New Mexico Bankruptcy – Albuquerque Bankruptcy Attorneys

Bankruptcy is a process that allows individuals and businesses to deal with their debt problems and get a fresh start. Although bankruptcy won’t help with every type of debt, it can provide a significant amount of relief for the majority of individuals seeking to file for bankruptcy. If you are considering filing bankruptcy, feel free to give our office a call for a free bankruptcy consultation.

Filing bankruptcy can be complicated depending on the specifics of the individual’s situation. A bankruptcy attorney will represent your interests to ensure that the process goes smoothly. An attorney is also important in the event any creditors file adversary proceedings, or the United States Trustee objects to the individual’s bankruptcy.

There are several different types of bankruptcy which an individual may be able to take advantage of.  See below for more information on each respective chapter. We would be happy to discuss your bankruptcy options to get debt relief, so call for a free consultation at your convenience.

Chapter 7 Bankruptcy in New Mexico

Chapter 7 bankruptcy is by far the most common type of bankruptcy chosen by individual consumer debtors. Chapter 7, also known as liquidation, requires the debtor’s non-exempt property be sold to pay creditors; in many cases the debtor does not own any property that is subject to liquidation. Chapter 7 is generally a short process and usually takes 3 to 6 months for the debtor to receive a discharge.  For more information about specific matters that may be encountered in Chapter 7 see the helpful articles below.

• Qualification
• The Means Test
• The Automatic Stay
• 341 Creditors Meeting
• The Bankruptcy Petition
• The Bankruptcy Schedules
• New Mexico Bankruptcy Exemptions
• Deadlines & Time frames
• Tax Debt
• Student Loans
• Removing Liens
• Reaffirmation Agreements
• Debtor’s Statement of Intention

Chapter 13 Bankruptcy in New Mexico

Chapter 13 bankruptcy is known as reorganization and involves creating a repayment plan where creditors are paid back over a period of 3 to 5 years. Chapter 13 is generally utilized by individuals that do not qualify for a Chapter 7, individuals that cannot exempt all their property, individuals seeking to bring a debt current (like a home), and individuals that have debt that would not be discharged in a Chapter 7. For more information regarding matters applicable to Chapter 13 bankruptcies, see the articles below.

• Qualification & Debt Limits
• The Repayment Plan & How Repayment Works
• Cramdowns
• Lien Stripping
• Super Discharge

Frequently Asked Bankruptcy Questions

Here is a list of some of the frequently asked questions about bankruptcy by our bankruptcy clients and our answers. Along with some articles that answer some frequently asked questions:

• Chapter 7 Bankruptcy vs Chapter 13 Bankruptcy

Adversary Proceedings

There are different reasons why a debtor might be involved in an Adversary Proceeding; see our article on Adversary Proceedings for more information.