Legal Basics For Filing Nevada Chapter 7 Bankruptcy

Legal Basics For Filing Nevada Chapter 7 Bankruptcy Las Vegas, NV – Bankruptcy under Chapter 7 is often referred to as “straight bankruptcy.” Chapter 7 cases may be filed by individuals, married couples, a married person filing an individual case, or a business entity. Filing For Chapter 7 Bankruptcy Upon filing the case, all collection activity against the debtor, the person filing for Bankruptcy, must stop. Therefore, the debtor is given relief from harassing collection phone calls, lawsuits, and wage garnishments. While vehicle repossession and foreclosure will be temporary, a creditor will usually request relief from the Bankruptcy Stay to retake collateral in a Chapter 7 Bankruptcy. (More permanent resolution of the vehicle and home repossessions may be better handled in a Chapter 13 Bankruptcy.) Most debt can be eliminated in Chapter 7, such as credit card, payday loans, deficiency balances from foreclosures and/or automobile repossession. Certain debts cannot be eliminated, such as recent income tax, spousal and child support, student loans. The debtor usually protects most of his property. Subject to certain qualifications and value limitations, a debtor who is eligible to elect Nevada Exemption law may be able to protect a homestead, automobile, household furnishings, clothing, tax retirement account and $1,000.00 on any property of his choice. (see NRS 21.090). One of the main requirements to be eligible for Chapter 7 Bankruptcy is based on the debtor’s income. If the debtor’s average gross monthly income, based on the six months prior to filing for Bankruptcy, is less than the median income for the State of Nevada, based on family size, then the debtor passes one of the main income tests. If the debtor’s income is greater than the median income, then the debtor’s income and expenses must be analyzed under the Means Test. How much, if any, income that is left over after deducting allowed expenses, will determine eligibility. Finding a Qualified Legal Attorney The debtor is required to attend the Meeting of Creditors. At the meeting, a Bankruptcy Trustee will examine the debtor under oath about the Bankruptcy Petition, Schedules and Statements filed in the case. The Bankruptcy Trustee’s main role is to liquidate non-exempt assets to pay creditors. The debtors are also required to complete a Credit Counseling course prior to filing for Bankruptcy and complete a Financial Management course to complete the requirements for a Bankruptcy Discharge. Upon discharge, the debtor emerges from Bankruptcy. While this is the basic outline of the Chapter 7 Bankruptcy case, every person’s situation is different and should be handled by a competent Bankruptcy Attorney. If you are in the Las Vegas/Henderson area and are considering a Chapter 7 Bankruptcy, please contact the Okano Injury Law for information.

The Mandatory Arbitration Program in Clark County, Nevada

The Mandatory Arbitration Program In Clark County, Nevada You have the right to compensation to pay for your damages caused by someone else’s negligent conduct, such as bodily injuries from a car accident. While many claims are settled without court action, there are situations where a lawsuit is required. These cases may be a denial of fault by the other party or an unreasonable low offer to settle your claim. In this situation, you may be required to initial a lawsuit to have a judge, jury or arbitrator make a determination on the disputed matter. Arbitration Program Mandatory In Clark County In Clark County, Nevada, a lawsuit for money damages is automatically placed into the Court Annexed Arbitration Program. The Arbitration Program is mandatory but non-binding which means you must participate in it, but may reject the decision, so long as you do so within the time limits and participated in the process in good faith. In Arbitration, a random list of arbitrators are populated, and each party may strike some of the potential arbitrators. An arbitrator is then appointed from the remaining names. The arbitrator serves the functions of both ruling on the law and determining the facts. An abbreviated form of discovery is allowed which usually entails ten requests for Admissions, Production of Documents and Interrogatories known as 10-10-10. The parties are allowed a deposition of the parties and any percipient witnesses. And commonly, medical record review by an expert witness and an Independent Medical Examination of the plaintiff are allowed. Role of The Arbitrator At the arbitration hearing, the parties will put on their cases, and the Arbitrator will render a decision. The arbitrator is only authorized to award up to $50,000.00 per plaintiff. Again, if any party is dissatisfied with the Arbitrator’s decision, they may reject it and moved on to trial. In most cases, such a trial will be under the Short Trial Rules. A party may opt out of the arbitration process if the case has a probable jury award value more than $50,000.00, the case involves significant issues of public policy, or another good cause exists. The goal of the Court Annexed Arbitration Program is to provide a simplified procedure for obtaining a prompt and equitable resolution of certain civil matters. If you have questions about the Arbitration process or have been injured in a car accident and looking for a Las Vegas personal injury lawyer, please call The Okano Injury Law at (702) 566-3600.

