Are you drowning in debt and feeling like there’s no way out? We’ve got GOOD NEWS for you – bankruptcy could be your lifeline to a fresh financial start. At DelanceyStreet.com, we understand the stress and anxiety that comes with overwhelming debt. That’s why our team of experienced Albuquerque bankruptcy defense lawyers is here to guide you through the process and help you regain control of your financial future.Let’s face it – filing for bankruptcy can be SCARY and confusing. But don‘t worry, we’ve got your back! Our attorneys have decades of combined experience navigating the complexities of bankruptcy law in New Mexico. We’ll break down all your options in plain English and fight to protect your rights every step of the way.Ready to take the first step towards financial freedom? Give us a call at 505-555-1234 for a FREE consultation with one of our compassionate bankruptcy attorneys. We’re available 24/7 to answer your questions and ease your worries. Don’t struggle with debt alone – let us help you get the fresh start you deserve!Understanding Bankruptcy in Albuquerque: Your Options ExplainedSo you‘re considering bankruptcy – but what exactly does that mean? Let‘s break it down. In Albuquerque, there are two main types of bankruptcy for individuals: Chapter 7 and Chapter 13. Each has its pros and cons, and our experienced attorneys can help determine which is best for YOUR unique situation.Chapter 7 Bankruptcy: The Fresh Start OptionChapter 7, often called “liquidation bankruptcy,” is the most common type filed by individuals. Here‘s how it works:• Eliminates most unsecured debts like credit cards and medical bills
• Process typically takes 3-4 months
• You may have to sell some assets, but many are protected by exemption
• Income must be below New Mexico’s median to qualifyChapter 7 can provide a clean slate, but it’s not right for everyone. Our attorneys will carefully review your finances to see if you‘re eligible and if it’s the best choice for you.Chapter 13 Bankruptcy: The Repayment PlanChapter 13 allows you to keep your property while repaying some or all of your debts over 3-5 years. It’s a good option if:• You have a steady income but are behind on mortgage or car payments
• You want to stop a foreclosure or repossession
• Your income is too high to qualify for Chapter 7
• You have non-exempt assets you want to protectWith Chapter 13, we‘ll work with you to create a manageable repayment plan based on your income and expenses. At the end of the plan, remaining eligible debts are discharged.Still confused about which type of bankruptcy is right for you? Don’t worry – that’s what we’re here for! Our knowledgeable attorneys will review your unique circumstances and help you make the best decision for your financial future. Give us a call today to schedule your free consultation.Protecting Your Assets: New Mexico Bankruptcy ExemptionsOne of the BIGGEST concerns our clients have is: “Will I lose everything if I file for bankruptcy?” The good news is that New Mexico has generous exemption laws that protect many of your assets during bankruptcy. Our skilled attorneys know how to maximize these exemptions to help you keep as much of your property as possible.Some key New Mexico bankruptcy exemptions include:• Homestead Exemption: Up to $60,000 in equity in your primary residence ($120,000 for married couples filing jointly)
• Vehicle Exemption: Up to $4,000 in equity in one motor vehicle
• Personal Property: Various exemptions for household goods, clothing, jewelry, and more
• Retirement Accounts: Most retirement accounts like 401(k)s and IRAs are fully protected
• Wildcard Exemption: $500 that can be applied to any propertyHere’s a handy table summarizing some key New Mexico bankruptcy exemptions:
| Exemption Type | Amount Protected |
|---|---|
| Homestead | $60,000 ($120,000 for married couples) |
| Vehicle | $4,000 |
| Household Goods | $500 per item, up to $10,000 total |
| Jewelry | $2,500 |
| Tools of Trade | $1,500 |
| Wildcard | $500 |
Remember, these exemptions are subject to change and have specific requirements. Our experienced attorneys will review your assets and apply the appropriate exemptions to protect as much of your property as possible during bankruptcy.Worried about losing your home or car? Don’t panic! Give us a call, and we’ll explain how we can use these exemptions to help you keep your most important assets while still getting debt relief.The Bankruptcy Process: What to ExpectFiling for bankruptcy can seem overwhelming, but we‘re here to guide you through every step of the process. Here’s a general overview of what to expect when you file for bankruptcy in Albuquerque:
- Free Consultation: We’ll review your financial situation and discuss your options.
- Credit Counseling: You’ll need to complete a credit counseling course before filing.
- Preparing and Filing Petition: We’ll gather all necessary documents and file your bankruptcy petition with the court.
- Automatic Stay: As soon as you file, creditors must stop all collection efforts.
- Meeting of Creditors: You’ll attend a hearing where the trustee and creditors can ask questions about your finances.
- Financial Management Course: You’ll complete a debtor education course.
- Discharge: If all goes well, the court will grant a discharge of your eligible debts.
The exact timeline and steps may vary depending on whether you file Chapter 7 or Chapter 13. But don‘t worry – we’ll be there to guide you through EVERY stage of the process. Our goal is to make your bankruptcy experience as smooth and stress-free as possible.