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Bankruptcy in New Mexico
With personal and consumer bankruptcy filings at an all time high in 2004, Congress decided to take action to reduce the total number of Americans (including New Mexico) seeking it as an option for debt assistance. The changes to the bankruptcy law aimed at achieving two objectives: 1) make the actual process of filing more difficult – they did this by making consumers take mandatory credit counseling sessions 90 days prior to declaring and higher filing fees, and 2) forcing more consumers into the less attractive chapter of bankruptcy, which is Chapter 13. Since this bankruptcy type involves a much more arduous path and paying back at least a portion of what you owe, the logic was that less people would want to file, which has been completely validated by all the recent statistics. They did this by requiring debtors who earn more than the median income in their state to pass the Chapter 7 means test in order to qualify for that type of bankruptcy. The “means test” is nothing more than a set of questions about your income and expenses used to establish whether you could afford pay back a decent portion of your debt.
Detailed in this section are the median income figures for New Mexico in 2006:
2-person families: 47,517
3-person families: 47,508
4-person families: 52,034
5-person families: 48,382
6-person families: 45,320
7-or-more-person families: 43,682
Due to the devastating credit effects of bankruptcy and the headaches involved in actually being able to declare, more people in New Mexico are turning to credit card consolidation programs instead. If you would like to learn more about all the credit & debt solutions that can potentially help you, submit a form today! Bankruptcy Figures For New Mexico
2004: 8,793
2005: 11,592
2006: 2,426
New Mexico witnessed a 9,166 fall in the amount of bankruptcy cases filed in 2006 versus 2005. In all that accounts to a 79% decrease from the previous year. Clearly the purpose of bankruptcy reform---to truly make bankruptcy a “last resort”—achieved its goal here, as well as in just about every other state. With economic struggles still persistent throughout New Mexico and the rest of the country, however, where are people with financial problems turning? Fortunately, the implementation of bankruptcy reform was coupled with the rise of consumer debt help agencies, who work to restructure your debts into one affordable monthly payment.
New Mexico Consumer Credit Counseling Services
New Mexico Bankruptcy Laws
New Mexico Debt Collection
Bankruptcy in New Mexico
With personal and consumer bankruptcy filings at an all time high in 2004, Congress decided to take action to reduce the total number of Americans (including New Mexico) seeking it as an option for debt assistance. The changes to the bankruptcy law aimed at achieving two objectives: 1) make the actual process of filing more difficult – they did this by making consumers take mandatory credit counseling sessions 90 days prior to declaring and higher filing fees, and 2) forcing more consumers into the less attractive chapter of bankruptcy, which is Chapter 13. Since this bankruptcy type involves a much more arduous path and paying back at least a portion of what you owe, the logic was that less people would want to file, which has been completely validated by all the recent statistics. They did this by requiring debtors who earn more than the median income in their state to pass the Chapter 7 means test in order to qualify for that type of bankruptcy. The “means test” is nothing more than a set of questions about your income and expenses used to establish whether you could afford pay back a decent portion of your debt.
Detailed in this section are the median income figures for New Mexico in 2006:
2-person families: 47,517
3-person families: 47,508
4-person families: 52,034
5-person families: 48,382
6-person families: 45,320
7-or-more-person families: 43,682
Due to the devastating credit effects of bankruptcy and the headaches involved in actually being able to declare, more people in New Mexico are turning to credit card consolidation programs instead. If you would like to learn more about all the credit & debt solutions that can potentially help you, submit a form today! Bankruptcy Figures For New Mexico
2004: 8,793
2005: 11,592
2006: 2,426
New Mexico witnessed a 9,166 fall in the amount of bankruptcy cases filed in 2006 versus 2005. In all that accounts to a 79% decrease from the previous year. Clearly the purpose of bankruptcy reform---to truly make bankruptcy a “last resort”—achieved its goal here, as well as in just about every other state. With economic struggles still persistent throughout New Mexico and the rest of the country, however, where are people with financial problems turning? Fortunately, the implementation of bankruptcy reform was coupled with the rise of consumer debt help agencies, who work to restructure your debts into one affordable monthly payment.
New Mexico Consumer Credit Counseling Services
New Mexico Bankruptcy Laws
New Mexico Debt Collection