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

chapter 7 bankruptcy Archives

How overdraft fees can get you into trouble

Of the annoying fees that banks charge for the “privilege” of accessing your money, overdraft fees are arguably the most nerve-wracking. Most banks charge $35.00 for each purchase that exceeds the amount currently in the account, on top of the actual cost of the offending purchase. So that $4.00 mocha frappuccino that overdrafts your account could cost upwards of $40.00.

What can you do after a judgment?

People embroiled in financial difficulties may have more to deal with than just past due credit card bills and the threat of foreclosure. They may also be tied up in lawsuits where the specter of a large judgment is present. Consumers in this situation may think that the judgment may ruin them forever, and that there is nothing that can be done to stop a plaintiff in a lawsuit from taking everything from them.

What can you do after a judgment is entered?

People embroiled in financial difficulties may have more to deal with than just past due credit card bills and the threat of foreclosure. They may also be tied up in lawsuits where the specter of a large judgment is present. Consumers in this situation may think that the judgment may ruin them forever, and that there is nothing that can be done to stop a plaintiff in a lawsuit from taking everything from them.

New Mexico has a relatively high home foreclosure rate

Clients often come to us with complex money problems that can include potential loss of homes through foreclosure when monthly mortgage payments become impossible because of unemployment and other factors. While the number of foreclosures nationally in May 2017 had dropped 19 percent over the previous year, New Mexico ranked number 8 of all states for the number of foreclosures, according to ATTOM Data Solutions as reported by credit.com.

How social media can complicate a bankruptcy filing

Pictures posted on social media have the potential to cause problems in a bankruptcy filing. A photo of a person with expensive property may imply that the individual owns that property, raising the question of whether that property was properly disclosed to the bankruptcy court in the filings requiring detailed inventory of assets.

Part 2: The choice between Chapter 7 and Chapter 13 bankruptcy

We recently began a discussion of the choice most consumers who file for bankruptcy relief have between Chapter 7 liquidation bankruptcy and Chapter 13 reorganization. Despite some economic improvement across the country, many individuals and families still struggle to stay solvent financially through no fault of their own and may wonder whether bankruptcy should be considered.

Part 1: Choosing between Chapter 7 and Chapter 13 bankruptcies

For many people, the past 10 to 20 years may have been financially challenging. Many people were impacted by the recession. For example, many experienced job loss, flat wages, loss of home, increased health insurance premiums or high deductibles, mounting medical bills, unsustainable student loan payments, high credit-card debt and more.

Legal counsel can help determine how to handle medical debt

It is common knowledge that many people are shouldering staggeringly heavy medical debt, especially as premiums and deductibles get higher and higher. We have posted blogs about medical debt and bankruptcy in the past, but unfortunately individuals and families continue to face financial strain because of high health care bills.

Chapter 7 bankruptcy does not mean loss of all of your property

In a Chapter 7 or liquidation bankruptcy, the debtor who files for relief in U.S. Bankruptcy Court is allowed to keep so-called exempt property. Some people misunderstand that if they file for bankruptcy they will lose everything. Bankruptcy law allows people to keep certain kinds of property considered basic and necessary to living.

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

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10400 Academy Road NE
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Albuquerque, NM 87111

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