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

_Albuquerque Chapter 13 Bankruptcy Attorney

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If you have a decent income but find that your debt and the interest on that debt have grown out of control, Chapter 13 bankruptcy might be right for you.  To be sure, consult with Albuquerque Chapter 13 law firm Dan A. Ribble, LLC to find out exactly how a Chapter 13 bankruptcy filing will affect your income, your credit, and your assets over the years.

What is Chapter 13 bankruptcy?
Chapter 13 bankruptcy allows you to create an interest-free repayment plan for most of your debts.  You file an income and expenses report with the court, as well a number of other financial documents like tax returns, student loan records, any liens on your property, and records of any alimony or child support payments.  You also file a proposed repayment plan with the court, either with your bankruptcy filing or within 15 days after filing bankruptcy. The court may appoint a trustee to whom you make payments at regular intervals—usually every two weeks or once a month—and who will then disburse the funds to your creditors in accordance with your repayment plan.  Or you may skip the trustee and make the payments directly to your creditors.  You make these payments for three to five years, depending on your income and expenses.

What are the advantages of Chapter 13 bankruptcy? Unlike a Chapter 7 bankruptcy, in which all non-exempt assets are sold to pay off creditors, Chapter 13 bankruptcy allows you to keep your assets as long as you keep up with monthly payments.  So if you have already completed payments on your home, or are just a couple more mortgage payments away from outright ownership, you will not lose your house to pay off creditors.  If you still have mortgage payments to make, you continue to make them throughout the Chapter 13 repayment plan and afterwards, if necessary, paying off any arrears as part of the repayment plan.

Albuquerque personal bankruptcy law firm Having a general understanding of how the process works does not tell you exactly how filing Chapter 13 bankruptcy would affect your credit, your disposable income, or your assets.  For details, set up an appointment with Dan A. Ribble, LLC , an experienced and empathetic New Mexico personal bankruptcy lawyer.  He helps you decide whether bankruptcy is your best option and how to pursue it while protecting your assets and your credit.

Practice Areas

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Our Office

__3500 Comanche NE
Building B
Albuquerque, NM 87107

Phone:  505.884.0770
Fax:       505.881.7003

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