Some of our clients have asked us whether they need to be a U.S. citizen in order to benefit from a U.S. bankruptcy filing.

The answer is no. 

For most consumer bankruptcy filings, however, you’ll need to reside in the U.S.  As a general rule, if you’ve lived in the U.S. for more than three months, you should be able to establish that you reside here.  It’s also important to note that if you don’t reside in the U.S., but you own property here, you may be able to file for bankruptcy for the sole purpose of protecting that property against any creditors.

You’ll also need to give proof of your identity.  If you have a social security card, you can use that.  If not, we can help you obtain other documents which you’ll be able to use, such as an "Individual Tax  Number" and a photo identification card. 

If you are a non-U.S. citizen and you file for bankruptcy, you’ll be able to eliminate a number of your debts in the U.S., as well as some of your foreign debts.  A creditor living in another country will not be able to come after your property in the U.S. to satisfy its debt.  The creditor may be able to come after any property you own in a foreign country, however, unless you file a bankruptcy case in that country. 

If you have questions about protecting your property in the U.S., call our offices to schedule a free initial consultation at 702-880-5554.  If you are calling from within Nevada, you can also reach us at 1-800-LAWYERS. 

Ah, June.  The month of wedding cake, chicken dances, champagne toasts…

… and bankruptcy filings?

Yes.  In a recent post, we described the requirements of the "means test" you’ll need to fulfill in order to get rid of your debts through a Chapter 7 bankruptcy.  In a nutshell, as a single person living alone, you’ll need to demonstrate that you don’t earn more than $48,194 in order to fulfill this test.  

Maybe you can pass the means test.  But what about your fiancee?  It’s important to understand that once you are married, your husband’s or wife’s salary will be considered along with yours when you attempt to file for Chapter 7 bankruptcy.  This is the case even if your spouse is not filing for bankruptcy.  If your combined salary is over $60,557, you may not be eligible to file for Chapter 7 bankruptcy.  

Marriage is a new beginning.  Why not really start fresh, with most, or even all, of your debt behind you?  Contact us at 702-880-5554 to schedule a free initial consultation with our knowledgeable, experienced bankruptcy attorneys.  If you are calling from within Nevada, you can also reach us at 1-800-LAWYERS. 

Are you behind on your car payments?

One of the biggest benefits of a Chapter 13 bankruptcy filing is this:  If you purchased a car more than 910 days prior to filing for bankruptcy, you’ll only need to pay your car lender the amount your car is worth.  In many instances, you will not have to repay the amount of the loan you took out.

This really helps debtors whose cars have declined in value. 

We have more good news. 

In a recent case decision, a debtor was trying to calculate how much he owed on his 2005 Chrysler Touring, which had a base value of $13,600.  Not only did the bankruptcy judge discount the value of the car by $1,712.50 after calculating mileage, the judge then discounted another $7,300 because of repairs the car needed. 

What did this mean for the debtor?  Instead of making $13,600 worth of payments, or even $11,887.50 worth of payments after discounting for mileage, the debtor only needed to make payments amounting to $4,520.45 under its Chapter 13 plan. 

That’s quite a benefit for someone faced with a money crunch.  To find out other ways in which you could benefit from a bankruptcy filing, contact us at 702-880-5554 to schedule a free consultation with our experienced and knowledgeable bankruptcy lawyers.  

How will foreclosure mediation work for you if you work with Haines & Krieger?  And what will the process look like?

First, if you receive a foreclosure notice, you’ll contact us for a free foreclosure mediation consulation.  We’ll explain the whole process to you in person and answer any questions.  Don’t wait too long.  The law requires that you request foreclosure mediation within 30 days of the date that the foreclosure notice was mailed.

Second, we’ll provide you with a request letter that we’ll then send to the appropriate party.  This letter triggers the mandatory request for foreclosure mediation and also temporarily stops or "stays" the foreclosure process for 90 days from the date of the foreclosure notice.

Third,  a Haines & Krieger attorney will work with you to select a date for the mediation that is convenient for all parties.  A date should be within 80 days of the date of the foreclosure notice.  90 days is the maximum time limit.

Fourth, your Haines & Krieger attorney will go to the mediation session with you to meet with the mediator as well as the representative from your mortgage lender.  The mediator will be an experienced and trained foreclosure mediation professional.  They want to help you and their goal is to help the parties reach an agreement so that you can keep your home.

If an agreement is reached between you and your mortgage lender that enables you to keep your home, then the mediator will prepare a foreclosure mediation memorandum to be signed by both you and your mortgage lender.

If all goes well, then within a short amount of time you’ll be ready to keep your home and continue your life!

Help Stop Foreclosure Las Vegas
With an experienced bankruptcy attorney in Las Vegas, you’ll be empowered to take the steps necessary to keep your home and maintain control of your life.

