Can My Student Loan Debt Be Discharged in Bankruptcy?

The short answer is usually no for federal loans. Let’s explore why and the possible exception. In a case from 2012, a married couple who was filing for bankruptcy tried to get their student loans Continue Reading

Paying for Chapter 7 Bankruptcy: Tax Time is Also Bankruptcy Time for Many

A Chapter 7 Bankruptcy is not an inexpensive endeavor. A Chapter 7 Bankruptcy will normally cost between $1,700 and $3,000, including the filing fee, which is over $300, gross receipts tax and credit Continue Reading

Top Five Reasons for Filing Chapter 13 Bankruptcy

Typical Reasons Why Someone Would Need to File Chapter 13 Chapter 13 Bankruptcy is sometimes referred as “personal reorganization” or “wager earner plan” bankruptcy. It is different than Chapter 7 Continue Reading

Gay Marriage and Filing Joint Bankruptcy: Should the Nuptial Wait Until After Bankruptcy?

Same-sex couples fought hard to make same-sex marriage legal in New Mexico. Now they can file a joint bankruptcy petition - but should they? The issue of whether same-sex couples can marry legally in Continue Reading

The Social Security Means Test in Bankruptcy Proceedings

The Means Test The means test is a device used in bankruptcy proceedings to limit the filing of Chapter 7 bankruptcy and to influence how lenders are repaid in Chapter 13 bankruptcy. Simply put, the Continue Reading

What is a Judicial Lien and How Can You Avoid One?

What is a Judicial Lien? Let's start with a basic lien. A lien is an interest that a creditor acquires in property that allows the creditor to take the property upon the occurrence of certain Continue Reading

Lien Stripping: Removing a Second Mortgage in Chapter 13 Bankruptcy

Lien stripping for home mortgages underwater: In the wake of the 2008 housing bubble many homeowners are facing difficulties with refinancing, mortgages and foreclosure. In New Mexico 12.9% of Continue Reading

Let’s Make a Deal: Negotiating with Your Chapter 7 Trustee

In a prior post I discussed what is called “nonexempt” property and used the colorful phrase from a bankruptcy case that discusses whether property can be transferred from the “nonexempt” category to Continue Reading

Don’t Let Your Ex’s Debt Hold You Back Financially

Ensuring that your divorce completely separates your debts and assets so you are not financially tied to your ex for years to come. Oh, the horror! Sheila begins receiving notices from a creditor Continue Reading

Pigs, Hogs, and Nonexempt Property in Bankruptcy

In Bankruptcy Court, it’s all about the Pigs and the Hogs. “There is a principle of too much; phrased colloquially, when a pig becomes a hog, it is slaughtered. While . . . some planning of one's Continue Reading