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

December 2014 Archives

What Does It Mean to Abandon Property in a Chapter 7 Case?

Generally when someone abandons property, it is assumed that they have decided to leave their own property for someone else to take like a tenant who decides to leave their old lawn mower at their old rented home for use by the next occupant. The term “abandonment” in normal conversation conveys a sense that the owner no longer cares to own certain property.

Chapter 7 vs. Chapter 13 Bankruptcy: Which One is Right for Me?

Once you’ve decided that filing for bankruptcy is the right solution for your financial dilemma, it’s time to choose which type of bankruptcy is appropriate. For most individuals or small business owners, the most obvious choices are Chapter 7 or Chapter 13 bankruptcy. The choice between these two chapters will ultimately depend on your own debts, assets, income and financial goals.

What does a Trustee do in a Chapter 7 Bankruptcy Case?

 Upon filing a Chapter 7 bankruptcy case, all of the property which is owned by the Debtor filing the case is placed in to the bankruptcy estate. That estate is, during the course of the case, placed under the control of the Trustee. The bankruptcy court appoints a trustee in Chapter 7 cases to oversee the case and administer the property in the estate.

What happens to my property when I file for Chapter 7 Bankruptcy?

In a previous blog post, the automatic stay feature of Chapter 7 bankruptcy is discussed. This provides the Debtor who files the Chapter 7 bankruptcy case to immediately enjoy protection from the bankruptcy court to the extent that creditors are enjoined from taking collection measures against the Debtor on their claims while the bankruptcy case is active or until specific relief from the stay, upon motion of the creditor, is granted. This post addresses a different aspect of the bankruptcy process: what happens to the Debtor’s property upon filing of the case.

What is an Automatic Stay in Chapter 7 Bankruptcy?

It is difficult to find any other type of court action a person or entity can file in an American court which has the kind of effect the automatic stay has in bankruptcy cases, including Chapter 7 actions. This feature of Chapter 7 cases makes the idea of filing such a case particularly attractive. What is the “automatic stay” and what kind of effect does it have?

How do I know if I am eligible to file for Chapter 7 Bankruptcy?

Not everyone who finds themselves in a condition of financial distress can necessarily file a Chapter 7 bankruptcy case. Regular wage-earners who clearly want to stay in the home they own may be better suited for Chapter 13 and consider that option. For other individuals they should determine if they meet the eligibility requirements for filing a Chapter 7 action.

What happens during a Chapter 7 Bankruptcy Case?

The decision to file for bankruptcy protection under Chapter 7 is a serious one which should only be made after serious consideration and thought as well as consultation with a local bankruptcy attorney. Once a person concludes that Chapter 7 bankruptcy will offer the chance to get a fresh start financially, the next step is to determine how to proceed from that point.

Proving Liability in Personal Injury Cases

Securing a fair recovery in a personal injury case involves proving both liability and damages. Damages merely refer to the amount of money that should be paid out to the entitled party based on the costs incurred by the accident victim as a result of the accident. But first it is necessary to prove liability or to show who bears legal responsibility for the consequences of the incident. 

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