you and your family are in a financial crisis and are seriously
considering bankruptcy as a way out, consult with the experienced
Albuquerque bankruptcy law firm of Dan A. Ribble, LLC.Dan
has practiced law for almost 40 years, devoting a significant portion
of his practice to advising and advocating for individuals who are
prides himself on taking extra care to ensure that his clients
understand all of their legal options and can make fully informed
decisions that help them reach their goals.
Seriously considering bankruptcy as an option does not make you a bad person, or even someone who cannot manage money.In the United States, medical bills prompt around 60 percent of bankruptcies.
other bankruptcies result from other crises: job loss in a difficult
labor market, divorce, or an illness or disability that makes it
impossible to keep working at the same position or even to keep working
Chapter 7 bankruptcy
7 bankruptcy—also known as liquidation bankruptcy—makes the most sense
for debtors with high unsecured debt, such as credit card debt and other
personal loans.Recent legislation sets a cap on the monthly disposable income debtors can have and still qualify for Chapter 7 bankruptcy.Under Chapter 7, a court-appointed trustee manages the sale of all non-exempt assets and distributes the money to creditors.
Unfortunately, Chapter 7 bankruptcy does not discharge all debts.
example, most student loans are non-dischargeable, as are most tax
debts, domestic support obligations, and judgments in wrongful death and
personal injury lawsuits resulting from your own intoxication.For
a complete picture of how a Chapter 7 bankruptcy would affect you,
consult with an experienced Chapter 7 lawyer in Albuquerque such as Dan
Chapter 13 bankruptcy Chapter
13 bankruptcy—also known as a wage earner plan—allows you to keep most
of your assets and pay off most or all of your debt over a three- to
five-year period.The bankruptcy
court decides on a new, interest-free repayment plan that you propose
to allow you to repay your loans with your current and future income.
do not need a trustee, although in some cases a trustee still manages
the disbursement of money in keeping with the repayment plan.
As long as you do not miss any payments, at the end of three or five years, most remaining debt is discharged.Again,
the exceptions are student loans, tax debts, domestic support
obligations, judgments for wrongful death or personal injury, as well as
mortgages and some other secured debts.
It is best to consult with a Chapter 13 lawyer in Albuquerque to understand exactly how Chapter 13 bankruptcy would affect you.
Albuquerque Chapter 7, Chapter 13 law firm
you are seriously considering bankruptcy in New Mexico, start taking
control of your financial situation today with the help of a highly
experienced bankruptcy attorney.Contact Dan A. Ribble today to set up a free initial consultation.