Bankruptcy
Secured debt and unsecured debt defined
If you are considering filing bankruptcy, you are probably concerned about what types of debt you may be entitled to eliminate or discharge. This is a common and legitimate concern. After all, if you are saddled with just as much debt after bankruptcy than before it, or if your standard of living is markedly worse…
Read MoreHow Good is Your Budget?
Nearly everyone has experienced financial distress at some point, whether through a financial emergency or simply bad decisions concerning money. However, creating and following a budget goes a long way toward reining in your finances. Measure Income versus Monthly Expenses At its most basic element, a budget is nothing more than an accounting of the…
Read MoreWhen tax debt may be eliminated through bankruptcy
If tax season is time of worry and turmoil about how much you owe Uncle Sam, or how you will ever get out from under tax debt, this post may be for you. Bankruptcy can be a helpful tool to discharge old tax debt and create a viable plan to escape crushing debt at the…
Read MoreFor senior citizens, bankruptcy can be an answer to debt problems
Here at Giddens & Gatton Law,amp; P.C., we help people from all walks of life whose debt problems have become overwhelming. Nowadays, it is becoming more common for senior citizens to consider bankruptcy as a realistic answer when retirement has become weighed down by debt. Bankruptcy is socially acceptable now Retirement should be a time…
Read MoreDischarge of student loans in bankruptcy under scrutiny by U.S. DOE
Last month, we blogged about the challenge of getting student loans discharged in bankruptcy. In that post, we talked about the legal standard of “undue hardship” that must be met in New Mexico to have your student loans discharged in bankruptcy. Undue hardship Because the federal law does not define “undue hardship,” U.S. bankruptcy courts…
Read MoreReorganizing your debt and keeping your assets with bankruptcy
If you are struggling with overwhelming debt, you may not know how you will ever escape your accumulating balances and harassment from creditors. You may know that filing for consumer bankruptcy can offer you a way out, but making the decision to file is not an easy one. There are many reasons why New Mexico…
Read MoreWhat is the automatic stay in bankruptcy?
When a debtor files a petition for bankruptcy, an automatic stay of all collection activities against the debtor takes immediate effect. This is a broad, temporary protection for the debtor against legal action to collect the debtor’s money or property to satisfy debts. Application of stay The automatic stay is not a specific court order.…
Read MoreAre student loans negatively affecting your standard of living?
Many New Mexicans face daunting student loan payments each month that restrict their abilities to buy homes and vehicles as well as, ironically, to begin to put money away for their own children’s future college educations. While the federal government and some private lenders offer repayment plans based on income that reduce monthly payments as…
Read MoreHow should you address medical bills?
Overall, you may have been a relatively healthy person throughout your life. However, just like any other New Mexico resident, you could face an unexpected medical emergency. This emergency can feel frightening and put your well-being at risk. In the best case, medical professionals will have the ability to treat your issue and have you…
Read MoreRebuilding your creditworthiness after bankruptcy
At our law firm, we assist New Mexicans who face insurmountable debt with facing their financial problems with creativity and from a position of strength. A variety of approaches to these issues exists, but often our clients ultimately decide to use bankruptcy as the main tool for financial recovery. Bankruptcy stays on your credit record…
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