ALL RIGHTS RESERVED © 2014 | LAW OFFICE OF JONATHAN M. PEAKE, LLC

Law Office of Jonathan M. Peake, LLC

800 Lomas Blvd NW

Suite 200

Albuquerque, NM  87102

Phone: 505-750-7702

Fax: 505-243-0949

Email: jpeake@jpeakelaw.com  

Main Contact Us

LEGAL DISCLAIMER: THE CONTENT OF THIS WEB SITE IS INTENDED TO CONVEY GENERAL INFORMATION AND SHOULD NOT BE RELIED UPON AS A SUBSTITUTE FOR PROFESSIONAL, FINANCIAL, LEGAL, OR CREDIT ADVICE. THIS WEB SITE MAKES NO WARRANTIES OR REPRESENTATIONS ABOUT THE ACCURACY OR COMPLETENESS OF THE INFORMATION PROVIDED NOR ANY OTHER WARRANTIES OR REPRESENTATIONS ABOUT THE SITE CONTENT, THE SITE ITSELF, OR INFORMATION PROVIDED IN OTHER FORMS SUCH AS EMAIL BY THE SITE, - ALL OF WHICH ARE PROVIDED ON AN "AS-IS" BASIS. ALL WARRANTIES, EXPRESS OR IMPLIED, ARE HEREBY DISCLAIMED (INCLUDING BUT NOT LIMITED TO THOSE OF MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE). THIS FIRM HAS BEEN DESIGNATED AS A DEBT RELIEF AGENCY THAT HELPS PEOPLE SEEK RELIEF UNDER THE BANKRUPTCY CODE.

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.

MAJOR FINANCIAL CONCERNS:

Foreclosure

Wage Garnishment

Lawsuit(s)

Loss of Income

Repossession

Creditor Harassment

Illness/Disability

Divorce

Other

OUTSTANDING DEBT ISSUES:

Credit Cards

Auto Loans

Medical Bills

Other Loans

Taxes

Pay-day Loans

Child Support

Student Loans

Other

ARE YOU BEHIND ON PAYMENTS?

Mortgage

Vehicle Loans

Other Loans

Credit Cards

Living Situation

Own Rent

Marital Status

Married Single

Household Income

Other Concerns

First Name

E-mail Address

GENERAL INFORMATION