Protecting your Assets
The goal of bankruptcy is to provide those who file with a fresh financial start, but if you lose everything in the process, it can be almost impossible to begin again. That’s why every state has specific bankruptcy laws to help protect a consumer’s assets during the bankruptcy process. The attorneys at Melwani Law can help you learn how you can best protect your assets and emerge from bankruptcy with many or even all of your assets intact.
New Mexico Bankruptcy Exemptions
New Mexico allows you to choose either state or federal bankruptcy exemptions depending on your filing status. Our experienced bankruptcy attorneys can help you determine which property and assets you may be able to claim and maximize your exemptions. Your qualified exemptions may include property such as:
- Real Estate
- Personal property (including household goods, clothing, vehicles, etc.)
- Wages, pension, and public benefits
- Tools of your trade
Regardless of whether you are filing for Chapter 7 or Chapter 13 bankruptcy, bankruptcy laws entitle filers to certain exemptions. Your active participation from beginning to end will ensure accuracy in your bankruptcy forms as we offer you valuable legal advice and handle all complex issues, including assisting you with your bankruptcy exemptions.
Protecting Your Assets During Bankruptcy
A Chapter 7 bankruptcy is often called a liquidation bankruptcy because non-exempt assets may be sold and used to pay debt. However, most people filing for Chapter 7 bankruptcy lose little or nothing throughout the process.
A Chapter 13 bankruptcy, also known as the wage-earner bankruptcy, may stop a foreclosure or repossession and allow you to catch up on missed payments while also allowing you to create a repayment plan for other debts. Most consumers who file Chapter 13 bankruptcy are able to keep all of their property.
Every case is unique. It’s crucial that you seek legal advice in order to get the most accurate answers to your questions about bankruptcy. If you’d like to learn more about how one of our skilled bankruptcy attorneys can help you protect your personal property, contact Melwani Law today for a free initial consultation.