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.

Beware of Debt Consolidation Companies

Most so-called credit counseling or debt consolidation companies cannot provide you with benefits that you get by negotiating with your creditors yourself or with an attorney. Even legitimate agencies won’t give you the same fresh start and legal protection that bankruptcy can.

Protecting creditors’ rights in bankruptcy – part 2

Perhaps the most important characteristic of a bankruptcy is that is brings all of the debtor’s assets and all of their debts into the same arena so the court may weigh one against the other. When it comes time for creditors to get paid, the court will use claim priority to determine who gets what.

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?

Protecting creditors’ rights in bankruptcy – part 3

Perhaps the most important characteristic of a bankruptcy is that is brings all of the debtor’s assets and all of their debts into the same arena so the court may weigh one against the other. When it comes time for creditors to get paid, the court will use claim priority to determine who gets what.