Sometimes even the rich and powerful need a bankruptcy lawyer, Las Vegas! Casino operator and real estate developer Robert “Randy” Black and his wife filed for Chapter 7 bankruptcy in Las Vegas.
The Blacks are in the middle of a lawsuit with Bank of America to collect millions of dollars from them on a personal guarantee they gave in 2005. The personal guarantee covered the difference between the amount owed and what the building is now worth on an office building constructed by Black near Summerlin.
Several developers have faced collection actions on personal guarantees after the Las Vegas real estate collapse. If you signed a personal guarantee and need to file for bankruptcy in Las Vegas, contact a bankruptcy lawyer in Las Vegas that you can trust.
In Chapter 7 bankruptcy, there is a liquidation of assets to pay off creditors. Some debts are legally discharged, but debts for child support, income taxes, property taxes, student loans and several other debts are not discharged. The individual gets to keep certain exempt property, but the value varies from state to state. See a bankruptcy lawyer Las Vegas to determine what the exemptions are for bankruptcy in Las Vegas and Nevada.
To read more about the developer who filed for bankruptcy protection go to http://www.lvrj.com/business/developer-casino-owner-black-and-wife-seek-bankruptcy-protection-161503185.html.
To learn more about Chapter 7 bankruptcy liquidation refer click here. If you find yourself in financial difficulty, call a bankruptcy lawyer in Las Vegas before your situation gets worse.
Shumway Van & Hansen always offers free consultations and often times can schedule an appointment within 24 hours. For more information please continue to utilize www.shumwayvan.com, call us at (801) 478-8080 or (702) 478-7770, or stop by either of our offices which are located at 8985 S. Eastern Ave, Suite 100, Las Vegas Nevada 89123 and 8 East Broadway, Suite 550, Salt Lake City, Utah 84111. We look forward to hearing from you soon.