Albuquerque Personal Bankruptcy

Lady Justice for BankruptcyBankruptcy is, at its basic level, a legal process designed to forgive debt. If you have fallen far behind on payments for credit cards, mortgages, automobiles, or other debts, and are being pursued by collection agencies or threatened with foreclosure or repossession, our Albuquerque bankruptcy lawyers can help you face your financial situation and move forward in your life.

Consult an ABQ Bankruptcy Lawyer

Because bankruptcy is a complex legal process, it is advisable to secure the services of an experienced Albuquerque bankruptcy lawyer. At Melwani Law, we offer a free initial consultation, during which we will examine your financial situation and provide you bankruptcy information.

Bankruptcy Options

For individuals and joint filers, two types of bankruptcy are typically utilized: Chapter 7 and Chapter 13.

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Chapter 7 Bankruptcy – Chapter 7 is generally for people whose income is below the state median, although depending on the circumstances, people with a higher income can sometimes qualify for Chapter 7. Filing Chapter 7 bankruptcy will discharge most outstanding debt completely, with the exception of child and spousal support, student loans, certain taxes, and court-imposed fines and restitution.

Chapter 13 Bankruptcy – Chapter 13 bankruptcy is also known as “reorganization bankruptcy.” Generally, people with more significant assets or higher incomes who have fallen behind on their payments for whatever reason will file for Chapter 13 bankruptcy. Under this process, your bankruptcy lawyers will work out an interest-free repayment plan with your creditors to be paid typically over the course of a three to five year period.

Often, under both types of bankruptcy, you are able to keep the majority of your assets. If you are in a bad financial situation, get the experienced legal help you need. Call our Albuquerque bankruptcy law firm today at 866-501-5800 for your free consultation. We’ll be happy to answer all your questions and give you the bankruptcy information you need to get your life back in order.