Downtown Albuquerque Lawyer
From the historic adobe structures of Old Town to the hippest shops and restaurants on Central Street, the appeal of Downtown Albuquerque is built on the backs of its lauded institutions and hard-working entrepreneurial teams. That same spirit embodies the many firms that help Albuquerque households run. At New Mexico Financial & Family Law, our attorneys have been helping Albuquerque locals for over 25 years. From divorce mediation to estate planning to bankruptcy proceedings, we help keep citizens of the Duke City keep their lives in order and their ambitions trained upon a bright future ahead.
What Is Bankruptcy?
A person or company that cannot pay debt obligations may benefit from bankruptcy. This common legal procedure starts when a debtor submits a petition, which causes its entire financial condition to be evaluated. The assets may occasionally be utilized to settle some of its debts, a process known as “liquidation.”
Businesses and individuals have a chance to start again thanks to this legal procedure. It enables them to discharge debt they cannot pay while also giving creditors a chance to get paid over time, often on different terms or a reduced amount. Sometimes assets can be liquidated to satisfy all or a portion of the debt.
Interestingly, the economy gains from a bankruptcy case. For instance, it offers debtors a fresh start and relief from their financial commitments. In contrast, creditors receive a share of the debt repayment that helps them expand and carry on with their businesses.
The federal bankruptcy court in Albuquerque, New Mexico handles all bankruptcy proceedings filed in New Mexico. A qualified bankruptcy judge makes all decisions about a debtor’s eligibility to file a case and whether or not they should be released from their debt obligations.
Types of Bankruptcy Filings
One of the several chapters of the U.S. Bankruptcy Code will govern the type of bankruptcy filing you must file. Therefore, the complexity and overall cost of a case are influenced by the specific bankruptcy plan that each chapter of the code addresses. Below, we have a detailed discussion of each of these chapters:
Chapter 7 Bankruptcy
Chapter 7 bankruptcy is frequently filed by individuals and a few organizations. Those with no assets or few assets typically benefit from this legal process. This type of bankruptcy enables debtors to eliminate unsecured debt, including outstanding credit card debt and medical bills. To pay off any unsecured debt, some nonexempt assets, like second residences, family heirlooms, and investments (not in retirement accounts) must also be liquidated. Simply put, you may have to liquidate some of your assets to pay off any obligations if you decide to file for Chapter 7 bankruptcy. Most people needing bankruptcy have little or no non-exempt property, which means that most Chapter 7’s are no-asset cases. This means in most Chapter 7s, the Trustee sells no property and does not distribute any funds. However, you can be free from paying any unsecured debt if all you own is clothing, tools, or automobiles and you don’t have any other assets.
Chapter 13 Bankruptcy
Chapter 13 bankruptcy, also referred to as the “wage earner’s plan,” is for individuals and corporations that have made too much money to qualify for a Chapter 7 bankruptcy. If you are a person or run a business with steady revenue, Chapter 13 bankruptcy can help you implement viable repayment schedules. These programs have three- to five-year terms and are installment-based. The courts permit you to retain all your nonexempt assets and property if you successfully satisfy your creditors.
Chapter 11 Bankruptcy
Businesses frequently apply for this type of bankruptcy because it allows them to reorganize and resume being a profitable enterprise. When a company files for Chapter 11 bankruptcy, it has the option to create a reorganization plan, identify various opportunities to boost income, and, where necessary, cut expenditures. The effect on stockholders can vary widely. Sometimes, all equity interest in the company is eliminated as part of a Chapter 11 plan. The preferred stockholders may continue to receive dividends following the filing of this specific bankruptcy, while the common investors may receive nothing.
So, for example, if you run a cleaning service, you can modify your income and expense structure after filing for Chapter 11 bankruptcy and boost your net revenues. This type of bankruptcy permits an entity to carry on with its operations while still requiring it to create a debt repayment plan in accordance with the court’s specifications. Additionally, an individual, rather than a business entity, may file a Chapter 11 bankruptcy case.
