Select your state

Bankruptcy

petition

A bankruptcy petition is a set of forms (also known as schedules) on which a debtor filing for bankruptcy discloses detailed financial information to the bankruptcy court. These forms will require you to list all of your assets (real property and personal property), your monthly income and expenses, and the debts you want to eliminate or discharge in bankruptcy. Your bankruptcy case begins when you file the bankruptcy petition with the clerk of the bankruptcy court.

In New Mexico, as in other states, a bankruptcy petition is the formal document that initiates a bankruptcy case. It includes a series of forms, often referred to as schedules, where the debtor must provide comprehensive financial information to the bankruptcy court. These forms require the debtor to list all assets, including both real and personal property, monthly income and expenses, and all debts that the debtor seeks to eliminate or discharge through the bankruptcy process. The filing of the bankruptcy petition with the clerk of the bankruptcy court marks the official start of the bankruptcy case. The information provided in the petition is used to determine the debtor's eligibility for bankruptcy and to guide the process of distributing assets to creditors, if applicable. It's important to note that bankruptcy proceedings in New Mexico are governed by federal law, specifically the U.S. Bankruptcy Code, as well as local rules of procedure for the bankruptcy courts within the state.

Legal Articles

State Statutes

Individual & Family Legal Plan

As a LegalFix member, you'll get expert legal services from a local law firm that treats you like an important client. Don't wait—be prepared for life's inevitable legal challenges starting today. And ask your employer, credit union, or membership group about preferred pricing opportunities.

Bankruptcy

petition

Individual & Family Legal Plan

Articles

New-Mexico State Code

New-Mexico State Code

Bankruptcy

petition

Articles