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New Mexico Lawyers Serving New Mexico's Legal Needs Since 1997

Reorganizing your debt and keeping your assets with bankruptcy

If you are struggling with overwhelming debt, you may not know how you will ever escape your accumulating balances and harassment from creditors. You may know that filing for consumer bankruptcy can offer you a way out, but making the decision to file is not an easy one. 

There are many reasons why New Mexico consumers should consider filing for bankruptcy, and facing threats of foreclosure is one of them. If you are facing the very real possibility of losing your home, you may consider the protections that Chapter 13 bankruptcy offers you. This step could allow you to keep your home, reorganize your debt and eventually secure a stronger financial future.

What you should know about Chapter 13

Chapter 13 bankruptcy allows you to make payments on reorganized debts over a period of three to five years. You may find the following beneficial as you consider filing for Chapter 13:

  • It is often a good choice for a person who is facing threats of foreclosure or is already going through the foreclosure process.
  • It allows you to use your income to pay your debts. This means that you will not have to liquidate your assets.
  • It requires a detailed repayment plan that outlines how you will address your debt over the next few years.
  • It will take longer than a Chapter 7 (liquidation) bankruptcy, but it allows you to keep many of your assets.

Filing for Chapter 13 bankruptcy involves much more than simply completing a bunch of paperwork. You will have to receive credit counseling, complete a debt repayment plan and take other steps. The bankruptcy process can be complex, but you do not have to face this process alone. In fact, it can be quite beneficial to seek guidance as you work through the required steps.

A path to a future free from debt

Many, if not most, consumers carry some debt. While many people struggle financially from time to time, what you may be experiencing could be quite serious. Threats of losing your home, dealing with phone calls from debt collectors and the stress of knowing you could never catch up can be overwhelming.

Filing for bankruptcy may not be your first choice, but it could be the right one for your situation. Chapter 13 bankruptcy could provide a blueprint for you to follow to deal with much of your debt once and for all, building a better future for your family.

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Giddens & Gatton Law, PC
10400 Academy Road NE
Suite 350
Albuquerque, NM 87111

Phone: 505-273-3720
Fax: 505-271-4848
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