Goldsmith & Guymon P.C.Goldsmith & Guymon P.C.2026-05-18T16:46:26Zhttps://www.goldguylaw.com/feed/atom/WordPress/wp-content/uploads/sites/1304440/2020/10/cropped-G-Fav-Icon-min-32x32.jpgOn Behalf of Goldsmith & Guymon P.C.<![CDATA[What is the right time to create an estate plan?]]>https://www.goldguylaw.com/?p=2493592026-05-18T16:46:26Z2026-05-16T23:43:06ZEven 18-year-olds may need documents
People do not need to have dependents or valuable property to require the protection of an estate plan. Young adults who have recently turned 18 are vulnerable because their parents no longer have the legal authority to manage their affairs and medical care.
Those starting their careers or moving away for college may benefit from creating advance medical directives and powers of attorney. They can name someone, such as their parents, to act as their agent in an emergency. They can also provide instructions about their personal medical preferences.
Estate planning is also beneficial for people in their twenties and thirties who have achieved a degree of professional success or inherited property. Anyone with valuable assets such as real estate, vehicles or well-funded financial accounts may need to create an estate plan to control what happens to their property in the event of their death.
Interstate succession laws only protect immediate family members. For unmarried adults establishing their careers before they start families, the lack of children and a spouse might mean that their parents inherit everything when they die. The people closest to them, such as a long-term romantic partner they have not married, might end up left with nothing under intestate succession laws.
Anyone with valuable property at any age may benefit from drafting a will or establishing a trust to ensure their chosen beneficiaries inherit their most valuable property. Those with children or other dependents may want to draft wills to name a guardian and ensure the financial stability of the people who depend on them.
Creating an estate plan early and then adjusting the paperwork as life circumstances change is typically the best approach to the estate planning process. A simple estate plan provides peace of mind, protection in an emergency and the foundation for a meaningful legacy after death.]]>On Behalf of Goldsmith & Guymon P.C.<![CDATA[Which entities can file for Chapter 11 bankruptcy?]]>https://www.goldguylaw.com/?p=483902025-12-18T09:45:05Z2025-12-18T09:45:05ZWhich entities are eligible?
Almost any business can file Chapter 11, a reorganization process that exists to help entities restructure debts and operations without shutting down. Many entities are eligible to file, including:
Individuals: People whose debts exceed the limit of Chapter 13 bankruptcy
Businesses: Almost all types of business structure utilize Chapter 11, including corporations, partnerships and LLCs
Sole proprietorships: Small business owners whose business and personal finances are legally intertwined
Though technically individuals are eligible, it is rare for them to file bankruptcy under Chapter 11. Instead, people who go bankrupt often file under Chapter 13.
Which entities are ineligible?
Not all businesses or individuals can file for Chapter 11 bankruptcy. Bankruptcy is instead filed under other chapters. Entities such as stockbrokers, government agencies, non-business trusts and insurance companies are all ineligible.
Some businesses and individuals otherwise eligible for Chapter 11 may be barred from doing so under certain circumstances. These include entities that engage in fraud and demonstrate an inability to comply with court orders.
The significance of Chapter 11 bankruptcy
Filing for Chapter 11 is among the most accessible ways to restructure debts and operations without permanently closing down a business. The ability to carry out a reorganization plan by restructuring debts is what allows businesses to get a second wind and recover, as opposed to liquidating their assets and shutting down for good.]]>On Behalf of Goldsmith & Guymon P.C.<![CDATA[5 Nevada bankruptcy myths busted]]>https://www.goldguylaw.com/?p=483892026-04-29T18:42:53Z2025-09-24T14:20:44ZMyth 1: You will lose everything you own
Some people believe filing for bankruptcy means you will lose your house, car and all your possessions. This is simply not true. Nevada has generous exemption laws designed to protect your essential assets, including:
The homestead exemption protects up to $605,000 in home equity.
Vehicle exemptions protect up to $15,000 of equity in your car.
Household goods and furnishings are also protected.
Many people who file for bankruptcy in Nevada lose little to no property. These laws help ensure you can keep what you need for a fresh start.
Myth 2: Bankruptcy ruins your credit
You might worry that bankruptcy will destroy your credit score. While there is a significant impact, it is not permanent. A bankruptcy filing stays on your credit report for seven to 10 years, but your credit score often begins to recover much sooner.
