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Albuquerque Law Blog

Be cautious when tapping in to home equity

Financial data provider Black Knight reports that Americans are sitting on nearly $6 billion in home equity value. Though those assets are obviously impressive, more people are making poor choices when it comes to how - and if - to spend their home equity.

Ideally, home equity loans and lines of credit should only be used to capitalize home improvements or to pay for emergency expenses. What they shouldn't be used for are debts that should ideally be paid off in a relatively short time, like vehicles, credit card consolidation, expensive vacations or other similar expenses. This is because home equity loans (HELOs) and home equity lines of credit (HELOCs) are amortized over a period of years, usually between 10 and 20.

Creditors' Rights - Options for Getting Your Clients to Pay

Clients who refuse to pay for services rendered are not only frustrating but can represent a real threat to your company's bottom line. Fortunately, creditors have recourse at their disposal. But taking self-help measures is not always the right way to go. Here are some strategies to help you collect from delinquent clients without resorting to strong-arm techniques that could put your company at risk.

U.S. Trustee's office objects to Toys R Us bankruptcy plan

The U.S. Trustee's office announced this week that they have major concerns about the viability of the Chapter 11 bankruptcy plan for Toys R Us (and subsidiary Geoffrey Holdings LLC) due to the fact that the current arrangement fails to adequately compensate vendors and other creditors. The bankruptcy watchdog office filed an official objection due to the so-called "death trap" provision currently written into the plan, which only allows creditors to collect from a $180 million fund if they agree to sign third-party releases.

Such coercive action directly flies in the face of protections written into the U.S. Bankruptcy Code, hence the Trustee's objection. The Code requires that creditors consent to the Chapter 11 plan; the Trustee argues that the "take it or leave it" nature of the signing of third-party releases in exchange for payment invalidates the plan.

Moving forward after bankruptcy

Bankruptcy is, simply put, not a life sentence. It is not an indication of failure. It is not the rock bottom, or the end of your financial life. Bankruptcy is there to help people get back on their financial footing after a rough stretch of late payments, overwhelming debt, write-offs/charge-offs and other related issues.

Bankruptcy offers a fresh financial start, but it does take time to recover from a bankruptcy, though. If you have filed – or you are learning more about the process – you might be curious as to what that recovery time looks like.

When medical creditors come knocking, consider bankruptcy

Millions of Americans struggle with overwhelming medical debt. It is quite common for families to start crowdfunding pages to get help with medical expenses, to take out personal loans, to max out credit cards and more just to get the bills paid. Sometimes, though, things get to be too much. If you are dealing with seemingly insurmountable medical debt, it might be time to seriously consider a bankruptcy filing.

Why are medical bills so out of control?

Things to Consider when Starting a New Business

Starting a new business can be exciting. However, it's important not to get so caught up in the excitement of launching a new venture that you neglect the basics. One of the most important decisions involving a new business is choosing a type of business entity.

Battery company chooses Chapter 7 bankruptcy for debt relief

A company in another state that manufactures batteries has been having some serious financial problems. Many New Mexico business owners can no doubt relate to that. When a business tries various ways to overcome such issues but proves unsuccessful, there are often solid solutions available by filing Chapter 7 bankruptcy, which is exactly what the battery company has done.  

The company was supposed to forge an alliance with a Chinese company a few years ago, but it did not pan out. The failed deal was one of the final straws that prompted the decision to seek a complete liquidation of assets. This particular battery company is not the first one of its kind in the same city to file for bankruptcy in the past few years.  

Dealing with an Unproductive Employee

Nearly every company with more than one or two individuals is faced at some point with an unproductive employee. Dismissing employees is costly and can leave employers open to adverse legal action. However, sometimes it is the only viable alternative. Here are some things to help you determine the most constructive course of action for dealing with an unproductive employee.

Commercial real estate trouble? Support available in New Mexico

The New Mexico real estate market has its ups and downs, like most other businesses. If you run into commercial real estate problems, do you know where to seek support to find the swiftest and strongest solution that has the least amount of negative economic impact possible? Regardless of whether you have encountered problems regarding a purchase agreement, zoning issues or other contract-related disputes, your key to success may hinge upon the type of support you secure.  

To peacefully and quickly resolve a commercial real estate problem, you no doubt want to have a skilled negotiator in your corner. Sometimes, a third party can bring a fresh perspective to the table, which can help those involved see things in a different way and work toward an amicable solution. Whether you are a landlord, a buyer or a commercial property seller, there may come a time when you need outside support to help you overcome various obstacles that have arisen.  

How to clear up clouds on a property title

Investing in commercial property can be a lucrative way to make a living. Perhaps you are new to real estate investing, or maybe you are a seasoned entrepreneur. Whatever the case, you have come across a property with questions on the title. Before you can move forward, you need to establish the other party, or parties, do not have a legitimate claim to the title on the property. You can do this by filing a quiet title suit.

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