Category Archives: FAQ

What Will Happen to My Home and Car If I File Bankruptcy?– NMBankruptcyBlog.com

What Will Happen to My Home and Car If I File Bankruptcy? In most cases you will not lose your home or car during your bankruptcy case as long as your equity in the property is fully exempt. Even if your property is not fully exempt, you will be able to keep it, if you […]

What Property Can I Keep?– NMBankruptcyBlog.com

What Property Can I Keep? In a chapter 7 case, you can keep all property which the law says is “exempt” from the claims of creditors. It is important to check the exemptions that are available in the state where you live. (If you moved to your current state from a different state within two […]

What Must I Do Before Filing Bankruptcy?– NMBankruptcyBlog.com

What Must I Do Before Filing Bankruptcy? You must receive budget and credit counseling from an approved credit counseling agency within 180 days before your bankruptcy case is filed. The agency will review possible options available to you in credit counseling and assist you in reviewing your budget. Different agencies provide the counseling in-person, by […]

What Does It Cost to File for Bankruptcy?– NMBankruptcyBlog.com

What Does It Cost to File for Bankruptcy? It now costs $299 to file for bankruptcy under chapter 7 and $274 to file for bankruptcy under chapter 13, whether for one person or a married couple. The court may allow you to pay this filing fee in installments if you can not pay it all […]

What Different Types of Bankruptcy Cases Should I Consider?– NMBankruptcyBlog.com

What Different Types of Bankruptcy Cases Should I Consider? There are four types of bankruptcy cases provided under the law: Chapter 7 is known as “straight” bankruptcy or “liquidation.” It requires an individual to give up property which is not “exempt” under the law, so the property can be sold to pay creditors. Generally, those […]

What Is Bankruptcy?

What is Bankruptcy? Bankruptcy is a legal proceeding in which a person who can not pay his or her bills can get a fresh financial start. The right to file for bankruptcy is provided by federal law, and all bankruptcy cases are handled in federal court. Filing bankruptcy immediately stops all of your creditors from […]