Other Rarer Types of Bankruptcy
Even though the aforementioned three legal ways to file for bankruptcy are quite common, there are a few other types of bankruptcy that are less common but still available to some debtors.
Chapter 9 Bankruptcy
Usually, financially troubled governments have access to this type of bankruptcy. For example, towns, communities, and even some school districts can file for Chapter 9 bankruptcy. Municipalities are not required to liquidate their assets as part of this action. However, they must create a repayment strategy to pay off the entire debt over a period of years.
Chapter 12 Bankruptcy
Fisheries and family farmers benefit from this bankruptcy. It permits individuals to retain their property but requires them to create a strategy for paying off their debts.
Chapter 15 Bankruptcy
This bankruptcy generally deals with international cases and is frequently filed in the debtor’s country of residence.
Benefits of Filing for Bankruptcy in Albuquerque – Albuquerque Bankruptcy Lawyers
You may profit as a debtor from a few common benefits, regardless of the bankruptcy you file for.
- You get a much-needed fresh start with Chapter 7 bankruptcy. It frees you from a specific amount of debt, which motivates you to embark on new adventures.
- Alternately, Chapter 13 bankruptcy enables you to design a viable plan for your repayments if you wish to keep running your current business because it provides you with a reliable source of revenue.
- Filing for bankruptcy enables the cancellation of some older tax debt, but this requires a careful analysis.
- Because your current business provides you with a steady source of income, Chapter 13 bankruptcy enables you to design a feasible repayment schedule.
- Bankruptcy is a practical way to avoid lawsuits, defaults, and any unpaid obligations.
- Even bankruptcy cannot shield borrowers from student loan debt, but it stops lenders from taking unwarranted or harsh collection measures.
- Filing for bankruptcy ends things like litigation, repossessions, and threats from creditors.
- You can keep some goods when paying off debt, thanks to the numerous exemptions that bankruptcy allows.
Why Are Bankruptcy Attorneys Necessary in Albuquerque, New Mexico?
The Reputable Bankruptcy Attorneys Albuquerque, New Mexico Residents Rely On
You might ask yourself, “Why do I need a bankruptcy lawyer in Albuquerque, New Mexico, to file for bankruptcy?” Can’t I handle this case on my own?
Well, the response is no. You might decide to handle this hassle if your situation is clear-cut and straightforward. However, a lawyer is ideal for helping you escape the debt trap if it concerns substantial assets. The easiest method to handle this legal process is to hire bankruptcy lawyers in Albuquerque, New Mexico, even though it may seem intimidating.
Here are some ways that bankruptcy lawyers in Albuquerque can be of assistance to you.
Bankruptcy Preparation
All the potential snags that can appear during the planning phase are readily apparent to a New Mexico attorney. In addition, a lawyer can advise you on other options that might be suitable for you if bankruptcy is not always the best option. This advice could help you save a ton of time and money.
Additionally, bankruptcy lawyers in Albuquerque, New Mexico, assist you in deciding on the bankruptcy strategy that might be most advantageous for you. A lawyer is qualified to advise you in the proper direction because each type serves a distinct purpose.
If you’re planning bankruptcy for the first time, it could seem intimidating. In that event, a lawyer with years of experience can advise you at every level and then assist you in quickly creating a successful plan.
A means test will be performed for you by bankruptcy attorneys in Albuquerque, New Mexico. This test, based on a formula, assists in calculating your expenses and income to determine if you qualify for Chapter 7 or Chapter 13 bankruptcy. Additionally, a lawyer is equipped to appraise your financial condition accurately. Finally, since each state has its own exemption structure, your hired lawyer will be the best-qualified individual to comprehend the regulations and apply them to your benefit. Unfortunately, some obligations rarely get dismissed during bankruptcy. Call New Mexico Financial and Family Law to discuss the unique circumstances of your case with an experienced bankruptcy attorney. Call (505) 933-7625 or by contact us online.
