Those courts have ruled that the means test calculation is a tool, not a legal straightjacket. In New Mexico, the bankruptcy courts presently follow the Tenth Circuit and use the means test as the presumption, but will consider changed circumstances when appropriate.
Bankruptcy: How it Works, Types & Consequences
Therefore, the final word on this important bankruptcy legal question affecting consumers in New Mexico is about to be written. This case could have far-reaching consequences for anyone considering whether to file for bankruptcy in the Albuquerque area or anywhere in New Mexico.
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The case is Hamilton v. Lanning, Docket No. What is disconcerting to New Mexico bankruptcy attorneys is that the Supreme Court appears to have hinted that it is concerned about the effect of expenses as well as income, and whether the expenses can be reevaluated for changed circumstances as well. This case helps illustrate why you should consult with an experienced bankruptcy law firm, such as New Mexico Financial and Family Law, if you have any doubts about what the means test could mean to you in a bankruptcy proceeding.
Credit counseling can take place individually or in a group, in person, on the telephone, or over the Internet. The law provides that the bankruptcy court clerk shall maintain a publicly available list of approved credit counseling agencies.
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So, if you are considering bankruptcy, contact your local bankruptcy court to find a credit counseling agency near you. New Mexico Financial and Family Law can also provide you with recommended credit counselors. Please note: a pleasant surprise has been realized by a number of our clients who, apparently exceeding the guidelines, found that they still could file under Chapter 7.
New Mexico Chapter 7 Bankruptcy
This was because the law allows for people who earn more than the median income to consider secured debt obligations, unusual medical expenses and other unique circumstances. Past success does not guarantee similar results for someone else, but you should contact a reputable bankruptcy lawyer before assuming that you cannot qualify for Chapter 7. The majority of its clients reside in the Albuquerque, New Mexico, area, i. We attempt to settle bankruptcy cases through negotiation.
Chapter 7 Bankruptcy
If negotiation is unsuccessful then the trial skills of the attorneys at New Mexico Financial and Family Law are brought into play. Below are details for state and local unique forms.
We have a free service that makes the bankruptcy process super simple for residents of New Mexico. Bankruptcy exemptions protect the equity in certain property. Property that is exempt cannot be used to pay debts. Therefore, a debtor is permitted to keep all exempt property. If you have more questions about exemptions, check out this article.
Many people in New Mexico choose to use the federal exemptions instead of New Mexico exemptions. We have listed the federal exemptions below. For expanded descriptions, go to the exemption page for New Mexico.
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Pete V. Box , Albuquerque, NM We started Upsolve realizing this was too expensive for Americans, and wanted to give another option with Upsolve's free service. If you are interested, take our screener to see if you qualify for this free service. Upsolve is a c 3 legal aid nonprofit that started in Our mission is to help low-income Americans in financial distress get a fresh start through Chapter 7 bankruptcy at no cost. We do this by combining the power of technology with attorneys. Spun out of Harvard Law School, our team includes lawyers, engineers, and judges.
We have mission-driven funders that include the U. To learn more, read our reviews from past clients , or read our press coverage. Upsolve helps low-income Americans file bankruptcy on their own for free. Are you interested in our free service or would you like a free consultation with a paid attorney? Sign In Free Bankruptcy Help. New Mexico Bankruptcy clears your debt. Upsolve helps you for free. Our users often file within 10 days of starting. Get Started. If you need a fresh start in New Mexico and cannot afford a lawyer, this article is for you. Before Starting Collect Your Documents Before getting started, you need to collect all your financial documents so you understand the current state of your finances.
In addition to your credit report, you will need the following documents: Tax returns for the past 2 years Pay stubs or other proof of your income for the last 6 months Recent bank account statements Recent retirement account or brokerage account statements Valuations or appraisals of any real estate you own Copies of vehicle registration Any Other Documents relating to Your Assets, Debts, or Income. Having these documents next to you will help you get an accurate picture of your finances. Take Credit Counseling An important first step to the bankruptcy process is credit counseling. You will need to give a copy of this certificate to the court when you file your bankruptcy forms in Step 5 3.
Complete the Bankruptcy Forms This is the most time-consuming step. Print Your Bankruptcy Forms and Bring them To Court Once you have prepared your bankruptcy forms, you will need to print them out for the court. You will also need to sign the forms once they are printed. Mail Documents to Your Trustee The bankruptcy trustee is a official appointed by the court to oversee your case.
How to File Bankruptcy in New Mexico | Nolo
Take Bankruptcy Course 2 As soon as possible after filing your bankruptcy forms, you also need to take your second mandatory bankruptcy course. Attend Your Meeting Finally, you need to attend your meeting. On to a fresh start! Means Test The Means Test is the document used to determine if a debtor exceeds the Chapter 7 income limits. Other Details You will need one copy of your forms. Clarke C. Coll Yvette J.
Corporations and partnerships filing for bankruptcy often choose to file under Chapter 11, which provides for supervised reorganization of the business. Experienced bankruptcy counsel can help you evaluate whether you should pursue a bankruptcy as well as the Chapter under which to file.
Bankruptcy lawyers can also help end harassing phone calls from debt collectors and evaluate available legal options when facing a home foreclosure. Automatic stay: An injunction that automatically stops lawsuits, foreclosures, garnishments, and most collection activity against the debtor the moment a bankruptcy petition is filed. Unsecured claim: A debt for which credit was extended based solely upon the creditor's assessment of the debtor's future ability to pay, rather than on a special assurance of payment.