Posts by On Behalf of Giddens & Gatton Law, P.C.
Filing bankruptcy for your small business: Part 2
Last time, an overview of the Chapter 11 process was discussed to provide you with some necessary information regarding the process and what it can do for your business. This article will delve a little deeper into what you can expect if you pursue this option to help resurrect your small business. Of course, you must…
Read MoreMore credit-bureau data changes taking effect in September
We recently posted information about steps being taken to improve the quality of consumer data that the three major credit bureaus use to evaluate people’s creditworthiness. In that blog post, we explained that Experian, TransUnion and Equifax entered into a settlement with 31 state attorneys general called the National Consumer Assistance Plan. Improvements already made…
Read MoreThe business of filing bankruptcy for your small business
It takes a lot to make a small business succeed. From a strong business idea to securing investors to earning a profit, success often does not come cheaply or quickly. Over time, you may find that your business is no longer able to manage financial obligations effectively. You are behind on payments, creditors are starting…
Read MoreAccuracy of credit-bureau data to improve July 1
Beginning July 1, the three major credit bureaus will not consider public tax liens or civil judgments in analyzing the consumer creditworthiness unless specific new standards of data reliability are met. This change is pursuant to a settlement called the National Consumer Assistance Plan that involves these bureaus – Experian, TransUnion and Equifax – as…
Read MoreNew Mexico has a relatively high home foreclosure rate
Clients often come to us with complex money problems that can include potential loss of homes through foreclosure when monthly mortgage payments become impossible because of unemployment and other factors. While the number of foreclosures nationally in May 2017 had dropped 19 percent over the previous year, New Mexico ranked number 8 of all states…
Read MoreWorrying about debts probably won’t help, but bankruptcy might
Countless individuals have experienced periods of financial struggle throughout the course of their lives. In some cases, these periods may be short-lived, while in others, it can be difficult to see the light at the end of the tunnel. Perhaps you are experiencing similar challenges, and you are feeling crushed under the financial weight of…
Read MoreRelief from the strain of student loan debt
Some of our clients come to us for advice about how to handle staggering levels of student loan debt. We educate them about options for relieving the pressure of monthly student loan payments, such as those discussed in this previous post. CNBC just published an article that provides statistics about student loan debt as well…
Read MoreThe current uncertainty about the future of medical-debt levels
Medical debt is an important topic in the news right now because of the activity in Congress around whether to repeal the Affordable Care Act, also called the ACA or Obamacare. We talk about medical debt in our blogs because of the impact it has on our clients who talk to us about legal options…
Read MoreRetail bankruptcy on the rise
In April, the Albuquerque Journal reported that five Payless ShoeSource stores will close in New Mexico, including one in Albuquerque. This decision was made in connection with the company’s Chapter 11 bankruptcy filing. “Chapter 11” refers to the U.S. Bankruptcy Code and is a form of business reorganization bankruptcy that usually allows a business to…
Read MoreCredit card debt is a serious problem in New Mexico
After the recession, New Mexicans are still struggling to keep their homes or recover from unemployment. A loss of health insurance may have left a mountain of medical debt. In these times, people may use credit cards to make ends meet – possibly as their only means to buy food, medicine, car insurance, and other…
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