Bankruptcy

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…

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…

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…

It is common knowledge that many people are shouldering staggeringly heavy medical debt, especially as premiums and deductibles get higher and higher. We have posted blogs about medical debt and bankruptcy in the past, but unfortunately individuals and families continue to face financial strain because of high health care bills. No matter how careful a…

In a Chapter 7 or liquidation bankruptcy, the debtor who files for relief in U.S. Bankruptcy Court is allowed to keep so-called exempt property. Some people misunderstand that if they file for bankruptcy they will lose everything. Bankruptcy law allows people to keep certain kinds of property considered basic and necessary to living. This makes…

Many people do not know much about how to file for bankruptcy relief. Bankruptcy matters are governed by federal bankruptcy law and are heard in federal bankruptcy court. The U.S. Bankruptcy Court of the District of New Mexico is located in Albuquerque, where most hearings are held. Some matters are also heard by judges in…

The Albuquerque Journal recently covered the bankruptcy filing of Zio’s Italian Kitchen. Zio’s announced that its Albuquerque restaurant will be closing in conjunction with its recent Chapter 11 bankruptcy filing, which occurred less than a month ago. According to the Journal, Texas-based Zio’s cited these reasons for its financial challenges: · Weakness in the casual…

Some New Mexicans may shy away from bankruptcy because they believe it will be devastating for their credit. While a Chapter 7 consumer bankruptcy remains on your credit report for 10 years, many lenders are still willing to extend credit to a recently bankrupt borrower. Because you cannot receive another Chapter 7 discharge again for…