Find a Bankruptcy Lawyer in Albuquerque, New Mexico

Find the right Bankruptcy attorney in Albuquerque, NM

Bankruptcy in Albuquerque, New Mexico is a court procedure through which a person or business who is unable to pay their debt is able to have some of their debt legally cleared, or "discharged." This theoretically allows the debtor to move on with a clean slate. However, bankruptcy should not be treated as a way to avoid debt that one simply doesn't feel like paying. It is meant to be a safety net for people or businesses who are really unable to pay off their debts. Because bankruptcy is not without negative consequences (such as a heavily damaged credit rating for many years afterward), it should be viewed as an option of last resort.

Therefore, it is advisable to consult with an experienced Albuquerque, New Mexico bankruptcy attorney, who can advise you of the costs and benefits of bankruptcy. Because the decision to file for bankruptcy depends very heavily on the facts of each individual case, the advice of an Albuquerque bankruptcy attorney cannot be replaced.

Types of Bankruptcy in Albuquerque, New Mexico

In Albuquerque, New Mexico, 3 types of bankruptcy procedures are in common use: Chapter 7, Chapter 11, and Chapter 13. Being governed by federal law, the procedures involved in filing for bankruptcy in Albuquerque, New Mexico will be roughly the same as everywhere else in America. Chapter 7 bankruptcy, or "liquidation," requires the debtor to sell some of his or her property to the highest bidder, and using the funds from the sale to pay down as much debt as possible. Once the sale is done, all dischargeable debt is deemed paid in full, whether or not the sale was able to raise the full amount owed. You should note that some property (usually the types of property deemed essential) is fully or partially exempt from liquidation, meaning that the debtor gets to keep it. This includes houses, cars, and retirement accounts, among others. Some types of debts, however, cannot be discharged in bankruptcy, including taxes, child support, and student loans.

Under Chapter 13 bankruptcy in Albuquerque, most of the debtor's debt is not discharged. Instead, the bankruptcy court, working with the debtor and participating creditors, work out a payment plan that allows the debtor to pay off most of his or her debts over an extended period of time, therefore theoretically making the debt far more manageable. Once a payment plan is approved by the court, creditors are prohibited from attempting to collect payment under their original agreements that gave rise to the debt in the first place. Although it can be used by individuals, Chapter 11 bankruptcy is used almost always by businesses. Not unlike Chapter 13, Chapter 11 focuses on restructuring of debt, rather than discharging it. Chapter 11 requires that the debtor come up with a reorganization plan designed to reduce debt and cut costs. Before being enforced, this plan must be approved by a majority vote of participating creditors.

During the Chapter 11 process, a business can typically continue its operations, and the stock can be traded, even if it is de-listed from a major stock exchange.

How Can a Albuquerque Bankruptcy Lawyer Help?

The decision to file for bankruptcy in Albuquerque is not one to be made easily, and it definitely should not be made without first obtaining the advice of an efficient Albuquerque bankruptcy attorney.

Talk to a Bankruptcy & Finances Law Attorney now!

Life in Albuquerque

Albuquerque is biggest city in the State of New Mexico with over 600,000 residents and 182 square miles. A percentage of the population can be attributed to the University of New Mexico, Kirkland Air Force Base, and a number of other labs and research institutes. Albuquerque is also the seat of the Diocese of the Rio Grande. The Pueblo Revival style of architecture was popularized by an Albuquerque native John Gaw Meem. A number of outstanding examples, including the University of New Mexico, exist in Albuquerque.

Otherpopular places to visitinclude Old Town Albuquerque, Sandia Mountain, and the Albuquerque Biological Park. The Petroglyph National Monument is one of the city's most popular. Albuquerque was voted Men's Fitness number one fit city because the city offers outstanding bike lanes, a number of public and private gyms, and a very low obesity and health injury rate. If you're not from Albuquerque, you may remember what it looks like from the movie Sunshine Cleaning and television shows such as Breaking Bad and In Plain Sight. The City of Albuquerque is racially very diverse and threw a festival to represent their diversity and celebrate their history at their Tri-centennial Celebration. Yes, the city has been inhabited since 1706.

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