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New Mexico Bankruptcy Lawyers

A New Mexico bankruptcy attorney can answer your questions

When you're fighting to get control of your debt and keep your home you don't need more questions. You need answers.

Get information on how bankruptcy is designed to provide real debt clearing results from a local bankruptcy attorney. Bankruptcy has helped hundreds of thousands of people get out of debt while protecting their home, cars and future.

Find out if bankruptcy is right for you during a free case evaluation with a New Mexico bankruptcy lawyer. Get answers to all of your questions so you can make an informed decision about your future.

Get your free case evaluation when you complete the free form on this page. Or call, toll free, 877-833-2410 and we'll connect you right away.

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How Bankruptcy Works in New Mexico

No two bankruptcy cases are exactly alike. Your financial goals, debts, assets and which bankruptcy chapter you choose will determine how the process works for you.

The two main types of personal bankruptcy are Chapter 7 and Chapter 13. They each work in different ways, but are both designed to meet the same goals: Elimination of your debt.

Chapter 7 is the fastest form of bankruptcy, and may be a good fit if you don't have the income needed to pay off out-of-control credit card bills. Chapter 7 may also help you clear debt related to medical bills, utility bills, personal loans and payday loans.

The Chapter 7 process typically takes only a few months to clear unsecured debts. You may also be able to use special parts of the law to protect your possessions from a forced sale.The automatic stay, for example, is a legal order that can put an instant halt to any pending foreclosure, repossession, wage garnishment or other collection action.

Then, using New Mexico's Chapter 7 exemptions, you may further protect your property from forced sale. Exemptions are a part of the law that outline the types of property that are fully protected, and are the reason there is rarely a forced sale in a New Mexico Chapter 7 case.

Exemptions in New Mexico include:

  • $60,000 for a home (if two people own home, each may claim $60,000 exemption)
  • 75 percent of earnings
  • Up to $4,000 for a motor vehicle
  • Up to $1,500 for tools of the trade
  • Up to $2,500 for jewelry
  • All clothing, furniture, books, medical equipment and any interest or proceeds from pension or retirement fund
  • $500 for other personal property
  • $5,000 wildcard if no homestead exemption is claimed

If you need even stronger protections and have some regular income, then Chapter 13 may be a better fit for you. While this process typically lasts longer, it may be used to address home mortgage or car loan debt.

Also, you should still get the protection of the automatic stay during the entire time of your filing. This can prevent phone calls, letters, lawsuits and other types of collection while you get your finances back under control.

Connect With a New Mexico Bankruptcy Lawyer Today

Get answers to your bankruptcy questions from a local bankruptcy lawyer. Find out how the laws apply to you, and how bankruptcy may help you turn your life around.

Complete the form on this page to connect for free with a New Mexico bankruptcy attorney and get a free case evaluation. Or call 877-833-2410 and we'll connect you right away.

The help you need might be right in front of you.

Free Case Evaluation