the crisis.
We help Las Vegas residents by offering help with COVID-19 and Bankruptcy through:
Bankruptcy by Phone
Zero Down Bankruptcy Filings
Free Same Day Consultations
File Now, Pay Later Payment Options
Experienced legal representation based on thousands of successfully filed Nevada bankruptcies.
Read other related Coronavirus and Bankruptcy Articles Here.
Nevada Prepares for Economic Turmoil Due to Spread of COVID-19
Nevada has long been an American Mecca for gambling, nightlife, restaurants, casinos, and other adult entertainment. Now that the spread of coronavirus has forced most entertainment businesses to at least partially close their doors, it is no surprise that Nevada is projected to be one of the most financially affected states in the country.
More than 70,000 people in Nevada filed unemployment last month. Nationally, unemployment hotlines have been experiencing technical issues due to the high volume of calls they’ve received lately. Governor Steve Sisolak enacted an eviction moratorium to help prevent people from being forced onto the streets during a pandemic. It is unclear how long the moratorium will last, but home mortgage lenders in Nevada are also providing a 90-day grace period. However, once the pandemic passes, the late rent balance will still be there.
MGM and Caesar’s Palace have stated that most of their employees will be furloughed while the pandemic is still active. Some larger casinos have offered their employees one or two weeks’ pay, but have delayed in actually sending out the money. Regardless, one weeks’ pay will only sustain their employees for, shockingly, one week. President Trump has declared that COVID-19 will be a national emergency through at least the end of April.
If you are renting and want to keep your lease and catch up on rent, or if you fall behind on mortgage payments, you may want to consider filing a Chapter 13 bankruptcy so you can spread the past-due balance out over 3-5 years. A Chapter 13 can also help you catch up on past-due car payments. If you don’t intend on keeping your lease, you can discharge any associated debts in a Chapter 7 bankruptcy if you qualify. Even if you are filing bankruptcy just to financially survive the coronavirus epidemic, you can discharge other lingering debts in your bankruptcy such as credit cards and medical bills
While bankruptcy should only be used as a last resort, millions of people nationally and worldwide are living a last resort situation. If you fear the social stigma surrounding bankruptcy, remember that our president has filed, and anyone who sees you filed bankruptcy in Spring 2020 will probably empathize. If you are concerned about how you will catch up on your payments once the moratorium has ended, you should speak with a bankruptcy attorney to discuss your options. Our office offers free phone consultations so you can learn your options from the comfort and safety of your own home.
We help Las Vegas residents by offering help with COVID-19 and Bankruptcy through:
Bankruptcy by Phone
Zero Down Bankruptcy Filings
Free Same Day Consultations
File Now, Pay Later Payment Options
Experienced legal representation based on thousands of successfully filed Nevada bankruptcies.
Read other related Coronavirus and Bankruptcy Articles Here.
COVID-19 Bankruptcy Myth:
You Have to Come into the Office to File Your Bankruptcy in Las Vegas.
Due to schedule restrictions and social distancing, bankruptcy by phone is a service offered by our Phoenix Bankruptcy Attorneys legal staff. When it is difficult or impossible to get to our bankruptcy law office due to health issues, disability, or scheduling conflicts, give us a call for a free consultation with an attorney. If bankruptcy is the right debt relief solution for your financial issues, Bankruptcy by Phone is the option you should take advantage of to eliminate or reduce debt, stop a wage garnishment, or stop a repossession or foreclosure.
The Law Offices of Erik Severino are proud to offer a COVID-19 safe option of “Bankruptcy by Phone” services to the Nevada residents. Additionally, by using phone, ZOOM, e-mail and scanning technology that is available to us, our Las Vegas firm’s debt relief experts can assist you by completing the entire filing for bankruptcy process over the phone.
Many of the current 341 hearings are being held over the phone or postponed until after the Coronavirus pandemic. There is no reason to leave your home bankruptcy when you are needing to file bankruptcy in Nevada.
We help Las Vegas residents by offering help with COVID-19 and Bankruptcy through:
Bankruptcy by Phone
Zero Down Bankruptcy Filings
Free Same Day Consultations
File Now, Pay Later Payment Options
Experienced legal representation based on thousands of successfully filed Nevada bankruptcies.
Read other related Coronavirus and Bankruptcy Articles Here.
I’m Being Furloughed by My Employer. Should I File Bankruptcy?
As Coronavirus continues to spread, more and more businesses and organizations in Las Vegas and Henderson, Nevada are being forced to furlough their employees. Quarantine restrictions combined with less people shopping for non essential items has made furloughs more common in the retail industry. Macy’s, Kohl’s, JC Penney, and Victoria’s Secret are among the larger retailers beginning to furlough employees.
