Chapter 13 Bankruptcy In New Mexico

chapter 13 bankruptcy

Wage Earner’s Bankruptcy: A Plan To Pay Your Debt In Regular Installment.

It takes a highly competent and experienced attorney to properly handle bankruptcy law cases. Even though you may reside in New Mexico, bankruptcy law is a federal law and not all New Mexico lawyers are as intimately familiar with bankruptcy law as New Mexico Financial Law. Whether you are a creditor, or a business or individual seeking bankruptcy relief;  improperly handled cases can cost you thousands of dollars and have significant impacts on your personal and financial future. When bankruptcy cases become complex due to involved personal financial assets and liabilities and/or business assets and liabilities you want and need the support of an experienced attorney who can and will assist you through the all of the processes and, when needed, call upon experts to support your case. If you are a creditor in a bankruptcy case you need a strong and knowledgeable advocate by your side from the moment you receive a creditor’s Notice of Bankruptcy..

Bankruptcy laws are very complex and errors or oversights made by creditors, individuals or businesses can and do have long term and significant financial effects. You want and need professionals on your side.  New Mexico Law, specializing in bankruptcy, knows the fine details of all the issues and Don Harris has a proven success record in achieving the best possible results. You want a bankruptcy lawyer who knows federal bankruptcy law, is your strongest advocate, and will represent all of your interests! The earlier you see Don Harris the better it can be for your case.

Learn about chapter 13 bankruptcy in this video:

Bankruptcy Chapter 13 – Wage earner’s bankruptcy

Proceedings under Chapter 13 (wage earner’s bankruptcy) require you to propose a plan for repaying all or a portion of the debt in installments from your income. Chapter 13 allows individuals who have steady incomes to pay all or a portion of their debts under protection and supervision of the court. Under Chapter 13, you file a bankruptcy petition and a proposed payment plan with the U.S. Bankruptcy Court. Payment plans provide for payment of debts over 3 to 5 years. An important feature of Chapter 13 is that you will be permitted to keep all your assets while the plan is in effect and after you have successfully completed it. Because of the changes in bankruptcy law in 2005, many people will no longer be eligible to file for bankruptcy under Chapter 7, or will have their Chapter 7 case converted to a Chapter 13 case. A record of the bankruptcy may remain on your credit report for up to 10 years after filing.

What steps must be taken before filing for Chapter 13 bankruptcy?

Under the new bankruptcy law you must undergo credit counseling at an “approved non-profit budget and credit counseling agency” within 180 days before filing for Chapter 7 or Chapter 13. Credit counseling can take place individually or in a group, in person, on the telephone, or over the Internet. The law provides that the bankruptcy court clerk shall maintain a publicly available list of approved credit counseling agencies. So, if you are considering bankruptcy, contact your local bankruptcy court to find a credit counseling agency near you. New Mexico Financial Law can also provide you with recommended credit counselors.

What is the proposed payment plan?

Under Chapter 13, your payments must represent either

  • full satisfaction of your debts or
  • all your disposable income for a three- to five-year period, that is, whatever is left over from your total income after you have paid for taxes and necessary living expenses.

If there is no objection by creditors or the trustee, the plan may be more flexible. This is a particular area where New Mexico Financial Law can assist you. The plan that you prepare for review by your lawyer should take into account your income from all sources and your necessary expenses. What is left from your income after paying living expenses will be available for disbursement to your creditors. Your plan must provide for payment in full of all priority claims, such as taxes, although you can arrange to pay them over the life of the plan.

New Mexico Financial Law, is an Albuquerque, New Mexico based bankruptcy law firm which provides United States Bankruptcy legal services and advice throughout the state. The majority of its clients reside in the Albuquerque, New Mexico, area, i.e., Albuquerque, Bernalillo, Rio Rancho, Los Lunas and Belen. But the firm can also represent clients statewide in Hobbs, Las Cruces, Clovis, Farmington and other New Mexico cities. Don Harris represents clients who reside in New Mexico and also New Mexico residents residing in out-of-state jurisdictions. Bankruptcy law, as practiced by New Mexico Financial Law, addresses all of a client’s concerns; legal, financial, and emotional. Don attempts to settle bankruptcy cases through negotiation. If negotiation is unsuccessful then the trial skills of Don Harris and his firm are brought into play. Don Harris is a well-known and respected Albuquerque, New Mexico, lawyer. Don Harris not only provides the legal bankruptcy advice and guidance expected of an experienced lawyer, he also works with other professionals such as financial advisors, CPAs and mental health counselors to provide the firm’s clients with many of the services needed to get through their financial and personal challenging times.

The hiring of a lawyer is an important decision that cannot be based solely upon advertisements. Before you decide, ask us to send you free written information about our qualifications and experience.

Contact New Mexico Financial Law Today for a Free Initial Bankruptcy Consultation!

Pursuant to 11 U.S.C. §528(A)(4) We are required to state the following: We are a debt relief agency. We help people file for Bankruptcy relief under the Bankruptcy Code.