In 2020, more than 4.5 million people across the United States had their wages garnished to pay debts. Wage garnishments are a common tactic creditors use to collect debts. In turn, they are also a common challenge that individuals already struggling with debt face....
Year: 2021
5 tips for a budget-friendly holiday season
With the holiday season fast approaching, you might be feeling anxious about your plans – and your budget. It is common for individuals to rack up debt with all of the holiday spending across New Mexico and the country. However, if you already face financial stress,...
Should I file bankruptcy before or after the holidays?
The holiday season can be a time of joy, but it can be stressful as well. After all, it often means an increase in spending on food, gifts, travel and more. If you are already facing significant debt and financial difficulties, it can cause even more stress. This can...
Can all businesses file Chapter 11 bankruptcy?
Many business owners believe that only big businesses can file Chapter 11 bankruptcy. This belief likely stems from the fact that when big businesses file bankruptcy, it usually becomes national news. It is not common to hear about a smaller business’s bankruptcy...
How long do you have to pay back bills after the moratorium lifts?
In the height of the COVID-19 pandemic and ensuing shutdowns, moratoriums on rent and utility bills went into place across the country. This eased the financial burdens and stress that many households faced during this time. Even if you could not make payments,...
Debunked: Myths about Chapter 11 bankruptcy
Many New Mexico business owners pour their hopes, work and finances into their business. Running their business is not only a job but often a dream that they have had for a long time. Therefore, it is natural to worry when the business comes up against debt and...
Is social media contributing to debt?
Nearly 223 million Americans have at least one social media account. For people of all ages, social media has become a part of everyday life. While several studies indicate social media can affect one’s mental health, it seems it can also impact one’s financial...
What situations can lead to bankruptcy?
Change is constant in our lives. However, that does not always mean that these changes are positive. Unforeseen changes can disrupt your life – and many can impact your finances as well. So, what are some of these events that can increase the financial strain you...
How does Chapter 11 bankruptcy work?
There are many different chapters of bankruptcy. The chapter that a debtor selects depends primarily on their individual needs and financial circumstances. One option that is available to both individuals and businesses is a Chapter 11 reorganization. So, what does...
Will I lose everything if I file bankruptcy?
What will happen to your property – and everything you have worked for – if you file bankruptcy? This is the most common worry that anyone facing significant debt has. This concern is often what makes individuals wary of seeking relief for that debt as well. It is...
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