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Financial woes and filing for bankruptcy

In New Mexico and across the United States, many people experiencing unexpected life changes try to avoid filing for bankruptcy. Some credit card companies may accept smaller payments and forgive the rest of the amount owed. However, filing for bankruptcy may help debtors get back on track financially. The first step is to determine whether a person meets the financial qualifications to file for bankruptcy.

A person's income and assets play a key role in determining whether they qualify to file for Chapter 7 bankruptcy or Chapter 13 bankruptcy to pay off credit card debt. Consulting with a bankruptcy lawyer may shed light on the situation. A person experiencing heavy debt needs to earn enough money to pay back creditors. However, additional daily, weekly or monthly expenses can prevent a person from having the financial means to pay off the debt. Debt settlement is another option. Nonetheless, settling a debt without the help of a bankruptcy attorney may yield an unfavorable result.

Sometimes, debt settlement backfires and favors the creditor instead of the debtor. Furthermore, credit card companies and debt collectors are not always willing to settle with debtors unless they have legal representation. Debtors who work with lawyers may find that creditors are apt to reach settlement agreements rather than pay additional legal fees. Filing for bankruptcy has perks, including providing a debtor with the opportunity to save money and avoiding paying taxes on discharged debts.

Plus, people who file for bankruptcy might be able to achieve excellent credit within a short time after they file their documents. In some cases, people filing for bankruptcy attain perfect credit scores within two years after they file their paperwork. Unpaid bills and medical expenses are only some of the problems facing people who need to eliminate debt. Speaking with a bankruptcy lawyer may help.

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Offices Conveniently Located in Roswell, Albuquerque & Hobbs

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701 West Country Club Road
Roswell, NM 88201

Toll Free: 866-755-7229
Phone: 575-578-4392
Fax: 575-622-5853
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4801 Lang NE
Suite 110
Albuquerque, NM 87109

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Phone: 505-798-2588
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732 E. Michigan
Suite 500
Hobbs, NM 88240

Toll Free: 866-755-7229
Phone: 575-318-2887
Fax: 575-393-0565
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1990 E Lohman Ave
Las Cruces, NM 88001

Phone: 575-222-1111
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1100 Sudderth Dr
Ruidoso, NM 88345

Phone: 575-222-1111
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