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For most folks, filing bankruptcy is a last resort. In fact, many people feel that it is their responsibility to pay off their debt and a failure to do so means neglecting their duty.

Most states, including New Mexico, have a statute of limitation for suing debtors. This means that if you have outstanding debt, there is a certain time frame when the creditor must take legal action against you, and once that time has elapsed you can no longer be sued.

If you’re one of the millions of people in this country struggling with debt, then you may have had the unfortunate experience of having to deal with a junk debt buyer.

For most people, discussing financial matters is very personal and sensitive. Be sure that you are comfortable communicating with your attorney. For your attorney to do a good job, you’ll need to have a frank and honest discussion about your finances

Even if your employer does find out about your bankruptcy, it is against the law for your employer to discriminate against an employee who has filed for bankruptcy. The U.S. Bankruptcy code, which is a federal law, specifically outlines many situations where discrimination against people who have filed for bankruptcy is prohibited.

A “341” meeting is a meeting required under Bankruptcy Code section 341. It is a meeting where the Trustee will put you under oath to answer questions about your petition and schedules. If the case is a Chapter 11 or Chapter 13, the questions will involve what the plan going forward will entail, and the meeting will be more in depth.