Payday Loan Lenders Use Legal Process to Create Debtor’s Prison

Loans And Debt; A Vicious Financial Cycle St. Louis, MO – Reports state that Payday Lenders in Missouri have been using the civil court process to effectively create a modern-day debtors’ prison. While jail time for private commercial debt is generally not available, reports state that residents are, in fact, regularly being jailed over their private debts. Jail time comes into play after the creditor obtains a judgment against the debtor. The creditor then summons the debtor to appear at a Debtor Examination to seek out assets to satisfy the judgment. If the debtor fails to appear, the creditor may request the court hold the debtor in contempt, and thus jail time. Bankruptcy can eliminate the horror of the above example. A Bankruptcy filing would immediately “stay” any debt collection activity and/or court proceeding. The underlying debt would be eliminated and forever discharged. Bankruptcy is law of the United States of America, embodied in Title 11 of the United States Code. Any inconsistent law of any state is superseded. If you are experiencing unmanageable debt or are being harassed by creditors, Call Rodney K. Okano – Bankruptcy Lawyer. We will protect you from Creditor Harrassment.

Sears Files for Bankruptcy

Sears Holdings, the parent company of Sears and Kmart, has filed for Bankruptcy. Not really surprising considering Sears has been struggling for years. Over the past years, Sears has been closing stores and more closures are expected. Sears was unable to make a $134 million debt payment pushing its already precarious financial position over the edge. Sears plans to keep its remaining stores open. There are 4 Sears department stores in the Las Vegas area. In addition, Sears has several appliance service centers, automobile center and outlet locations in Las Vegas. The Bankruptcy will enable Sears to shed debt and to give it some breathing room to be competitive in this new e-commerce world. The overarching policy in Las Vegas bankruptcy is to keep the company operational so that it may create and maintain jobs, positively influence commerce and pay taxes. So in a close call when a creditor prefers liquidation of the company assets versus allowing Sears to restructure such debt, Sears will generally get the benefit of the doubt with the hopes of being successful and accomplishing the bankruptcy policy goals. For my generation, Sears has been the mainstay for big ticket shopping. Home appliances, tools and of course, the famous Christmas catalog. I have many memories of looking through the telephone book size catalog for the weeks leading up to the winter holiday. Also, mandatory when shopping at Sears was getting popcorn at the snack shop. Sears is a part of American history. I hope Sears is able to use the Bankruptcy to restructure, capitalize upon its strengths, and keep its stores open.

How To Stay Away From Bankruptcy With A Vehicle Title Loan

Whether there’s a pandemic like there is now, or there’s some other economic crisis, you may find it hard to make ends meet. You may fall behind on your payments, or you may miss them altogether. Your balances may start climbing, and you may start getting harassing phone calls from creditors. You may start thinking about filing for bankruptcy as a way to free up the money you need and to regain control of your finances. While bankruptcy may ultimately be the right answer for you, you may also want to consider some other options before you file. A vehicle title loan could be the right option. Prevent Collections Or Repossession Most people don’t just stop paying their bills because they don’t feel like paying them. They just don’t have the money. If they had the money, they would pay. If you find yourself in this position, you can get the money you need by taking out an auto title loan. You can borrow up to the value of your vehicle – so long as you own your vehicle outright and have a title in your name. You can use the money from your title loan to pay off accounts that are about to go into collections or repossession. That will save you from more money problems that will result from the fines, interest rates, and penalties that will make your balances even larger (and harder to pay off). Pay Down Higher Interest Items Unfortunately, some vehicle title loans have a bad reputation for high-interest rates because there are some bad companies out there who maintain predatory terms. However, if you shop around, you can find a quality, reputable title loan company that will give you competitive terms. With the right terms, you can use your title loan to pay off credit cards and other accounts that have a higher interest rate. You can save a little money on your monthly bills, and you can save a lot of money in the long term. Consolidate Your Debt Payments You may try to take out additional credit cards or other lines of credit to make ends meet when you are struggling. Eventually, you have multiple minimum monthly payments that you are making, but you aren’t putting a dent in your overall balance because you are only paying off the interest. Meanwhile, you have no money left over each month because you are putting everything into your debt payments. By getting a title loan, you can pay off all your credit lines (depending on how much value there is in your vehicle), and you can have one monthly payment to make. That can bring down your overall monthly payment, helping to gain greater control over your monthly budget. You can free up money so that you don’t have to turn to take out more lines of credit when expenses arise, or you can put that additional money into savings for a rainy day. If used wisely, an auto title loan can help you gain greater control of your finances so that your debts don’t spiral out of control and you don’t need to file for bankruptcy. What’s possible depends entirely on the value of your vehicle, the terms you get for your title loan, and your other financial circumstances. Shop around to find the best title loan company and the best terms. The better your interest rates and other terms, the more advantageous the loan will be and the sooner you will be able to get your finances under control. If your debt problem is advanced, talk to a bankruptcy attorney about how filing for bankruptcy may be the better choice. If you are interested in a title loan, call USA Money Today to get a quote with competitive rates. We offer the best title loans in Las Vegas and the surrounding area. We offer quick approval so that you can get the cash you need today. We offer low rates, and we don’t charge any penalties for pre-payment of your loan. Contact us in Las Vegas today to learn about our title loans and find out why we have more than 600 five-star reviews!

