New Mexico Lawyers Serving New Mexico's Legal Needs Since 1997

March 2014 Archives

Accurate Disclosure of Financial Condition Vital in Bankruptcy Cases

When a person (the debtor) files for bankruptcy protection, one of the critical aspects to obtaining relief is the debtor’s accurate disclosure of his or her finances. In order for a federal bankruptcy court to properly handle any case, whether it is a Chapter 7, Chapter 12, Chapter 13 or Chapter 11 case, the court must have confidence that the information upon which it makes rulings is basically valid. Otherwise, parties involved in a particular bankruptcy case, as well as the bankruptcy judge, would not be able to make the determinations necessary to litigate or decide a case.

New Mexico Supreme Court Applies Loan Protection Act to Nullify Foreclosure

Last month the New Mexico Supreme Court found that the Bank of New York could not foreclose on the home of a New Mexico resident who had refinanced his home by entering in to a promissory note with a different company. The Court specifically interpreted the New Mexico Home Loan Protection Act (HLPA) which prohibits home mortgage refinancing that does not provide a reasonable, tangible net benefit to the borrower to serve as a basis for the ruling.

Problems with Domestication of Bad Judgments

When a plaintiff successfully sues a defendant in one state and obtains a judgment, if the defendant lacks any assets in that state which the plaintiff can attach, garnish or foreclose upon, the plaintiff may choose to get that judgment domesticated in the state in which the defendant does maintain property or reachable assets. Domestication of a judgment, as one 2008 case from New Mexico and a recent case in New York illustrate, is not automatically granted. In each of these two very different cases, a problem with the manner in which the judgment was obtained prevents the domestication.

In Chapter 11 Bankruptcies How Administrative Expenses Aid Reorganization

Generally speaking creditors, whether classified as secured or unsecured creditors, in a Chapter 11 bankruptcy case, expect to be paid only a fraction of what they are owed by the debtor’s estate. But some creditors who provide the company in bankruptcy those services which enable the company to maintain its operations during the course of the bankruptcy case have the opportunity to get paid all or much of the costs it charges for some services provided after – actually 60 days after - the filing of the bankruptcy petition. The incurring of these costs, deemed as administrative expenses, may ironically be essential for the successful reorganization of some bankrupt companies although the estate pays, in many instances, the charges in full to these creditors.

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