Get Answers to Commonly Asked Legal Questions

The stay is a federal court injunction immediately in place when you file bankruptcy. Acts such as foreclosure, repossession, and garnishment cease.

The test is part of a bankruptcy petition looking at your pre-petition income and expenses. In a chapter 7, if your income exceeds the amount IRS mandates sufficient for your household size, the US Trustee may file a motion to dismiss your case. In a chapter 13, the means test is used to determine whether your repayment plan should be 36 or 60 months, and whether you must repay 100% of your creditors.

Yes, all creditors must be included in your bankruptcy. I will pull a 4-part credit report for your review. However, not all creditors report so you’ll have to tell me if there are any additional creditors.

Exemptions are statutory amounts of personal and real property that a debtor may retain after filing bankruptcy. In New Mexico, we can choose either state or federal exemptions. Part of my job is to determine which exemptions get the best result for you. Usually, no assets are surrendered.

That’s the goal of bankruptcy! In a chapter 7, to have your debts discharged. In a chapter 13, to create a plan whereby you pay some or all of your creditors over 3 or 5 years.

The meeting happens 28 to 35 days after your case is filed. Chapter 7 meetings are held over the telephone. Chapter 13 meetings are by Zoom. A trustee is assigned to your case. The trustee will ask several questions about your bankruptcy case. Creditors, and other interested parties, may attend the
meeting and ask questions about your bankruptcy. Here’s a video of a future meeting of creditors: https://www.youtube.com/watch?v=ic0PuvJbdu0

Yes. Chapter 7 for a business is liquidation, similar to a personal chapter 7, but without a discharge of debts. The business must have ceased operation on the day the bankruptcy is filed.

Yes, in most cases

Yes, sometimes. Call me and we can talk more about discharging student loans in bankruptcy.