Posts by On Behalf of Giddens & Gatton Law, P.C.
How bankruptcy’s automatic stay impacts debtors and creditors
One of the most important features of federal bankruptcy law is the automatic stay. When a consumer or business files a petition for bankruptcy relief in U.S. Bankruptcy Court, the petition effectively freezes most collection efforts against the debtor who filed the bankruptcy petition. In other words, creditors and collection agencies must stop trying to…
Read MoreDispelling common bankruptcy myths
Filing bankruptcy is scary for a lot of people. Many see it as a sort of failure, but that isn’t completely a bad thing. If you are thinking of filing bankruptcy, it means your financial management has already fallen short of what you would have liked it to be. Sometimes filing bankruptcy simply means you…
Read MoreLoss of employment can quickly bring debt to unsustainable level
After a slow economic recovery, New Mexicans just received the unwelcome news that our unemployment rate is the highest of any state in the country, according to the Albuquerque Journal. Citing the U.S. Department of Labor or DOL as well as state data, the paper reported that the Land of Enchantment’s unemployment rate was 6.7…
Read MoreBasic considerations in small-business bankruptcy
We have written lately about small-business debt collection. Today we will instead look at the reverse problem: when a small business cannot pay its debts and considers bankruptcy as a potential answer. Get legal advice When a small-business faces financial challenges, the owner should speak with an attorney about potential legal remedies. Can the business…
Read MoreMore on small-business debt collection
Last month, we talked about the importance of debt collection to the stability of many small-business owners. We pointed out that a lawyer should draft precise contracts for both customer and business-to-business transactions. Clear contractual provisions that specify when debts are due, methods of payment and how defaults will be handled puts the family business…
Read MorePutting a small business debt collector in a position of strength
We represent small business owners in a variety of matters, but an important part of our practice is helping these clients collect debts owed to them. We have blogged about this before, particularly about the different approaches to collection that might be taken to secured versus unsecured debts. Staying on top of debt collection is…
Read MoreHow social media can complicate a bankruptcy filing
Pictures posted on social media have the potential to cause problems in a bankruptcy filing. A photo of a person with expensive property may imply that the individual owns that property, raising the question of whether that property was properly disclosed to the bankruptcy court in the filings requiring detailed inventory of assets. This issue…
Read MoreDon’t let your debts sink your ship. Filing for bankruptcy allows you to start over.
Living with debt can be unbearable. Due to all the upheaval in your life, many things have gone wrong. Money was already tight. This has nearly capsized your ship; you are definitely taking on water. What can you do to make things better? You fear you will have to declare bankruptcy. As scary as this…
Read MorePart 2: The choice between Chapter 7 and Chapter 13 bankruptcy
We recently began a discussion of the choice most consumers who file for bankruptcy relief have between Chapter 7 liquidation bankruptcy and Chapter 13 reorganization. Despite some economic improvement across the country, many individuals and families still struggle to stay solvent financially through no fault of their own and may wonder whether bankruptcy should be…
Read MorePart 1: Choosing between Chapter 7 and Chapter 13 bankruptcies
For many people, the past 10 to 20 years may have been financially challenging. Many people were impacted by the recession. For example, many experienced job loss, flat wages, loss of home, increased health insurance premiums or high deductibles, mounting medical bills, unsustainable student loan payments, high credit-card debt and more. Any New Mexican struggling…
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