Taos Bankruptcy & Debt Lawyer, New Mexico

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Jon Litty
About | Practice Areas
Litty Law Group, P.C.
500 Marquette Ave NW Suite 1200 Albuquerque, NM 87102» view map
Bankruptcy & Debt and Immigration Law
Albuquerque’s Attorney

I’m Jon Litty and I’m here to serve you, Albuquerque! I will fight to get you what you rightfully deserve.

505-862-5061
1. Jon Litty Albuquerque, NM
  Attorney at Law- NM
  Thomas Jefferson School of Law, J.D. 2015
2. AboutLitty Law Group, P.C.
  Albuquerque’s Attorney
3. Practice AreasExpertise
  Bankruptcy & Debt
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Not enough matches for Taos Bankruptcy & Debt lawyer.
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Ariel Raab

Lawsuit & Dispute, Criminal, Business

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Taos, NM 87571

Howard Raab

Family Law, Mediation, Arbitration, Dispute Resolution

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Sue B. Mcdowell

Estate, Real Estate, Wills & Probate

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Kathryn Hardy

Federal, Employee Rights, Criminal, Civil Rights

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224 Cruz Alta Rd, Taos, NM 87571

Julia Lacy Armstrong

Commercial Real Estate, Litigation, State Appellate Practice, Business & Trade, Constitutional Law

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218 Beimer St, Taos, NM 87571

Roy L. Armstrong

Commercial Real Estate, Litigation, Gift Taxation, Administrative Law

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218 Beimer St, Taos, NM 87571

Erik Schlenker-Goodrich

Transportation & Shipping, Natural Resources, Environmental Law Other, Public Law

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208 Paseo Del Pueblo Sur, Taos, NM 87571

Bernestine Singley

General Practice

Status: Licensed: 40 Years

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Taos, NM 87571

Kelan Emery

Commercial Real Estate, Corporate, Family Law, Estate Planning

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309 Salazar Rd, Taos, NM 87571

Barbara Breneman Toth

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224 Cruz Alta Rd, Taos, NM 87571

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LEGAL TERMS

S CORPORATION

A term that describes a profit-making corporation organized under state law whose shareholders have applied for and received subchapter S corporation status fro... (more...)

A term that describes a profit-making corporation organized under state law whose shareholders have applied for and received subchapter S corporation status from the Internal Revenue Service. Electing to do business as an S corporation lets shareholders enjoy limited liability status, as would be true of any corporation, but be taxed like a partnership or sole proprietor. That is, instead of being taxed as a separate entity (as would be the case with a regular or C corporation) an S corporation is a pass-through tax entity: income taxes are reported and paid by the shareholders, not the S corporation. To qualify as an S corporation a number of IRS rules must be met, such as a limit of 75 shareholders and citizenship requirements.

CHAPTER 7 BANKRUPTCY

The most familiar type of bankruptcy, in which many or all of your debts are wiped out completely in exchange for giving up your nonexempt property. Chapter 7 b... (more...)

The most familiar type of bankruptcy, in which many or all of your debts are wiped out completely in exchange for giving up your nonexempt property. Chapter 7 bankruptcy takes from three to six months, costs about $200, and commonly requires only one trip to the courthouse.

AUTOMATIC STAY

An injunction automatically issued by the bankruptcy court when a debtor files for bankruptcy. The automatic stay prohibits most creditor collection activities,... (more...)

An injunction automatically issued by the bankruptcy court when a debtor files for bankruptcy. The automatic stay prohibits most creditor collection activities, such as filing or continuing lawsuits, making written requests for payment, or notifying credit reporting bureaus of an unpaid debt.

DEBT COLLECTOR

A person who works in the in-house collections department of an original creditor or a collection agency to track down debtors and get them to pay what they owe... (more...)

A person who works in the in-house collections department of an original creditor or a collection agency to track down debtors and get them to pay what they owe. Debt collectors can be relentless, often using scare tactics, humiliation and repeated phone calls to extract payments or promises to pay.

FCRA

See Fair Credit Reporting Act.

TRADE NAME

The official name of a business, the one it uses on its letterhead and bank account when not dealing with consumers.

SOLE PROPRIETORSHIP

A business owned and managed by one person (or for tax purposes, a husband and wife). For IRS purposes, a sole proprietor and her business are one tax entity, m... (more...)

A business owned and managed by one person (or for tax purposes, a husband and wife). For IRS purposes, a sole proprietor and her business are one tax entity, meaning that business profits are reported and taxed on the owner's personal tax return. Setting up a sole proprietorship is cheap and easy since no legal formation documents need be filed with any governmental agency (although tax registration and other permit and license requirements may still apply). Once you file a fictitious name statement (assuming you don't use your own name) and obtain any required basic tax permits and business licenses, you'll be in business. The main downside of a sole proprietorship is that its owner is personally liable for all business debts.

CURRENT MONTHLY INCOME

As defined by the new bankruptcy law, a bankruptcy filer's total gross income (whether taxable or not), averaged over the six-month period immediately preceding... (more...)

As defined by the new bankruptcy law, a bankruptcy filer's total gross income (whether taxable or not), averaged over the six-month period immediately preceding the bankruptcy filing. The debtor's current monthly income is used to determine whether the debtor can file for Chapter 7 bankruptcy, among other things.

WINDING UP

The process of paying off expenses and creditors, settling accounts, and collecting and distributing (to shareholders and owners) whatever assets then remain, a... (more...)

The process of paying off expenses and creditors, settling accounts, and collecting and distributing (to shareholders and owners) whatever assets then remain, all with the ultimate goal of liquidating or closing down a corporation or partnership.

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Taos Bankruptcy & Debt Lawyer, New Mexico

Sponsored Law Firm

Litty Law Group, P.C.

SPONSORED LAWYERS

Ariel Raab

Howard Raab

Sue B. Mcdowell

Kathryn Hardy

Julia Lacy Armstrong

Roy L. Armstrong

Erik Schlenker-Goodrich

Bernestine Singley

Kelan Emery

Barbara Breneman Toth

TIPS

LEGAL TERMS

S CORPORATION

CHAPTER 7 BANKRUPTCY

AUTOMATIC STAY

DEBT COLLECTOR

FCRA

TRADE NAME

SOLE PROPRIETORSHIP

CURRENT MONTHLY INCOME

WINDING UP

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