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...
Bankruptcy
How the automatic stay might be used in bankruptcy
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....
What debts can be discharged in Chapter 7 bankruptcy?
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...
The process of filing for Chapter 7 bankruptcy
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...
What to expect from a Chapter 7 bankruptcy trustee
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...
Filing for bankruptcy without your spouse
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...
Tips for handling an outstanding medical debt balance
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...
Will growing older and wiser have you considering bankruptcy?
Medical debt can be financially debilitating, especially when your health keeps you out of work. You may find a solution to your troubles in bankruptcy, and you certainly won’t be alone. Over 66% of all filings are due to some kind of medical problem. That works out...
