Don’t Let Finances Ruin Your Future
Facing financial hardship puts an incredible amount of stress on someone. Bankruptcy is an option for those looking for a way out. Whether you are an individual or a business owner, having an attorney is always in your best interest. Gaffney Law, PC can help guide you from beginning to end, judgment-free.
Our founding attorney, Joel Alan Gaffney, is the only attorney in New Mexico to a hold of Master of Laws (LL.M.) degree in bankruptcy studies. This unique distinction means you have a lawyer with experience and knowledge that can benefit you.
Personal Vs. Business Bankruptcy
There are many different forms of bankruptcy and it all depends on your circumstances. If you are an individual, you are facing different obstacles compared to a business. There are several options under the Bankruptcy Code, including:
- Chapter 7: Chapter 7 bankruptcy is for those who cannot pay off their debt. Under Chapter 7, much of a debtor’s possessions are sold off or “liquidated” (with some important exceptions, such as a home or vehicle) and creditors receive the proceeds.
- