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At some point, many New Mexico residents may realize that they might benefit from filing for bankruptcy. Because there is a lot of negativity surrounding bankruptcy, it’s natural that some common myths have arisen. Filing will cause you to lose everything Some people...
Filing for Chapter 13 bankruptcy protection may be an ideal way to keep your car or New Mexico home. As part of a Chapter 13 proceeding, you'll be required to make monthly payments to your creditors. The following addresses how much you may have to pay, who gets paid...
Emerging from bankruptcy, you understand that the first rule is abiding by smart spending habits. Next, you want to rebuild your credit. An important tool that will help you do this is a secured credit card – a financial tool usually reserved for people with no credit...
A bankruptcy means test is used to determine who is eligible for Chapter 7 bankruptcy, which will help erase debts. The test takes several factors into account, such as family size, income, and expenses, to determine whether an individual has enough disposable funds...
One of the most immediate benefits of filing for bankruptcy in New Mexico is the automatic stay. Once your petition is filed with the bankruptcy court, a stay or injunction will be issued to your creditors to stop all collection activities while your case is pending....
Bankruptcy is the process through which a person’s debts are reorganized. If the filer does not have many assets, his or her debts could be completely discharged. Chapter 7 bankruptcies can be a powerful tool to free oneself of debts and liabilities that are impacting...
Filing for Chapter 7 bankruptcy may be an ideal way to eliminate business or personal debts. In a Chapter 7 proceeding, nonexempt assets are liquidated to pay your unsecured creditors. Any outstanding balances that remain after your property is sold will likely be...
More business owners in New Mexico are finding it necessary to file Chapter 7 bankruptcy in these trying economic times. Several parties become involved when a Chapter 7 bankruptcy liquidation takes place, but perhaps none of them play a more prominent role than a...
No one is surprised by the fact that a single person can file for bankruptcy. It is also common knowledge that a married couple that is experiencing financial hardship can file bankruptcy. However, citizens of New Mexico may not be aware they can file for bankruptcy...
According to the American Journal of Medicine, 62% of bankruptcies in 2007 were caused by medical debt. Furthermore, 80% of those who filed during that time period in New Mexico and throughout the country had insurance. Take a look at what you should know if you have...
