Documents

• Haines and Krieger Discusses the Repercussions of a Dishonest Bankruptcy
  Trust forms the foundation of the modern bankruptcy system in the United States. When an honest, hapless debtor seeks help, he or she finds the opportunity for a new beginning. On the other hand, those who do not face their situation and its consequences truthfully face severe repercussions that often compound existing financial and legal circumstances. During the bankruptcy process, debtors must accurately report their income, expenses, existing debts, and assets to the court so that a fair judgment may be rendered. Many think of bankruptcy as a panacea for their financial woes, but the bankruptcy courts still expect debtors to repay creditors to the best of their abilities. While the court understands that individuals need resources for basic needs like food and clothing, it also expects any extra income to go to creditors. The court also requires debtors to liquidate their unnecessary assets in order to generate extra income. Failure to submit a comprehensive record of financial assets results in harsh ramifications.

  Courts routinely dismiss bankruptcy cases or deny discharges for several reasons, including the discovery of undisclosed income or assets, blatant falsehood on the bankruptcy schedules, refusal to submit records, or lack of cooperation with trustees. In these cases, debtors retain their liability for all debts and may lose nonexempt property to the benefit of their creditors. When the courts rule against discharge, the trustee still administers assets surrendered during the case. Beyond these consequences, a debtor may face federal criminal charges for fraud and come under investigation. Several government agencies pursue dishonest debtors, including the Internal Revenue Service Criminal Investigation’s Bankruptcy Fraud Program and the Federal Bureau of Investigation.

  The U.S. Bankruptcy Code protects individuals who seek help in an honorable and legal manner. For advice about the best way to protect income and assets lawfully during bankruptcy, contact experienced bankruptcy lawyers like Haines and Krieger immediately.

• Declaring Bankruptcy: Frequently Asked Questions (1/2)
  Haines & Krieger's Blog on Bigsight
  Established in 2004, Haines & Krieger stands apart as one of Las Vegas, Nevada’s leading legal practices. Representing clients in matters of bankruptcy law, debt settlement or consolidation, short sales, and home loan modifications, among other areas, Haines & Krieger has assisted thousands of individuals in the process of moving toward a brighter financial future for themselves and their families. Committed to providing personalized, proactive representation in every capacity, the attorneys at Haines & Krieger adhere to the highest level of ethical practice, while focusing on the obtainment of optimal results in a timely fashion.

  Question: Is filing for bankruptcy the right choice for me?

  Answer: Regardless of the amount of debt you carry, Haines & Krieger strongly suggests enlisting the advice of a legal professional prior to declaring bankruptcy. Under federal law, all debtors are eligible to file for Chapter 7 bankruptcy, even if they owe a minimal amount to creditors. For example, a person earning minimum wage who holds several thousands of dollars of debt may benefit markedly by retaining services from a lawyer at Haines & Krieger. Those falling into higher income brackets whose debts constitute small portions of their annual incomes may not be eligible for Chapter 7. Additionally, Haines & Krieger recommends Chapter 13 only for clients holding secured or unsecured debt within a specified amount.

  Question: Will declaring bankruptcy adversely affect my credit?

  Answer: Individuals who choose to file Chapter 7 or Chapter 13 bankruptcy will see a change in their credit score, but not necessarily for the worse. Although many of our clients express concerns regarding credit ratings and the long-term effects of initiating bankruptcy proceedings, Haines & Krieger goes to great lengths to facilitate a stable fiscal foundation for clients. Those with credit scores in the high 600s or low 700s may take a temporary hit, yet this drop is by no means permanent. People with credit scores in the 500s who choose to file for bankruptcy can potentially boost their score immediately, as some forms of debt negotiation zero out balances with creditors subsequent to taking appropriate legal action.

  
  Declaring Bankruptcy: Frequently Asked Questions (2/2)

• Business Tips: Avoiding Bankruptcy
  by Haines and Krieger

  1. While extravagance in the business world can sometimes seem alluring, especially when trying to project a certain image, businesses should realize the hardships these choices may cause. Instead of investing in a plush leather couch or flat-screen television for the front office, focus on quality equipment to keep your business running efficiently and effectively. Also, take advantage of deals and bargains on items like desks, artwork, and smaller supplies. If you find a nice leather office chair at an estate sale rather than a brand-name furniture store, no one will know—and your budget will be better off for it.

  2. Small business loans stand out as a great way to acquire capital and build on investment. These can also help boost your credit score and provide much-needed quick cash solutions.

  3. Always consider your future investor strategy, regardless of how well you are doing in the present. Think about your next option, and begin to nurture and develop partnerships based on this goal.

  4. Market wisely with economical advertising outlets such as social media and website optimization. These techniques often serve as the least expensive and most effective, so there is really nothing to lose.

  About the author: Haines and Krieger, a legal services firm operating out of Las Vegas, Nevada, specializes in matters of bankruptcy, foreclosure, and commercial law. Keenly aware of the challenges businesses may encounter when faced with financial difficulties and tough choices, Haines and Krieger works to find the best solutions, catering to each client’s needs and particular situation. Haines and Krieger maintains an abundance of expertise in relation to bankruptcy matters and consistently provides favorable options for a myriad of business and individual clients.