Is Bankruptcy Right For You?

Attorney Mark Regazzi

Attorney Mark Regazzi

First and foremost, what you need to know about me is this: What I do is about stopping unnecessary stress from getting in the way of your life, your peace and your happiness.

 

Work With Experienced Chapter 7 Bankruptcy Attorneys

In a Chapter 7 bankruptcy, a consumer is able to have many or all of his or her debts canceled by a bankruptcy trustee. In some cases, a bankruptcy trustee may sell some of the person’s property to cover debt owed to creditors. A Chapter 7 bankruptcy is also called a “straight” or “liquidation” bankruptcy because the law provides that the debt owed by the consumer is liquidated instead of re-organized into a Chapter 13 repayment plan.

Although a bankruptcy trustee may sell some of a person’s debt in liquidation, it is rare that this actually occurs. Usually, a consumer’s debt is erased and most of his or her property is retained.

How Is Eligibility Determined?

To be eligible for a Chapter 7 bankruptcy, you must not have filed a Chapter 13 bankruptcy within the last six years or a Chapter 7 bankruptcy within the last eight years. In addition, you are eligible only if it is not feasible that you complete a Chapter 13 repayment plan. The “means test” determines whether a consumer’s income is low enough to file a Chapter 7 bankruptcy. However, you may still qualify under the means test even with significant income. You should consult with us to determine whether you qualify for a Chapter 7 bankruptcy or a Chapter 13 bankruptcy. This is an important matter to be considered at the outset of your representation.

What Does The Bankruptcy Trustee Do?

In a New Mexico Chapter 7 bankruptcy, the New Mexico federal bankruptcy court will appoint a person called a “bankruptcy trustee” to assess your finances and determine how to resolve your debts under both federal and New Mexico law. The trustee’s staff will examine you and your financial transactions during the previous year.

Do I Really Need A Bankruptcy Attorney To File For Bankruptcy?

Filing bankruptcy is a complex process. If the court dismisses your bankruptcy case due to inaccurate or incomplete documents, you will have to wait years to file again. It must be done right the first time. Our experienced attorneys will assist you in filing the necessary bankruptcy forms. These forms will:

  • Describe your property
  • Identify current income and monthly living expenses
  • Reveal debts, exempt property, a record of the past two years of the money you spent and the property you owned
  • Provide information about property you gave away or sold in the previous two years

At Regazzi Law, LLC, our bankruptcy lawyers will explain bankruptcy, what it involves and its effects. We can help you find other solutions that are available to you to erase your debt and the consequences of these options.

If you decide to file for Chapter 7 bankruptcy in New Mexico, our attorneys assist you with every stage of the process. We will help you file the necessary forms to describe your difficult financial situation. We will also help you obtain mandatory credit counseling certificates to show the court you’ve learned how to avoid financial problems in the future. Along with these documents, a petition will be filed to stop creditors from contacting you.

Contact Us For A Free Consultation

If you are considering filing for bankruptcy, contact our bankruptcy lawyers in Albuquerque to help guide you through every step of this significant life decision. Email us through this website or call 505-265-1000.