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Albuquerque Law Blog

Bankruptcy: How it applies to managing credit card debt

If you were to take a survey about credit card debt, it would be unlikely that you'd find any participant who could say they have never experienced it. Most people in New Mexico and throughout the country have had a balance unpaid on their credit cards at some time or another. You've probably noticed in your own financial history how personal economics fluctuate.

Even if you were standing on solid financial ground at one point, any number of unexpected issues may arise to throw things off balance. It's often a lot easier to fall into serious financial debt than most people realize. The good news is, however, that there are also several financial tools available that may help people get their finances back on track when credit card debt gets out of hand. 

Will my bankruptcy discharge be public record?

The thought of filing bankruptcy can leave individuals feeling trepidation. On top of the financial stress they face, it is a tough decision to move forward with bankruptcy considering the myths and stigma that surround this form of debt relief.

One concern that many people have if they are considering bankruptcy is that the records of bankruptcy discharges are public. It is important for individuals to know what this means, and how it affects them.

What happens to a cosigner in bankruptcy?

Applying for a loan can be a complicated matter if an individual already has debt. That is why, in many cases, individuals will obtain a loan by cosigning with someone else. A cosigner is often a family member or even a close friend.

Cosigned loans are very common – but what happens to cosigners if individuals file bankruptcy?

Does bankruptcy have a debt limit?

Many people might wonder if there is such a thing as too much debt. Could a specific amount of debt prevent them from finding debt relief?

The simple answer is no – regardless of how much debt an individual has, they have options to achieve debt relief. However, the amount of debt they have could influence which chapter of bankruptcy they file.

Creditor v. debt collector: What is the difference?

When individuals get calls demanding they repay their debt, it is easy for emotions, like fear and anxiety, to take over. However, one question remains: who is calling to collect the debt? Is it a creditor or a debt collection agency?

This is an important distinction to make.

Which type of bankruptcy best fits your needs?

If you have encountered financial challenges in 2020, you are definitely not alone in your struggle. Many New Mexico residents and others throughout the country are in the same boat. Global, national and personal economies are fluctuating systems. One or more of the three may become compromised at any time. In fact, it is not uncommon for an ebb and flow of financial stability to occur alongside various changes in life.

For instance, if you land the job of your dreams and things are going well, you might be able to pay all your bills and, perhaps, even set aside funds as a "nest egg" for emergencies or for pleasure. If you walk into work one day, however, and the boss tells you that your services are no longer necessary, your entire financial portfolio might take a sudden nosedive. There are several types of bankruptcy that can be valuable tools to overcome serious financial crisis.

Military families' main worry? Financial challenges.

Military service members and their families make many sacrifices to protect the values and people of the United States.

Most service members do not expect one of those sacrifices to be financial security. And yet, many military families report that debt and financial challenges are one of the largest concerns they face.

How do you handle debt after losing your job?

Losing a job can leave individuals suddenly facing considerable stress – and a lot of questions. How will they pay bills? How will they support the family?

If individuals already have debt, these questions and worries only increase. Even though many employers offer a severance package to help individuals after a layoff, debt can quickly start piling up when families lose a source of income. So, how can individuals manage debt?

Tips to track your expenses before bankruptcy

Whether individuals file Chapter 7 or Chapter 13 bankruptcy, they will have to complete a considerable amount of paperwork to obtain the debt relief they need. When filling out this paperwork, one critical step individuals must take is to list all of their monthly expenses.

This might seem like an overwhelming task, but individuals pursuing debt relief through bankruptcy can take proactive steps to make this process easier.

What is revolving debt?

In a recent blog post, we discussed the potential dangers of credit card debt. This report also found that the total credit card debt in the United States reached an all-time high at the end of 2019.

Since most adults have at least one credit card, they are often well aware of the risks that come with a credit card. But why is it that credit cards carry such a high risk of debt?

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