Rio Announces Job Losses For Las Vegas-Area Employees

The Rio Hotel is located on Flamingo Road in Las Vegas and has long been a mainstay for visitors seeking a reliable hotel and casino for their vacations. But older hotels constantly have new competition coming in the form of more modern hotels, renovations at rival resorts and casinos, and even Airbnbs. To combat this competition, the Rio obtained $850 million in financing to pay for renovation projects after Dreamscape took over operations of the resort in 2023. Despite its plans to renovate 1,427 rooms in the Ipanema Tower, the Rio has recently laid off an undisclosed number of employees. With many Henderson residents commuting to Las Vegas for work, this could affect people not just directly on the strip but in a further radius as well. Have you been affected by layoffs and struggle to keep up with debt repayments? Do you ignore your phone due to creditor calls, or have an impending collection efforts like a lawsuit or wage garnishment? It might be time to consider filing for bankruptcy. Learn more about your options with your free consultation with Zero Down Bankruptcy Lawyers– call 702-842-0700 for scheduling today.

Considerations For Declaring Bankruptcy After Losing Your Job

Many people who file for bankruptcy are still gainfully employed, but have debts that simply won’t ever be repaid without some intervention and protection from the court. Having a regular source of income is sometimes the only way to qualify to file for chapter 13 bankruptcy, although unemployment can make it easier for an individual to file for chapter 7 bankruptcy. This is one reason that you should take special care if you are filing bankruptcy due to job loss, as the type of bankruptcy you might have previously needed may no longer be available, or vice versa. Unfortunately, this driving force behind many bankruptcy filings may be relevant if you’re one of the several people living in Henderson who work in the casino industry. One major hotel in Las Vegas has recently announced that it will be laying off an indeterminate amount of employees.  

Chapter 7 Eligibility

To get a better idea of which chapter of bankruptcy you’d like to file, you must understand more about the processes required for each chapter and the differences between them. Chapter 7 is what comes to mind for most people when they think about bankruptcy. It wipes out debts indiscriminately- the debtor can’t pick and choose which debts are cleared- but only if they have unsecured, non-priority status and meet other specific factors for different categories of debt. So debts like credit cards and medical bills will be erased when a debtor files for chapter 7 bankruptcy, but other debts like a home mortgage and child support will remain. If everyone were allowed to clear their unsecured debts through chapter 7 bankruptcy, very few people would ever pay these bills and these services could cease to exist. There are income limitations in place to keep this from happening. A debtor must have a household income that falls below the state median or pass the means test to show they don’t have sufficient income to pay off their debts and maintain a reasonable standard of living. A debtor who may have been on the edge of being disqualified can wait for their average income to decrease after a job loss and possibly qualify for a chapter 7 case for which they previously would have been ineligible. If you need assistance determining your eligibility for chapter 7 bankruptcy in Henderson, Vegas Chapter 7 Bankruptcy Lawyers can help—call 702-842-0700 for your free consultation with our firm. 

Chapter 13 Eligibility

Chapter 13 bankruptcy doesn’t wipe out debts like chapter 7, but instead pays them off in a payment plan based on what the debtor can afford. If a debtor qualifies for chapter 7 but files chapter 13, their payment plan will last 3 years. If not, the payment plan lasts 5 years. The first category of debt repaid in a chapter 13 payment plan is the fees related to the bankruptcy filing. Next, the payment plan addresses secured debts. Third are priority debts. Finally, the payment plan will begin to pay off unsecured non-priority debts, or those that would’ve been cleared by a chapter 7 filing. Because the payment plan is based off of the debtor’s disposable monthly income, there might not be enough funds to pay off these debts in full. As long as the debtor has completed the rest of their payment plan in earnest, these debts can be discharged at the end of the 3 or 5 years. But the debtor must have enough disposable monthly income to pay off the first three categories, which might not be possible if the debtor has recently lost their job. Want to know how much your payments would be if you declared chapter 13 bankruptcy? Schedule your free and convenient consultation with our Chapter 13 Bankruptcy team by calling 702-842-0700. 

Credit Cards & Lines Of Credit

Another important consideration for unemployed bankruptcy debtors is the ability to continue using lines of credit and opening new ones. Filing for bankruptcy freezes assets, and not only to protect them from creditors. The filing date is the cutoff dates for debts that will be cleared by the bankruptcy filing. If the debtor incurs new debts after filing because they still haven’t found a new job, they will remain liable for them after their case has been discharged. Additionally, a bankruptcy debtor will lose all of their credit cards upon filing their petition. This can be pivotal for a debtor who is using credit cards to pay for groceries, utilities, and other expenses while on the hunt for a new job. If you find yourself under these circumstances, you should wait until you work out a new way to pay your expenses before filing for bankruptcy. Do you need to discuss your unique situation with a skilled bankruptcy professional before making your decision about whether or not to file? Schedule your free consultation today by calling 702-842-0700.  

Start Your Journey Towards Financial Stability With Henderson Bankruptcy Lawyers

Job loss, divorce, medical problems, mismanaged expenses, unsuccessful business ventures, serious accidents, natural disasters, and more can all create debt that eventually leads to bankruptcy. But when life gets tough and finances get tight, you can know that bankruptcy is there to help. You can use different forms of bankruptcy to address the problems most relevant to your personal situation and regain your footing for more positive outcomes after your case has been discharged. But when you file your case without an attorney, there are significant risks. Creditor could be omitted from your mailing matrix, leaving them unaware of your bankruptcy protections and possibly continuing collection efforts. Exemptions could be erroneously applied to your assets, resulting in their seizure and sale by auction to pay your debts. Your income may not qualify for your chosen bankruptcy chapter, which could result in your case being dismissed. Our team strives to iron out these types of wrinkles in a bankruptcy case so that our clients can focus on what’s most important to them with a Las Vegas Bankruptcy Attorney guiding the process. Learn more about filing for bankruptcy in Henderson for Zero Dollars Down by calling 702-842-0700 — contact us.

Zero Down Bankruptcy Lawyers
Phone: (702) 842-0700
Email: info@vegaszerodownbankruptcy.com

Las Vegas Office
5552 Ashley Creek St
Las Vegas, NV 89135

North Las Vegas Office
7251 W Lake Mead Blvd
Las Vegas, NV 89128

Henderson
1489 W Warm Springs Rd #110
Henderson, NV 89014