Three Types of Bankruptcy a Tenant Might File
There are three types of Bankruptcy that a tenant might file: If you have a tenant that files for a Chapter 7 Bankruptcy, you will more than likely lose out on any back rent owed, and the tenant can be evicted AFTER the automatic stay is lifted. If a Chapter 11 Bankruptcy is filed, the […]
February 25, 2021
Three Things Realtors Should Know About Bankruptcy
There are Three Things that Realtors should know about Bankruptcy: First, Property Managers need to be aware of the automatic stay that goes in place when someone files Bankruptcy. If you have a tenant that has filed Bankruptcy, you may be violating that stay if you attempt to collect rent payments or evict the tenant […]
February 25, 2021
Prepare for a Tsunami of Bankruptcy
Regarding bankruptcy being similar to a tsunami, I see this as a highly accurate analogy, as will be discussed below. What do people need to know? Historically, our most recent economic downturn is the financial crisis of 2007-2009. The bankruptcy numbers that follow that crisis can be informative of what to expect here. Previously, bankruptcy […]
September 18, 2020
Can an Appeal Bond be Reclaimed via Bankruptcy?
If a supersedeas bond is posted and the appellant files bankruptcy while the appeal is pending it is most likely that either the (Nevada Supreme Court) NVSC will leave the bond in place or the bond will be properly claimed by the appellee. There is authority that a supsedeas bond is generally not an asset […]
November 17, 2019
Update On Implementing a Credit Freeze
Why is this Important? Protection of our clients’ credit is something we have written about in the past, particularly in the context of the Equifax Data Breach. We have also recommended that our clients permanently opt out of prescreened credit and insurance offers as a way to reduce exposure to identity theft. We believe that […]
November 9, 2018
Can tips be garnished?
By Timothy Wiseman When a Court issues a judgment for money, there are a number of ways that the judgment creditor can try to enforce the judgment if the judgment is not paid voluntarily. One common method of enforcing a judgment against an individual is to have the pay of the judgment debtor garnished. In […]
October 10, 2017
Can an LLC’s assets be taken to satisfy an owner’s debts?
Generally, the law treats an entity, such as an LLC, as distinct from its owners. Normally, a person cannot be held directly responsible for an LLC’s debt and the LLC’s assets cannot be taken to satisfy any debts that its members, owners, or controllers may have. There are exceptions though. Nevada is one of several […]
September 13, 2016
Can a partial payment force a creditor to cease collection efforts or halt a lawsuit to collect a debt?
Credit can offer tremendous flexibility for businesses or individuals in managing their finances. Debts can also be incurred in other ways, such as those resulting from a judgment in a lawsuit. Unfortunately, sometimes debts cannot be paid promptly and collection efforts will begin. The debtor, or the person who owes the debt, may wish to […]
August 9, 2016
Here’s what you need to know about HARP
HARP or Home Affordable Refinance ProgramHome Affordable Refinance Program—was created by the Federal Housing Finance Agency specifically to help homeowners who are current on their mortgage payments, but have little to no equity in their homes, refinance their mortgage – that is, they owe as much or more than their homes are currently worth – are […]
March 23, 2016