Albuquerque Bankruptcy Attorney: Chapter 7

In this form of bankruptcy, the bankruptcy trustee voids many of your personal debts. Your personal property will be sold to pay your creditors. You may qualify for certain exclusions and exemptions that enable you to keep some or all of your personal property including your home.

A Albuquerque bankruptcy lawyer can help you determine whether the State or Federal exemptions are better for you. Filing a bankruptcy will make your personal property and personal debts subject to the will of the court. Once you have filed for bankruptcy you will be prohibited from selling any of the property you own or paying any debts that are current at the time of filing; this means that all creditors have to address the court through the court appointed bankruptcy trustee to collect your property and distribute the proceeds amongst your creditors. Filing a bankruptcy also creates an automatic stay where your creditors are immediately but temporarily stopped from collecting your debt; this can prevent creditors from garnishing wages or trying to garnish from a bank account for a short period of time.

Chapter 7 Bankruptcy only discharges unsecured debt, therefore you should contact a Albuquerque Bankruptcy Lawyer to help you. Ultimately, the bankrupcty process will wipe out (discharge) all of your personal debts expect for debts that automatically survive bankrupcty. Examples include child support, a majority of tax debts, and student loans.


Any person who has not already received a bankruptcy discharge in either the last 6 or 8 months, depending on the type of the bankruptcy discharged received. It is also possible depending on your income, expenses and overall debt load, that you could qualify for a Chapter 13 repayment plan. Please contact us for more information.

Albuquerque bankruptcy attorneyAverage Time & Cost

Any petitioner for bankrupcty will be required to complete a credit counseling program with an agency approved by the United States Trustee. The entire Chapter 7 bankruptcy process can be expected to take from 4 to 6 months. The average administrative and filing fee expense is $300, and please contact us about attorneys fees.

Chapter 13: New Mexico Bankruptcy Lawyer

In this form of bankruptcy the court allows you to keep your personal property, but you are required to repay most if not all of you personal debts over a 3 to 5 year time span. This differs in Chapter 7 bankruptcy in that your debts are not cancelled but rather your repayment schedule is reorganized. Chapter 13 bankruptcy is typically used when the debtor holds secured debt that he or she wants reaffirm (usually this is done to save a house).

Bankruptcy Exemptions

New Mexico allows individuals filing for bankruptcy to choose either the New Mexico exemptions or the Federal exemptions. Below is a list of some common exemptions, but the list is not exhaustive. A New Mexico bankruptcy attorney can help you choose which set of exemptions is best for your situation. Contact us today for more information.


Federal Bankruptcy Exemptions State Bankruptcy Exemptions
Homestead $21,625* $60,000 per person
$550 per item in any household goods up to a total of $11,525; $11,525 $500
Jewelry $1,450 $2,500
Motor vehicle $3,450 $4,000
Tools of trade – books and equipment $2,175 $1,500
* unused portion of homestead to $10,825 may be applied to any property


For more information check out some of the articles in the articles section.

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Albuquerque Legal Resource
3500 Comanche NE, Bldg. B.
Albuquerque, NM 87107
Phone: (505) 234-7007

Albuquerque Lawyers that can assist clients with bankruptcy, business law, criminal defense, divorce, estate planning, family law, personal injury, probate, real estate, taxes and more.
3500 Comanche NE, Bldg. B
Albuquerque, NM
Phone: (505) 234-7007