If you’ve ever had to deal with debt collectors, you may have wondered if they’re even human.  The yellling, the tenacious pestering and calling, the threatening…and those are just the nice ones.

Well NPR ran a story today where they actually interviewed a debt collector–a young college grad who has his own student loans to pay off.  It’s a great piece, the debt collector comes off very nicely and actually seems human.  He’s soft-spoken, reasonable and even feels bad for people when they really can’t pay off a debt.

Clearly this guy is not going to last in the business.

While I don’t fault NPR for doing the story, I do think there is a danger in misportraying the third-party debt collection business.  No bones about it, they make their money by being harsh and brutal and often unethical.  There may be a segment of the industry that is relatively ethical and follows the rules.  But that’s not the segment that most people are familiar with.  Especially in Las Vegas.

If you’re having problems with debt collectors, dont’ forget that you have rights and protections.

Get in touch with a Haines & Krieger lawyer for a free consultation to learn more about how to protect yourself and get the Las Vegas bankruptcy information you need.

And if you’re considering filing for bankruptcy in Las Vegas and need good Las Vegas bankruptcy attorneys, please contact us for a free foreclosure consultation.

Things are tough out there.  But so are we.

The bankruptcy discharge is generally the goal of a debtor’s bankruptcy. The bankruptcy discharge is the cornerstone of the fresh start and debt relief promised by the bankruptcy laws. The discharge is a permanent court injunction prohibiting creditors from enforcing certain obligations against the debtor. That may seem simple and straightforward enough, but the devil is in the details.

First, the bankruptcy discharge does not “erase” a debt; it simply prohibits collection against the debtor personally. Since the debt still exists, the creditor can take any legal action so long as he does not collect from the debtor personally. That means no legal action and communications with the debtor. The creditor is permitted to contact or sue a co-debtor, or repossessing property if it secures a debt. For instance, if the debtor’s car loan is discharged in bankruptcy, and the debtor does not pay for the vehicle, the car can be repossessed after the case closes. However, the creditor cannot try to collect any money from the debtor.

Second, the discharge does not apply to all debts. Some debts, like child support obligations, are not dischargeable. Other debts, like taxes owed to the government, may be discharged under certain circumstances. To avoid any confusion consult your attorney regarding the extent of your discharge. Additionally, debts that occur after the bankruptcy filing date are usually not covered by the bankruptcy discharge.

The order of discharge generally occurs at the end of the debtor’s bankruptcy case and copies of the discharge order are mailed to all of the debtor’s creditors by the bankruptcy court. The discharge order informs creditors generally that the debts owed by the debtor have been discharged and that they should not attempt any further collection. If a creditor does try to collect from the debtor personally, the debtor can complain to the bankruptcy judge and the creditor may be held in contempt of court.

The bankruptcy discharge is usually the culmination of the bankruptcy case and relieves the debtor of the burden of overwhelming debt. An experienced bankruptcy attorney can help explain the extent of the bankruptcy discharge on your debts and help clearly define your fresh start under the bankruptcy code.  Contact Haines and Krieger today for a Free Consultation.

In 2005 the credit industrial complex’s client (aka Congress) passed BAPCPA:  The Bankruptcy Abuse Prevention and Consumer Protection Act (sometimes cynically referred to as the Bankruptcy Prevention and Consumer Abuse Act).

Aside from whether the principles behind it were good or not (they weren’t), it was generally considered to be a poorly written and poorly thought out piece of legislation.

With that in mind, it’s nice to see that Bankruptcy Prof Blog has published a "Top 10 Parts of BAPCPA Congress Needs to Fix."

We won’t list them all here and encourage you to click through to read the full post.  But a few of them include:

We think that a good addition to the Top 10 List (which is by all means a good start) would be the inclusion of Mortgage Cramdown.  It’s time for Congress to give bankruptcy judges the same power to modify home mortgages that they already have to modify commercial mortgages and pretty much all other debts.

The foreclosure crisis is spreading.  Not just for Las Vegas and Nevada residents, but for the whole country.  And Congress continues to miss an opportunity to do something about it.

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In the meantime, if you need Las Vegas foreclosure help from good Las Vegas bankruptcy attorneys, please contact us for a free foreclosure consultation.

Haines & Krieger attorneys have been at the forefront of helping Las Vegas residents deal with foreclosure problems and getting back on their feet.  Get in touch to learn how we can help you too.

The foreclosure crisis has been very tough on Las Vegas.  But at least it couldn’t get any worse.

Or could it?

Bank of America has announced that it’s adding another 6,000 foreclosed homes into the market at a rate of about 500 units per month over the next year. 

