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.
DO I QUALIFY FOR A CHAPTER 7?
Income and Family Size; The Two Main Factors in Eligibility
The first thing to determine if you are eligible for a Chapter 7 in New Mexico is
to use the Department of Justice standards for median income. Below are the current
figures for filings after April 1, 2014.
If an individual’s numbers are at or below the table numbers above, you most likely
qualify for a Chapter 7 in New Mexico. If an individual’s numbers are above the median
income, it is important to have an experienced attorney who can argue the “means
test” numbers and still have the case eligible for the Chapter 7 New Mexico bankruptcy.
Many debts and circumstances are able to be taken into account and classified as
valid deducted from the individual’s “income” to give a new income level that will
qualify for all the benefits of a chapter 7 case.
|
Family Size
|
Median Income
|
|
1
|
$39,484
|
|
2
|
$50,264
|
|
3
|
$51,288
|
|
4
|
$55,992
|
|
5
|
$64,092
|
|
6
|
$72,192
|
|
7
|
$80,292
|
