When you are legitimately owed money from someone in Las Vegas and, if the debt that you wish to collect on is a relatively large sum of money, then you will need to discuss the matter with a Las Vegas Bankruptcy Attorney. He (or she) will advise you on the pros and cons of all actions open to you. For example, should you file for involuntary bankruptcy against your debtor? Or, what can you do should your debtor file for voluntary bankruptcy?
At this point, you must also consider the cost of debt recovery compared to the amount that you can reasonably expect to recover. If your Las Vegas Bankruptcy Attorney advises that your case will most likely have to go to court and the costs are likely to be higher than the amount you are owed, then, there is not much point in throwing more good money after the bad.
The Two Sides Of The Bankruptcy Coin
Let us assume that you are owed money from a basically honest person. This person is not a crook who set out to swindle you. He or she is simply a person that has run into severe difficulties with their finances (quite possibly through no basic fault of their own).
Such a debtor is most likely considering filing for bankruptcy in an honest attempt to safeguard essential assets while still making some effort to pay off at least part of the debts. This is fully allowable under the law and they will have hired a Las Vegas Bankruptcy Attorney to help them get maximum benefit from the law.
However, the law also says that, as a creditor, you have a right to be paid any monies owing to you. In bankruptcy cases, whose rights come uppermost? Obviously, someone who has no money cannot pay anything back without liquidating some or all of their assets. Maybe from your point of view as a creditor, your debtor deserves to be thrown out of his house so that it can be sold to meet the debt owed to you. However, a judge might not see it that way and allow the debtor to keep their home and work out some other way in which to eventually settle their financial commitments.
What If The Debtor Is In Vegas & The Creditor Is From New York?
Federal law forms the basis of bankruptcy proceedings but individual State law plays a major role in many bankruptcy settlements and judgments. It may well be that the creditor’s New York lawyers are not licensed to appear in Nevada courts. In which case, a Las Vegas Bankruptcy Attorney will be needed. Either to act directly for the creditor, or to arrange pro hac vice permissions for the New York lawyers to appear in Nevada.
A Las Vegas Bankruptcy Attorney can be essential for any creditor wishing to force a collection from a debtor in Vegas. The Law Office of Hayes & Welsh can provide such an attorney who will collect debts efficiently, effectively and as quickly as possible.
