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

Albuquerque Law Blog

The business of filing bankruptcy for your small business

It takes a lot to make a small business succeed. From a strong business idea to securing investors to earning a profit, success often does not come cheaply or quickly. Over time, you may find that your business is no longer able to manage financial obligations effectively. You are behind on payments, creditors are starting to call, and you ultimately see no way out.

At this point, it may be necessary to seek the protection of Chapter 11 bankruptcy. This type of bankruptcy uniquely suits businesses, and you may find that it is the most prudent way to secure a stable future for your company. If you are overrun by business debt, you will benefit from an explanation of how Chapter 11 could be right for you.

Dangerous Albuquerque bus stop illustrates accident liability issues

Here at Giddens, Gatton & Jacobus, P.C., we fight for justice and recovery for our New Mexico clients who have been the victims of motor vehicle accidents of all kinds. Our representation includes those who have been hurt in pedestrian accidents, which can be particularly dangerous given the fragility of the human body in the face of forceful contact with a heavy vehicle.

Poorly designed bus stop

KRQE News 13 published an online article about a northwestern Albuquerque bus stop that is particularly dangerous to users. An Albuquerque resident who uses a wheelchair was interviewed about his attempts to raise awareness of the unsafe design of stop 3003 on Coors near Eagle Ranch Road.

Do you have a wrongful death claim after losing a loved one?

There is nothing that can bring back a loved one who passed away, but when you are experiencing this type of loss due to the negligent or reckless actions of another person, there are certain steps that you can take to protect your rights and hold liable parties accountable for wrongful actions.

Not every grieving family has grounds to file a wrongful death claim, but it could be a viable option for you. If you believe that you may have a case, a reasonable first step would be to seek the help of a New Mexico attorney who can identify your legal options and assist you as you move forward with the appropriate legal action.

Accuracy of credit-bureau data to improve July 1

Beginning July 1, the three major credit bureaus will not consider public tax liens or civil judgments in analyzing the consumer creditworthiness unless specific new standards of data reliability are met. This change is pursuant to a settlement called the National Consumer Assistance Plan that involves these bureaus - Experian, TransUnion and Equifax - as well as the attorneys general from 31 states.

Rules to improve credit-score reliability

According to CreditCards.com, the new rules are meant to better the accuracy and currency of data used by the credit bureaus to determine credit scores for consumers. For example, to consider a tax lien or civil judgment against a consumer, a credit bureau must be provided with the person's name, address and either birth date or Social Security number. This information will now have to be verified on an ongoing basis at a minimum of every 90 days.

Reportedly, two of the credit bureaus have even told clients they will not use civil judgments at all going forward

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.

New Mexico foreclosure rates

Specifically, the May 2017 New Mexican foreclosure rate was 1 in every 1,168 homes, up an incredible 73.5 percent since April 2017 when it ranked number 20. Since May 2016, however, New Mexico's rate has decreased about 11 percent.

The states with higher rates than New Mexico starting with number 7 and ending with number 1 were Florida, Nevada, Oklahoma, Illinois, Maryland, Delaware and New Jersey.

Worrying about debts probably won't help, but bankruptcy might

Countless individuals have experienced periods of financial struggle throughout the course of their lives. In some cases, these periods may be short-lived, while in others, it can be difficult to see the light at the end of the tunnel. Perhaps you are experiencing similar challenges, and you are feeling crushed under the financial weight of debt.

You could be considering a long-term solution to your financial woes but worrying about the potential impact to your credit. In many cases, these solutions can be much healthier, financially speaking, in the long run than the alternatives. You might find it beneficial to explore the available outlets for debt relief and find out if bankruptcy is a good fit for you.

Relief from the strain of student loan debt

Some of our clients come to us for advice about how to handle staggering levels of student loan debt. We educate them about options for relieving the pressure of monthly student loan payments, such as those discussed in this previous post.

CNBC just published an article that provides statistics about student loan debt as well as an exploration of debt relief options for student loans short of filing for bankruptcy or going into default.

The current uncertainty about the future of medical-debt levels

Medical debt is an important topic in the news right now because of the activity in Congress around whether to repeal the Affordable Care Act, also called the ACA or Obamacare. We talk about medical debt in our blogs because of the impact it has on our clients who talk to us about legal options for dealing with it, including possible bankruptcy.

Possible link between Obamacare and bankruptcy rates

Notably, Consumer Reports just published an article that analyzes the drop in personal bankruptcy filings since Obamacare took effect. From 2010 to 2016, personal bankruptcies nationally dropped by about half: from 1.5 million to around 770,000. Coincidently, or not, depending on your view, this was the stretch of time during which the ACA started to take effect.

Peripheral nerve damage from a motor vehicle accident

Here at Giddens, Gatton & Jacobus, P.C., we fight for just compensation for the victims of car accidents. Part of any claim for damages is of course for medical expenses, past and future, as well as for pain and suffering caused by the collision.

Nerve injury

A common injury from a car crash is peripheral nerve damage, sometimes called peripheral neuropathy. Peripheral nerves are those on the periphery - meaning on the outside or on the edge - those in the extremities like the arms, hands, legs and feet, but also those that control organs. These peripheral nerves send and receive messages between the brain and spinal cord (the central nervous system) about what is happening in the periphery.

Study shows high rates of phone-use distraction while driving

At our law firm, we represent the victims of motor-vehicle accidents caused by negligent and reckless drivers in personal injury and wrongful death lawsuits. We have discussed New Mexico's ban on texting while driving in a previous post. Today, we share the startling findings of a new national study on mobile-phone distraction while driving.

Cell-phone technology gathers accident data about texting

In more than half (52 percent) of car trips that ended in accidents, "phone distraction" occurred during the ride, reported Cambridge Mobile Telematics, a Cambridge, Massachusetts, mobile-phone data application business, last month.

The company has developed phone apps to measure real-time driver behavior by gathering data using phone sensors, a specialty called telematics. The data for the study was gleaned from a software app installed on hundreds of thousands of cell phones used by drivers.

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Albuquerque, NM 87111

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