As we have mentioned in past blog posts, debt has almost become a normal part of life. After finishing school, getting a necessary surgery or even purchasing a home, it is common for people to have debt.
Credit is one of the main concerns individuals have when they file bankruptcy. They fret over how bankruptcy will impact their credit, credit score, and many future opportunities that involve credit, such as obtaining a mortgage.
Filing Chapter 7 bankruptcy can help individuals find the relief they need from the debt that weighs on their shoulders. However, the bankruptcy process can involve several additional details, documents and agreements, that can make this process even more complex.
Unfortunately, the soldiers who dedicate their lives to serving our country often face significant financial struggles after they complete their duty. These struggles only become more of a challenge for veterans who have disabilities.
For many Americans, buying a house is a huge milestone in their adult lives. It is a milestone of their financial independence. A home is without a doubt one of the (if not THE) most expensive assets that someone will own in their lifetime.
There is no doubt that struggling with debt is difficult. It can significantly strain one's financial and emotional health, as they stress about how to pay off debts and cover monthly expenses at the same time.
A visit to the doctor's office can be expensive. And yet, it is impossible for individuals to predict when they or a loved one will need medical care or suffer a medical emergency. Therefore, it is not easy for New Mexicans to plan for how they will pay for medical issues.
When someone files a Chapter 7 bankruptcy, a trustee is appointed to administer the bankruptcy estate. Understanding the chapter 7 trustee’s role in bankruptcy can help individuals prepare for the process and know what to expect.
Before filing Chapter 7 bankruptcy in New Mexico, it is a requirement for individuals to complete a credit counseling course.
The bankruptcy discharge is what gives individuals a fresh start.