Many people obtain new credit cards, car loans and even mortgages within months or a few years. Bankruptcy can be a fresh start, allowing you to rebuild your credit on a clean slate. You can take steps to improve your financial standing after your case is complete.
Myth 3: Bankruptcy doesn't get rid of all your debt
Some believe bankruptcy will not actually eliminate their debts, making it pointless to file. While some debts are "non-dischargeable," the primary purpose is to eliminate most unsecured debts.
Common debts typically discharged include:
Credit card debt
Medical bills
Personal loans
Debts, such as student loans (in most cases) and recent taxes, are generally not eligible for discharge. However, bankruptcy offers significant relief from many types of financial burdens.
Myth 4: Everyone will know you filed
You may fear that filing for bankruptcy is a public proceeding, and everyone—friends, family, and employer—will find out. While bankruptcy filings are public, these records are not publicized.
Unless you are a high-profile individual, it is unlikely that anyone beyond your creditors and the court will be aware that you have filed for bankruptcy. Federal law also protects you from being fired.
Myth 5: You can only file for bankruptcy once
It is also a common misconception that one can file for bankruptcy only once. While there are specific waiting periods, it is possible to file again if necessary. The system is designed to provide relief for people who may face financial hardship, especially those facing unexpected economic challenges, such as a medical emergency.
Bankruptcy is a powerful legal tool designed to help people get a fresh start, not punish them. Don’t let these myths prevent you from exploring your options. With guidance from a skilled bankruptcy attorney, you can explore solutions that help get your life back on track.]]>On Behalf of Goldsmith & Guymon P.C.<![CDATA[Business debt: Why Chapter 7 bankruptcy may be your fresh start]]>https://www.goldguylaw.com/?p=483802025-06-25T07:58:39Z2025-06-25T07:58:39ZBusinesses face unforeseen challenges all the time, and one of them may be significant debt. Whether it is due to unexpected costs, declining revenue or personal guarantees on loans, the burden can feel overwhelming. For some, Chapter 7 bankruptcy offers a chance to reset and rebuild.
What is Chapter 7 bankruptcy?
Sometimes called “liquidation bankruptcy,” filing for Chapter 7 bankruptcy does not always mean you will lose everything. It often lets people discharge unsecured debts, such as credit cards, personal loans or business debts, while keeping certain protected property under Nevada law.
What can you keep and what might you lose?
The outcome of a bankruptcy depends on your business type and what assets you have. A key part of Chapter 7 is knowing what you can legally protect. Here are some assets you may be able to keep under Nevada law:
Your home: Nevada’s generous homestead exemption may protect up to $605,000 in home equity. This means that you could keep your primary residence even after filing for Chapter 7, depending on how much you owe and the value of your home.
Retirement accounts: 401(k)s, IRAs and other qualified plans usually stay protected, so you can often keep your savings for the future even during bankruptcy.
Tools of the trade: Equipment, tools or inventory you need for your job may be protected up to a certain value, allowing you to continue working and earning income.
Household goods: Furniture, appliances and other basic items may be protected within set value limits, so you do not have to give up everyday essentials.
Every bankruptcy case is different, but knowing your rights under Nevada’s exemption laws can help you make informed choices.
Is Chapter 7 the right path for your business?
Filing for Chapter 7 is a serious decision that can have lasting effects. If you are a sole proprietor, it might offer a way to wipe out debt while keeping your business running, especially if your assets qualify for exemption. But for corporations or LLCs, Chapter 7 typically means closing the business and liquidating assets to pay creditors.Before moving forward, consider how Chapter 7 could impact your credit, your future income and your personal liability. Talking to a bankruptcy attorney can help you weigh the pros and cons and choose a path that supports your long-term goals.
The first step towards relief
If you are struggling with overwhelming debt, Chapter 7 bankruptcy may offer a chance to reset your finances without giving up the assets that matter most. A trusted Nevada bankruptcy attorney can help you understand your options, protect what you have worked hard for, and guide you toward a more stable financial future.
]]>On Behalf of Goldsmith & Guymon P.C.<![CDATA[How Chapter 13 bankruptcy can help those facing foreclosure]]>https://www.goldguylaw.com/?p=483792025-03-30T22:51:59Z2025-03-30T22:51:59ZFiling can delay foreclosure
When an individual files for bankruptcy relief, they may have a long wait before they receive their discharge. In a Chapter 13 case, fulfilling a repayment plan that lasts at least three years is a prerequisite for the discharge at the end of the process. Those facing foreclosure cannot wait three years to address their missed mortgage payments and pending foreclosure. The same day that they file, the courts grant an automatic stay. All collection activity typically stops the same day that the filer submits documents to the courts. If there is a pending court case, the creditor or the courts typically need to dismiss the case until the resolution of the bankruptcy case.
