If you live in Albuquerque, New Mexico, you do not necessarily have to lose all your valuable assets over debt. Instead you, the debtor, can file for bankruptcy in accordance with the US Bankruptcy Code. However, filing for bankruptcy can be a potentially complicated process, especially if you lack the necessary legal knowledge. This is because both the federal bankruptcy system and local rules and statutes unique to the state of New Mexico govern bankruptcy matters in the state. This is where a bankruptcy lawyer comes in handy. In Albuquerque, such lawyers help you with your bankruptcy filings, significantly improving your chances of making a fresh start. Here is some more information on this topic.
Federal Bankruptcy Court in Albuquerque
Given the fact that the federal bankruptcy law governs all bankruptcy matters in the US, the federal bankruptcy court system has exclusive jurisdiction over all cases falling under the US Bankruptcy Code. This means that the US Bankruptcy Court of the District of New Mexico located in Albuquerque hears and determines most of the bankruptcy cases in New Mexico. The rest of the bankruptcy cases in the state end up before judges in Las Cruces and Roswell. At this point, it is important to note that a debtor can be either a person or a business. The Bankruptcy Process and Bankruptcy Options.
To start the bankruptcy process, you, the debtor, have to file a petition in the US Bankruptcy Court. Along with your petition, you will also need to submit a detailed account of your assets and liabilities. Additionally, because the US Bankruptcy Code offers different types of bankruptcies, you will also need to choose the type of bankruptcy you want to file. In essence, there are four types of bankruptcies available. These include:
• Chapter 7 — consumer or liquidation bankruptcy
• Chapter 13 — wage-earner of reorganization bankruptcy.
• Chapter 11 – business bankruptcy
• Chapter 12 – family farm bankruptcy
In general, your assets and income will determine the type of bankruptcy you choose. More specifically, if you are a high-income earner, you may be unable to file Chapter 7 bankruptcy. On the other hand, if you wish to protect your assets from your creditors, Chapter 13 bankruptcy can help you do that.
Granted, you can go through the bankruptcy filing process by yourself. However, if you have wanted peace of mind, you should hire a good bankruptcy lawyer to guide you through this process. More specifically, your attorney can stop your creditors from hounding and harassing you, as well as help you retain some of your most valuable assets, such as your home. Keeping that in mind, the cost of hiring a bankruptcy lawyer typically varies across the board depending on factors such as the complexity of your bankruptcy case and a lawyer’s reputation. Typically, the best lawyers command a higher fee, and the same is true for the most experienced lawyers. Accounting for these factors, expect to pay about $1,100 on average to hire a good bankruptcy attorney in Albuquerque. However, before you hire a lawyer, you should first speak to lawyers that offer a free initial consultation.
If you’re drowning in debt, you should file for bankruptcy, allowing you to make a fresh start without your creditors hounding you. However, the bankruptcy process can be complex, especially if you have assets you wish to protect. For this reason, you should hire good bankruptcy lawyers to help you with your bankruptcy filings. Your lawyers will help you with everything from completing the necessary paperwork to attending your meeting with your creditors. If you are looking for the best bankruptcy lawyers Albuquerque, New Mexico, is a good place to start.