Types of Bankruptcy Claims

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.

Statute of Limitation on Debt in New Mexico

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.

What are Junk Debt Buyers?

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.

How to Prepare for Bankruptcy Consultation

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

Will Filing for Bankruptcy Affect My Job?

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.

What to Expect at 341 Meeting—So Called “Meeting of Creditors”

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.

Debtors Can Choose Which Exemption System to Use When Filing in New Mexico

In most states, when filing for bankruptcy, the Debtor has no choice about exemptions. The only exemptions available to the individual in most other states will be the state exemptions. The bankruptcy code provides that state law may provide for debtors to have a choice of the federal exemptions or state exemptions in bankruptcy, and New Mexico has done so.

Bankruptcy Benefits

When people discuss bankruptcy, it’s almost always with a negative connotation. They see it as a failure, as something to lament. But what about its advantages? When handled properly, it can be the first step along the path to financial success. Wouldn’t the greater failure be to not declare bankruptcy, and continue in a unsustainable financial condition, making no progress toward solving any problems?

All About Bankruptcy, Part 3

If you’re considering it, this question is likely on your mind. Unfortunately, the answer is not always a straightforward one. Only a qualified attorney can tell you if it is a good fit for your specific situation.

All About Bankruptcy, Part 2

Bankruptcies fall under two general categories – liquidations and reorganizations. In a liquidation, the debtor’s assets or property are sold off in order to repay debt. In a reorganization, the debtor gets to keep their property, but must adhere to a plan and schedule of debt repayment.