Posts by On Behalf of Giddens & Gatton Law, P.C.
A breakdown of Chapter 13 repayment plans
Chapter 13 bankruptcy is a versatile and flexible debt-relief tool that allows many individuals, or married couples, to achieve meaningful debt relief. While many confuse the Chapter 13 repayment plan with debt consolidation programs or similar schemes, the repayment plan allows people to reorganize their debt through a reasonable budget. Consumers are not necessarily required…
Read MoreIn debt? Leave your retirement account alone.
Almost everyone in New Mexico and across the country spends years saving up for retirement. 401(k)s and other retirement accounts are often a person’s most valuable assets, thanks to the long-term contributions that they and their employer make. When people run into significant financial challenges, it can be tempting to dip into one’s retirement fund…
Read MoreCould your debt lead to divorce?
If you are in debt, you know that owing people money can be stressful. While you have heard that having money does not make you happy, most people would like to have the opportunity to see whether that is, in fact, true. For single people, financial problems can certainly be overwhelming. However, for couples with…
Read MoreWhat to know about separate versus joint bankruptcy filings
The decision to file bankruptcy is not often easy. And that decision could be even more stressful for married couples. Fortunately, married couples have two possibilities to consider when weighing their choices. Couples can file separately If only one spouse needs relief from debt, they have the option to file bankruptcy on their own. A separate…
Read MoreChapter 7 bankruptcy in New Mexico requires passing a means test
If you are considering filing for bankruptcy, you typically have a choice between filing for Chapter 7 bankruptcy or Chapter 13 bankruptcy. With Chapter 7 bankruptcy, most of your property becomes part of your bankruptcy estate. Any property that is not able to be exempted may be sold to pay your debts. Chapter 7 is…
Read MoreYou don’t need to let your credit card debt weigh you down
If you feel overwhelmed by your debt, you are not alone. Many Americans struggle to make ends meet. And countless others experience unexpected changes in income or expenses, which can lead to further debt. In addition to your home mortgage, car note and school loans, you might have maxed-out credit cards. And you may not…
Read MoreBefore bankruptcy, try a commercial loan workout
When a business owner is having trouble making loan payments even after adjusting business economics as much as possible, it may seem like foreclosure is the only option with bankruptcy not far behind. But savvy business owners know they can pursue one last option – a loan workout with the lender. In a loan workout,…
Read MoreWhat collection options are open to creditors?
What can you do when a customer fails to pay his debts? There are two basic scenarios – go to the courts, or don’t go to the courts. There are several options if you choose to avoid court action. The most basic is to contact the debtor and work out a payment method. If that…
Read MoreHow Bankruptcy May Help You Keep Your Home
At times when people come to see us, they are often in danger of losing their homes. In many of those situations, however, we may be able to help them keep their homes through bankruptcy, or other legal options that may be available. Where a person has a regular form of income, Chapter 13 bankruptcy…
Read MoreWhen is a Chapter 7 bankruptcy right for your business?
When your business bank account is light and credit collectors are knocking at your door, it might be a good time to consider bankruptcy. If your business has no real financial future, Chapter 7 bankruptcy might be right for you. A Chapter 7 bankruptcy allows for an orderly liquidation when the debts against the business…
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