Albuquerque / New Mexico Bankruptcy Law | Law Office of Jonathan M. Peake, LLC
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OVERVIEW OF NEW MEXICO BANKRUPTCY

Bankruptcy Basics


Bankruptcy is an opportunity for a person, married couple, or business, can get a “fresh start” on their financial situation. For many people and families that would be burdened under debt for years, they are able to reorganize their lives and start to build a solid future - to save for a house, an education, a vacation, or for their children’s future. The process is divided into two types: liquidation under chapter 7 and reorganization under chapter 13.



Chapter 7 - Liquidation


Chapter 7 bankruptcy is called liquidation because an entire financial situation is dealt with over a small time period - generally around three to four months - after which, most common types of debt are no longer owed. Some exceptions to this rule are for student loans and recent taxes. If a person owns an excessive amount of property, the bankruptcy trustee has the option of selling off some of the persons property to pay back some of the debt. A bankruptcy attorney is there to make sure the maximum amount - often all - of a person’s property is protected and not taken by the trustee. Protected property is considered “exempt” from the reach of the person’s creditors, and would remain with the person after the bankruptcy process.



Chapter 13 - Reorganization


For individuals and families who have a substantial income, and therefore do not qualify for a Chapter 7, the Chapter 13 bankruptcy is available. A chapter 13 bankruptcy allows a person to keep all of their property, while making monthly payments over a three to five year period. These payments will pay off some portion of their debt and at the end of the time period, the remainder of the debts will be discharged.



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GENERAL INFORMATION