Chapter 7 Bankruptcy
Is a Chapter 7 Bankruptcy in the Cards for You?
When you’re struggling to make ends meet financially, your options are often limited, and it can be stressful.
If you’ve not explored a Chapter 7 bankruptcy, is it time to consider it?
To be eligible for a Chapter 7 bankruptcy filing, you must meet certain criteria.
With the help of a Chapter 7 bankruptcy attorney in New Mexico, you can look at the pros and cons to filing such paperwork.
Let a New Mexico Bankruptcy Attorney Guide You
In attempting to file for Chapter 7 bankruptcy, a New Mexico bankruptcy attorney will alert you to the following:
- Are you eligible? Pursuant to the 2005 Amendments to the Bankruptcy Code, there have been changes in filing the paperwork to determine your eligibility for bankruptcy. For example, the level of income has changed in order to be eligible.
- Means test – With this test, if your income is greater than the state’s median, more testing might be required to see if you can qualify for a Chapter 7 bankruptcy filing. By having a bankruptcy attorney to answer any and all questions, you are in a better position than you would be by facing these inquiries alone.
When you have New Mexico legal counsel by your side, understanding and hopefully qualifying for Chapter 7 bankruptcy is made easier.