Bankruptcy

Bankruptcy

What is the means test?

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...

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...

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...