Where are all of these foreclosed Las Vegas homes coming from?  According to this article in the International Business Times, "The properties make up part of the so-called shadow inventory held by banks while they negotiate short sales or loan modifications with borrowers or while they wait for more favorable pricing trends."

The article also noted that bank and government foreclosures will still continue to drag heavily on the Las Vegas economy for the next two years.

This is not great news for Las Vegas residents.  Even if you’re not in foreclosure yourself, the impact of the foreclosure crisis is affecting all of us who live here in one way or another.

But it’s important to remember that thanks to the bankruptcy laws, thanks to loan modifications, thanks to the Nevada Foreclosure Mediation Program and thanks to experienced, thoughtful, good Las Vegas bankruptcy attorneys like the ones I work with at Haines & Krieger, Las Vegas residents do still have options and tools for protecting themselves.

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Sometimes a young couple who has struggled for years will finally decide to file bankruptcy. For a young family the financial difficulty is often a combination of unstable income, medical bills and overextended credit. While desperate to buy their first home, they have resigned themselves to the belief that the bankruptcy will prevent home ownership for the foreseeable future.

Not so.

Most debtors emerge from bankruptcy financially stronger and determined to not repeat past mistakes. Many debtors who receive bankruptcy discharges have steady jobs, no unsecured debt, and low debt-to-income ratios. Additionally, a bankruptcy debtor cannot receive a second discharge for several years. That actually sounds like a good credit risk combination, right? 

The federal government recognizes that a person who has recently discharged unsecured debt through bankruptcy has little debt, but must demonstrate a commitment to managing credit in a responsible manner. That is why the FHA credit guidelines require the debtor to show two years of responsible credit management after the bankruptcy discharge before it will issue a federal guarantee on a home loan. It is also possible to obtain a federal guarantee after twelve months, if the debtor can show that the bankruptcy was caused by extenuating circumstances beyond his or her control. An FHA guarantee means that the lender is guaranteed money if the borrower defaults on the loan. This federal guarantee makes your loan application more appealing to banks and other lenders.

Rebuilding your credit report and safeguarding your credit score is very important if you want to buy a house after bankruptcy. Your bankruptcy attorney can provide helpful tips regarding the rebuilding process and help you on the path to home ownership.  Contact the attorneys at Haines and Krieger today for a free consultation.

A family’s retirement fund represents years of hard work and sacrifice. When severe financial trouble plagues a household, losing the family nest egg is a serious concern. Fortunately, Congress has provided substantial protections in the bankruptcy laws that safeguard retirement accounts during financial crisis.

It is important to recognize that in a Chapter 13 bankruptcy assets (including retirement funds) are not taken from the debtor.  Most Chapter 13 plans are funded from earned income, and retirement funds are used only with the voluntary consent of the debtor. During a Chapter 7 bankruptcy case retirement funds are generally safe as they are either exempt or not part of the bankruptcy estate.

Congress has declared that certain retirement funds are exempt from creditors during a Chapter 7 bankruptcy case. These funds include retirement accounts classified under sections 401, 403, 408, 408A, 414, 457, or 501(a) of the Internal Revenue Code. These sections cover most retirement plans and include pension plans, profit sharing plans, stock bonus plans, employee annuities, IRAs, Roth IRAs, government deferred compensation plans, plans of tax exempt organizations, and certain trusts.  The laws exempt these funds to over a million dollars for each debtor.

The bankruptcy laws further protect retirement accounts by providing that retirement funds not otherwise exempt are protected if they are necessary for the support of the debtor and the debtor’s dependents. The bankruptcy laws also protect certain retirement accounts subject to title 1 of ERISA, 457 deferred compensation plans, 403(b) tax deferred annuities, and health insurance plans regulated by state law.

The federal bankruptcy laws provide many ways to protect your retirement accounts during bankruptcy. The key is to identify the type of account and the corresponding protection prior to filing the bankruptcy case. As always, consult with an experienced bankruptcy attorney prior to taking any action to either move retirement funds, make contributions, or take withdrawals as these actions may impair your attorney’s ability to protect your retirement account. Contact Haines and Krieger today for a Free Consultation.

If you’re a Las Vegas homeowner facing foreclosure and you’ve thought about seeking loan modification help through the Nevada Foreclosure Mediation Program, you’re not alone.

Approximately 10% of Nevada homeowners have applied for a foreclosure mediation session since July 1, 2009 according to data from the state program as reported in the Reno Gazette Journal.  