Filing can help with loan modifications
As mentioned above, Chapter 13 bankruptcy involves a structured repayment plan that lasts from three to five years. Filers typically negotiate the terms of that plan to make their monthly payments fit with their household budget. Mortgage lenders may be open to modification negotiations before or during repayment plan discussions. Homeowners may be able to reduce their monthly payments, increase the repayment period or even move the missing payments to the end of the loan so that they don't have to come up with thousands of dollars to avoid foreclosure.
Eliminating debts can lead to a balanced budget
When those who file for Chapter 13 bankruptcy complete the process successfully, the courts can discharge the remaining balance on eligible unsecured debts. The elimination of credit card balances, medical debts and other financial obligations can take the pressure off of a homeowner's budget. It can be much easier to make mortgage payments on time every month when there are fewer secondary financial obligations.
Preparing for a Chapter 13 bankruptcy can help those facing foreclosure preserve their most valuable resource. A prompt bankruptcy filing can halt foreclosure and help address the issues that led to missed mortgage payments.]]>On Behalf of Goldsmith & Guymon P.C.<![CDATA[3 benefits of filing for Chapter 11 bankruptcy for business debts]]>https://www.goldguylaw.com/?p=483572025-01-08T01:38:18Z2025-01-08T01:38:18Z1. Maintaining control over the company
In other forms of bankruptcy, it is standard practice for the court to appoint a trustee. The trustee has to liquidate assets in Chapter 7 filings and oversees repayment plans. In some cases, trustees may take control over company operations.
That could be a fatal move for a struggling business. Chapter 11 bankruptcy allows the owner to continue running the company. Their experience and relationships can keep the company functional despite the temporary financial challenges.
2. Restructuring company finances
When a business has more debt than revenue, collection efforts can put the company's assets at risk. In a Chapter 11 bankruptcy, the organization can rework its finances. The company may be able to streamline operations by closing down certain facilities.
It may also be possible to renegotiate the terms of certain financial obligations. Lenders and creditors are often more willing to compromise when the alternative is the possibility of discharge during bankruptcy.
3. Securing an automatic stay
Sometimes, business owners plan bankruptcy carefully for weeks before taking action. Other times, they need immediate relief. If a creditor initiates a lawsuit or if the company is at risk of losing key assets, bankruptcy can help the organization remain afloat until it improves its circumstances.
The courts provide an automatic stay when the business owner files for Chapter 11 bankruptcy. Collection efforts, including repossession attempts or pending litigation, typically have to halt until the courts finalize the bankruptcy filing or dismiss it.
If a Chapter 11 bankruptcy is successful, the organization may be able to retain key resources, eliminate certain debts and continue operating despite the short-term financial challenges. Securing support when contemplating a business bankruptcy can help business owners choose the best option available to them and meet all of the complex requirements involved in business bankruptcy proceedings.]]>On Behalf of Goldsmith & Guymon P.C.<![CDATA[Can bankruptcy help people address their tax debts?]]>https://www.goldguylaw.com/?p=483562024-10-01T10:45:12Z2024-10-01T10:45:12ZOnly one type of tax debt is dischargeable
Part of what makes bankruptcy so helpful during times of financial hardship is the ability to eliminate certain debts via the discharge granted at the end of the process. There are many kinds of unsecured debts that are eligible for a discharge during bankruptcy.
Sadly, most tax debts are not dischargeable financial obligations. The one exception applies to older income tax debts. Outstanding income tax balances that are at least three years old or older may be eligible for discharge in a personal bankruptcy filing.
More recent income tax debts and debts related to other types of taxes are typically not eligible for discharge. However, bankruptcy can still be useful for those with more recent income tax debts or other outstanding tax obligations.
The automatic stay provided when someone files can help delay legal action related to those debts. If the bankruptcy filing is successful, discharging other debts can help the filer afford to budget for their tax obligations. They may be able to work out a payment arrangement or set aside enough funds to catch up on their obligations.
