Albuquerque Bankruptcy FAQ
How Long is an Albuquerque Bankruptcy Case?
The time of a bankruptcy case depends on the type of bankruptcy filed. You can expect around 3-4 months for a Chapter 7 Bankruptcy. If you go with a Chapter 13 bankruptcy, the payment plan is generally 3-5 years. Our Albuquerque bankruptcy attorney can discuss your options and a timeline with you if you sign up for a Free Evaluation.
How Much Does Filing for Bankruptcy Cost?
The cost of bankruptcy depends on what type you are filing. A legal fee is required before the bankruptcy case is filed, and the court also charges a filing fee. Contact us for a Free Evaluation, and we can give you an estimate for your Albuquerque bankruptcy costs.
Will Creditors Stop Harassing Me?
Before you file bankruptcy, creditors can call you to discuss your debt with them. These calls must be within reason. If you feel they have overstepped the bounds of collection laws, you can take legal action against them.
Once you file Albuquerque bankruptcy the court will issue an “automatic stay.” This prohibits creditors from collecting from you or contacting you in any way.
Will My Property Be Sold?
Depending on your situation and which type of bankruptcy you file, some of your property may be sold. However, Albuquerque bankruptcy laws do have certain “exemptions” to protect your property. Contact us for a Free Bankruptcy Evaluation to learn more about your specific situation.
How is My Credit Affected?
A bankruptcy will most likely appear on your credit report and may be there for up to ten years. Though a bankruptcy has a negative affect at first, it may actually improve your credit report in the future. Sit down with our Albuquerque bankruptcy attorney to determine how you will be affected.
Are Student Loans Discharged?
Since the government offers consolidation programs according to “ability to pay,” it is hard to prove that repaying the loan will create undue hardship. Student loans are discharge only if paying of the student loans creates a significant financial problem. Consult with our Albuquerque bankruptcy attorney to evaluate your loan situation and how to eliminate debt.