Since July 1 when the Nevada Foreclosure Mediation Program started:

• 3,900 foreclosure mediation requests have been received
• 1,821 of those have been assigned a mediator
• 877 foreclosure mediation cases have been heard since September 14, 2009

Is this going to single-handedly solve Nevada’s foreclosure crisis?  Maybe not, but it’s a start.

Can it help individual homeowners address their own personal forelcosure crisis?  Absolutely.

If you want to learn more about loan modification through Nevada’s Foreclosure Mediation Program, please contact us for a free foreclosure consultation.

Click here to read more posts on our blog on the topics of loan modification and foreclosure mediation.

Usually I write about the relationship between our client, who is dealing with financial hardship, and their creditors.  Or our client and the bankruptcy court.  Or our client and the bankruptcy laws.

But another equally important relationship to focus on is that between our client and ourselves as bankruptcy lawyers.  On occasion, even the most diligent and earnest bankruptcy lawyers and clients will have a miscommunication.

Perhaps the lawyer thought he or she had explained something clearly that was not at all clear to the client.  Perhaps the client had certain expectations in his or her head about the bankruptcy process and was surprised when a different result occurred.

The bankruptcy process has its complexities.  And of course people have their own complexities.  And for this reason, it is possible, though extremely rare, to have a miscommunication that leads to a complaint against Haines & Krieger.

When a miscommunication occurs, however, and should it ever lead to a complaint against Haines & Krieger, it is important to know that Haines & Krieger takes any complaint seriously.  And from the moment we are aware of it, we work with the person to make sure it is resolved to the satisfaction of everyone.

We have had a couple such situations in the past year, but we’re also proud to say that in every instance once we sat down and discussed the problem, we were able to restore our client’s faith in our sincerity and goodwill.

As I’ve mentioned previously, our reputation is our livelihood.  We always strive for total client satisfaction.  And in the rare situation where a client is unhappy, we make every effort to communicate effectively, figure out why and resolve the situation.

If you’re seeking Las Vegas bankruptcy help from good bankruptcy attorneys in Las Vegas, we hope that Las Vegas residents will continue to turn to us not just for our high level of experience but for our track record of integrity in the practice of law. 

A reaffirmation agreement is a new contract between a debtor in bankruptcy and a creditor in which the debtor agrees to continue personal liability on a secured loan and the creditor agrees to not repossess the property.  Reaffirmation agreements are only available to Chapter 7 debtors and the agreement must be executed before the bankruptcy discharge is entered.  The debtor can revoke the agreement with 60 days after the agreement is signed.

Reaffirmation agreements are typically used to continue payments on secured property the debtor wishes to retain, like a car or house. A debtor that reaffirms a debt is personally liable for any subsequent default on the loan, and can be sued by the lender and the property may be repossessed.  This is a serious consideration since the debtor is not eligible for another Chapter 7 bankruptcy discharge for eight years, and is not eligible for a Chapter 13 discharge for 4 years.

The Bankruptcy Code requires that the agreement contain many disclosures concerning the contract terms.  The debtor must also file a statement of current income and expenses.  If the debtor’s income after expenses is not enough to pay the monthly loan, the court may decide to not approve the reaffirmation agreement. The debtor’s attorney must also certify to the bankruptcy court that the debtor was advised of the legal effect and consequences of the reaffirmation agreement, and that the reaffirmed debt will not create an undue hardship for the debtor or the debtor’s family.

Since reaffirmation agreements are new contracts, the parties are able to change the terms of the original agreement. This could mean a reduction of principal, interest, or a change in payment length in order to make the monthly payments more affordable to the debtor.  While the reaffirmation process is a voluntary process, the creditor is generally not anxious to repossess the property, and the debtor usually has more leverage in bankruptcy to negotiate a better deal with the creditor.

If you are considering a bankruptcy and a secured car or house loan, discuss your individual situation with an experienced bankruptcy attorney.  There are many options to retain property both during and after bankruptcy.  The attorneys at Haines and Krieger can help you select the best course of action. Contact us today for a free consultation.

Oklahoma bankruptcy lawyer Dan Nunley recently posted this video which shares a lighter side of credit card debt and bill collectors by a terrific comedian named Tim Clue.  Mind you, we’re not saying you should embody Mr. Clue’s philosophy when it comes to dealing with debt.  But it might give you a chuckle and a little bit of perspective the next time you get a call from a creditor.

Of course, if you’re seeking more serious Las Vegas bankruptcy information than this, if you need Las Vegas bankruptcy help or if you are seeking good bankruptcy attorneys in Las Vegas, please contact us for a free foreclosure consultation.

We enjoy a good laugh.  But when it comes to bankruptcy, we take our clients’ problems very seriously.