Chapter 7 Bankruptcy

Before filing Chapter 7 bankruptcy in New Mexico, it is a requirement for individuals to complete a credit counseling course. Considering bankruptcy can already be a stressful decision, but entering into it prepared can help relieve some of that stress. So, here is an overview of how mandatory credit counseling works. Counseling helps individuals understand their…

The bankruptcy discharge is what gives individuals a fresh start. The court issues a discharge that frees individuals from repaying their debts. Many people believe that they will receive their discharge automatically. And sometimes that is the case. However, there are a few instances that could result in the bankruptcy court denying someone’s discharge. Understanding…

Falling behind on loans and other payments is extremely stressful. And that stress only increases when creditors begin harassing individuals to make up for missed payments. This harassment can increase if someone does not have the assets to pay their debts. The first thing that anyone facing creditor harassment in New Mexico should know is…

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…

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…

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…

The number of bankruptcies for people older than 65 has gone up 204 percent between 1991 and 2016, a recent study finds, and one of the main causes is skyrocketing out-of-pocket medical expenses. A recent study found a two-fold increase in the number of Americans age 65 and older who have filed for bankruptcy and…

With more than 6,000 federal employees, New Mexico is one of the states that was most affected by the partial federal government shutdown in December and January. If lawmakers in Washington D.C. again shut down the federal government, affected federal workers can apply for state unemployment benefits. Furloughed employees include those who are not employed…

Job security is a thing of the past. A boss who sustains a bad quarter could easily decide your job or department is the one that, if eliminated, will convince board members and stockholders to give the company another chance. That means that no matter how good you were at your job, you are now…