Individual Bankruptcy |
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The bankruptcy attorneys at William F. Davis & Associates, P.C. can help you get the debt relief you need from:
We help clients in Albuquerque, Los Lunas, Rio Rancho, Belen, Santa Fe, and Bernalillo County in New Mexico.
Chapter 7 is the most common form of individual bankruptcy debt relief. It is sometimes referred to as "straight" bankruptcy, or "liquidation" bankruptcy. In a typical Chapter 7 case, the debtor discharges all of his or her dischargeable debts and receives a fresh financial start. A Chapter 7 bankruptcy case typically takes four to five months to complete. In most cases, you only have to make one court appearance.
As an alternative, Chapter 13 is a debt repayment plan. In Chapter 13 bankruptcy, the debtor keeps his property and makes regular payments over a three to five-year period out of his own future income to the Chapter 13 trustee who then pays creditors. Chapter 13 provides a mechanism for individuals to prevent foreclosures and repossessions, while catching up on their house or car payments.
Whenever possible, we try to keep individuals in Chapter 7 bankruptcy because it is less expensive and debts can be discharged in a shorter period of time. Chapter 13 is better if you are behind on your mortgage and are facing foreclosure, or if you have other important assets that you might lose by filing Chapter 7 bankruptcy. Chapter 13 also offers clients a way to restructure child support and income tax payments, which cannot be discharged by filing for Chapter 7 bankruptcy.
Each case differs depending upon the facts. You should consult an attorney to get legal advice based on the specific facts in your situation.
For a free initial consultation, call the debt relief lawyers of William F. Davis & Associates at (505) 243-6129