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.
Falling behind on loans and other payments is extremely stressful. And that stress only increases when creditors begin harassing individuals to make up for missed payments. This harassment can increase if someone does not have the assets to pay their debts.
Almost everyone in New Mexico and across the country spends years saving up for retirement. 401(k)s and other retirement accounts are often a person’s most valuable assets, thanks to the long-term contributions that they and their employer make.
The decision to file bankruptcy is not often easy. And that decision could be even more stressful for married couples. Fortunately, married couples have two possibilities to consider when weighing their choices.
If you are considering filing for bankruptcy, you typically have a choice between filing for Chapter 7 bankruptcy or Chapter 13 bankruptcy.
When your business bank account is light and credit collectors are knocking at your door, it might be a good time to consider bankruptcy. If your business has no real financial future, Chapter 7 bankruptcy might be right for you.