a Vegas strip club files for Chapter 11?

http://www.lasvegassun.com/news/2010/jan/06/las-vegas-topless-club-cites-economy-bankruptcy-fi/

. I am a 63 year old; I am in a lot of trouble. In 1997, I opened a vacuum shop, Bargain Vacuum Store. I worked seven days a week to build my business. After a move to 4714 Western Ave, Doug Higging came into my shop, we talked and he told me he just received a Masters degree in business and explained that he was looking for investors in real estate. I told him that I had A credit and he told me he been working in real estate for twenty years and he was getting ready to buy an apartment building. Once he purchased the building, it was in my name. In addition, he opened an office in my name, Inmor Investment Corporation. I also invested my credit and credit cards for money he said were to help build the business. He said he wanted to open an office in Las Vegas, Nevada, so the company purchased a house foe me to live in. In December 2004, I left Los Angeles and moved to Las Vegas. After the move to Vegas, he bought a New Van for me, also two new cars for himself, a small truck and motorcycle, all of these vehicles were in my name. He started using my name to purchase more property. One of his employees, Tim Chapman, came to visit me in Vegas with his family. Tim then told me about other property in me and my wife’s name that I did not know about. This information he got when buying the house in Vegas, which turned out to be inn my name only. After I was given the title as Vice President of Inmor, I then found out the payments on my van had stopped, I lost the van. Also, payments on the house were behind, so my wife used ,000 off her credit card to save the house. Doug promised to repay it. He never paid it back and we lost the house and filed bankruptcy in my name. Shortly after, we moved to a Senior Living Community, my wife is now working to support us; I do not have a job. I have recently learned that Doug Higging has been killed by someone, and now I am left with all of this trouble.

l ve been in the army for two years and what l make is not enough to pay my monthly expenses, l had two houses in Las Vegas before l came to the Army [l still do]
because the real estate crisis we are going thru lm not able to even make the payments… lm not even able to sell them right now becaus ethe situation… could the Army discharge me if lm not making enough to continue making the payments? l dont want to go banakruptcy but l dont know what to do…
l had the houses rented before but since Las Vegas is going thru a really bad situation right now l have only one rented and the second one is been 4 months vacant … lm still looking for tenants. l went to finantial classes and all that stuff but they say my situation is bad and there is nothing they can do for me. besides that l have a car payment, credic cards, loans and all that stuff. l want to stay and serve but at the same time l need to get out of here and make more money so l dont lose my houses or go bankruptcy… l was thinking to reqquest to get discharged so l can get my situation fixed… would they let me go?

My husband lost his job in October and I am a student, so we have no money coming in except for a pittance from unemployment. We had some savings and he cashed in his retirement, but we are almost out of money. We put our condo on the market in December, but so far no takers. My husband has relatives in Las Vegas who have invited us to live with them temporarily, so my husband went after Christmas and began the job-hunt. We are now considering foreclosure and/or bankruptcy, but neither of us know much about either process. Can anyone either explain these processes to me, (in English – not Legalese), or direct me to a website that I can understand? I need to know everything, such as: Do I have to file in California or can we do this in Nevada? Do we contact the lender about foreclosure or is this something they do automatically? (They have been completely unwilling to work with us even though we have never been late on a payment.) Any advice/info would be greatly appreciated.

My husband lost his job in October and I am a student, so we have no money coming in except for a pittance from unemployment. We had some savings and he cashed in his retirement, but we are almost out of money. We put our condo on the market in December, but so far no takers. My husband has relatives in Las Vegas who have invited us to live with them temporarily, so my husband went after Christmas and began the job-hunt. We are now considering foreclosure and/or bankruptcy, but neither of us know much about either process. Can anyone either explain these processes to me, (in English – not Legalese), or direct me to a website that I can understand? I need to know everything, such as: Do I have to file in California or can we do this in Nevada? Do we contact the lender about foreclosure or is this something they do automatically? (They have been completely unwilling to work with us even though we have never been late on a payment.) Any advice/info would be greatly appreciated.
I should have mentioned that we have already sold everything of value. We sold our furniture, computers, CDs, dishes, pots, pans, clothing, our sons toys, cars – everything. I have 1 set of clothing and my husband has a few more than that, but not much. I come here because our house is completely empys except for a pillow and blanket.

