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Albuquerque Law Blog

How to get money back after debtor declares bankruptcy

If you run a successful company, you likely do business with people who have the misfortune of not being as successful as you. In some cases, that means that person owes you money and has declared bankruptcy.

Does that mean you're out of luck when you try to recoup your debt? Not necessarily. There may be ways for you to get some or all your money back.

Appetite for Albuquerque office, warehouse space is growing

A lack of available space, high construction costs and high demand has caused the demand for office and warehouse space in Albuquerque to skyrocket, local developers say.

The boom is spurred by pent-up local demand, out-of-town interest and increases in several local industries, area real estate experts say.

The benefits of a debt workout rather than bankruptcy

When faced with debts you can’t pay, bankruptcy often seems like the only course of action. To be sure, bankruptcy is an excellent option to help you get out from under the crushing weight of debt. But there are other options.

One is a mutually negotiated debt modification with one or more creditors. The exercise is usually called a “loan workout.” It’s based on the idea that creditors would rather keep you a loyal, paying customer than turn your debt over to a collector, and will be willing to work out a repayment schedule with you. They may even be willing to accept a lower total amount if they believe getting a payment from you is better than sharing with your other creditors during a bankruptcy.

Who has to pay off the debts after a divorce?

Discussing debt is one of the more tense aspects of a divorce. Who pays off which debt? If there are any assets, which ones offset the debt?

New Mexico is a community property state. This means each partner keeps what they brought into the marriage whether it’s property, an inheritance or debt from, say, a school loan. Any assets or debts gathered during the marriage are considered community property, including debt (except gambling debt). After you add up the assets and debts, you split them evenly.

Should you choose Chapter 7 or Chapter 13?

Filing for bankruptcy is an intensely personal decision that requires careful consideration. Once you decide to file, you must next choose whether Chapter 7 or Chapter 13 is best for your unique situation. An experienced bankruptcy attorney can help you decide which option will give you the best outcome depending on your circumstances.

Regardless of which path you choose, the end result is the same: freedom from debt and the ability to get a fresh financial start. The two consumer bankruptcy options don't work the same way, though, and the path to freedom from debt is very different depending on whether you go with Chapter 7 or Chapter 13.

Creditors' rights: options for getting paid

Your business works hard. You, as a creditor, deserve to be paid for your efforts. Sometimes, though, your customers simply don't pay their bills on time. You may be wondering what your debt collection options are, both in and out of the courtroom.

David's Bridal files bankruptcy

Much to the chagrin of brides across the country, renowned bridal gown chain David's Bridal recently filed for Chapter 11 bankruptcy protection on November 19, 2018. The company missed a large debt interest payment back in October, and announced the prospective bankruptcy shortly thereafter.

The bankruptcy is not a liquidation, but a debt restructuring, and there are currently no plans to close any of the chain's 300 locations. The company announced that the bankruptcy would allow it to significantly reduce debt and free up capital, getting rid of $400 million in debt and injecting much-needed operating funds back into the business. 

Should you file a Quiet Title action or a Quitclaim deed?

If you are looking to remove someone else’s claim to a property, you’ll need to know the difference between the two.

In many different instances, you may need to remove a person’s name from ownership over property. These formal documents and legal actions can effectively and permanently remove someone else’s claim to a property.

What debts are nondischargeable in a Chapter 7 bankruptcy?

Chapter 7 bankruptcy is well-known as a debt relief mechanism because it is so effective at relieving the debtor's financial burdens. Even so, there are certain types of debt that will remain after the debtor receives a Chapter 7 discharge.

This post will address the most common types of non-dischargeable debts.

What happens if I file for bankruptcy without my spouse?

In some instances, it makes sense for both spouses to file for bankruptcy together. In other cases, however, it's more beneficial for the couple that only one spouse files for Chapter 7 or Chapter 13 bankruptcy.

An experienced bankruptcy attorney can help a couple determine if it's best for only one spouse to file or if they should file jointly. Many factors determine how the bankruptcy filing should proceed to offer the best financial outcome.

Watch our videos to learn of the many ways we can help you with your legal needs.

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