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| Home | About Us | Blog | Privacy Policy | Testimonials | Contact Us |
| Credit Card Debt Consolidation Help in New Mexico | ||||||||||||||||
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| New Mexico Debt Relief | ||||||||||||||||
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Debt settlement, also known as debt negotiation and debt reduction, is the process by which we negotiate and settle a debt for a reduced amount on behalf of a client. When successful, it is possible that Franklin Debt Relief can settle their debts for less than what is owed, all with the convenience of one low program payment. The savings from our debt settlement program can potentially be tremendous versus making your minimum payments, and it is in some cases the cheapest and fastest debt relief, debt consolidation or debt help option available to New Mexico consumers. If you're overwhelmed with credit cards, medical bills, balances from a repossession, or accounts in collections, call for a free consultation: (877) 274-1260. |
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| Pertinent New Mexico Debt Relief and Debt Help Laws | ||||||||||||||||
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(This is intended to be a helpful and informational debt resource for New Mexico consumers and does not constitute legal advice. For legal advice about your situation, contact a licensed professional in New Mexico.) Debt Collection New Mexico follows the set of federal laws dealing with collection agencies (and law firms that collect debts) that are collectively known as the Fair Debt Collection Practices Act (FDCPA). For more information on the FDCPA follow this link: debt collection. Maximum Interest Rate a Collection Agency Can Charge in New Mexico: 15% New Mexico Wage Protection: 75% of disposable weekly earnings (after tax income) or 40 times federal hourly minimum wage, whichever is greater Statute of Limitations A statute of limitations is a law that sets forth the maximum period of time, after certain events, that legal proceedings based on those events may be initiated. For debt, the statutes of limitation apply to the maximum period of time after a consumer has become delinquent on their payments. The key point to remember is that you are considered delinquent not from the date of your last payment, but rather the day after you have gone past due. In other words, if you made your last payment on 3/3/03 and your next payment was due the same day of the next month, the statute of limitations on the debt would not start running until 4/4/04. The statutes of limitations vary from state to state and depend on the type of debt and where the original transaction took place (i.e. if you took the loan out in California but currently live in New Mexico, the applicable statutes of limitations would be California's.) Oral Agreements: 4 years Written Contracts: 6 years Promissory Notes: 6 years Open Accounts (credit cards): 4 years Bankruptcy Courts U.S. Bankruptcy Court 500 Gold Avenue, SW, 10th Floor Albuquerque, NM 87102 Bankruptcy Exemptions Bankruptcy exemptions are protected assets that the bankruptcy code mandates that a debtor is entitled to keep in order to adequately get a "fresh start" after filing. Bankruptcy exemptions vary from state to state, and the following list is the property that is protected in the bankruptcy code of New Mexico. For more information, follow this link: bankruptcy exemptions. Also, New Mexico is a community property state. Click here to learn about what this means if you have debt that's in only one spouse's name. Federal bankruptcy exemptions are available. Real Estate, Auto, Personal Property -Homestead to $30,000 -Motor vehicle to $4,000 -$500 of any property -$2,000 of any real or personal property, in lieu of homestead -Books and furniture -Building materials -Clothing -Cooperative association shares, minimum amount needed to be member -Health aids -Jewelry to $2500 -Materials, tools, and machinery to dig, drill, complete, operate or repaid oil line, gas well, or pipeline -Tools of trade to $1500 Insurance -Benevolent association benefits to $5000 -Fraternal benefit society benefits -Life, accident, health, or annuity benefits, withdrawal, or cash value, if beneficiary is a New Mexico resident -Life insurance proceeds Public Benefits -Crime victims' compensation -General assistance -Occupational disease disablement benefits -Unemployment compensation -Workers' compensation Pensions -Pension or retirement benefits -Public school employees Other -Property of a business partnership |
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