Elvis’ Graceland Estate Avoids Foreclosure, Potential Fraud Case

Life is enormously expensive right now, and it’s harder to feel bad for the upper echelons of Hollywood when they deal with issues related to their massive wealth. But being rich comes with its own set of problems, as shown by actress Riley Keough’s bid to save her grandfather’s estate- Graceland- from foreclosure.

Graceland is Elvis Presley’s former home and final resting place, located in Memphis, Tennessee. Its address is 3764 Elvis Presley Boulevard, and it is located within the Whitehaven neighborhood of Memphis. It was constructed in 1939 and occupies approximately 14 acres. Elvis Presley purchased the estate on March 19, 1957, for $102,500. After his death in 1977, the estate was made into a tourist attraction, which draws thousands of visitors each year. The Memphis City Council even approved a deal to fund $100 million towards expanding the estate in 2019.

Graceland was set for foreclosure in Shelby County in May 2024. Naussany Investments and Private Lending submitting documents alleging that Elvis Presley’s daughter, Lisa Marie Presley, used Graceland as collateral for a $3.8 million loan from the company in 2018. However, Lisa Marie Presley’s daughter, and Elvis Presley’s granddaughter, Riley Keough fought back against Naussany’s claims that her mother took out such a loan. Keough, a famous actress in her own right, submitted a sworn affidavit from the alleged notary whose name is listed on the documents from 2018. The notary stated that they did not sign the documents submitted by Naussany Investments. The court first granted a temporary restraining order to block the foreclosure sale, then sided with Keough and approved a fraud case against the company. A Naussany Investments representative later said they would drop the claim.

If a company forging documents to steal Elvis Presley’s Graceland estate sounds outrageous to you, it probably won’t surprise to learn that Naussany Investments is now being investigated by the Tennessee Attorney General. Additionally, the FBI may be considering a criminal probe against the seemingly fraudulent business.

How Does the Automatic Stay Stop Home Foreclosure?

When someone’s home is about to be foreclosed and they don’t have the funds or the legal argument to stop the sale, filing for bankruptcy can buy them more time to work out an arrangement to keep the home. When a person declares bankruptcy, all of their assets fall under the protections of the automatic stay. The automatic stay is a legal provisions that stops many creditor actions during bankruptcy. A creditor cannot file a lawsuit against a debtor during bankruptcy or continue with one that has already been filed. The automatic stay protects debtors from wage garnishments and bank account levies. While the automatic stay is in place, the debtor cannot be evicted from their home (unless the landlord already has a writ of possession) or have their utilities shut off. The automatic stay also protects against repossession of secured assets, including a home foreclosure.

Most of the time, creditors are fully immobilized by the automatic stay until the debtor’s case is either discharged or dismissed. There are a few exceptions to the vast protections provided by the automatic stay. First, a creditor can also request special permission from the court to proceed with collection despite the valid bankruptcy filing. This is done through a Motion for Relief from the Automatic Stay. If this motion is granted, that creditor alone will be permitted to proceed with debt collection during an active bankruptcy case, whether that be a repossession, a lawsuit, etc. Second, the debt might not be eligible for protection under the automatic stay. The most common example of this is child support- filing for chapter 7 bankruptcy doesn’t stop a child support wage garnishment, but filing a full repayment plan chapter 13 bankruptcy does. Third, the debtor’s automatic stay may terminate early if they filed for bankruptcy more than once in a 12-month period.

Emergency Filings to Stop Impending Foreclosures

You should have plenty of notice before your home sells by foreclosure auction in Las Vegas, Nevada. It is difficult to imagine matters more pressing than home foreclosure, but life happens, and you may find yourself wondering what you will do to stop the sale in the eleventh hour. If you don’t have time to gather all the documents you need and draft your full bankruptcy petition before the foreclosure is set to occur, you might need to execute an Emergency Bankruptcy Filing.

An emergency bankruptcy petition is sometimes called a “skeleton petition” because it is an abbreviated version of a full bankruptcy petition. It only has basic information- the debtor’s mailing and contact information and income from the past six months. The debtor should also include their creditor mailing matrix, which can usually be created using the debtor’s credit report, and first credit counseling course completion certificate. All of these items can take just a few hours to collect, meaning emergency bankruptcy debtors can often file their cases on the same day. After filing an emergency petition, the court provides a 2-week deadline to submit the rest of the documents. If the debtor doesn’t submit their full petition within that deadline, their case may be dismissed.

If your home mortgage provider has initiated the home foreclosure process, there is little time for hesitation or procrastination. Filing for emergency bankruptcy can save your home, along with other assets, and give you time to prepare your next move carefully. If you want more information about Emergency Bankruptcy Filings in Las Vegas, schedule your free consultation with an experienced member of our bankruptcy team at 702-370-0155.

Should I File for Bankruptcy to Stop Home Foreclosure in Las Vegas, Nevada?

Bankruptcy is a major decision that can impact your financial situation for years to come, and possibly even the rest of your life. It should not be made sporadically and without thorough research. But bankruptcy can be complicated, especially if you are already under pressure from threats by your creditors to collect, including a home foreclosure. In most foreclosure situations, finances are at issue rather than fraudulent loan documents to gain possession of the King of Rock’s estate. The automatic stay can put a pause on home foreclosure proceedings, giving the debtor time to remedy the balance in arrears and stop the foreclosure for good. Want to learn more about which type of bankruptcy would be best to stop a home foreclosure in Las Vegas? Las Vegas Bankruptcy Lawyers will answer your bankruptcy questions with your free consultation. Speak to an experienced member of our team for free- call 702-370-0155 to schedule your appointment. Contact us today!