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Bankruptcy

What is the New Mexico Chapter 7 means test?

Chapter 7 bankruptcy is one of the most common types of bankruptcy filed in New Mexico. Filing this type of bankruptcy requires passing the Chapter 7 bankruptcy means test. The test determines if you have enough disposable income to repay your debts. Means test The...

How to secure a car loan after bankruptcy

Going through bankruptcy in New Mexico can be a challenging experience. It can significantly impact your financial situation, making it harder to get approved for loans, including those for cars. However, getting a car loan after bankruptcy is not impossible, and with...

What are the most common myths about bankruptcy?

At some point, many New Mexico residents may realize that they might benefit from filing for bankruptcy. Because there is a lot of negativity surrounding bankruptcy, it’s natural that some common myths have arisen. Filing will cause you to lose everything Some people...

What to know about Chapter 13 repayment plans

Filing for Chapter 13 bankruptcy protection may be an ideal way to keep your car or New Mexico home. As part of a Chapter 13 proceeding, you'll be required to make monthly payments to your creditors. The following addresses how much you may have to pay, who gets paid...

What is the means test?

A bankruptcy means test is used to determine who is eligible for Chapter 7 bankruptcy, which will help erase debts. The test takes several factors into account, such as family size, income, and expenses, to determine whether an individual has enough disposable funds...