Question: What do you and Bernie Kosar have in common?
Answer: It’s most likely not your ability to throw a football.
But it might be your financial struggles and need for Las Vegas bankruptcy help. (Or, in Bernie’s case, Florida bankruptcy help.)
If you’re contemplating bankrkuptcy in Las Vegas, then you likely face many of the same problems that former star NFL quarterback Bernie Kosar faced:
3. Business troubles
In Kosar’s case, he started off filing for Chapter 11 bankruptcy last June. The thought was that he could sell off enough assets to pay off his creditors in a payment plan and keep certain things for himself such as his car and his NFL pension. Unlike Chapter 7, in Chapter 11 reorganization, it’s ultimately a function of what creditors are willing to accept.
However, due to debts related to his divorce and child support, Kosar recently converted his Chapter 11 into a Chapter 7 liquidation. Apparently there was just too much debt and not enough assets to allow for a reorganization. And under a Chapter 7, Kosar’s NFL pension and his car will likely not be exempt which means those will be liquidated for the benefit of creditors.
Did Kosar and his attorney make a strategic miscalculation? Perhaps. It’s hard to tell without being right in the middle of it.
Whatever’s going on with Bernie, if you’re facing one or more of the problems Bernie faced, it’s extremely important to have good bankruptcy attorneys in Las Vegas. Because while any bankruptcy attorney can help you file a bankruptcy petition, the experienced ones will help make sure your case goes as smoothly as possible and that you get the maximum protections allowed under the bankruptcy laws.
Freedom Law Firm lawyers are highly experienced with Chapter 11 bankruptcy, with business bankruptcy issues, with foreclosures, with divorces issues and with most every other bankruptcy issue that might arise.