Payday Loans Skyhigh Interest Rate

Having Trouble Repaying Your Payday Loans? Reno, NV – Recently, it was asked, “What should I do, I have 9 payday loans totaling $5,600 and I can’t pay them anymore.” Payday loans are usually loans between $200-$1,500, short-term, with extremely high interest rates. In Las Vegas, interest rates on payday loans are commonly between 250% to 600% per year. Unlike some other states, Nevada does not cap the interest rate that lenders may charge. Loans are usually due in two weeks. The Borrower may elect to pay just the interest and roll the loan into a “new” loan. Rolling over the loan keeps the borrower in a constant state of debt until it is paid in full. How Do I Consolidate or Modify My Debt/Loans? Most borrowers elect the rollover option since the borrower usually cannot pay the loan in full. At this point, a significant portion of the borrower’s income is used to simply pay the interest. On the above example, the borrower has $5,600 spread over 9 payday loans. The monthly payment would be approximately $1,400 per month with interest at 300% per year. Such an interest rate is standard. The danger is that the borrower has 9 loans. Since the amount loaned is based on income, the debt is probably 9 times the amount that he can handle. My guess is that some of the payday loans were taken to service the previous loans. At this point, Bankruptcy may be the only realistic option. A successful Bankruptcy claim will eliminate the debt of the payday loan, and immediately upon filing the Bankruptcy, the lender’s collection activities must stop pursuant to court order. If you have payday loans and are unable to realistically pay off such loans, contact the Okano Injury Law – Bankruptcy Lawyer. We will protect you from Creditor Harrassment.

What Happens If I Can’t Afford To Pay A Bankruptcy Lawyer?

What Happens If I Can’t Afford To Pay A Bankruptcy Lawyer? Working with a bankruptcy attorney in Las Vegas is important because it helps you get legal help, get a guide through your bankruptcy process and preparing any paperwork needed. However, there are certain legal fees you are required to pay to get these services. Alternatively, if you cannot afford the lawyer’s fees, you can: Represent yourself Negotiate for a reduced lawyer’s fees Find a pro bono lawyer who is willing to take your case without you paying Getting legal help from a free legal aid society Paying your attorney fees through the chapter 13 bankruptcy repayment plan Represent yourself as a prose debtor Although it is not a must to hire a lawyer to help you when you are bankrupt, whether you will need to hire a lawyer will depend on the following factors: a) The complexity of your case b) The Bankruptcy type you want to file c) Your willingness to do thorough research and dedicate your time to follow up the case on your own Filing A Chapter 7 Bankruptcy This type of bankruptcy means you have little or no income or assets to your name and also, you do not have any other matters which might complicate your bankruptcy. You can file this type of bankruptcy on your own because it is not complicated. However, after filing the case, you need to dedicate your time and research to avoid dismissal of your bankruptcy or risking your property. It is advisable to research through the internet and mostly on reliable self-help books available. Filing Difficult Chapter 7 & 13 Bankruptcies Filing difficult chapter 7 and almost all chapter 13 bankruptcies, you need professional help with extensive knowledge since these cases have numerous pitfalls if you are inexperienced. Therefore, to avoid risking a lot, you need to hire a lawyer to handle your case and advise you throughout the process. Mostly, even if you cannot hire an attorney, you can agree on paying your fees through an agreed repayment plan. With this kind of a plan, you will require little or no fees upfront when filing the case. However, if you cannot afford a lawyer whatsoever, you can seek advice from an experienced attorney who can give you free consultations to help you find out about hidden dangers and pitfalls you may have in your case. Negotiate For A Reduced Amount If you have opted to hire a lawyer and you cannot afford the quoted fee, you can try negotiating for a reduced amount. Matter of fact, you can propose to the lawyer the amount of money you can afford and you are willing to offer him to see if he or she will accept. However, if you cannot agree on a fee, you can seek legal services from other attorneys who offer similar services. Seek Help From A Free Legal Aid Society In the US, there are numerous legal clinics which offer legal services for free to low-income earners. If you cannot afford a lawyer, you can seek help from any of these societies which provide legal services free of charge. Sometimes, bankruptcy courts have information centers that help self-represented debtors by providing necessary information. If you have a case to file, you can find out with your local bankruptcy courts to know whether they have any centers to help you. Find A Pro Bono Attorney Many attorneys take a number of cases without charging a fee or at a significantly reduced lawyers’ fees. If you cannot afford legal fees, you can find a pro bono lawyer and he or she will assist you in any way possible. You can start your search online through your state bar or talk to lawyers within your location. They are easy to find and very affordable or entirely do not charge any fee. Chapter 13 Fee-Only Bankruptcy Plan This plan is mostly used if you cannot afford to pay your lawyer fees upfront, you might need to get a chapter 13 bankruptcy lawyer who offers a payment plan so that he or she can be able to get their legal fees from your repayment plan. Even if this plan is aimed at helping those people who cannot pay legal fees, some courts do not allow this plan, while others consider some factors before approving it. Therefore, you need to talk to your lawyer to know whether you can use this plan in your case or whether it’s legal in the jurisdiction you are in.

