Albuquerque Law Blog

Protect yourself: Know the signs of debt relief scams

There is no doubt that struggling with debt is difficult. It can significantly strain one's financial and emotional health, as they stress about how to pay off debts and cover monthly expenses at the same time. 

The stress and stigma of debt can make individuals want to find the fastest route to debt relief as possible. This is understandable, but people must be aware of scams that prey on those struggling with debt. 

Medical bills still the most common reason for bankruptcy

A visit to the doctor's office can be expensive. And yet, it is impossible for individuals to predict when they or a loved one will need medical care or suffer a medical emergency. Therefore, it is not easy for New Mexicans to plan for how they will pay for medical issues. 

This never-ending cycle is one of the main reasons that medical bills cause families so much financial trouble.

Is your credit card spending leading to financial crisis?

Most people in New Mexico have credit cards, and there are many reasons why this type of debt accumulates. When you think about the amount of debt that people carry, you may assume that it's because of medical emergencies or other unexpected costs they could not pay for out of pocket. In reality, credit card debt is often the result of discretionary spending. 

If you have a credit card, it's possible that you spend more than you realize. Sometimes, people can find themselves in financial trouble due to overspending on simple things and unnecessary purchases. If you have a significant amount of credit card debt and you cannot manage your payments, you may want to take a look at where your money is going each month. It might surprise you to see that it doesn't take a huge one-time purchase or unexpected cost to lead to a personal financial crisis.

What you should know about the bankruptcy trustee’s role in Chapter 7 cases

When someone files a Chapter 7 bankruptcy, a trustee is appointed to administer the bankruptcy estate. Understanding the chapter 7 trustee’s role in bankruptcy can help individuals prepare for the process and know what to expect.

Here is a brief overview of the trustee’s role in Chapter 7 bankruptcy.

Will summer child care break your bank?

You remember the summers of your childhood. Those lazy days of sleeping late, playing at the pool or sprawling in front of the TV are a thing of the past. What you would not give to have off between June and September. Part of adult life is getting up each day and working to earn a living. If you have kids, the summer can be brutal.

During the school year, you can depend on the fact that your kids are safe inside a classroom making valuable use of their time. If you want that same assurance during the summer, you have to pay for quality daycare. Like many other New Mexico parents, you may find this harder to do each year. In fact, this may be the summer that devastates your finances.

What you should consider before filing for Chapter 7 bankruptcy

Making the choice to file for bankruptcy is not easy. If you are considering this choice, it is probably because you are struggling with debt and unsure of how you will manage your payments on your own. While bankruptcy may not be your first choice, it could be a viable way by which you can secure a better financial future.

Chapter 7 is the most popular choice for bankruptcy. It only takes a few months to complete, and it allows the applicant to discharge specific types of debt, such as medical bills and credit card debt. However, there are strict eligibility requirements you must meet in order to qualify. Before you move forward, you will want to learn more about the benefits of this choice and potential negative implications that can affect your future.

When is the right time to regain control of your finances?

When it comes to significant life events, such as getting married or starting a family, most people struggle with determining when the time is right to move forward with a decision. But considering the unpredictability of life, there is often no perfect time for many of the decisions you have to make.

In terms of finances, various changes could affect your debt-to-income ratio without warning. Depending on how bad your financial situation becomes, you may consider filing bankruptcy. But how do you know when the time is right?

A look at credit counseling: What is it?

Before filing Chapter 7 bankruptcy in New Mexico, it is a requirement for individuals to complete a credit counseling course.

Considering bankruptcy can already be a stressful decision, but entering into it prepared can help relieve some of that stress. So, here is an overview of how mandatory credit counseling works.

Tips for handling creditor harassment

Falling behind on loans and other payments is extremely stressful. And that stress only increases when creditors begin harassing individuals to make up for missed payments. This harassment can increase if someone does not have the assets to pay their debts.

The first thing that anyone facing creditor harassment in New Mexico should know is that it is against the law. The next thing to remember is that individuals have options to stop this harassment.

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