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Bankruptcy

Bankruptcy is a court-supervised legal process that helps people who can no longer pay their debts get a fresh start by liquidating assets to pay their debts or by creating a repayment plan. Bankruptcy laws also protect financially troubled businesses.

In New Mexico, as in all states, bankruptcy is governed primarily by federal law, specifically Title 11 of the United States Code, also known as the Bankruptcy Code. The process is designed to help individuals and businesses eliminate or repay their debts under the protection of the bankruptcy court. There are several types of bankruptcy but the most common for individuals are Chapter 7, which involves liquidating assets to pay off debts, and Chapter 13, which allows individuals with a regular income to develop a plan to repay all or part of their debts over time. Businesses often file for Chapter 11, which permits reorganization under the bankruptcy laws of the United States. New Mexico has its own set of exemptions that determine what property you can keep in a Chapter 7 bankruptcy and may affect your Chapter 13 repayment plan. These exemptions are found in the New Mexico Statutes Annotated. Bankruptcy cases in New Mexico are filed in the United States Bankruptcy Court for the District of New Mexico. It's important to consult with an attorney to understand how the specifics of the bankruptcy laws apply to your situation.

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adversary proceeding assumption of contracts, leases automatic stays

Chapter 11 bankruptcy Chapter 12 bankruptcy Chapter 13 bankruptcy Chapter 13 bankruptcy — confirmation hearing Chapter 13 bankruptcy — disposable income Chapter 13 bankruptcy — eligibility Chapter 13 bankruptcy — repayment plan Chapter 7 bankruptcy Chapter 7 bankruptcy — changing trustee Chapter 7 bankruptcy — conversion to chapter 11, 12, or 13 Chapter 7 bankruptcy — discharge Chapter 7 bankruptcy — eligibility Chapter 7 bankruptcy — means test Chapter 7 bankruptcy — no assets cosignors courts creditor claims — secured, unsecured, priority

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nondischargeable debt nondischargeable debt — alimony nondischargeable debt — child support nondischargeable debt — fraud nondischargeable debt — student loans

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Bankruptcy

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New-Mexico State Code

New-Mexico State Code

Bankruptcy

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