Discussing personal bankruptcy and current financial challenges with a skilled legal team can help people avoid major financial setbacks related to their taxes. Bankruptcy can offer relief by delaying collection activity and reducing the debts someone has to pay.]]>On Behalf of Goldsmith & Guymon P.C.<![CDATA[How does bankruptcy affect a filer’s credit?]]>https://www.goldguylaw.com/?p=483552024-07-02T10:41:30Z2024-07-02T10:41:30ZLines of credit freeze when someone files
The first thing someone needs to understand about bankruptcy is that their filing is likely to immediately alter what credit they have available. Any revolving lines of credit where they can take on more debt are likely to close immediately after they file the bankruptcy. People typically have to manage without credit cards and similar financial instruments until after they complete the bankruptcy process. Credit card offers are often the first opportunity for credit that people have after they complete a bankruptcy. Appropriate use of new cards can help people repair their credit.
Credit scores drop after bankruptcy
The credit score of the filer decreases substantially. People often see a substantial drop, possibly as much as 200 points. Thankfully, people can begin rebuilding their credit almost immediately after their discharges. By responsibly using credit after bankruptcy, people can get their credit scores back to where they were before or to an even better score.
The record of the bankruptcy eventually goes away
A bankruptcy doesn't haunt someone forever. Instead, it appears on a credit report for a set amount of time after a discharge like any other financial obligation. In a Chapter 7 bankruptcy, the credit report of the filer reflects their bankruptcy discharge for 10 years. A bankruptcy record from a Chapter 13 case is viewable by lenders and other parties for seven years after someone's discharge.
Those who understand the impact that personal bankruptcy will have on their credit may feel better prepared to begin the bankruptcy process. Recognizing that credit disruptions are temporary can help people feel comfortable with the decision to file.]]>On Behalf of Goldsmith & Guymon P.C.<![CDATA[How does someone qualify for a Chapter 7 bankruptcy filing?]]>https://www.goldguylaw.com/?p=483432024-04-11T11:28:35Z2024-04-11T11:28:35ZBy performing a means test
The only way to pursue a Chapter 7 bankruptcy is to pass the means test. Means testing is a process in which someone adjusts their household income by reducing the income based on certain household expenses. They then compare that adjusted figure with the current median income reported in their state for their household size. Someone at or below the median income level for their state may be able to move forward with a Chapter 7 bankruptcy. Those right on the edge of qualifying may want to go over their financial records and calculations with someone familiar with the bankruptcy process, as they might be able to qualify.
By looking at vulnerable property
Some people refer to a Chapter 7 bankruptcy as a liquidation bankruptcy. The trustee overseeing the bankruptcy can potentially sell off or liquidate certain non-exempt assets to repay creditors. Thankfully, there are exemptions available that allow people to protect home equity, retirement savings and other valuable resources. Comparing an inventory of personal resources with the available exemptions can help people determine whether a Chapter 7 filing may be beneficial or if a Chapter 13 filing might be a better option given the value of their personal holdings.
Choosing a Chapter 7 bankruptcy may help those struggling financially to regain control over their circumstances. Filers who understand the requirements for a Chapter 7 bankruptcy can explore their options more confidently.]]>On Behalf of Goldsmith & Guymon P.C.<![CDATA[How long do repayment plans last during Chapter 13 bankruptcy?]]>https://www.goldguylaw.com/?p=483272024-01-13T03:23:07Z2024-01-13T03:23:07ZRepayment plans are multi-year obligations
Proposing a repayment plan is one of the most important steps in a Chapter 13 bankruptcy. The filer can then prepare for a meeting with the court-appointed trustee and representatives from the creditors affected by their filing. During that meeting, everyone has an opportunity to ask questions and propose alternative solutions. After agreeing to terms for the repayment plan, the filer begins making monthly payments. They submit the payment to the trustee who distributes the funds in accordance with the plan to the individual creditors.
The amount of the payment each month, the payment each creditor receives and even the duration of the repayment plan are all up for negotiation during a Chapter 13 bankruptcy. At a minimum, the repayment plan needs to last for three years or 36 months. It can last up to five years in some cases involving higher levels of debt.
If the filer experiences any drastic financial changes during the repayment period, they may need to go back to court to request an adjustment of their current repayment arrangements. Failing to make every payment in full might lead to a dismissal of the bankruptcy filing and the filer losing their opportunity for a discharge. People, therefore, need to have realistic expectations about the need to budget carefully and make payments regularly in a Chapter 13 bankruptcy.
Understanding the rules that apply during different types of bankruptcy may help people select the best option given their circumstances.]]>