Bankruptcy
New 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…
Read MoreGenome Sequencer Files for Chapter 7 Bankruptcy
PathoGenetix, a company working to identify pathogenic bacteria in food samples using its own patented genetic scanner, recently filed for Chapter 7 bankruptcy in the District of Massachusetts bankruptcy court. According to the company’s bankruptcy filings, PathoGenetix owes nearly $1.4 million to creditors and owns approximately $3.5 million in assets. On June 26, PathoGenetix’s board…
Read MoreBattle of Appraisers May Shape Key Decision in Bankruptcy Case
In a variety of bankruptcy settings, the value of certain property, particularly real estate, may dominate the outcome of the case. These valuation disputes occur in Chapter 7 liquidations, Chapter 13 bankruptcies and Chapter 11 corporate reorganizations. Frequently, the question of the value of a secured or unsecured claim involving real property will affect the…
Read MoreOld Domestic Dispute Resumes in Bankruptcy Case
Approximately ten years after these New Mexico residents concluded their divorce, and years of intervening enforcement battles in a New Mexico District Court, two former spouses continued their fight in federal bankruptcy court after the ex-wife filed for bankruptcy protection. When the two parties got their divorce in September 2004, the final order adjudged that…
Read MoreThe Reaffirmation of Debts in Bankruptcy Cases
When individuals decide to file a Chapter 7 bankruptcy action, they are generally commencing a process in which they will be liquidating most of their assets so that they can use the proceeds derived from that liquidation to achieve two goals; (1) pay off creditors to the extent required by the bankruptcy court and (2)…
Read MoreImputing Fraud to a Spouse in a Bankruptcy Case
A dispute which began over the manner in which a Tennessee horse farm owner charged his clients who kept their horses at his farm eventually became an argument over whether that owner’s wife should bear some of the financial consequences of what appeared to be fraudulent behavior on his part. A group of creditors of…
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