Our Las Cruces Bankruptcy Lawyers Will Help You Get a Fresh Financial Start.
Many Americans associate bankruptcy with a negative connotation, but in reality, it can be a great financial tool to help you achieve financial stability if you have overwhelming debt that won't go away.
At the Law Offices of Kenneth G. Egan, we believe it's extremely important to work with a bankruptcy law firm that has the right credentials and reputation when it comes to your finances. Our bankruptcy lawyers have nearly three decades of experience successfully representing clients who need to file for bankruptcy.
Why Do People File Bankruptcy?
A bankruptcy filing can be triggered by a number of life events. Some of the most common life events that lead to bankruptcy are as follows:
In the year following a job loss, households were 2.5 times more likely to file for bankruptcy, according to a study by the Federal Reserve Board.
Researchers have found a link between divorce and bankruptcy, though experts disagree as to whether there is a cause-and-effect relationship.
In a study published in 2007, Harvard Law professor Elizabeth Warren found that 29% of bankruptcies were caused by medical bills, and 57% of respondents had experienced problems with medical debt.
More than 40% of respondents in the same study cited loss of income due to illness as a driver of financial instability leading to bankruptcy.
Taking Control of Your Debt Through Bankruptcy
At The Law Offices of Kenneth G. Egan, our legal team can help you if you are experiencing financial distress. We can help you determine if bankruptcy is the right solution or if there is another option to help you. If you need help filing, our bankruptcy lawyers can walk you through the process.
Chapter 13 Bankruptcy
When you file for Chapter 13, your attorney will work with your creditors and the local bankruptcy trustee to come up with an affordable payment plan. If you keep enough to cover your living expenses and make payments on secured debts like your mortgage and auto loan, you will be able to eliminate your debt. After three to five years, your remaining debts will be discharged, or forgiven.
Chapter 7 Bankruptcy
The second choice for consumers is Chapter 7 bankruptcy, also known as “liquidation” bankruptcy. Only consumers who truly need Chapter 7 protection qualify for it; those with the ability to maintain a Chapter 13 plan must file under Chapter 13. If you file under Chapter 7, you surrender your non-exempt assets to the trustee, who will sell them and pay your unsecured creditors with the proceeds. In the event that you are able to sell all of your non-exempt property, the remaining debt will be discharged.
Whether you file for bankruptcy for personal or business reasons, you will be given a chance to start over. No more collection calls and no more threats of wage garnishment. The bankruptcy discharge can give you a fresh start financially.
What to Expect During the Bankruptcy Process
Throughout the bankruptcy process, from the first free consultation to the discharge, our bankruptcy attorneys make sure that our clients are as well informed as possible.
Initial Free Consultation
Our Las Cruces law firm offers a free consultation so you can determine which bankruptcy option is best for you. In short, we talk to our clients and gather the necessary information and documents to determine if a bankruptcy case is necessary and which chapter is best suited for you.
Upon filing the case and receiving a case number, we inform you of the date of the meeting of creditors, at which the Chapter 7 or Chapter 13 bankruptcy trustee will conduct an examination. In addition to preparing you for the hearing, we provide you with representation at it.
During the meeting of creditors hearing, also known as a 341(a) hearing, the primary purpose of the hearing is an examination of the bankruptcy case paperwork. As part of the hearing, the trustee reviews the filing client's bankruptcy case paperwork and other documents and asks several questions under oath. If you need a translator, translation services are available.
Typically, a hearing lasts an hour to an hour and a half. Most of the time, clients are just waiting for their turn. Once they are called for their examination, it usually takes no more than three to five minutes.
After the meeting of creditors, in a Chapter 7, the trustee files the no asset report if there are no assets to distribute to creditors. You will receive a discharge and the case will be closed after approximately 3 to 4 months.
Often, bankruptcy filers will need to take debt management counseling before receiving a discharge. We will provide instructions for this class if necessary.
Life After Bankruptcy Discharge
In most cases, once you receive the discharge in the mail, you can return to normal life with a fresh financial start. We make sure you understand what the discharge means and answer any questions you may have.
Contact Our Bankruptcy Lawyers in New Mexico
If you are facing financial hardship and considering bankruptcy, don't hesitate to seek professional guidance from our skilled Las Cruces bankruptcy lawyers at the Law Offices of Kenneth G. Egan. We understand the complexities of bankruptcy laws and can provide you with the expert advice you need to make informed decisions about your financial future.
Take the first step toward a fresh start by scheduling a free case evaluation with our experienced team today. We will custom-tailor our approach to meet your specific financial situation and work diligently to find the best possible solution for you. Whether you are considering Chapter 7 or Chapter 13 bankruptcy, our accomplished Las Cruces bankruptcy lawyers will provide the aggressive and assured legal support to help you navigate the process successfully. Contact us at (575) 523-2222 to get started on your path to financial recovery.