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

chapter 7 bankruptcy Archives

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.

New Mexico bankruptcy filings: Nuts and Bolts

Many people do not know much about how to file for bankruptcy relief. Bankruptcy matters are governed by federal bankruptcy law and are heard in federal bankruptcy court. The U.S. Bankruptcy Court of the District of New Mexico is located in Albuquerque, where most hearings are held. Some matters are also heard by judges in Roswell and Las Cruces.

Bankruptcy may not be as bad for your credit as you think

Some New Mexicans may shy away from bankruptcy because they believe it will be devastating for their credit. While a Chapter 7 consumer bankruptcy remains on your credit report for 10 years, many lenders are still willing to extend credit to a recently bankrupt borrower. Because you cannot receive another Chapter 7 discharge again for eight years, you are not likely to have new debt discharged.

To thwart debt-relief scams, contact a proven bankruptcy attorney

It is likely that some -- perhaps many -- of our readers across New Mexico have been on the receiving end of scam-oriented pitches promising to help them with financial challenges relating to credit card debt, student loans, medical outlays, mortgage exactions and other matters.

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

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Giddens, Gatton & Jacobus, P.C.
10400 Academy Road NE
Suite 350
Albuquerque, NM 87111

Phone: 505-273-3720
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