Find a Bankruptcy Lawyer in Roswell, New Mexico

Find the right Bankruptcy attorney in Roswell, NM

Bankruptcy in Roswell, 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 honestly 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.

Accordingly, you should speak with a good Roswell, New Mexico bankruptcy lawyer. Your Roswell bankruptcy lawyer can inform you of the costs and benefits of filing for bankruptcy, and give his or her professional advice as to whether or not it's a good option, given your individual circumstances.

Types of Bankruptcy in Roswell, New Mexico

There are 3 bankruptcy options that are typically used in Roswell: Chapter 7, Chapter 13, and Chapter 11 bankruptcy. Bankruptcy is governed by federal law, so the procedures in Roswell, New Mexico are very similar to what they will be anywhere else in the United States. Chapter 7 bankruptcy requires the debtor to liquidate some of his or her property, and use the funds to pay creditors. While this doesn't sound like much of a relief at first glance, the upshot is that once the qualifying property is sold, and the proceeds directed to the creditors, all of the debtor's eligible debts are deemed paid in full, regardless of how much the creditors actually ended up getting. Not all of the debtor's property has to be sold off - the debtor will normally be allowed to keep things like a house, at least one car, some types of personal property, retirement accounts, and insurance policies. It should be noted that some debts are not dischargeable, and will have to be paid in full even if the debtor files for bankruptcy. This includes student loans, taxes, and criminal fines.

The other typically used bankruptcy system in Roswell is Chapter 13 bankruptcy. This allows a debtor to repay most or all of their debts in a structured manner. It reorganizes the debt into lower periodic payments that, with a bit of frugality, the debtor should find manageable. This allows the debtor to continue to earn a living, and allows the creditors to eventually collect what they are owed. Once a repayment plan is authorized by the bankruptcy court, creditors are legally barred from seeking repayment under the terms of the contracts that gave rise to the debt in the first place, and will instead have to accept payment under the new plan. Chapter 13 bankruptcy is normally a better option for people who have a steady income. Though Chapter 11 bankruptcy can be used by individuals, it is almost always used by businesses. Similar to Chapter 13, Chapter 11 involves restructuring of debts, rather than complete discharge. The debtor is required to come up with a restructuring plan that lays out how it plans to cut costs, streamline operations, and pay its debts. The plan must then be authorized by a vote of participating creditors.

A major advantage of Chapter 11 bankruptcy is that businesses can continue their operating while going through the process. Also, they can continue to buy and sell their stock.

How Can a Roswell Bankruptcy Lawyer Help?

One should not make the decision to file for bankruptcy in Roswell easily. Before making any such decision, it would be highly advisable to contact an accomplished Roswell bankruptcy attorney.

Talk to a Bankruptcy & Finances Law Attorney now!

Life in Roswell

Roswell, New Mexico is a city in Chaves County, New Mexico. It is the county seat of Chaves County. It has a population of about 46,000 people, as of the 2000 Census.

The first European-American settlers of the area arrived in 1865, and were from Missouri. However, they abandoned their settlement a few years later for lack of water. In 1869, two businessmen partnered up and built two adobe structures in what would become Roswell. They served as the general store and post office.

Roswell is perhaps best known for the 1947 "UFO event" that occurred about 75 miles outside the city. An object crash-landed in the desert, which many people believe (or like to believe) was an alien spacecraft. The far more likely explanation, however, is that the object was a package of experimental military equipment carried aloft by a balloon, and it was simply a test gone wrong.

Nonetheless, the legend persists, and many businesses in Roswell cater to the many UFO enthusiasts who visit the city.

The vast majority of Roswell's residents, however, have ordinary jobs and lead ordinary lives. Because the average person is more likely than not to need to hire a lawyer at some point in their lives, Roswell has a significant legal community. If you live in the Roswell area and have a legal problem, a Roswell, New Mexico lawyer is the person to call.

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