One of the most important features of federal bankruptcy law is the automatic stay. When a consumer or business files a petition for bankruptcy relief in U.S. Bankruptcy Court, the petition effectively freezes most collection efforts against the debtor who filed the...
Month: March 2017
Dispelling common bankruptcy myths
Filing bankruptcy is scary for a lot of people. Many see it as a sort of failure, but that isn't completely a bad thing. If you are thinking of filing bankruptcy, it means your financial management has already fallen short of what you would have liked it to be....
Loss of employment can quickly bring debt to unsustainable level
After a slow economic recovery, New Mexicans just received the unwelcome news that our unemployment rate is the highest of any state in the country, according to the Albuquerque Journal. Citing the U.S. Department of Labor or DOL as well as state data, the paper...
Basic considerations in small-business bankruptcy
We have written lately about small-business debt collection. Today we will instead look at the reverse problem: when a small business cannot pay its debts and considers bankruptcy as a potential answer.Get legal adviceWhen a small-business faces financial challenges,...
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