Filing Personal Bankruptcy in New Mexico
If you in financial crises and you live in the state of New Mexico, you may be eligible to file personal bankruptcy. The federal government has established bankruptcy laws to allow individuals to file Chapter 7 Bankruptcy and discharge all of their unsecured debt (with a few limitations) or Chapter 13 Bankruptcy and repay a portion or all of their personal debt under a bankruptcy repayment schedule.
If you are facing home foreclosure, high credit card debt, unexpected medical bills, harassing creditor calls or repossession, filing bankruptcy may be an option for you or your family. Filing Bankruptcy in New Mexico can be complicated and it is important to talk to a New Mexico Bankruptcy Attorney who is familiar with state and federal bankruptcy laws prior to filing bankruptcy. A New Mexico Bankruptcy Lawyer can answer all your questions, determine if you are eligible for Chapter 7 Bankruptcy or Chapter 13 Bankruptcy and examine your assets and liabilities.
Filing bankruptcy is a big financial decision and should not be made with out understanding the long term negative consequences. It may become more difficult to get future personal loans and may lower your credit score. For many individuals bankruptcy is their last chance at a fresh financial start, in 2008 alone, over one million people filed bankruptcy. If you need help, contact a New Mexico Bankruptcy Attorney today.
Debts not discharged in a New Mexico bankruptcy case:
Filing Chapter 7 Bankruptcy or Chapter 13 Bankruptcy in New Mexico, will not discharge all of your personal debt. It is important to talk to a New Mexico Bankruptcy Attorney who can help you determine what debts can not be discharged. Non dischargeable debt is outlined under federal bankruptcy codes and includes the following debts:
- Federal, state and local taxes. May be subject to specific time rules.
- Spousal Support/Alimony
- Child Support Payments
- Most Student Loans
- Mortgage Liens
- Certain types of purchases for luxury items within 90 days of filing
- Secure Debt
- Penalties and fines by government agencies
- Fraud committed in a fiduciary role including larceny and embezzlement
- Punitive damages assessed for “willful and malicious acts”
- Debts not outlined on the schedule and forms filed with the Bankruptcy Court
- Drunk Driving fines
- Certain cash advances or purchases for luxury items with in a certain time frame.
A non-dischargeable debt will not be discharged by filing bankruptcy and creditors will still have the legal right to collect these debts until they are paid.
