Albuquerque Credit & 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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Jacob Salazar

Criminal, Insurance, Credit & Debt, Accident & Injury

CONTACT

505-312-7605

400 Central Ave Se, Albuquerque, NM 87125

Victor E. Carlin

Litigation, Credit & Debt, Commercial Real Estate, Workout

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CONTACT

Albuquerque, NM 87125

Nathan S. Stimson

Corporate, Mediation, Credit & Debt, Clean Air Practice

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CONTACT

Albuquerque, NM 87103

Erenio Gutierrez

Credit & Debt, Consumer Bankruptcy, Bankruptcy, Bankruptcy & Debt

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CONTACT

Albuquerque, NM 87176

Justin Sawyer

Civil Rights, Litigation, Credit & Debt, Business, Business & Trade

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CONTACT

Albuquerque, NM 87125

Spencer L. Edelman

Transportation & Shipping, Natural Resources, Credit & Debt, Bankruptcy, Bankruptcy & Debt

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CONTACT

Albuquerque, NM 87103

Tomas J. Garcia

Transportation & Shipping, Natural Resources, Workers' Compensation, Credit & Debt

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CONTACT

Albuquerque, NM 87103

Ben Davis

Insurance, Credit & Debt, Personal Injury, Labor Law

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CONTACT

127 Bryn Mawr Dr SE, Albuquerque, NM 87106

M. Dylan O'Reilly

Banking & Finance, Bankruptcy, Real Estate, Credit & Debt

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CONTACT

500 Marquette Avenue, N.W., Albuquerque, NM 87125

Mark D. Regazzi

Bankruptcy & Debt, Bankruptcy, Consumer Bankruptcy, Credit & Debt

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CONTACT

2501 Yale Blvd SE, Albuquerque, NM 87106

800-814-6700

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LEGAL TERMS

FORBEARANCE

Voluntarily refraining from doing something, such as asserting a legal right. For example, a creditor may forbear on its right to collect a debt by temporarily ... (more...)

Voluntarily refraining from doing something, such as asserting a legal right. For example, a creditor may forbear on its right to collect a debt by temporarily postponing or reducing the borrower's payments.

DISCHARGEABLE DEBTS

Debts that can be erased by going through bankruptcy. Most debts incurred prior to declaring bankruptcy are dischargeable, including back rent, credit card bill... (more...)

Debts that can be erased by going through bankruptcy. Most debts incurred prior to declaring bankruptcy are dischargeable, including back rent, credit card bills and medical bills. Compare nondischargeable debts.

COLLATERAL

Property that guarantees payment of a secured debt.

REAFFIRMATION

An agreement that a debtor and a creditor enter into after a debtor has filed for bankruptcy, in which the debtor agrees to repay all or part of an existing deb... (more...)

An agreement that a debtor and a creditor enter into after a debtor has filed for bankruptcy, in which the debtor agrees to repay all or part of an existing debt after the bankruptcy case is over. For instance, a debtor might make a reaffirmation agreement with the holder of a car note that the debtor can keep the car and must continue to pay the debt after bankruptcy.

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.

TRUTH IN LENDING ACT (TILA)

A federal law that requires credit and charge card companies to disclose interest rates and other information about an account. It also requires lenders to disc... (more...)

A federal law that requires credit and charge card companies to disclose interest rates and other information about an account. It also requires lenders to disclose the terms of a loan, including the total amount of the loan, the annual interest rate and the number, amount and due dates of all payments necessary to repay the loan. The TILA requires additional disclosures and places many restrictions on mortgages.

PREFERENCE

A payment made by a debtor to a creditor within a defined period prior to filing for bankruptcy -- within three months for arms-length creditors (regular commer... (more...)

A payment made by a debtor to a creditor within a defined period prior to filing for bankruptcy -- within three months for arms-length creditors (regular commercial creditors) and within one year for insider creditors (friends, family members, and business associates). Because a preference gives the creditor who received the payment an edge over other creditors in the bankruptcy case, the trustee can recover the preference (the amount of the payment) and distribute it among all of the creditors.

GUARANTOR

A person who makes a legally binding promise to either pay another person's debt or perform another person's duty if that person defaults or fails to perform. T... (more...)

A person who makes a legally binding promise to either pay another person's debt or perform another person's duty if that person defaults or fails to perform. The guarantor gives a 'guaranty,' which is an assurance that the debt or other obligation will be fulfilled.

FAIR CREDIT REPORTING ACT (FCRA)

A federal law that is designed to prevent inaccurate or obsolete information from entering or remaining in a credit report. The law requires credit bureaus to a... (more...)

A federal law that is designed to prevent inaccurate or obsolete information from entering or remaining in a credit report. The law requires credit bureaus to adopt reasonable procedures for gathering, maintaining and disseminating information and bars credit bureaus from reporting negative information that is older than seven years, except a bankruptcy, which may be reported for ten. If you notify a credit bureau of an error in your credit report, the FCRA requires the bureau to investigate your allegations within 30 days, review all information you provide, remove inaccurate and unverified information and adopt procedures to keep the information from reappearing. In addition, the law requires that creditors refrain from reporting incorrect information to credit bureaus.

SAMPLE LEGAL CASES

Beams v. Rhine

... He alleges that Rhine used the money obtained from the line of credit to pay off premarital credit card debt and to make mortgage payments on another home in Arizona that Rhine purchased before the marriage and was her separate property. ...

Karpien v. Karpien

... That community debt included the balance owed on two mortgages on the home, credit card debt, certain medical bills, and repatriation and funeral expenses that were incurred after Wife's death and paid by Parents. Husband appeals the order of the district court. II. ...

Bank of New York v. Romero

... In early 2006, the Romeros were behind on the New Century loan, which had an estimated payoff of $176,450.08, and were in debt on credit card and other loan obligations. ... (Equity One) for $227,240 that repaid their existing home loan, credit card debt, and other obligations. ...

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Albuquerque Credit & Debt Lawyer, New Mexico

Sponsored Law Firm

Litty Law Group, P.C.

SPONSORED LAWYERS

Jacob Salazar

Victor E. Carlin

Nathan S. Stimson

Erenio Gutierrez

Justin Sawyer

Spencer L. Edelman

Tomas J. Garcia

Ben Davis

M. Dylan O'Reilly

Mark D. Regazzi

TIPS

LEGAL TERMS

FORBEARANCE

DISCHARGEABLE DEBTS

COLLATERAL

REAFFIRMATION

SETOFF

TRUTH IN LENDING ACT (TILA)

PREFERENCE

GUARANTOR

FAIR CREDIT REPORTING ACT (FCRA)

SAMPLE LEGAL CASES

Beams v. Rhine

Karpien v. Karpien

Bank of New York v. Romero

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