Bank Of America Continues To Win – Nevada Mortgage Settlement

Bank Of America Continues To Win February 9, 2012 – It was announced that the State of Nevada settled its Mortgage Servicing Foreclosure claim against Bank of America. According to the terms of the settlement, Bank of America, in addition to other settlement terms, would “set aside $750 million in first and second lien principal reductions . . .” See Attorney General Mastro Announces Two Historic Mortgage Servicing Foreclosure Settlements. However, at least is some instances, the same debt that Bank of America is reducing as part of the terms of the Mortgage Servicing Foreclosure Settlement, have already been approved for elimination in separate Bankruptcy Court proceedings. In a Chapter 13 Bankruptcy, second mortgages may be “stripped-off” and eliminated if the debt is wholly unsecured. In other words, if the value of the property is less than what is owed on the first mortgage, than the second mortgage may be “stripped-off” and eliminated, subject to other additional requirements. In some instances, Bank of America is fulfilling its terms of the settlement with debt that has no value. No real cost to Bank of America. In fact, Bank of America may by collecting a dividend as part of the pool of Bankruptcy unsecured creditors, in cases where the second mortgage had been stripped. While the “Forgiveness” letter informing borrowers that their debt would be forgiven does contain a paragraph about Bankruptcy, in many instances, the forgiveness of the second mortgage does not impact the debtor’s status in Bankruptcy in any beneficial manner. For example, such forgiveness does not necessarily reduce the Bankruptcy Plan payment or qualify the debtor for Chapter 7 bankruptcy. Conversely, it may actually place costly burdens upon the Bankruptcy Debtor. I do not believe that Bank of America will be much deterred from continuing the conduct that caused this settlement, at least not by having to forgive the debt, already eliminated.

