Dave Giddens, a local Albuquerque Bankruptcy attorney - Last year, the number of bankruptcy filings in our state numbered 4,330, a 10 percent drop from the previous year when they numbered 4,810, according to a recent article in The Wall Street Journal.* So why the drop in bankruptcies when our economy hasn't fully recovered? The relationship between the number of bankruptcies and the economy is not what you may expect. In fact, statistics indicate that bankruptcies tend to decrease when the economy stalls and increase when the economy is strong. Foreclosures, on the other hand, tend to decrease when the economy is strong. In our monthly article, we take a look at how filing bankruptcy may help you if you have a foreclosure pending against you. "In a Chapter 13 filing, as the debtor, you must propose a feasible plan for repaying creditors, including the mortgage lender. Your ability to proceed with your Chapter 13 plan depends upon a variety of factors, including your...
