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Albuquerque Law Blog

Does the wage gap lead to a debt gap as well?

Since the 1960s, women have come a long way in the fight for equality in the home and the workforce. However, it is still a reality that a majority of women earn an average of 80% to the dollar that men earn.

The existence of the gender pay gap can be frustrating for many women across New Mexico. And studies report that the wage gap could also be contributing to a debt gap between women and men.

Rules that could help debtors identify zombie debt

Did you know that your debts have expiration dates? In many cases, if enough time passes without your making a payment, your creditor misses their chance to file a lawsuit against you for nonpayment. These "time-barred" debts may still exist, the creditors may continue to ask for payment and you may even choose to pay them back. However, as long as you do not pay, the creditor no longer has the right to pursue payments through the civil courts.

Unfortunately, many with debts do not realize their debts have expired, and they make critical mistakes that resurrect those old debts. The Consumer Financial Protection Bureau wants to change some of the rules related to time-barred debt to help creditors avoid dealing with zombie debt.

Filing taxes in bankruptcy: What you must know

The tax season is drawing near. Even the thought of filing taxes can lead to a significant amount of stress – especially for households already struggling with considerable debt.

If individuals are right in the middle of their bankruptcy filing to handle that debt, they might have many questions about how they should proceed with this tax season. In these cases, it is often helpful to consult an experienced bankruptcy attorney to determine how to manage taxes during bankruptcy and protect one’s financial future.

There are ways to manage domestic support debt in bankruptcy

Getting a divorce can impact life in many ways. It can be emotionally stressful to end a marriage and split parenting time with the kids. However, divorce can also be financially stressful. After all, individuals have to divide their marital assets, and one spouse often has to pay child support and possibly alimony.

The amount of these payments depends on a variety of circumstances, but these monthly payments can add up quickly and might leave individuals facing significant debt.

What do you include in the Statement of Financial Affairs?

When individuals file Chapter 7 bankruptcy, they must complete a considerable amount of paperwork. There are several forms to fill out, so the bankruptcy court can obtain an accurate look into the individual’s finances before moving forward with the bankruptcy.

Filling out this paperwork can be overwhelming when individuals face significant debt. So, here is a brief overview of the Statement of Financial Affairs (SOFA), one of the forms everyone filing bankruptcy will complete.

Report: One in three Americans worries about credit card debt

The 1950s brought the advent of credit cards to the United States, making the method of “buy now, pay later,” easier and much more common. Nowadays, the average American has two or more credit cards in their name.

Using credit cards might be convenient and common, but many people still report that they worry about the risk of credit card debt.

What should you do if you are facing foreclosure?

Getting the notice from the bank that your house will be foreclosed can leave you in a state of panic. This is not just a house, but your family's home - how can the bank take it away from you?

The stress of struggling with debt and pending foreclosure actions can be all-consuming, but you must try not to panic. You have options to prevent foreclosure.

Can bankruptcy impact your career?

Bankruptcy can be a helpful option for many people struggling with debt. However, there are many myths about filing bankruptcy that can make people wary about pursuing this option to relieve their debt.

These myths cause many people to worry about how bankruptcy will impact their lives, including their careers. So, is it true that filing Chapter 7 bankruptcy can affect an individual's career?

Reasons to file for bankruptcy sooner rather than later

Many good reasons exist for people with seemingly overwhelming debt to file for bankruptcy protection, even though it can be a difficult choice. But sometimes it’s even more confusing to know when it’s time to take action.

Filing too early can have severe financial consequences if you are looking to discharge certain debts. However, in many cases, there are valid reasons to file as soon as possible to protect income and property.

Predatory loans could pose a risk before bankruptcy

It is common for individuals to take out new loans to repay older debts. In some cases, this might help them keep their debt under control.

Unfortunately, some of these loans might target people in financially vulnerable positions and increase the risk of debt in the long run. Regardless of whether or not individuals wish to pursue debt relief through bankruptcy, every New Mexican should be aware of the risks predatory loans pose to their financial health.

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