6 Important Facts About Bankruptcy in Nevada

For many people, just the word “bankruptcy” can be intimidating. That’s why if you are thinking of filing for bankruptcy, knowing the facts is important. Here are several important facts about bankruptcy that you should be aware of: Fact 1 – When You File For Bankruptcy, You Usually Get to Keep Most of Your Property If you file for bankruptcy, you do not have to lose all of your property. For example, when you file for Chapter 7 bankruptcy in Las Vegas, your furniture, clothes, household goods, one car, and your house are usually protected and they will not be liquidated to pay your creditors. Fact 2 – You Will Be Able to Obtain New Credit After You are Discharged from Your Bankruptcy case Though the credit comes with pretty high interest rates, many people get offers for new credit cards soon after their bankruptcy discharge. Also, people often get car loans in only a few months after their cases are over. Likewise, though you will probably not get the best interest rate, a bankruptcy will not stop you from getting a mortgage. If you work to rebuild your credit, you may be able to get a mortgage in as little as 2 years after your case is over. Fact 3 – Even Though the Case Will Be On Your Credit Report For 7 Years, Your Life is Not Ruined All bad credit stays on your credit report for 7 years. Bankruptcy just stays on your credit report a few years longer. But this should not prevent you from enjoying a fresh start financially and from taking advantage of the opportunity to rebuild your credit profile. One of the main reasons why you will be able to get credit after your bankruptcy is because once your case is over, you will usually be debt free. So, in a way, banks will consider you a good credit risk because you do not have a lot of other debt and your income is free from paying the old debt. Fact 4 – You Must Tell The Court About All of Your Creditors Sometimes, when people file for bankruptcy, they want to leave out certain creditors. This is a bad idea and against the law. Whether it be your brother, your mortgage, or your auto lender, you are not allowed to leave out the debt. Listing a creditor does not mean that you will lose that property. So long as you continue to pay your home mortgage and/or car payment, you may retain such property under the same loan terms prior to the bankruptcy filing. You simply must list every creditor to let the court know about all of your debts. Fact 5 – Your Spouse Does Not Have to File for Bankruptcy Just Because You Do You can file for bankruptcy in Las Vegas alone, even if you are married. If your spouse does not want to file and you do, that is OK. When you file for bankruptcy without your spouse, only your debts will be discharged. If you and your spouse hold debts jointly, your spouse will still owe those debts even after you have filed bankruptcy. But, your spouse’s credit should not be damaged as a result of your bankruptcy. Fact 6 – Sometimes, You Can Discharge Taxes in Bankruptcy In some limited circumstances, bankruptcy can wipe out your back income tax debts. Certain federal income taxes debts can be discharged by filing for Chapter 7 bankruptcy, but only if you meet certain requirements. Speak to an experienced bankruptcy attorney in Nevada to find out if and how you can qualify. Contact an Experienced Bankruptcy Attorney Today Yes, bankruptcy can sound intimidating. But, with the right advice and guidance, you can navigate the process successfully and come out on the other side with a fresh financial outlook. If you are thinking about filing for bankruptcy and want to learn more, contact an experienced bankruptcy attorney today for a free, no-obligation consultation.

What To Expect From Your Bankruptcy Attorney

When you are dealing with any legal matters, it is wise to choose a lawyer carefully, especially when you are in a tough bankruptcy situation. There are some things that you should take into consideration when looking for a bankruptcy attorney in Las Vegas to help you with your bankruptcy issue. When you are looking for the right attorney that knows the bankruptcy law, you should take into consideration the following facts: Be sure that you are getting what you pay for: It is depressing but true that the fee is going to be the primary factor when you are hiring a bankruptcy attorney in Nevada. It is not surprising though because money is the main problem of this situation. The cost is $1,000 although it varies depending on where you are located, it is imperative that you receive your money’s worth. Get some help from an expert in bankruptcy: It is true that every single lawyer knows the bankruptcy law, but it is best to get a specialist in that case. You can ask questions about the attorneys past to make sure that they have the experience and the qualifications to handle your specific legal issue. Some questions you can ask a bankruptcy lawyer is how many bankruptcy cases they have done and how many were successful? You have the right to know the answers to these questions because you are giving them money. Stay up to date with the code changes: Although staying up to code may not affect at all, someone who is not a lawyer or not familiar with this issue won’t be able to tell if their case will change because of a different attorney. Don’t use a firm mill: Mill firms are known for having poor quality legal work, causes judges to be suspicious and concerned about mills and clients pulling a fast one on the creditors by abusing the whole process. Feel comfortable talking to them: When you are working with a bankruptcy lawyer, you should make sure that you feel comfortable talking to them. Some people are embarrassed that they have to declare bankruptcy and it is a hard decision to make. Because of the feelings that you are dealing with during the process, you not only want your lawyer to have the right experience, but you want your bankruptcy lawyer to show that he understands your goals and your situations. Your lawyer should be sensitive to your feelings and take their time to ask difficult questions. You should always want your bankruptcy attorney to be upfront and honest about the bankruptcy law and the issues that your case may face. Some problems and risks that you may encounter are not being able to get rid of certain debt, and losing your property. When you first meet with your lawyer, he should explain these risks and situations upfront if it will affect your case. Here Are Some Questions That You May Ask Your Attorney: Will you go to court with me? Some law firms maybe overwhelmed with bankruptcy cases, because of this there may be another representative going to court with you. You can figure out if they are a mill or not based on if they come to court with you. Who will be taking care of my bankruptcy papers? Not only should you know who is going to court with you, but you should know who is taking care of your bankruptcy papers. Bankruptcy law is stringent, so a bankruptcy law expert, Nevada that has experience will review all parts of the case with you including who will prepare your documents, which most likely will be the help of an assistant. A warning sign that you should look out for is if your lawyer mentions that he will hand off the paperwork to a paralegal. If that is the case, you do not want to be with them in court.