Dan A. Ribble- LLC 2818310
Dan A. Ribble- LLC 2818310

_Overview: Bankruptcy in Albuquerque

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If 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 considering bankruptcy. 

He 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. 

Most 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 at all.

Chapter 7 bankruptcy
Chapter 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. 

For 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 A. Ribble.

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. 

You 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 If 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.

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__3500 Comanche NE
Building B
Albuquerque, NM 87107

Phone:  505.884.0770
Fax:       505.881.7003

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