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What is an automatic stay?

Many Americans are overwhelmed with credit card debt, medical bills, mortgages and other expenses that they cannot keep up with. In fact, close to one million people file for bankruptcy every year in an attempt to reclaim control over their finances. If you are one of the many who face this problem, you may find yourself the target of collector and creditor phone calls. In some cases, collectors can use harassing measures to obtain a payment on the account. Once you file for bankruptcy, however, an automatic stay is put in place. This measure is designed to keep collectors from being able to contact you regarding your unpaid balance.

Different types of debt

Consumers who live in New Mexico might think about all debt as being the same and, in a way, it is because it all boils down to some financial obligation owed to another party. However, there are definitely distinct types of debt and they each have different pros and cons associated with them. The different types of debt, secured and unsecured debt, may also inform what type of bankruptcy plan a person should consider if they are in need of that level of debt relief.

Understanding the bankruptcy homestead exemption

The main concern of many that file for bankruptcy is whether or not they will love their personal property in New Mexico. If you are in the position of having to contemplate bankruptcy, your fears are understandable. Fortunately, as we here at the Sanders Law Firm have had the privilege of telling many of our concerned clients, the law does allow you to protect certain types of property from being sold as part of a bankruptcy. Both federal and state bankruptcy exemptions exist. Some states allow you to choose which to apply to your case; New Mexico is among them. 

Understanding the Chapter 7 means test

If you are struggling with debt, know that you are not the only one in Roswell dealing with this issue. Many of those that we here at the Sanders Law Firm have worked with in the past are in your same situation: hard-working people that have seen various life events leaving them facing inordinate expenses. Oftentimes, your debt dilemma can become so great that fixing it on your own is no longer a realistic option. In such a case, a personal bankruptcy may be your best chance at reclaiming a healthy financial outlook. 

The dos and don'ts of bankruptcy

Most New Mexico residents could agree that the term "bankruptcy" is a frightening one. However, there are many instances in which this option proves advantageous. For instance, if homeowners face disclosure, or college graduates discover that student loans took a cripping chunk out of financial stability, bankruptcy could come to the rescue. Below are a few pointers on bankruptcy, commentary on why it could be the ideal option and other details that could benefit consumers in times of need.

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701 West Country Club Road
Roswell, NM 88201

Toll Free: 866-755-7229
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4801 Lang NE
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Albuquerque, NM 87109

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Phone: 505-798-2588
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732 E. Michigan
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Hobbs, NM 88240

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1990 E Lohman Ave
Las Cruces, NM 88001

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1100 Sudderth Dr
Ruidoso, NM 88345

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