Helping You Find Debt Solutions In New Mexico
Affordable Law, PC, has assisted clients throughout the bankruptcy process for over 20 years. When you discuss your unique case with our experienced team, we will create a personalized recommendation for approaching bankruptcy. Every state has its own bankruptcy laws and we can help you understand New Mexico’s.
The Choice Between Federal And State Exemptions
Unlike other states, New Mexico allows you to choose whether you want to use federal or state exemptions. Under the New Mexico exemptions, most of your property can be exempted. For example, a married couple is allowed to keep a house if they have less than $120,000 of equity. Similarly, cars can be kept with less than $4,000 equity, household goods up to $10,000, and all retirement funds, most jewelry, tools of the trade and other common property.
In some cases, you may be better off choosing the federal exemptions. For example, if you don’t own a house, or have no equity in a house, the federal statutes allow you to keep about $22,000 ($11,000 per person) in any property. So, for example, if you have a bank account with $10,000 in it, and are not claiming a homestead exemption, you would want to choose the federal exemptions. We will help you determine which statutes to choose given your unique situation.
Understanding Bankruptcy In New Mexico
When considering your debt relief options, bankruptcy can seem like a daunting choice to make. Bankruptcy can seem extreme and you may have many questions, from whether bankruptcy is the right option for you to when you will be able to begin rebuilding your credit. We can assist from the start, answering your questions and guiding you throughout filing for bankruptcy in New Mexico.
Get Help From A Professional
Although there is just one bankruptcy court located in Albuquerque, you will be assigned a hearing in one of five locations depending on where you live. Hearings are conducted in Albuquerque, Santa Fe, Las Cruces, Roswell and Farmington.
Our attorneys have intricate knowledge of bankruptcy laws in New Mexico. We will carefully walk you through the process and help you understand what debt solution is best for you. Call 505-633-8723 or contact us online to get started.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.