Albuquerque Chapter 7 Bankruptcy Attorney

When considering whether to file for personal bankruptcy, first consider talking to a lawyer. The bankruptcy process is confusing and can be overwhelming without an attorney to guide you through it. Call our experienced Albuquerque Chapter 7 bankruptcy lawyer for a free initial consultation at 406-272-4433.

Chapter 7

Chapter 7 bankruptcy is the type of bankruptcy case that most people think of when they hear someone talk about “filing for bankruptcy.” In a Chapter 7 case, many of your debts are canceled forever. However, state law in New Mexico, provides that certain types of debts are not allowed to be canceled by a bankruptcy filing. These are debts that you will still have to pay, even after your bankruptcy case is finished.

Attorney John Huntley will determine whether any of your debts cannot be included in your bankruptcy case after reviewing the specifics of your case. Some types of debts that New Mexico prohibits from bankruptcy protection include child support, certain taxes and student loans.

Chapter 7 cases:

Generally take four to six months from filing to complete and require you to complete credit counseling
Immediately stop most creditors from trying to collect from you once you file
Will not cancel certain debts prohibited by state law
Achieving Debt Relief Through Chapter 7 Bankruptcy
If you find yourself overwhelmed by debt, you are not alone. The good news is debt relief may be available through Chapter 7 bankruptcy protection. Although many people feel reluctant to file for bankruptcy it may be the best option for helping you get on the path to a brighter financial future. Once your outstanding debts have been cleared away, you can begin rebuilding your credit and get back on your feet. Having an experienced lawyer on your side who can help guide you through this process and who can answer your questions is essential to ensuring that your filing is carried out properly with minimal fuss.Is Chapter 7 The Right Option For Me?
There are certain eligibility requirements that must be met in order to file for Chapter 7 bankruptcy protection. If you have filed for bankruptcy within the past eight years or if you exceed the income limit you will not be eligible for Chapter 7. However, you may still be able to secure financial relief by filing for Chapter 13 bankruptcy. Our attorney can help determine which option is best suited to your situation.
Putting A Stop To Collections
When you file for bankruptcy, the court will issue an “order for relief,” also referred to as an automatic stay. This will put an immediate halt to all collections actions, including wage garnishment and, at least temporarily, foreclosure proceedings. A creditor may ask that an automatic stay be lifted in order to collect any secured debt, such as mortgage payments or car payments. However, most unsecured debt such as credit card bills or medical expenses will be discharged once you have successfully completed the bankruptcy process.
Contact Us For A Free Consultation To Discuss Your Situation
Bankruptcy protection is a constitutional right and for many people is the best option for helping them get their debt under control. To discuss your options, schedule a free initial consultation by calling our law office in Albuquerque at 406-272-4433. You may also contact us online and we will respond to your message promptly.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.

Chapter 13

Chapter 13 bankruptcy allows you to keep your property, but you must continue to repay your debts over a newly calculated time period and under court-ordered conditions. The terms of the payments you will make depend upon how much you owe and the value of your property.

Chapter 13 cases:

Require that you prove to the court that you have the income to be able to repay the debts you owe and that you complete the required budget-counseling course
Limit your eligibility to file under this category depending on the amount of debt you have
Conclude once you complete the repayment plan and meet some other conditions such as remaining current with child support and alimony obligations

Chapter 13 Bankruptcy: Reorganizing Your Debt

Unlike a Chapter 7 bankruptcy, filing for Chapter 13 will not cancel all your outstanding debt. Instead, most of your debt will be reorganized, enabling you to pay off your debt under an affordable repayment plan. The length of this plan can range from three to five years, and most debt that is left over after this time period will be forgiven. Having an experienced lawyer on your side who can help guide you through this process is essential to helping you get the most benefit from your bankruptcy filing.

At Affordable Law, PC, Attorney John Huntley has been helping people throughout New Mexico get on the path to a better financial future for more than 20 years. If you find yourself overwhelmed by outstanding bills, we can help determine whether filing for bankruptcy is the right option for you.

Is Chapter 13 Best For Me?

Chapter 13 bankruptcy does not have any income eligibility requirements. However, you still need to have enough income to make payments under your reorganization plan. If you have limited income, a Chapter 7 filing might be a better option. Although there is not an income requirement to be eligible for Chapter 13, there is a debt limit. If you have secured debts, such as your home or vehicles, in excess of over $1 million, you will not be eligible for Chapter 13 protection. In addition, if your unsecured debt, such as credit card bills or medical expenses, is more than $336,900 you will not be eligible for this form of protection. That is why it is important to work with an attorney who can help develop a complete picture of what your outstanding expenses look like.

What To Expect From A Repayment Plan

All debts are not considered equal when reorganized into a repayment plan. Some debt, such as child support, is considered a priority and must be paid before other debts. In addition, regular payments on any secured debt, such as car loans and home mortgages, must continue. Any remaining disposable income can then be used to make payments toward any unsecured debts. Any unsecured debt that is left over once your repayment plan has run its course will be forgiven. The length of the repayment plan will depend on your current income level and the amount of debt you have. If you find yourself unable to complete the repayment plan, it may be possible to seek a modification or ask to have your debt discharged on the basis of hardship.

Contact Us For A Free Consultation To Discuss Your Debt Relief Options

To learn more about Chapter 13 and whether this is the right option for you, call our law office in Albuquerque at 406-272-4433 to schedule a free initial consultation. You may also contact us online and we will get back to you shortly.

We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.

Contact Us

Contact an attorney at 406-272-4433 to discuss your unique situation and which options are right for you. We represent clients all over New Mexico. If you live outside of the Albuquerque area, we can make arrangements to contact you via email, regular mail or fax.