Chapter 7

The majority of New Mexico bankruptcy filings are personal chapter 7s. My goals for your chapter 7 are to preserve your assets and get your debts dismissed.

Most chapter 7s are not that complex and don’t require much beyond analysis of your financial position, filing guidance, foreclosure and repossession advice, some creditor negotiation, assistance with tax and student loan debt, exemption planning, attendance at hearings, and recovery of garnishments. Complex cases include where there is high household income – the Means Test.

Therefore, I charge two different prices. For chapter 7 bankruptcy where household income from all sources is less than what the bankruptcy court believes is sufficient for the number of persons in your residence, a chapter 7 costs $1,750 for a single person and $1,800 for a married couple. If household income exceeds the mandate, the chapter 7 filing will cost $5,000. For both simple and complex chapter 7 bankruptcy, the cost includes the court’s filing fee, credit reports, gross receipt tax, and my fee. However, there are certain things that will cost more. The court may charge a filing cost to amend a petition. I will not defend or promote an adversary action – a lawsuit within the bankruptcy – without a new attorney- client agreement and retainer. Adversary actions are rare and unusual.

A business may also file chapter 7 bankruptcy. The business assets are surrendered to a court appointed official who will liquidate the assets and pay creditors. A business bankruptcy is usually accompanied by a personal bankruptcy.