A Chapter 13 bankruptcy filing is a means for individuals to pay taxes and eliminate debts while remaining protected from creditors. Chapter 13 is typically used by individuals with substantial assets — a home, cars, and so on — who have a viable means of paying back creditors a portion of what they’re owed. In essence, a payment plan lasting three to five years will be established during bankruptcy proceedings; once the repayment period has ended, remaining debts will be discharged.

Complication is inherent in any bankruptcy action. This is why the attorneys at Sanders Law Firm have developed a core competency in carrying out such proceedings; our aim, in every matter, is to simplify the process and reduce the anxiety our clients may have. With offices in Albuquerque, Roswell and Hobbs, we serve throughout the state. We’re ready to answer any questions you may have and address your concerns.

How We Help

A Chapter 13 filing has certain advantages over Chapter 7 filings. Namely, it can be used to discharge a broader range of debts, including child support, back taxes and tax penalties.

When working with our firm, we will provide assistance at every step, and help you understand a broad range of considerations, including:

• Different protocols for different situations — There are times when different bankruptcies work better for business owners or individuals. In fact, depending on your status, you may be prohibited from filing for certain types of bankruptcy. Our firm will help you understand the options available to you.
• Credit counseling — Credit counseling is important to your process. It will help you understand your credit as it stands, and how bankruptcy will affect it.
• Your debts — As of 2016, there are a few rules that have changed concerning thresholds for secured and unsecured debt. When working with a lawyer, you should make sure that your tax and financial records for at least the previous few years are in order (to the extent possible).

To learn more, contact our offices today. You can call us at 575-622-5440 or tell us about your situation online. We’re always prepared to assist.