Monthly Archives: January, 2008

Will Bankruptcy Affect My Credit?– NMBankruptcyBlog.com

Will Bankruptcy Affect My Credit? There is no clear answer to this question. Unfortunately, if you are behind on your bills, your credit may already be bad. Bankruptcy will probably not make things any worse. The fact that you’ve filed a bankruptcy can appear on your credit record for ten years from the date your […]

What Else Must I Do to Complete My Case?– NMBankruptcyBlog.com

What Else Must I Do to Complete My Case? After your case is filed, you must complete an approved course in personal finances. This course will take approximately two hours to complete. Many of the course providers give you a choice to take the course in-person at a designated location, over the Internet (usually by […]

Will I Have to Go to Court?– NMBankruptcyBlog.com

Will I Have to Go to Court? In most bankruptcy cases, you only have to go to a proceeding called the “meeting of creditors” to meet with the bankruptcy trustee and any creditor who chooses to come. Most of the time, this meeting will be a short and simple procedure where you are asked a […]

Will Bankruptcy Wipe Out All My Debts?– NMBankruptcyBlog.com

Will Bankruptcy Wipe Out All My Debts? Yes, with some exceptions. Bankruptcy will not normally wipe out: Money owed for child support or alimony; Most fines and penalties owed to government agencies; Most taxes and debts incurred to pay taxes which can not be discharged; Student loans, unless you can prove to the court that […]

Can I Own Anything After Bankruptcy?– NMBankruptcyBlog.com

Can I Own Anything After Bankruptcy? Yes! Many people believe they can not own anything for a period of time after filing for bankruptcy. This is not true. You can keep your exempt property and anything you obtain after the bankruptcy is filed. However, if you receive an inheritance, a property settlement, or life insurance […]

What Will Happen to My Home and Car If I File Bankruptcy?– NMBankruptcyBlog.com

What Will Happen to My Home and Car If I File Bankruptcy? In most cases you will not lose your home or car during your bankruptcy case as long as your equity in the property is fully exempt. Even if your property is not fully exempt, you will be able to keep it, if you […]

What Property Can I Keep?– NMBankruptcyBlog.com

What Property Can I Keep? In a chapter 7 case, you can keep all property which the law says is “exempt” from the claims of creditors. It is important to check the exemptions that are available in the state where you live. (If you moved to your current state from a different state within two […]

What Must I Do Before Filing Bankruptcy?– NMBankruptcyBlog.com

What Must I Do Before Filing Bankruptcy? You must receive budget and credit counseling from an approved credit counseling agency within 180 days before your bankruptcy case is filed. The agency will review possible options available to you in credit counseling and assist you in reviewing your budget. Different agencies provide the counseling in-person, by […]

What Does It Cost to File for Bankruptcy?– NMBankruptcyBlog.com

What Does It Cost to File for Bankruptcy? It now costs $299 to file for bankruptcy under chapter 7 and $274 to file for bankruptcy under chapter 13, whether for one person or a married couple. The court may allow you to pay this filing fee in installments if you can not pay it all […]

What Different Types of Bankruptcy Cases Should I Consider?– NMBankruptcyBlog.com

What Different Types of Bankruptcy Cases Should I Consider? There are four types of bankruptcy cases provided under the law: Chapter 7 is known as “straight” bankruptcy or “liquidation.” It requires an individual to give up property which is not “exempt” under the law, so the property can be sold to pay creditors. Generally, those […]