Consumer Bankruptcy Lawyers in Roswell, New Mexico

Find the right Consumer Bankruptcy attorney in Roswell, NM

Bankruptcy is a court proceeding which lets a person or business have some or all of their debts absolved. It should normally only be considered as an option of last resort, because it can have significant long-term consequences, even if it can stave off financial disaster. This means that the costs and benefits need to be carefully considered before filing. Being a creation of federal law, bankruptcy will go through federal courts. Accordingly, the process for filing for bankruptcy in New Mexico is essentially the same as the process anywhere else in the United States. However, particular courts in Roswell, New Mexico will have particular rules for exemptions, so you should speak with a local attorney before filing.

Chapter 7 Bankruptcy in Roswell, New Mexico

There are 2 main types of consumer bankruptcy in Roswell, New Mexico: Chapter 7 and 13. Chapter 7 bankruptcy involves liquidation of some of the debtor's assets. It requires some percentage of the debtor's property to be sold in order to pay off as much of his or her debt as possible. However, the majority of property that most people own is exempt. This normally includes homes, vehicles, insurance policies, and retirement accounts. These do not have to be sold.

Once the qualifying property is sold, and the funds transferred to the creditors, the dischargeable debt is cleared. Some forms of debt, however, can't be absolved in Chapter 7 Bankruptcy in Roswell, New Mexico. These include student loans, criminal fines, and taxes, among others. If most of your debt can't be absolved, Chapter 7 may not be the best choice for you.

Chapter 13 Bankruptcy in Roswell, New Mexico

In Roswell, New Mexico, chapter 13 is extremely different from Chapter 7, and may or may not be the best option for you, depending on your situation. Chapter 13 bankruptcy does not excuse debt, it restructures it. This involves a court coming up with an altered repayment plan designed to be manageable for the debtor. This new plan sets aside the terms of the original contracts that created the debt in the first place. This creates a new payment structure, normally involving a single monthly payment, that the debtor should find manageable.

Which Type of Consumer Bankruptcy Should I File in Roswell, New Mexico

Chapter 13 is normally a good option for people who have a stable income, and a large amount of non-exempt property that they can't part with. On the other hand, if most of the debtor's property is exempt, and he or she does not have a stable income, Chapter 7 might be more beneficial.

Regardless of your situation, you should speak with an attorney in Roswell, New Mexico who is accomplished in bankruptcy before making a decision. They will be able to advise you of your options, and the likely outcomes of each one, allowing you to make a much more informed decision.

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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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