Bankruptcy Attorney In Albuquerque, NM

Protecting You from Creditors Through Bankruptcy

There are some people who think that bankruptcy is a four-letter word, but it is not. Federal law recognizes that there is little chance for some people to ever be able to get out of debt, and bankruptcy is the way they can get a fresh start. In 2020, more than 2,300 New Mexico residents took advantage of the opportunity, filing for Chapter 7, 11, or 13 bankruptcy.

The weight of debt is oppressive. You can second-guess every decision you ever made about spending the money you have, spending the money loaned to you by others, and incurring sometimes unavoidable bills. When that weight becomes too much to bear and you see no other way to get out from under it, we should talk.

At the Law Office of Jason Cline, I represent people who have found themselves in the same situation. They live in Albuquerque, Rio Rancho, Santa Fe, Los Lunas, and in other New Mexico communities. They have asked me for help and I have been pleased to provide it. Everyone is entitled to a “do-over.”

Contact The Law Office of Jason Cline to schedule a consultation with a lawyer today at 505-305-0232

Case Types

What is Bankruptcy?

Tools are implements, and “to implement” means to use or put into action. Bankruptcy is a tool specifically designed for people to eliminate or restructure major debt to provide financial relief. However, it will not help unless you put it to use.

Delaying the filing of bankruptcy merely adds stress to your life and your relationships. Bankruptcy serves an important purpose for thousands of people every single year.

Are All Bankruptcies the Same?

There are different types or “chapters” of bankruptcy. Among them are Chapter 7, Chapter 11, and Chapter 13.

Chapter 7 bankruptcy discharges most unsecured debt, which is debt not secured by collateral. Only those whose gross income is lower than the median income for the State of New Mexico qualify to file for Chapter 7 relief. You may not be able to retain your auto or home under Chapter 7. Whether you can protect some or all of your equity in your home will depend on where you fit under New Mexico’s Homestead Exemption law. Chapter 7 does not discharge debt such as back child support or alimony or most student loan or tax debt.

Chapter 11 bankruptcy is designed for businesses operated as sole proprietorships, corporations, or partnerships. It reorganizes tax, secured, and unsecured debt to make repayment more manageable rather than discharging debt. In most situations, Chapter 11 will allow the business to continue operating and even borrow money to keep the business afloat. If the corporation is the debtor, Chapter 11 does not put shareholders’ personal assets at risk.

Chapter 13 bankruptcy is the option for individual wage earners who don’t qualify for Chapter 7 relief. Rather than being discharged, debt is restructured, often with creditors agreeing to reduced sums, and the filer repays the debt over a specific period of time. Because you are restructuring rather than discharging debt, you can protect your secured debts, such as your home and auto.

How Do I Know Which One Is Right for Me?

The different types of bankruptcy all provide debt relief; however, the extent to which they do and how they work differ. How declaring bankruptcy may affect you over the long term also differs by type. For example, a Chapter 7 bankruptcy will affect your credit score for a longer period than a Chapter 13 bankruptcy will.

Filing for bankruptcy is rarely an easy decision for people to make. There are many factors to consider, based on your unique financial and employment situation. I can help you explore all the options, discuss the ramifications of filing, and help you determine which bankruptcy chapter is best for you and your circumstances.

Disclaimer: We are a debt relief agency. We are attorneys who help people file for bankruptcy relief under the bankruptcy code.

Our Bankruptcy Case Types

Chapter 7

Helping you find a way out of debt while keeping what you own
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Chapter 13

Helping you repay your debts over time without losing your hard-earned assets
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Practice Areas

Bankruptcy Law

Foreclosure Defense

Hours

Mon - Fri: 8:30 am - 4:00 pm
Sat - Sun: Closed

Contact Information

Phone: 505-305-0232

Email: jason@attorneyjasoncline.com

2601 Wyoming Blvd. NE

Suite 108

Albuquerque, NM 87112

We are a debt relief agency. We are attorneys who help people file for bankruptcy relief under the bankruptcy code.

The information on this website is for general information purposes only. Nothing on this site should be taken as legal advice for any individual case or situation. This information is not intended to create, and receipt or viewing does not constitute an attorney-client relationship.