You may be reading and trying to understand how the new Nevada foreclosure mediation program works.

But stepping back, the more important question might be:  Will Nevada’s foreclosure mediation program work?

If a report on foreclosure mediation by the Center for American Progress is any indication, the Nevada foreclosure mediation program should be rather successful.

According to the report, there are now 9 states with "alternative dispute" procedures or programs that are intended to help homeowners deal with foreclosure.  "These mediation programs are still young, but the best ones are showing impressive results, resolving in nearly three-quarters of all participating foreclosure cases without the need for formal foreclosure proceedings."

The report goes on to cite Pennsylvania and Connecticut as examples of the best approaches, and notes that Nevada’s new foreclosure mediation program "shares many characteristics with those in Philadelphia and Connecticut, including enhanced notice, referral to a housing counselor, and the requirement that servicer make available a representative with the authority to settle. If homeowners request mediation, any further action by the servicer is stayed until mediation concludes; the parties split the cost of mediation, capped at $400."

The report also cites California and Florida as examples of "ineffective responses."  In particular, it says about California that, "It has foregone true mediation and requires only that the parties conduct an informal telephone conference prior to foreclosure. Notably, it does not require the servicer to include its loss mitigation staff on that call."

So while Nevada, California and Florida all seem to be constant buddies at the top of the "highest foreclosure rate" charts in the U.S., Nevada appears poised to break from the pack and keep homeowners in their homes through foreclosure mediation and loan modification at a far superior rate than the other two.

Help Stop Foreclosure Las Vegas
To learn more about how you can make the Nevada foreclosure mediation program work for you and learn more about Las Vegas bankruptcy help too, please contact Haines & Krieger for a free initial consultation.

As you may have read on our blog, Nevada law now lets Las Vegas homeowners request a mandatory foreclosure mediation with their mortgage lender:

1. if the homeowner has received a foreclosure notice any time after June 30, 2009, and
2. if the homeowner actually lives in the home that is the subject of the foreclosure notice.

But what’s the big deal?  It’s just mediation, right?  A mediator isn’t a judge.  A mediator can’t force a mortgage lender to reach a deal.  There’s no requirement that a loan modification agreement be reached.  Why is this so helpful for homeowners?

The answer is that the simple act of getting two parties in a room to simply sit down face to face and talk actually goes a long way. 

This approach has proved successful in a number of other states so far where similar programs have been implemented.  In Connecticut, more than half of the participants in the program stayed in their homes after negotiating with their mortgage lenders for a loan modification.  And in Philadelphia, out of 3,380 participants in their program so far, 1,200 have reached agreements that have enabled them to stay in their homes while another 1,500 are still in negotiation.

Foreclosure mediation helps homeowners get around one big obstacle:  Trying to a live person someone at a big bank with whom they can speak.  And mandatory foreclosure mediation means the banks can no longer ignore the issue.

From there, it’s a matter of closing a communication gap.  When you’re face to face, both parties can explain their positions and concerns in a much more timely and effective way.  And with the help of a mediator who has experience in foreclosure matters, the communication gap can actually be bridged.

On top of all of this, there’s a "good faith" requirement for both parties that participate in the foreclosure mediation program.  That means that the mortgage lenders can’t just go through the motions or send someone without negotiating authority.  If they do, then they can be sanctioned with financial penalties and they still may not be able to proceed with foreclosure.

Additionally, if the number of loan modifications doesn’t increase as a result of this program, it will lead to a sense that the mortgage lenders on the whole are not acting in good faith.  Yet the new requirement is clearly intended to increase the number of negotiated loan modifications and reduce the number of foreclosures as well as the backlog in the courts.  So the mortgage lenders, if they’re smart, will conduct themselves in a way that does not provoke further legislation aimed at prodding them into doing their part to help out with the foreclosure issue.

In other words, don’t underestimate the power of mediation.  Especially required mediation.

To help stop foreclosure Las Vegas, foreclosure mediation is an important tool.  Equally important is having good bankruptcy attorneys in Las Vegas to assist you.  (Negotiating on your own against a sophisticated mortgage lender is not recommended.)

Whether you want to get the benefit of new foreclosure laws or new bankruptcy laws Las Vegas, please feel free to contact us for a free initial consultation.

Big news for Las Vegas homeowners facing foreclosure:  You may now have the option of requiring your mortgage lender to participate in foreclosure mediation with you if you have received a foreclosure notice for the home in which you live.

The Nevada legislature has made it official with the passage of Assembly Bill (AB) 149.  And the Nevada Supreme Court has put together the rules that will govern the process.

