Chapter 13 Bankruptcy
Bankruptcy and divorce
While it’s true that many American bankruptcies stem from medical expenses, job loss or sudden loss of income, a fair amount of them relate to divorce. A divorce means divvying a single household – and its income – into two. This means twice the expenses, twice the utilities, twice the mortgage or rent payments, etc.…
Read MoreStorefront loans in New Mexico: what you should know
Storefront loans (also widely known as “payday loans” or “short-term loans”) are notoriously predatory in nature. So much so that the New Mexico legislature took the extraordinary step of capping interest rates, demanding a minimum number of payments and extending the repayment period for this type of loan. Whereas before, lenders charged upwards of 400-500…
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 MoreNew Mexico has a relatively high home foreclosure rate
Clients often come to us with complex money problems that can include potential loss of homes through foreclosure when monthly mortgage payments become impossible because of unemployment and other factors. While the number of foreclosures nationally in May 2017 had dropped 19 percent over the previous year, New Mexico ranked number 8 of all states…
Read MoreBasic considerations in small-business bankruptcy
We have written lately about small-business debt collection. Today we will instead look at the reverse problem: when a small business cannot pay its debts and considers bankruptcy as a potential answer. Get legal advice When a small-business faces financial challenges, the owner should speak with an attorney about potential legal remedies. Can the business…
Read MorePart 2: The choice between Chapter 7 and Chapter 13 bankruptcy
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…
Read MorePart 1: Choosing between Chapter 7 and Chapter 13 bankruptcies
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…
Read MoreLegal counsel can help determine how to handle medical debt
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…
Read MoreNew Mexico bankruptcy filings: Nuts and Bolts
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…
Read MoreWhat is a Cramdown and How Can it Help in a Chapter 13 Bankruptcy Case?
One of the attractive features of a Chapter 13 bankruptcy reorganization is it allows you to get rid of cumbersome past debt while it enables you to stay current on upcoming payments due on property you will want to keep such as your home and car. In these Chapter 13 cases, you can particularly get…
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