Filing Chapter 13 Bankruptcy in New Mexico
If you do not qualify for Chapter 7 Bankruptcy, you may be eligible to file Chapter 13 Bankruptcy. Chapter 13 Bankruptcy will not automatically discharge your debt, but will instead require you to pay all or a percentage of your unsecured debt back to your creditors under a three to five year bankruptcy payment schedule. If at the end of the repayment schedule, you have paid all of debt obligations your debts will be discharged.
Most bankruptcy laws are constructed at the federal level. An area of bankruptcy law which may vary by state is the allowable exemptions. Exemptions are outlined at the federal level, but some states have chosen to “opt out” of the federal exemptions and instead have constructed their own list of state exemptions. In some states you can choose between the federal or state exemptions and in certain states you will not have a choice. In New Mexico, you may choose either the federal exemption or the New Mexico state exemptions.
Prior to filing personal bankruptcy in New Mexico, it is important to talk to a New Mexico Bankruptcy Attorney who can outline what exemptions you can use.
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