Chapter 7 Bankruptcy
If you are struggling with debt and being hounded by creditors and collection agencies, it might be time to consider filing for Chapter 7 bankruptcy. To determine if Chapter 7 is the right option for you, you should speak with an experienced New Mexico bankruptcy attorney.
Is Chapter 7 Bankruptcy Right for Me?
If you own little property beyond the basic necessities like clothing and furniture, your income is below the median in New Mexico, and are unable to pay all your bills each month, you could be eligible to file Chapter 7 bankruptcy. Some people with incomes above the median can also file for Chapter 7, depending on the details of their situation.
It is advisable that you consult with a bankruptcy attorney before deciding to file for any type of bankruptcy. If you are considering Chapter 7, you will need to undergo a "means test" to thoroughly examine your financial situation to ensure you are eligible to file bankruptcy.
How Can Chapter 7 Bankruptcy Help Me?
Chapter 7 can discharge all of your unsecured debt and your secured debt if you are willing to give up your collateral. Once you file, creditors are restricted from contacting you. An advantage of Chapter 7 is that it proceeds quite quickly from the time of filing to discharge—most cases are resolved in 4 months or less.
Call 866-501-8500 to speak with the experienced bankruptcy attorneys at Melwani Law for a free bankruptcy consultation. We have the bankruptcy information you need to make an informed decision about your financial future.