Here’s how it will affect you:  If you receive a foreclosure notice on July 1, 2009 or any time after, and you live in the home that is threatened with foreclosure, then you have the option of requesting that your mortgage lender meet with you for foreclosure mediation in an effort to negotiate a loan modification.

Why is this big news?  Because, as the Nevada state government has recognized, a significant number of foreclosures could be avoided if the two parties just have a chance to sit down and talk.  People don’t want to move out of their homes.  It’s actually in the interest of banks to have people stay in their homes and continue making payments rather than foreclosing (especially in this real estate market).  And when a foreclosure problem is as big as the one that Nevada and Las Vegas face, it’s in the interest of our society and economy to enable people to stay in their homes.

However, as many Las Vegas residents know, it can be very difficult to contact or communicate with your mortgage lender.  They don’t necessarily return your calls.  And the employees may be busy with other activities.

As a result, Las Vegas homeowners often don’t even have a chance to have a conversation and try to work something out.

Now you do.  The new foreclosure mediation program is one more way to help stop foreclosure Las Vegas.  The other way is to make sure you have good bankruptcy attorneys in Las Vegas who understand how the new foreclosure mediation process works.

So whether you need Las Vegas foreclosure mediation help, loan modification help or Las Vegas bankruptcy information, please feel free to contact us for a free consultation to learn more about all of your options and get all of your questions answered.

As Las Vegas residents know, sometimes truth is stranger than fiction.  Especially when it comes to debt settlement companies.

According to the Dallas Morning Herald, a debt settlement company called Debt Relief USA has itself filed for bankruptcy.  In other words, they are believers in the old maxim:  Do as I say, not as I do.

Debt Relief USA has been convincing thousands of clients to pay money to Debt Relief USA to help settle debts with credit card companies and other creditors.  However, when the company got into financial trouble, it went running straight to bankruptcy court.

Why?  Because it knows that the bankruptcy laws are a very strong shield and a safe bet when you face financial problems.  Now all of their clients have become creditors and are learning firsthand what it’s like to try to collect money from a debtor in bankruptcy.

Keep this example in mind if you have a lot of debt and are considering debt consolidation or filing bankruptcy in Las Vegas.  And remember that debt settlement companies are just that, profit-making companies with limited accountability and limited oversight by regulators.

The most important thing is to always start with someone you can trust.  Whether it’s a friend, a relative, a debt consolidation lawyer or a bankruptcy attorney in Las Vegas.  The key is to find your way to good bankruptcy attorneys in Las Vegas who have been around for a good while and have a strong reputation in the community.

There are very few debt settlement companies about which you can say that.  And debt settlement companies can’t help you file for bankruptcy.  So if your troubles are too big for them to handle (assuming they’re even being honest in handling your case), they have an incentive to steer you away from bankruptcy since they’ll lose you as a client.

If you have questions about your own financial or debt problems, please feel free to contact us for a free initial consultation.

We’re as excited for the completion of City Center as you are. 

In fact, we’d bet that we’re more excited.  Do you have City Center’s live construction cam set up on your nightstand so you can monitor how much progress was made each day before you drift off to sleep?

No?  

Well, we don’t either.  But we do check in from time to time. 

It’s because the success of City Center plays a crucial role in Las Vegas’ economic future.  It’s given tens of thousands of people jobs, and promises to be a tremendous boon for the tourist industry, which – let’s face it – is a good thing for all of us.  So we were very relieved to hear that City Center has avoided bankruptcy, at least for now. 

MGM Mirage originally unveiled its plans to develop City Center in 2004, when Las Vegas’ industry was booming.  Remember? 

$14.5 billion in debt later, MGM Mirage’s investment partner, Dubai World, sued MGM for going over budget and forcing it to invest more than it had expected to.  MGM Mirage managed to raise more money for the project by selling stock, and even made payments on Dubai World’s behalf to continue construction.  Dubai World appreciated this gesture, and in exchange, withdrew its lawsuit and promised to keep on funding City Center. 

Phew. 

City Center is still set to open in early 2010.  We hear that it will feature a lot of expensive and important art.  Sounds good, but what we really want this Christmas is tickets to the Cirque du Soleil production, which will feature none other than … Elvis.  Impersonators, of course. 

Or are they? 

Looks like a certain judge wants the Phoenix Coyotes to stay right where they are.

In a previous entry, we had described how Blackberry founder Jim Balsillie had made a bid for the bankrupt team, but only on the condition that he could relocate it to Ontario.  Jim also had another condition – that the sale take place by June 29.

Not going to happen, according to the judge overseeing the bankruptcy case.  This is the first time someone is trying to use the Bankruptcy Code to purchase and relocate a sports team, and the judge wants more time to think about the issues. 

Or maybe the judge has season tickets and would rather watch a game in Phoenix than Ontario.  Who can blame him?