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Chapter 13 Bankruptcy

Is It Time You Filed for Chapter 13 Bankruptcy?

There may come a point and time in your life where you feel your finances have gotten the better of you. If that’s the case, what can you do about it?

For some, the notion of filing for a Chapter 13 bankruptcy seems like the best way to nip a sizable financial problem in the bud.

Before you consider this idea, reaching out to a New Mexico bankruptcy attorney is certainly a wise move.

He or she can advise you on whether or not you meet the eligibility requirements for such a filing.

Let a New Mexico Bankruptcy Attorney Guide You

Among the items to keep in mind in meeting with a bankruptcy attorney in New Mexico:

  • Different protocols for different situations – There are times when different bankruptcies work better for business owners or individuals, depending on hoe you are choosing to file. In fact, depending on your status when you file, there may even be certain types of bankruptcies that you are prohibited from filing for. For all types of bankruptcy, it is likely that you will have demonstrate to the court that you can satisfy your repayment requirements after removing some expenses and necessary secure debt payments.
  • Credit counseling – Credit counseling is important to your process. It will help you understand your credit as it stands, and how bankruptcy will effect it.
  • Your debts – As of 2016, there are a few rules that have changed concerning your threshold debt for secured and unsecured debt. You should also make sure that your tax and financial records for at least the previous few years are in order.

By working with the right bankruptcy attorney, you will have some peace of mind as you move through this challenging financial period of your life.