When an individual files for bankruptcy protection, he or she may have judgments against them. Some of these court judgments awarding certain sums to judgment creditors may have been secured if the judgment creditor took the steps necessary to file judgment liens in...
Month: February 2015
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...
Enforcement of Judgments in New Mexico
When a plaintiff sues a defendant to recover monies owed by the defendant and eventually succeeds in winning the suit, an award of damages is incorporated in to the judgment of the court identifying the exact amount of the judgment and whether any court costs,...
New Mexico Law on Garnishment Withholding
In the previous blog post, the question of whether filing bankruptcy can stop a garnishment collection was addressed. As discussed, many types of garnishments can be stopped by the mere filing of a bankruptcy case because an automatic stay will effectively...
Can Filing Bankruptcy Stop Garnishments?
Garnishment actions represent one of the primary methods in which certain debts are collected. If a plaintiff (a person company or governmental entity) sues an individual and obtains a judgment against that individual, the plaintiff can take additional steps to...
Kaiser Study Examines How Medical Debt Causes Distress Including Bankruptcies
At the beginning of last year the Kaiser Family Foundation issued a report examining how high medical bills can cause enormous financial problems leading, in some cases, to bankruptcy. The study identified seven features or themes which can explain why 1 out of every...
The Difficulty of Eliminating Student Loan Debt via Bankruptcy
As the cost of college tuitions and related costs have soared over the last twenty years, about 1 out of 4 former students find themselves refraining from paying back their student loans at various times over the course of their loan repayment period. The prospect of...
Business Failures Leading to High Number of Chapter 7 Bankruptcies
According to the U.S. Small Business Administration, over 50% of small businesses fail in the first year and 95% fail within the first five years. In his book Small Business Management, Michael Ames gives the following reasons for small business...
High Medical Expenses Still the Biggest Drivers of Bankruptcies
The size and scope of debt created by medical expenses continues to be the biggest cause of bankruptcies in this country. According to a study by NerdWallet Health, a division of the price-comparison website, bankruptcies resulting from unpaid medical bills will...
Why Divorces Trigger So Many Bankruptcies
Divorces have and continue to be a common cause of personal bankruptcies. According to Clear Bankruptcy, of the 1.5 million people that filed for bankruptcy in 2010, about 8 percent of them did so because of the pressure caused by splitting up and divorce. This...
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