During Bankruptcy
After you have hired a bankruptcy lawyer in Albuquerque, New Mexico, you will need to finish your scheduling and fill out paperwork. All your financial information must be disclosed, including your debts, assets, and recent financial transactions. A bankruptcy lawyer in Albuquerque, New Mexico, can help you assess your income, appraise your assets, and calculate your essential and reasonable costs.
Also, hiring a bankruptcy lawyer in Albuquerque that can help you mentally prepare for any difficulties you may have while filing for bankruptcy is essential. They may also forewarn you about the actions of your creditors while advising you on the steps you might take to meet the requirements for specific eliminations.
Employing a bankruptcy attorney in Albuquerque, New Mexico, has the additional advantage that they are the most qualified to deal with creditors. However, even after a case is filed, creditors occasionally continue to pursue debtors. This results in a breach of the automatic stay.
An attorney might request compliance in such circumstances. In severe circumstances, they may ask the bankruptcy court in Albuquerque, New Mexico, to hold the creditor in contempt.
You might also use a lawyer to assist you in some talks. For instance, if you have filed for Chapter 7 bankruptcy, your bankruptcy lawyer in Albuquerque, New Mexico, can try to negotiate a reaffirmation deal with your creditor so that you can keep your home or automobile.
A bankruptcy lawyer in Albuquerque may also negotiate with creditors during a Chapter 13 bankruptcy case on payment terms, collateral value, and lower interest rates for an affordable repayment plan.
Additionally, bankruptcy lawyers in Albuquerque can help you rebuild your credit history. You can receive fresh offers after your bankruptcy case is fully resolved with their helpful advice. A lawyer is a helping hand you need when you’re at your most vulnerable.
Looking for a Bankruptcy Attorney in Albuquerque, New Mexico?
You must make sure that your lawyer can give you access to all the resources and knowledge needed if you want your bankruptcy process to be swift and easy. An attorney will serve as your representative and resource during this difficult time. There are many qualities that a lawyer should possess, but experience, a reasonable fee, and effective communication skills are essential.
The following characteristics should be included in every capable and good bankruptcy lawyer in Albuquerque:
- Experience and Knowledge
- Cost-effective Compensation
- Communication and Compatibility
Downtown Albuquerque Family Lawyer
New Mexico Financial and Family Law, with offices in downtown Albuquerque, focuses on handling difficult divorce and family law issues all around the state of New Mexico.
The attorneys at New Mexico Financial and Family Law are dedicated to providing their clients with the finest results possible by working quickly and effectively on their behalf. They take great pleasure in handling all family law issues, from the most complex and challenging financial conflicts to situations where parties need a minimal amount of legal counsel to resolve their case.
They have a strong work ethic and a thorough understanding of the law, giving their clients the knowledge they require to make the best choices for themselves and their families. We offer each client the time and attention they require because we recognize that a family law matter affects some of the most significant areas of a person’s life. If you are searching for an experienced downtown Albuquerque family lawyer, do not hesitate to contact New Mexico Financial and Family Law by calling (505) 933-7625 or contacting us online.
Downtown Albuquerque Probate Lawyer
New Mexico Financial and Family Law is also honored to handle probate cases. After someone passes away, estate management is handled through the probate process. As a result, you won’t have to carry the heavy burden of managing estate planning at this trying time of grief.
Our team has extensive expertise with health care directives, durable powers of attorney, and last will and testaments. We will assess your circumstances to determine the best course of action and serve as your immediate representative if you cannot participate due to emotional distress.
While estate planning can sometimes be carried out without conflict from opposing parties, it can also frequently be a complex and contentious process. We are available to help you with both situations to make them as simple to handle as possible. For a consultation so we can better understand your case, get in touch with a downtown Albuquerque probate lawyer at New Mexico Financial and Family Law. Call (505) 933-7625 or contact us online.