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Understanding Bankruptcy Chapter 7 Lawyers in Albuquerque NM: A Comprehensive Guide
What is Chapter 7 Bankruptcy?
Chapter 7 bankruptcy is a legal process that allows individuals to discharge most of their debts. It's often referred to as a 'liquidation' bankruptcy because it involves selling off assets to pay creditors. This process provides a fresh start to those overwhelmed by debt.
Eligibility Criteria
To qualify for Chapter 7 bankruptcy, you must pass the means test, which assesses your financial situation. This test compares your income to the median income in New Mexico. If you earn less than the median, you're likely eligible.
Role of Bankruptcy Chapter 7 Lawyers in Albuquerque
Hiring a bankruptcy lawyer is crucial for navigating the complexities of the Chapter 7 process. They ensure all paperwork is correctly filed and represent you in court proceedings. Experienced lawyers can help protect your assets and make the process smoother.
Choosing the Right Lawyer
- Check their experience with Chapter 7 cases.
- Consider their reputation and client reviews.
- Discuss their fees upfront to avoid surprises.
For more details on typical costs, you can visit this resource on bankruptcy attorney fees.
The Process of Filing Chapter 7 Bankruptcy
- Consultation: Meet with a lawyer to discuss your financial situation and determine eligibility.
- Filing: Your lawyer will file the necessary paperwork with the bankruptcy court.
- Automatic Stay: Once filed, creditors must cease collection actions.
- Meeting of Creditors: Attend a meeting with your creditors to discuss your debts.
- Debt Discharge: After the process, most of your debts will be discharged.
FAQs about Bankruptcy Chapter 7 Lawyers in Albuquerque NM
What assets can I keep in Chapter 7 bankruptcy?
In New Mexico, you can keep certain exempt assets, such as a portion of your home equity, personal property, and retirement accounts. Your lawyer can provide a detailed list of exemptions.
How long does the Chapter 7 process take?
The process typically takes about 4 to 6 months from filing to discharge. However, complexities can extend this timeline.
Can I file for Chapter 7 bankruptcy on my own?
While it's possible, it's not advisable due to the complexity of the process and the legal knowledge required. A lawyer can help avoid mistakes and ensure a successful filing.
Additional Resources
For those looking for a lawyer outside of New Mexico, you might find helpful information on bankruptcy attorney flint mi.
Nephi Hardman has represented clients in hundreds of bankruptcy cases, including as debtor's counsel in chapter 7s, chapter 13s, and a number of major chapter ...
Top rated Bankruptcy lawyers in Albuquerque, NM - Shay E. Meagle - Daniel J. Behles - Joshua Chappell - Michael K. Daniels - Chris Gatton - Nephi ...
Based and operating out of New Mexico since 1979, Steve Sessions has been honing his craft of being a effective Bankruptcy Attorney.
