Posts by On Behalf of Giddens & Gatton Law, P.C.
Distinguishing Between Secured and Unsecured Claims in Bankruptcy
Secured and Unsecured Claims are treated slightly differently in Chapter 7 liquidations verses a Chapter 13 reorganization or a Chapter 11 corporate reorganization. In a Chapter 7, the Debtor generally discharges all unsecured debts and does not have to pay on any of these debts. The exception is if the debt is non-dischargeable (such as…
Read MoreAbandonment of Claim Permitted by Bankruptcy Court in New Mexico
The United States Bankruptcy Court in Albuquerque decided to permit abandonment of property upon an unopposed motion by the Debtor itself. In the case of In Re College of Christian Brothers, Case No. 12-11195 j7 (Bankr Ct. N.M. 2014), the Court entered a default order granting a motion to abandon a pending claim held by…
Read MoreNavajo Indians Reach Historic Settlement with Federal Government
The United States government has agreed to pay the Navajo Nation a record $554 million to settle longstanding claims by America’s largest Indian tribe that its funds and natural resources were mishandled for decades by the U.S. government. The Indian nation raised many claims including improper execution of land use and water rights by the…
Read MoreToll Roads Forced to File Bankruptcy Due to Low Traffic
Over the last several years we have heard stories of wage-earners filing Chapter 13 cases because their mortgage is under water after their adjustable-rate mortgage adjusted in the wrong direction. We have heard of small businessmen filing Chapter 7 liquidations because revenues are not keeping up with incurred debt. But until now few have heard…
Read MoreBankruptcy Court’s Contempt Powers Upheld
The United States Ninth Circuit Court of Appeals ratified the use of the federal bankruptcy court ‘s contempt powers to enforce its orders to a party to cooperate in conveying property located in Mexico. Foreign individuals who purchase property in Mexico within a certain range of the border with America cannot buy property out right…
Read MoreNew Mexico Supreme Court Puts Brakes on Predatory Lenders
While high outstanding medical bills continue to rank as the leading cause which precipitates financially distressed people to file for bankruptcy protection, high-interest loan obligations constitutes the third, most cited reason. As individuals saw their homes threatened by potential foreclosure, their retirement savings lose their value overnight and, in some tragic instances, their jobs eliminated…
Read MoreWiping out Credit Card Debt via Chapter 7 Bankruptcy Effectively
After medical bills, credit card debt stands as a top reason individuals choose to file for Chapter 7 bankruptcy protection. Although many states have caps –New Mexico has a 50% cap on interest rates on credit card accounts – the level of these caps can leave cardholders in perilous financial condition. For those people considering…
Read MoreKeeping Your Home through Chapter 13 Bankruptcy
One of the big advantages that Chapter 13 bankruptcy filings have compared to Chapter 7 bankruptcies is that a Chapter 13 bankruptcy action affords the debtor the opportunity to save their home when the debtor is behind in their mortgage payments or is facing foreclosure. While any bankruptcy filing stops or automatically stays any action…
Read MoreCourt Data Provides Snapshot of Bankruptcy Debtors’ Assets and Income
By certain measures, those residents of Albuquerque – and New Mexico more broadly – who are experiencing some form of financial distress proportionately tend to have more wealth tied up in their real estate compared to people in certain neighboring states. But they also appear to have lower levels of regular income than folks in…
Read MoreThe Non-Dischargeability of Certain Types of Debt
The primary reasons most debtors file for Chapter 7 bankruptcy protection are to rid themselves of debts which hinder their ability to get back on their feet financially. But individuals considering whether to take such an avenue need to recognize that many types of debt – or certain claims they owe – are not permitted…
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