Las Vegas Bankruptcy Law Blog

As if troubled homeowners didn't have enough aggravation dealing with their mortgage lenders, sky-high property taxes, and home repairs costs, there are an increasing number of scam artists operating through the mails or on the Internet looking to prey on them. For the many Nevada homeowners that face foreclosure, legal alternatives are available from experienced, skilled and legitimate law firms. Scam artists offer nothing more than smoke and mirrors in an effort to pick a homeowner's already depleted pockets.

The Federal Trade Commission has issued a consumer advisory warning the public about mailings and other communications being sent out by these scam artists, who often pretend to be law firms, but actually are nothing of the kind. In some instances, they have one token lawyer on retainer to circumvent restrictions on non-lawyers charging advance fees on providing assistance for mortgages in distress.

The Obama Administration's Housing Scorecard for April came out recently. The data is not state-specific, so Nevada's results are not available. According to the report, though, the housing market is doing better -- a little better -- nationwide. Even the much-maligned servicers of the Home Affordable Modification Program's loan modifications have shown improvement.

HAMP got off to a slow and rocky start. Still, in its three years of operation, the program has placed 990,000 permanent loan modifications, for a total savings of $12.2 billion. The process of converting a trial to a permanent modification at one point took almost a year. Now, the average trial modification lasts for 3.5 months. In March 2012, the number of conversions was just shy of 20,000. Newly established trial modifications numbered 20,940.

For consumers from Las Vegas to Small Town, USA, a bad credit report can wreak havoc. Just falling behind on payments on a credit card account or a car loan can keep a person from qualifying for a mortgage, a student loan or even opening a checking account. It's enough of a problem when the information is right. It is even more frustrating when the information is wrong, because it is nigh onto impossible to correct a credit report.

That's the conclusion that investigative reporters from a Midwest newspaper came to, at least. The newspaper looked at consumer complaints on file with the Federal Trade Commission and attorneys general in 24 states. The files covered more than two years, from 2009 to mid-2011. In all, there were more than 30,000 complaints.

Many students nationwide are realizing that they are getting a lot more than they bargained for when it comes to their education. In addition to a diploma, they have found they are also walking away from the classroom with what oftentimes is an insurmountable amount of debt.

Students at the University of Nevada, Las Vegas have vocalized their trials in trying to gain control over debt. While this is already a tall task under current conditions, it could become significantly tougher as the interest rates for student loans are set to double on July 1. Factoring in that most schools around the nation consistently jack up tuition costs, students can now make a case that going to college might hurt them more than it helps them.

This is one of those stories that answers a question hardly anyone thinks to ask. Can a convicted felon discharge civil penalties in a Chapter 7 bankruptcy? To date, three courts -- the latest being a federal appeals court -- have said no.

Eight years ago, the man assaulted his ex-wife with a baseball bat and locked her in a snow-filled garbage bin. The woman survived, but the ordeal left her severely frostbitten, and she miscarried. While the state pursued criminal charges, she filed a civil suit against her ex.

The Black Eyed Peas is a well-known music group that is performing shows in Las Vegas this week. They have also recently been in the news for severing their ties with their longtime business manager, who was with the group since their humble beginnings.

The 41-year-old business manager, who has other clients in the music and entertainment industry, has recently filed for Chapter 7 bankruptcy protection under the bankruptcy code.

A Las Vegas developer recently filed for Chapter 7 bankruptcy protection. Apparently, he has accumulated more than $100 million in liabilities, with assets of only $50,000 or less.

His financial troubles began at the same time that many people in the Las Vegas area began to feel the effects of the real estate market crash. In 2007 and 2008, he tried to develop a $2 billion housing, office and retail development. However, this project never got off the ground and entered into bankruptcy. The developer's building license was then suspended for unpaid debts.

Other projects were completed by the developer, but were unable to procure tenants. In fact, he completed a total of five million square feet of Las Vegas-area office space, exactly when fewer and fewer tenants were to be had.

A former real estate agent, who was the top-selling agent in 2004 and 2005, did not see the crash in the real estate market coming any more than Las Vegas residents did. When the market changed drastically, he was left to consider all of the possibilities, and decided that his best option was to file for bankruptcy protection under Chapter 7.

His story began back in 2003, with eyes towards a big killing in the real estate market, he incurred $50 million in debt, but now has been left with only $2.4 million in assets to show for it. At that time, he purchased a piece of land for more than $3 million with the hopes of developing the land into a luxury home. He built the estate with funding by investors who are said to have invested $10 million, in addition to a $20 million construction loan remaining on the property.