Hello,
My father owns a home in Nevada(second) and another home in California(primary). The home in California is going into Foreclosure. My question is my father would like to know if he files for a bankruptcy and includes all his credit card debt which is aprx. k, will the bankrupcty court or judge make him take out equity/or sell his other home that is in Nevada to pay off the debts? I know the laws have changed and would appreciate any help on this.
Thank you all in advance,
Rudy

We purchased a home at the height of the housing madness in Las Vegas 4 years ago. It’s now worth nothing and if we were to sell it we’d owe around 120,000-150,000. Factor into that the ,000 we are in debt due to medical expenses and refinancing our adjustable mortgage (thinking we were doing the right thing 3 years ago) and paying for the mortgage many a months with credit cards…. so we see this can’t go on forever. Only option that makes sense is to foreclose on the house and then turn around and file for bankruptcy. Don’t know anyone who has ever done this, and we have never had debt problems like this ever before. We are young (late 20’s and early 30’s) and have three children. Can anyone offer words of advice as we start down this road? Where can I go to find up to date accurate information on foreclosures and bankruptcy and the ramifications of the two? Do we stop payments on everything we are paying on right now? We have not missed any payments yet. Your help is greatly appreciated. Thank you in advance.

I have a judgment against me from the second mortgage holder on an investment house I bought that was foreclosed on. The first mortgage company foreclosed and sold the house (in Nevada) at auction. The second mortgage company didn’t get settled thru foreclosure because of some law in Nevada so they came after me and won the judgment 120K. Now they have garnished my wages and I am barely making it (Single income, three kids high rent in So. Cal) I do not have ANY assets, and do have large credit card debts and reside in California. I was asked if the judgment was non-dischargeable- it does not say non-dischargeable.
Is it my only solution to go bankrupt(not credit consultation nor counseling)
1) I’m not sure if I which chapter I should file under.
2) I do not have money for a highpriced lawyer- what are my options? (I have found flat rate attorneys and cut rate bankruptcy specialists)
3) What questions should I ask of prospective legal help before I commit to one service/attorney?
Oh, more info, the home was bought on little down with our very good credit. There was no equity in it but was in an area of high rising appreciation (three years ago). But one day the developers of the housing tract lower the prices of the newest tract accross the street. They cut the price of the new identical homes by 100,000 dollars. We found our investment home devalued by 100,000 overnight and had aprox 90k in negative equity. We were previously renting it for a 300.00 a month loss- banking on quick equity by appreciation.

Deed of Sale of property in Nevada has been in escrow since December, 05. Closing was extended because there was a pending lien (bankruptcy CH 13) on the property. CH 13 was dismissed eventually and both seller and buyer can go back now to closing. Since property in Las Vegas has dropped drastically, there is a need to change the figures of purchase price of property. But the total am’t the seller will get is still the same. 0,000 is the am’t they actually sold to us. Original purchase is 8,000. ,000.00 goes to gift of equity w/c the bank will hold. Buyer wrote an ammendment to change the purchase to 9,000.00 w/c is the current buying price of the property in the area where it is located. Still the am’t the buyer will get is still 0,000.00. so nothing has changed except the money the bank will hold as equity has lowered. Seller had a pending divorce and husband just refused to sign the ammendment because he just want to get even with the wife. who will get 100% of sale

A little background here.. I am trying to get myself out of a terrible financial situation. I was 22 when my husband and I bouught our first home (which is upside down) and started accumulating debt. I live in Las Vegas where the real estate market has plummeted. My husband and I are separated, and have about 45 thousand in debt bewteen the both of us. We keep tinkering back and forth between doing a bankruptcy or just paying our bills off.I have gotten setlements on 3 of my accounts, so that would bring me to 000 in debt approximately, the also offered to do a loan modification, POSSIBLY approved after a six month forebearance on our home. Bringing our payment from 00 a month to about 00. But we wont know for 4 months if that is even approved and it could go either way. I am in the reserves and trying to go on a deployment for 7-9 months that would be about 000 tax free before the end of the year. If I do a Chapter 7, I believe the majority, if not all, of that money is protected. I could save it, and use about 1/2 of that to buy an investiment home, but I won’t be able to buy one until after statue of limitations which is 2 years minimum?? If I don’t do a bankruptcy then I plan to pay off the settlement accounts first, while paying the others off consecutively (monthly) to reestablish history.after 6 months to 1 year of rebuilding my history then I want to buy an investment home. I am now 25, and I know now basic necessities to be secure. Such as 3-6 months emergency fund, as 0- minimum amount of debt as possible, and securities to help me survive or profit from the recession, my choice is real estate since I’ve studied it, I enjoy it, and I believe firmly I know how to make money in it. And I don’t know much about any other market, such as the stock market, orinvesting.Please help. We have been riding the fence for about 7 months, wasting time because our minds keep changing. We are separated but which ever way we decide to go with this we plan to help each other. I want to build my wealth, become secure, and have long term investments. I want to start up a business (home staging) within the next 3 years also.