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Bankruptcy (Page 2)

Don’t Bankrupt Your Future with Bad Decisions

For many New Mexico residents, dealing with financial issues can be a common occurrence.

In order to get through some difficult financial times, they may end up filing for bankruptcy at some point or another.

By doing so, they are able to relieve themselves of the debts accrued over time. What also happens is that they saddle themselves with a number of years of financial gridlock. That gridlock can include not being able to get loans for possible needs like buying a house or car.

This is especially true for the small business owner.

He or she likely had good intentions with their business plans, but things got off course at some point. As a result, they find themselves in a financial hole.

If you’re currently in a financial bind, working with a New Mexico bankruptcy attorney, you can get back on track in terms of getting your life reorganized.

Let a New Mexico Bankruptcy Attorney Finance a Better Future for You

In contacting a bankruptcy attorney in New Mexico, be sure to go over your personal and professional financial issues, seeing where your legal counsel can best serve you.

With several bankruptcy filing options out there for most people, it is important to differentiate each of them.

For example, Chapter 7 bankruptcy is a very common financial filing. If you earn beneath the state median, you can be eligible for this option.

To do so, you will need to offer up financial information such as your means of earning income, tax returns, and any outstanding debts over time. You could also be required to partake in credit counseling education.

Meantime, Chapter 11 bankruptcy is typically for individuals with sizable financial liabilities and assets who are not qualified for a Chapter 13 filing.

With a Chapter 11 filing, you have more reorganization options available to you, thereby putting you on a path to financially recovery sooner rather than later.

It is important to keep in mind that not all of your debts can be terminated through a Chapter 11 bankruptcy. These include student loans and money directed towards child support.

In terms of Chapter 13 bankruptcy, you do not typically lose your property, but you are required to repay a certain amount of your debts. As such, your debts will be repositioned so that you can make monthly payments on them.

With all of this financial information to decipher, it can be difficult to understand what your best option is.

By working with a bankruptcy attorney, you’ll be one step closer to getting back on your feet financially.