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Federal & State Bankruptcy Laws
Bankruptcy law provides for the development of a plan that allows a debtor, who
is unable to pay his creditors, to resolve his debts through the division of his
assets among his creditors. The following is list of laws related to Bankruptcy:
Can Co-Signers Be Protected
If you file Chapter 7 bankruptcy, the creditor can proceed against your co-signers, according to the terms of the debt agreement. However, if you file a Chapter 13 debt adjustment, a co-signer is protected if the following conditions are met. The debt must be a consumer debt. Also, the debt may not be incurred in the ordinary course of business, and the co-signer cannot benefit from the proceeds of the debt.
Newsroom
News about Bankruptcy in New Mexico and nationwide:
Definition:
The repo laws: If you don't make your car payments for a number of months, your lender may repo or repossess your car. Without a car you may not be able to get to work.
Bankrupt
Definition:
The entity that files a bankruptcy; the debtor; the insolvent entity. This is a non-technical term and is not used in the Bankruptcy Code.
Chapter Seven
Definition:
Liquidation proceedings; generally assets are sold by a trustee and the company ceases operation. (Individuals may file Chapter 7 also.)
If you live in the following cities and need a Bankruptcy attorney you should contact
our Bankruptcy Attorney as soon as possible:
Alamogordo
Albuquerque
Anthony
Artesia
Aztec
Belen
Carlsbad
Clovis
Deming
Edgewood
Espanola
Farmington
Gallup
Hobbs
Las Cruces
Las Vegas
Los Alamos
Los Lunas
Portales
Rio Rancho
Roswell
Santa Fe
Shiprock
Silver City
Taos
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