The information on this website is taken from records made available by state and local law enforcement departments, courts, city and town halls, and other public and private sources. You may be shocked by the information found in your search reports. Please search responsibly.
Recordsfinder.com is not a “consumer reporting agency” and does not supply “consumer reports” as those terms are defined by the Fair Credit Reporting Act (FCRA). Pursuant to our Terms of Service and Privacy Policy, you acknowledge and agree not to use any information gathered through Recordsfinder.com for any purpose under the FCRA, including but not limited to evaluating eligibility for personal credit, insurance, employment, or tenancy.
Searches of license plate and VIN information are available only for purposes authorized by the Driver’s Privacy Protection Act of 1994 (DPPA).
By clicking “I Agree” you consent to our Terms of Service, agree not to use the information provided by Recordsfinder.com for any unlawful purposes, and you understand that we cannot confirm that information provided below is accurate or complete.
The search you are about to conduct on this website is a people search to find initial results of the search subject. You understand that any search reports offered from this website will only be generated with the purchase of the report or account registration.
Filing for Bankruptcy in NM
According to the 2005 Bankruptcy Act, all states must follow federal guidelines for bankruptcy. There are three such District Bankruptcy Courts in the state of New Mexico. The most common types of bankruptcy are Chapter 7, Chapter 11, Chapter 12 and Chapter 13.
New Mexico Bankruptcy Types: Chapter 7, Chapter 13 & Chapter 11
Filing for Bankruptcy Chapter 7 in New Mexico
Chapter 7 is sometimes referred to as "elimination bankruptcy" this is due to the success in which Chapter 7 removes unsecured debt from a petitioner's financial responsibility. Non-dischargeable debt like child support, back taxes and student loans are not eliminated through bankruptcy and remain the responsibility of the debtor. Still, this is an attractive choice for those with few assets and a high debt to low income ratio.
Chapter 13 NM: Bankruptcy Laws and Requirements
Another option is restructuring debt through Chapter 13 bankruptcy. Petitioners for this type of bankruptcy are able to repay their minimized debt over a period of 3 to 5 years. As long as the payments are being made as agreed upon in court, the petitioner can keep more of their valuable assets such as their home or car.
Filing Chapter 11 & 12 Bankruptcy in NM
Chapter 11 offers debt relief to businesses that need time and accountability to repay debts. Typically there is a 3 to 5 year summary for Chapter 11 and businesses can remain in operation and have protection over business assets while payments are being made. Similarly, Chapter 12 assists family farmers and fishermen who need time to repay debt, but wish to continue operating.
How Much Does It Cost to File New Mexico Bankruptcy?
The cost to file for Chapter 7 is $306 and can be waived in specific cases. Chapter 13's fee is $281 and cannot be waived. Of course, all attorney fees are the responsibility of the petitioner.
New Mexico Bankruptcy Court Forms
Official bankruptcy forms for the U.S. Bankruptcy Courts are available at http://www.uscourts.gov/forms/bankruptcy-forms or RecordsFinder.com Court Forms Section.
Steps Involved in Filing for NM Bankruptcy
Credit counseling is required of all petitioners of bankruptcy within 6 months of filing. Those that wish to pursue bankruptcy debt relief have additional steps to follow.
- First, it is necessary to find out for which type of bankruptcy a petitioner is eligible. This can be determined through a Means Test, comparing the income of the petitioner over the last 6 months with the income of the rest of New Mexico. If an individual's income is below the median for the state, he or she may file for Chapter 7 or Chapter 13 bankruptcy. Those who have a higher income are only eligible for Chapter 13.
- Gathering paperwork is the next step to prepare documentation for the court. These documents may include, but are not restricted to 2 years of tax returns, records of any major recent financial transactions, all loan information, property deeds, titles of vehicles, an inventory of all assets, a list of all debts, and monthly living expenses. For those filing for Chapter 13, the court also requires a detailed summary of how outstanding debt can be repaid in 3 to 5 years.
- The documents, debt repayment summary, and all necessary forms are submitted to the court and referred to as "the schedule." Some people who file bankruptcy choose to have legal guidance through an attorney while others choose to file on their own.
- After the court has the schedule, an automatic stay is issued to make sure creditors are not in direct contact with the debtor, and to halt any foreclosure proceedings. A court appointed trustee will then oversee the case to determine what non-exempt assets can be liquidated for repayment of debt and to hold a 341 meeting. This conference allows the creditors and debtor to negotiate terms of repayment. If no agreement can be made, a judge will intervene.
- No bankruptcy is final without the completion of a financial management course approved by the court. Lastly, a petitioner of Chapter 13 bankruptcy must continue to make payments as agreed upon in their repayment summary to avoid returning to court.
New Mexico Bankruptcy Court Locations
The counties of New Mexico are all under shared jurisdiction of three District Bankruptcy Courts. The courts can be found in the following cities: Albuquerque, Las Cruses and Roswell. Each District Court must adhere to the same federal standards.