The hotels and casinos in Las Vegas are constantly evolving to meet the needs of locals and visitors to the area alike. During a business’s expansion, this can create a positive ripple effect in the form of new jobs. But when these expansions aren’t as successful as projected, this can force a company to downsize to mitigate losses. Las Vegas is no exception to the massive changes taking place due to economic forces like post-pandemic lifestyles and skyrocketing inflation. Rio Hotel & Casino recently illustrated this phenomenon by confirming on Thursday, August 10, 2024, that it had laid off an unspecified number of employees. After receiving $850 million in financing to remodel the resort and complete other projects, Rio stated that it now has a better understanding of its staffing needs. Approximately 1,427 rooms will be remodeled and more than 100 people were hired to staff their new food hall earlier this year in January, but now certain team members at Rio will need to find new employment.
Job loss is a leading cause of bankruptcy because of the extensive financial problems it can create. Many families don’t have enough savings to pay expenses for more than a few months, or even weeks, if an income earner in the home loses their job. This could leave them with limited options on how to keep food on the table in the meantime. There may be a 401(k) or other retirement savings account available as an emergency financial option, but withdrawing from retirement accounts early comes with costly penalties. Incurring debts through means like credit cards and personal loans can create a debt balance that is too high for the household to pay off after new employment is found. They could avoid paying certain bills based on personal priorities, but this can result in negative repercussions like damaged credit and utility shut-offs. This demonstrates how debt can get out of control after being laid off or terminated. Are you a Las Vegas resident needing debt relief and considering bankruptcy? Our team is experienced in handling chapter 7 and chapter 13 cases in Las Vegas and the surrounding area. Call 602-609-7000 to learn more with your free consultation.
How Our Team Makes Declaring Bankruptcy More Convenient
The list of documents you will need to compile a bankruptcy petition is extensive. At a basic level, you will need to have a valid form of government identification and an original social security number document. The petition will require your last tax returns from the last two years, but your trustee can later request returns from years even further back. You will need your pay stubs or other proof of income from the last six months, as well as the pay stubs of any other income earners in your household. If you have recently been divorced or are court-ordered to pay child support, this documentation will be necessary for your bankruptcy petition. So will bank account statements, retirement account statements, other investment account statements, and more. You can submit all of your documents to our staff as you gather them so they can be kept organized, which helps many bankruptcy debtors keep from becoming overwhelmed.
Filing the correct chapter of bankruptcy is crucial to protecting assets and a successful outcome in the end. Many debtors hope to qualify for chapter 7 bankruptcy over chapter 13 without fully understanding the benefits and requirements of each. Our lawyers will analyze your income and assets to make sure your case will proceed smoothly and your trustee won’t be able to access any of your assets to give to your creditors.
Another important of a bankruptcy petition is the creditor mailing matrix. This section of the petition describes each debt that the case will discharge, as well as contact information of all creditors. That way, creditors can be notified of the petition filing so that they know they need to comply with the automatic stay. The automatic stay stops collection efforts like lawsuits, wage garnishments, repossessions, etc. You will want this section to be full and accurate so you don’t experience creditor collection efforts during your case due to lack of proper notice.
The above paragraphs described just a few of the issues that can arise during either a chapter 7 or chapter 13 bankruptcy case. A skilled bankruptcy attorney will be prepared for all of them, as well as other issues that could be relevant based on your specific circumstances. All bankruptcy debtors are required to attend a hearing called the 341 Meeting of Creditors. As you might infer from the name, creditors can attend this hearing to ask the debtors questions about their petition. The bankruptcy trustee will also ask questions about the debtor’s petition, identity, and financial situation. Because the debtor’s liberty, i.e., incarceration, isn’t on the line, the debtor is not entitled to a court-appointed attorney for this hearing. The only way to obtain representation for this hearing is to retain a private bankruptcy lawyer. Chapter 13 debtors will also need to attend a plan confirmation hearing, and other hearings could be relevant based on special case factors. For more information about the hearings you may need to attend for your potential bankruptcy filing, call 602-609-7000 for your free consultation.
How Long After Job Loss Should I Wait To Declare Bankruptcy?
Unless emergency factors are present, such as an imminent home foreclosure or wage garnishment, it may be better to wait a while after a job loss before filing a bankruptcy petition. There are a few reasons for this. One of the most common reasons is because many people who lose their jobs have to rely on credit cards to pay bills while looking new sources of income. Filing for bankruptcy freezes all credit cards, and the debtor can only apply for new ones after their case has been discharged. For a chapter 7 case, this could be 3 to 6 months. For a chapter 13 case, this is 3 or 5 years. If the debtor wants to continue using credit cards before finding a new job, they should wait until then to file. Additionally, they should only use credit cards for necessity purchases, as luxury purchases and cash advances can be exempted from the discharge process if they don’t meet bankruptcy guidelines.
Another reason to hold off before filing bankruptcy due to job loss is average monthly income. This is an important figure in determining bankruptcy eligibility. A debtor who might have too high of income to file for chapter 7 bankruptcy might be able to qualify if they wait a couple of months after job loss and average monthly income has gone down. Want a skilled bankruptcy lawyer from the Law Office of Erik Severino to review your situation to determine if you qualify for bankruptcy? call 602-609-7000 for your free consultation today.
Clear Debts & Rebuild Credit After Job Loss In Las Vegas
Are you struggling with debts but need to focus your time and attention on your job search? This is just one of the countless reasons that you should retain an experienced attorney to handle your bankruptcy case. Our Zero Down Bankruptcy Lawyers offer unmatched legal services with affordable payment options starting as low as Zero Dollars Down. Get started today with your free consultation- call 602-609-7000. Don’t hesitate to contact us!
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