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

_Chapter 7 Bankruptcy in Albuquerque

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What is Chapter 7 bankruptcy?



Chapter 7 bankruptcy is known as liquidation bankruptcy.  A trustee appointed by the bankruptcy court gathers all of your non-exempt assets, sells them, and uses that money to pay your creditors.  Once this process is complete, you receive a discharge, and any remaining debt to those creditors is wiped out.

Some other important facts you should know about Chapter 7 bankruptcy include:

  • You get an automatic stay upon filing: Once you file Chapter 7 bankruptcy, the court issues an automatic stay to prevent creditors from making any more collections attempts.  They may no longer call you at home or at work, they may not send threatening letters, and any lawsuits filed against you in an attempt to collect on your debt are put on hold.
  • Not all debts qualify for discharge: Most important to many people considering Chapter 7 bankruptcy, it will not discharge student loans, which are all but impossible to discharge.  Nor will Chapter 7 bankruptcy free you from tax debt, domestic support obligations, criminal fines, or civil judgments against you for death or injury resulting from your own intoxication.
  • You do not have to lose your house or your car: You may be able to reaffirm your mortgage or car payments and continue making those payments through the bankruptcy process and beyond.  Consult with an Albuquerque personal bankruptcy lawyer to determine which assets you will be able to protect despite a Chapter 7 bankruptcy.

How do you know if Chapter 7 bankruptcy is right for you?  Consult with Dan. A. Ribble, LLC, a Chapter 7 bankruptcy law firm in Albuquerque, about whether bankruptcy presents the best path out of your current financial troubles. Dan has almost four decades of experience advising clients about bankruptcy and can guide you towards a healthier financial future.



Do I qualify for Chapter 7?

Two main factors determine whether you qualify for Chapter 7 bankruptcy: recent bankruptcy filings and means testing.

  • Recent bankruptcies: No one who received a Chapter 7 discharge or completed a Chapter 13 repayment plan in the past eight years can file for Chapter 7 bankruptcy.
  • Means test: Designed to force debtors who can pay some of their debt into Chapter 13 bankruptcy, means testing sorts debtors based on monthly income.  If your monthly income falls below the median for your state, you can file under Chapter 7.  If your monthly income is above the state average, means testing calculates your presumed net monthly income based on allowable expenses, not your actual monthly net.  If your net monthly income is below $100, you may file under Chapter 7.  Between $100 and $167.67, you and your Chapter 7 attorney in Albuquerque will have to counter a “presumption of abuse” in order to use Chapter 7.  And if your monthly net is above $167.67, you may only file Chapter 13.
Chapter 7 law firm in Albuquerque

If you think you may want to file bankruptcy in New Mexico, speak first with attorney Dan A. Ribble.  His goal is to help debtors resolve their debts quickly while protecting as many of their assets as possible and defending their credit record.  Contact him today to begin discussing your options and planning your future.

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__3500 Comanche NE
Building B
Albuquerque, NM 87107

Phone:  505.884.0770
Fax:       505.881.7003

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