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

Posts tagged "liquidation"

Drowning in credit card debt? Lifelines are available.

Today let's shine some light on credit card debt. People do not share their credit card balances with friends and family members, considering it private. Some see the use of credit cards as a sign of weakness, but consider that credit cards have allowed some people to survive through tough times like job loss or medical crises.

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.

WHICH ASSETS ARE EXEMPT FROM CHAPTER 7 LIQUIDATION?

For many individuals or sole proprietors preparing to file for bankruptcy, Chapter 7 is the preferred choice. Filing for bankruptcy under Chapter 7 allows an individual or sole proprietorship business to discharge most debts in exchange for the liquidation of nonexempt assets, the proceeds from which are used to pay creditors. Not all assets must be liquidated under Chapter 7, however. If you are considering filing under this chapter, it's important to understand which types of property will be exempt during the process. 

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