Frequently Asked Questions
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Addressing Common Bankruptcy Questions

As you consider debt relief options, bankruptcy is a solution worth exploring. Though it can seem intimidating, talking with an experienced attorney at Affordable Law, PC can help you understand if filing bankruptcy is right given your unique circumstances. Here, we have compiled answers to some initial questions to get you started:

What Is Bankruptcy?

Bankruptcy is a legal process in which you declare yourself unable to pay your existing debts. Depending on the type of bankruptcy filed, you may then work with the court to develop a repayment schedule or have bankruptcy discharge many of your outstanding debts.

Among the many benefits to filing for bankruptcy, an immediate benefit is that creditors must stop harassing you through phone calls, mail and more. Bankruptcy can ultimately provide many with the fresh start they need.

Which Type Of Bankruptcy Is Best For Me?

There are two main types of consumer bankruptcy:

  • Chapter 7 – This is the liquidation route, which means that your nonexempt property can be sold to pay off your debts relatively quickly. This type of bankruptcy is typically utilized by people with lower incomes and removes unsecured debts, like medical debt and credit card debt.
  • Chapter 13 – This option is available for people with higher incomes and uses the reorganization approach. In many cases, it allows you to keep your property and develop a repayment plan to pay off your debts after a reasonable and more comfortable period of time.

When choosing which type of bankruptcy to file for, it is best to discuss your situation with a professional. Give us a call at 505-633-8723 to discuss.

Do I Need An Attorney To Help?

Before you consider filing for bankruptcy, talking with an experienced attorney can be insightful and help to clarify your options. A lawyer can sit down with you and get the full picture of your situation. From there, they will be able to give you a recommendation for what type of bankruptcy you should file for, and even help walk you through the process.

How Do I File?

Once you meet with our attorney and consider your options, we will decide together what type of bankruptcy makes the most sense and determine the next steps to move forward. We will help you gather necessary documents before filing your case. Your bankruptcy hearing will take place approximately 30 days later.

Get The One-On-One Guidance You Need

At Affordable Law, PC, we take special care to make sure our clients understand the bankruptcy process from the start. We know how stressful this time is. No matter how you got here, you can expect compassionate and respectful service from us. Call 505-633-8723 to set up an initial consultation.

We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.