Get A Fresh Financial Start
If you have been struggling with debt, you may be asking yourself if you should file bankruptcy.
We will take the time to thoroughly discuss your financial situation with you so that you can make an informed decision on whether bankruptcy is the answer to your debt problems.
We Can Help
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Why Choose Us?
Michael K. Daniels has represented hundreds of people in Chapter 7 bankruptcy cases. By focusing on bankruptcy law, he provides high-level, expertise and personalized bankruptcy services to individuals and business owners in Albuquerque and New Mexico.
- Over 30 years experience
- A caring and nonjudgmental approach
- Your case will be handled quickly and efficiently
- Mike will work with you personally to achieve the best outcome for your financial situation
Bankruptcy FAQs
What is Bankruptcy?
Bankruptcy is the federal law system that allows consumers and businesses to get relief from debts. The practice is designed to help honest, but unfortunate, debtors create a financial fresh start without pressure from creditors trying to collect pre-existing debts.
Types of Bankruptcy
The most common types of bankruptcy for individuals are called chapter 7 and chapter 13:
- Chapter 7 bankruptcy settles all your non-exempt assets to pay off creditors, generally the preferred option when you have a large amount of unsecured debt, like medical bills and credit cards, and little income.
- Chapter 13 bankruptcy reorganizes your debt through a repayment plan, considered the best option if you have income, but want to avoid foreclosure of your home, or need time to catch up on outstanding debts.
The Advantages of Filing Bankruptcy
The immediate advantage of filing bankruptcy is something called an “automatic stay.” The stay puts your creditors on notice that they are to stop trying to collect money from you. It prohibits them from calling you, sending collection letters, filing lawsuits, garnishing wages, or seizing assets — except in a few cases, such as in the collection of alimony and child support.
If you are struggling with debt, you may be asking yourself if you should file bankruptcy. There are both advantages and disadvantages, and there is a lot to consider before deciding whether or not to file.
You don’t have to face this alone, call 505-246-9385 for a free consultation.