New Mexico Bankruptcy Laws

Find a New Mexico Bankruptcy Attorney

Are you currently living in New Mexico and thinking of filing bankruptcy? A New Mexico bankruptcy attorney will review all of your options with you.

Learn, with the help of a New Mexico bankruptcy attorney, whether filing Chapter 7 or Chapter 13 bankruptcy is the right path for you.

For an appointment with a local New Mexico bankruptcy attorney simply fill out the form on this page.

Bankruptcy Law and New Mexico Exemptions

During your first interview with your New Mexico bankruptcy attorney you will review all of the primary differences from Chapter 7 and Chapter 13 bankruptcy.

In this interview your New Mexico bankruptcy attorney will ask you many personal finance questions or provide you with a profile sheet to list certain financial details. The answers you provide will assist you and your attorney in deciding if filing Chapter 7 or Chapter 13 bankruptcy is the route for you.

Chapter 7 bankruptcy is usually called liquidation since the bankruptcy trustee may sell or auction non-exempted property (see State Exemptions list below).

Although, in most of Chapter 7 bankruptcy cases, the person filing bankruptcy does not own non-exempt property, so this would not apply to most filings. If you do not own much property or have many assets Chapter 7 bankruptcy may be the best choice, since you would be allowed to eliminate most unsecured debt.

In advance of filing Chapter 7 bankruptcy please discuss about your situation with a New Mexico bankruptcy attorney to determine exactly how much property may be exempt from liquidation.

New Mexico State Exemptions

Homestead

$60,000. If two people own the home, each joint owner is entitled to a $60,000 exemption. Individuals who cannot claim a homestead exemption get an additional $5,000 “wild card” exemption.

Wages

75 percent of earnings.

Automobiles

One motor vehicle worth up to $4,000.

Personal Property

1. Up to $500 of personal property.
2. Up to $1,500 for tools of the trade.
3. Up to $2,500 for jewelry.
4. 100 percent of clothing, furniture, books, medical-health equipment and any interest or proceeds from a pension or retirement fund.

Chapter 13 Bankruptcy is also called “reorganization”. Debtors filing Chapter 13 may own more property and by filing Chapter 13 may also keep most of their assets.

In Chapter 13 bankruptcy, the individual prepares a proposal for a repayment plan for a term of 3 to 5 years, which must be approved by a bankruptcy court. This plan allows the individual debtor to repay outstanding bills.

Speak With a New Mexico Bankruptcy Attorney Today

If you have ever thought of filing bankruptcy in New Mexico but have not because you did not know where to start or felt the process was too much for you?

To address all inquiries about bankruptcy laws, a New Mexico bankruptcy attorney will be able to guide you through the bankruptcy process in common sense terms. When you meet with a New Mexico bankruptcy attorney you will also be able to have many of your questions and concerns answered in the initial visit.

Get away from the hassle of finding a New Mexico bankruptcy attorney. Simply complete our bankruptcy questionnaire on this page and we will direct you to a New Mexico bankruptcy attorney in your area.

Note: This is not legal advice. All bankruptcy laws in any state need the consult of a bankruptcy attorney licensed in that state. Consult a local attorney if you are seeking legal advice. Some or all bankruptcy laws may have changed since this page was created.

New Mexico Bankruptcy Attorneys are located in these areas:

ALAMEDA, ALBUQUERQUE, ALGODONES, AZTEC, BELEN, BERNALILLO, BLOOMFIELD, BLUEWATER, BOSQUE FARMS, CEDAR CREST, CEDARVALE, CERRILLOS, CHIMAYO, CLINES CORNERS, COCHITI LAKE, COCHITI PUEBLO, CONCHAS DAM, CORRALES, COUNSELOR, CUBA, CUBERO, EDGEWOOD, ENCINO, ESTANCIA, FARMINGTON, FLORA VISTA, FRUITLAND, GARITA, GLORIETA, ILFELD, ISLETA, JARALES, JEMEZ PUEBLO, JEMEZ SPRINGS, KIRTLAND, LA JARA, LA PLATA, LAMY, LAS VEGAS, LOS ALAMOS, LOS LUNAS, MC INTOSH, MILAN, MONTEZUMA, MORIARTY, MOUNTAINAIR, NAGEEZI, NAVAJO, NEW MEXICO STATE CAPITOL, NEW MEXICO TAX REV DEPT, NEWCOMB, PAGUATE, PECOS, PENA BLANCA, PERALTA, PLACITAS, PONDEROSA, PUEBLO OF ACOMA, RAMAH, REGINA, RIBERA, RIO RANCHO, ROCIADA, ROWE, SAN JOSE, SAN RAFAEL, SAN YSIDRO, SANDIA PARK, SANOSTEE, SANTA CRUZ, SANTA FE, SANTO DOMINGO PUEBLO, SAPELLO, SERAFINA, SHEEP SPRINGS, SHIPROCK, SOLANO, STANLEY, TERERRO, TESUQUE, TIJERAS, TOHATCHI, TOME, TORREON, TREMENTINA, VILLANUEVA, WATERFLOW, WILLARD

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