A furlough is a temporary unpaid leave from work. While workers won’t receive a paycheck while they are furloughed, they can expect to have a job when things return to normal. Furloughed employees may want to seek new employment, but many companies have suspended hiring procedures to avoid the risk of spreading COVID-19. There is no legal limit on how long a furlough can be, so furloughed employees are in an indefinite state of limbo.
For those who were struggling financially before the outbreak of COVID-19, a furlough can be a financial death blow. You may still apply for the governmental benefits put in place in response to COVID-19, but this may not be enough. If you had creditors serving you with summons while you were still being paid, they will be waiting for you once you get back to work. Returning to work with a 25% wage garnishment coming out of your paycheck will only make matters worse.
If you had privacy concerns about filing for bankruptcy, the silver lining to a furlough may be the opportunity to begin your bankruptcy. It will likely be easier to keep your bankruptcy confidential when you don’t have to go into work every day. Our office offers phone consultations so you don’t need to leave your home, as well as online document submittal. Being at home provides you the chance to submit your documents from your home computer so your coworkers don’t accidentally see them. Another productive way to spend self-isolation is completing your pre-filing online credit counseling course.
If you are a furloughed employee struggling to make ends meet, don’t wait until it’s too late. Filing bankruptcy now will set you towards a financial clean slate once the coronavirus crisis has passed. Call our Nevada Bankruptcy Attorneys and schedule your free phone consultation today.
We help Las Vegas residents by offering help with COVID-19 and Bankruptcy through:
Bankruptcy by Phone
Zero Down Bankruptcy Filings
Free Same Day Consultations
File Now, Pay Later Payment Options
Experienced legal representation based on thousands of successfully filed Nevada bankruptcies.
Read other related Coronavirus and Bankruptcy Articles Here.
Coronavirus Sends Las Vegas Foreclosures Skyrocketing – Chapter 13 Bankruptcy Stops a Foreclosure
Many residents in Nevada are experiencing the impact of COVID 19. Additionally, the coronavirus has caused businesses to close and has left thousands of people without jobs. Thus, COVID-19 and bankruptcy may soon be mentioned together in many conversations as the residents of the cities hard hit by Coronavirus may need to soon explore filing personal bankruptcy as a debt relief mechanism. Also of note, The cities hardest hit by COVID-19 include: Las Vegas, Paradise, Henderson, and Summerlin.
Along with COVID-19 and bankruptcy as debt relief. Nevada foreclosure rates are sure to skyrocket as well. Though we don’t think that we will see the foreclosure rates approach the 2008 levels; Las Vegas Bankruptcy Lawyers advise taking a look at Chapter 13 bankruptcy as a method to stop a foreclosure and save your home.
Whereas, a coronavirus pandemic has put many Las Vegas home owners left with a regular mortgage payment, but no means to pay it. This misfortune is like most and happened with little warning. Therefore, individuals, families, and businesses all continue to struggle. Call our Vegas debt relief team and find out what options may be available to you as you consider debt relief during this trying time.
Has coronavirus prevented you from making regular mortgage payments?
Chapter 13 bankruptcy allows individuals to catch up within the Chapter 13 payment plan. Also, our experienced Vegas bankruptcy attorney understands if you have several creditors and late mortgage payments, it is difficult to get caught up without a drastic debt relief effort.
Whereas, the longer this Coronavirus pandemic lasts, the higher the chance that residents of Nevada may face: foreclosure, repossession, wage garnishments, and even possible more drastic debt relief efforts. Possible the drastic debt relief effort needed is declaring Chapter 13 bankruptcy.
Clearly, every creditor hopes to be paid immediately. Plus, creditors each want to be the first in line to be paid. Therefore, the automatic stay protection in a Chapter 13 filing stops all creditors from collecting a debt. Additionally, all and any collection actions must cease. This being said, by filing chapter 13 bankruptcy in Nevada, you can get caught up on the back mortgage payments and stop a foreclosure. Also, payments and creditors are serviced through one payment within the Chapter 13 bankruptcy repayment plan. This payment plan is drawn up by your Vegas Bankruptcy lawyer and approved by the bankruptcy trustee. Keep in mind, in most cases this payment will be curtailed to fit into your budget.
Whereas, the financial stress caused by COVID-19 is quickly turning into a financial crisis for Nevada and most of the world. Therefore, if you are facing a foreclosure, contact our Vegas Bankruptcy Lawyers law firm to get answers, options, and assistance during this time of national pandemic.
