Chapter 13 Bankruptcy

If you have a steady income but are finding it difficult to get out of debt, filing for chapter 13 bankruptcy may be right for you. Chapter 13 bankruptcy law allows you to reorganize your debt and gradually pay it off over a period of three to five years.

The bankruptcy attorneys at Melwani Law helps individuals like you understand all of your bankruptcy options. We have helped thousands of people in Albuquerque and throughout New Mexico reduce or eliminate their debt through creative bankruptcy solutions.

What is Chapter 13 Bankruptcy?

Chapter 13 bankruptcy is a type of personal bankruptcy that reorganizes your debt. Under Chapter 13 bankruptcy law, you can prevent foreclosure, make up for missed mortgage and car payments, pay back taxes, stop interest from accruing on your debt and keep your most valuable property.

Filing for Chapter 13 Bankruptcy in Albuquerque

After taking a means test to determine if you qualify for Chapter 7 bankruptcy or Chapter 13, you must file a petition in bankruptcy court, as well as a schedule of assets, liabilities, income and expenditures. Chapter 13 bankruptcy law requires that you have a regular source of income to qualify.

Once you file for chapter 13 bankruptcy and pay court fees, creditors are prohibited from contacting you for repayment of unsecured debts. You’ll be required to file a repayment plan within 15 days of your petition, and then meet with your creditors to tell them more about your financial situation. A confirmation hearing is the last step to get your plan approved, and the first step to resolving your unfortunate financial problems.

Do I Need a Bankruptcy Attorney?

Yes. Very few bankruptcy petitions filed without a bankruptcy lawyer receive approval from a judge. Failing to have your plan approved allows your creditors to continue taking action against you, such as repossession. If your home is in foreclosure, the process will continue and you could find yourself without a home.

To learn more information about filing Chapter 13 bankruptcy in Albuquerque, NM, contact Melwani Law at 505-323-5800.

Chapter 13 bankruptcy laws are complex. Besides having your plan approved the first time, it’s also crucial to hire an experienced attorney who can help negotiate with your creditors. Hiring the right ABQ bankruptcy attorney is often the difference between a lifetime of debt or a new path to financial freedom.

Don’t Wait—Contact Us Today!

Sometimes those in debt inadvertently worsen the situation by waiting for help. Take control of your finances and your life today by calling the attorneys at our Albuquerque bankruptcy law firm. We will begin with a free evaluation to hear the details of your case and provide creative solutions for your debt. Contact us today.