How A Bankruptcy Attorney Can Help
An attorney can help a person assess his or her options for dealing with crushing debt, including whether bankruptcy is an attractive option.
Each year, thousands of people who struggle with debt in New Mexico turn to bankruptcy as a solution. As of this writing in September 2016, over 1,900 people have filed bankruptcy across the state this year, according to the website of the U.S. Bankruptcy Court in the District of New Mexico. Working with a knowledgeable, seasoned bankruptcy attorney has several important advantages.
1. Knowledge of the options
A bankruptcy attorney will help a person assess the available methods of resolving his or her debt and make the most fitting choice. As materials from the website of the U.S. Courts system notes, a lawyer can advise a person on whether filing bankruptcy is even the ideal option. An attorney can also help a client assess whether Chapter 7 or 13 bankruptcy provides a stronger fit for the person’s situation, based on the following factors:
- The nature of the person’s debt
- The amount of income that the person earns
- The property that the debtor wishes to protect
2. Complex requirements
Filing bankruptcy in New Mexico is a technical process, and it requires extensive documentation. A lawyer with significant experience in the bankruptcy court system and with the documents required to file for bankruptcy will have the knowledge to correctly initiate, administer and wrap up the proceeding. The attorney will be familiar with the applicable deadlines and procedures.
An experienced bankruptcy lawyer knows the U.S. Bankruptcy Code inside and out, knowledge and understanding of which allows proper and efficient representation of a debtor throughout the bankruptcy process. An attorney and his or her staff will work with the client to complete the extensive paperwork necessary to launch the process and document in required detail the debtor’s assets, income, liabilities and creditors for the court and for other interested parties.
Plan a consultation with a New Mexican bankruptcy lawyer
Anyone in the Land of Enchantment who is considering filing bankruptcy or wondering about other options for getting out from under crushing debt should schedule a consultation with an attorney to understand the range of options and the pros and cons of each, including bankruptcy. A lawyer will help a person understand the intricacies of the filing process and the complications that may arise during it.
Once armed with a thorough understanding of bankruptcy and the other options that may be possible for debt relief, the client can make informed decisions and move forward with the guidance and advocacy of his or her lawyer.