Farmington Bankruptcy Lawyer
I understand how difficult it can be to function when you have large amounts of debt hanging over your head. Not only are you in danger of losing your home due to missed mortgage payments, but creditors are barking at you, you are struggling to catch up on other bills, and you may even be facing a lawsuit as a result of your debts.
Fortunately, there is a way to get out of debt and restore your life back to normal!
With my assistance, filing for bankruptcy can help you get back on your economical feet. As an experienced Farmington bankruptcy attorney, I will provide you with the best possible legal assistance and be there for you every step of the way. Allow me to help you turn your life around; I will assist you in obtaining a fresh start in life.
Types of Bankruptcy
Due to the latest changes to bankruptcy law, it has become more complicated to determine what type of bankruptcy you are eligible to file. I will help determine whether you qualify for Chapter 7 or Chapter 13 and explain to you the differences between these two types of consumer bankruptcy. I will evaluate your financial situation and utilize what is called “means testing” to help you determine your eligibility for discharging your debt. Read on for more information about Chapter 7 and Chapter 13 bankruptcy.
Chapter 7 Bankruptcy
Chapter 7 bankruptcy is sometimes called “liquidation bankruptcy.” People often worry about losing property when they file for bankruptcy. In the vast majority of cases, people do not lose any property at all. They have adequate exemptions to protect their house, their car, or their retirement funds. Under the new bankruptcy rule, you must qualify for Chapter 7 by meeting certain financial requirements. In order to determine if you qualify for Chapter 7 bankruptcy, your income must be measured against the average monthly income in your State. If your income is less than or equal to the median, you qualify for Chapter 7. If your income is higher than the median income for the State, I will conduct a “means test” to ensure you are unable to feasibly complete a Chapter 13 repayment plan. If you are eligible to file for Chapter 7, all of your debts are discharged (erased) except: student loans, child support, alimony, and tax debts. In addition, the court will not discharge debts incurred by any fraudulent or malicious acts. Remember that there are Federal and New Mexico State exemptions that help protect your property.Chapter 13 Bankruptcy
Chapter 13 bankruptcy—sometimes called “reorganization bankruptcy”—differs from Chapter 7 bankruptcy in that you must use your income to pay back your creditors over time. Since the court must determine that you have the financial means to meet your payment obligations, not everyone qualifies for Chapter 13. In addition, the length of your repayment plan is contingent upon your income: If your average monthly income over the six months prior to the date you filed for bankruptcy is more than the median income for your state, you will have to pay your debts back over a period of 5 years. If your income is lower than the median, you must propose a 3-year repayment plan.
When you are filing for bankruptcy, you need a competent and understanding attorney who can help you navigate the complexities of the bankruptcy code. I will help you determine which type of bankruptcy gives you the best chance to protect your property and assets while preventing creditor harassment.
Out-of-Office Bankruptcy Process
I am able to file bankruptcies all over the state of New Mexico. Since my office is located in Albuquerque—the seat of the New Mexico Bankruptcy Court—I am able to work easily with out-of-city clients to resolve their bankruptcy issues. The process for handling a Farmington bankruptcy filing through the Law Office of Larry Leshin is as follows:
- We schedule a telephonic appointment.
- After speaking with you for about 30 minutes, I mail an intake packet to your address that gives detailed instructions on the types of documentation you will need to provide.
- You begin to collect your financial documents and return them to me.
- My staff and I will prepare the bankruptcy paperwork and mail it to you.
- You review the paperwork, sign it, and mail it back.
Shortly after I receive the signed paperwork, the bankruptcy gets filed and you will be assigned a hearing in Farmington. At the time of the hearing, a representative from the Law Office of Larry Leshin will attend the hearing with you.
Contact Me when You Want an Experienced Farmington Bankruptcy Attorney on Your Side
Not only am I a Farmington bankruptcy lawyer with over 20 years of experience helping families avoid foreclosure and protect their assets, I keep costs down through low overhead. I understand that you are going through a difficult time financially; while fees must be paid before I am able to file your bankruptcy, I do provide payment plans so that you can pay me in increments until you reach the full payment. I provide prompt and friendly service to ensure that you receive the empathy, understanding, and respect you deserve while undergoing this difficult ordeal. Contact the Law Office of Larry Leshin to speak directly with me—an experienced Farmington bankruptcy lawyer who will look out for your best interests.
Bankruptcy Information Center
Chapter 7 - An Overview
Chapter 13 - An Overview
The Difference Between Chapter 7 and 13
The Automatic Stay - How You Are Protected in Bankruptcy
If you are looking for a Farmington bankruptcy attorney,
please call me at 505-255-4859 for a free consultation.