Chapter 7 Bankruptcy Can Give You a Brighter Financial Future

Chapter 7 bankruptcy can give you a clean start if you are drowning in debt. This may be the best option for protecting yourself from creditors.

If you are buried in debt and need to know your options, a bankruptcy lawyer in Albuquerque can explain Chapter 7 bankruptcy and discuss your best next steps. We have years of experience assisting clients in declaring bankruptcy and clearing debt, and can help you, too, if that’s the right option for you.

Our law offices can help you with the following.

  • Analyzing your debt.
  • Figuring out property exemptions.
  • Checking your Chapter 7 bankruptcy eligibility.
  • Verifying your secured debts.
  • Filing the necessary bankruptcy forms.

Bankruptcy is not always straightforward, and every case is unique. When you hire a bankruptcy attorney, you can be confident that you are doing each step properly so that you can prepare for your fresh start. Get started with a free consultation so you can learn about your choices. A bankruptcy lawyer, not a paralegal, will carefully listen to you and explain your options. We’ll let you know if bankruptcy is not the right choice and there is a better way to go for you. Debt negotiation is an example of an alternative.

If you are considering bankruptcy, please give us a call. All of that debt can be scary, but you can take the first step out of it with a single phone call. We’ll walk you through the process. Our law firm is a Designated Debt Relief Agency under federal law.

Please call today to schedule a free consultation! Don’t let debt take over your life!


Who Can File Bankruptcy?

With few exceptions, any person or business owing money to a creditor can file a bankruptcy petition.

How Many Times Can You File for Bankruptcy?

Declaring bankruptcy interferes with your future ability to get credit, loans for housing, and rent, and sometimes it shows up on job applications. Ask a bankruptcy lawyer for all of your options before deciding to file for bankruptcy.

  • You can file for Chapter 7 bankruptcy 8 years after a previous Chapter 7 filing. If you have a Chapter 13 filing, you need to wait 6 years before filing for Chapter 7.
  • You can file for Chapter 13 bankruptcy 2 years after a previous Chapter 13 filing. If you have a Chapter 7 filing, you need to wait 4 years before filing for Chapter 13.

What do I need to begin the bankruptcy process?

Compile a list of past and present debts as well as a schedule, or list, or assets and liabilities. You’ll also need a statement of financial affairs to file with the bankruptcy court in addition to your filing fee.

How Much Debt Is Required to File for Bankruptcy?

There is no minimum amount, but you can only file for bankruptcy in certain situations. If you in a temporarily tight financial situation, debt management is an option if your creditors will allow you to make special arrangements, such as paying less per month or reducing your total owed amount. Bankruptcy may not be worthwhile if you do not have much property of money, since creditors will be unable to go after the debt that you owe.

What happens if one spouse files for bankruptcy and not the other?

If one spouse files and the other doesn’t, the one who doesn’t file could be responsible for the debts. Review this carefully before filing.

If I Am Divorced and My Ex Files for Bankruptcy, Does the Divorce Decree Protect Me from Creditors?

No, you are not protected if your ex files for bankruptcy. The creditor can ask you for the full payment if you are a co-signer on a debt from the time you were married. There may be guidance on the divorce decree identifying your options if your spouse defaults on debt.

Can Bankruptcy Discharge All Kinds of Debt?

No. The debts that are not discharged depend on the specific chapter of bankruptcy, but are likely to include the following types.

  • Taxes owed.
  • Debt for anything obtained illegally.
  • Debts not listed in the initial bankruptcy application.
  • Debts related to alimony or child or spousal support if there is a separate divorce degree, agreement, or court order.
  • Debt for personal injury to another person or damage to another individual’s property.
  • Debt for school loans, unless you can prove that payment will cause hardship.
  • Debts resulting if you drove under the influence of alcohol or drugs.
  • Debts from legal judgment.

Can I Keep Anything If I File for Bankruptcy?

Individuals can keep certain types of property under exemptions. The exact property depends on your state’s law. They often include the following.

  • Vehicles up to a maximum value.
  • Jewelry.
  • Equipment and tools used for work.
  • Home equity up to a maximum value.