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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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Bradley A. Springer

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Carlos E. Ruvalcaba-Trejo

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Dwight Madison Kealy

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Frederick H. Sherman

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Ismael L. Camacho

Credit & Debt, Bankruptcy, Consumer Bankruptcy

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J. Preston Paschall

General Practice

Status: In Good Standing

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Las Cruces, NM 88004

800-923-0641

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LEGAL TERMS

TOXIC TORT

A personal injury caused by exposure to a toxic substance, such as asbestos or hazardous waste. Victims can sue for medical expenses, lost wages and pain and su... (more...)

A personal injury caused by exposure to a toxic substance, such as asbestos or hazardous waste. Victims can sue for medical expenses, lost wages and pain and suffering.

FRAUDULENT TRANSFER

In a bankruptcy case, a transfer of property to another for less than the property's value for the purpose of hiding the property from the bankruptcy trustee --... (more...)

In a bankruptcy case, a transfer of property to another for less than the property's value for the purpose of hiding the property from the bankruptcy trustee -- for instance, when a debtor signs a car over to a relative to keep it out of the bankruptcy estate. Fraudulently transferred property can be recovered and sold by the trustee for the benefit of the creditors.

SUBROGATION

A taking on of the legal rights of someone whose debts or expenses have been paid. For example, subrogation occurs when an insurance company that has paid off i... (more...)

A taking on of the legal rights of someone whose debts or expenses have been paid. For example, subrogation occurs when an insurance company that has paid off its injured claimant takes the legal rights the claimant has against a third party that caused the injury, and sues that third party.

CHAPTER 13 PLAN

A document filed in a Chapter 13 bankruptcy in which the debtor shows how all of his or her disposable income will be used over a three- to five-year period to ... (more...)

A document filed in a Chapter 13 bankruptcy in which the debtor shows how all of his or her disposable income will be used over a three- to five-year period to pay all mandatory debts -- for example, back child support, taxes, and mortgage arrearages -- as well as some or all unsecured, nonpriority debts, such as medical and credit card bills.

ADMINISTRATIVE EXPENSES

The trustee's fee, the debtor's attorney fees, and other costs of bringing a bankruptcy case that a debtor must pay in full in a Chapter 13 repayment plan. Admi... (more...)

The trustee's fee, the debtor's attorney fees, and other costs of bringing a bankruptcy case that a debtor must pay in full in a Chapter 13 repayment plan. Administrative costs are typically 10% of the debtor's total payments under the plan.

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.

CREDIT FILE

See credit report.

SETOFF

A claim made by someone who allegedly owes money, that the amount should be reduced because the other person owes him money. This is often raised in a countercl... (more...)

A claim made by someone who allegedly owes money, that the amount should be reduced because the other person owes him money. This is often raised in a counterclaim filed by a defendant in a lawsuit. Banks may try to exercise a setoff by taking money out of a deposit account to satisfy past due payments on a loan or credit card bill. Such an act is illegal under most circumstances.

SECURED DEBT

A debt on which a creditor has a lien. The creditor can institute a foreclosure or repossession to take the property identified by the lien, called the collater... (more...)

A debt on which a creditor has a lien. The creditor can institute a foreclosure or repossession to take the property identified by the lien, called the collateral, to satisfy the debt if you default. Compare unsecured debt.

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Hatch Bankruptcy & Debt Lawyer, New Mexico

Sponsored Law Firm

Litty Law Group, P.C.

SPONSORED LAWYERS

Bradley A. Springer

Bryan M. Gelecki

Carlos E. Ruvalcaba-Trejo

David Price Lutz

David Franklin Mcarthur

David Arnone

Dwight Madison Kealy

Frederick H. Sherman

Ismael L. Camacho

J. Preston Paschall

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LEGAL TERMS

TOXIC TORT

FRAUDULENT TRANSFER

SUBROGATION

CHAPTER 13 PLAN

ADMINISTRATIVE EXPENSES

SOLE PROPRIETORSHIP

CREDIT FILE

SETOFF

SECURED DEBT

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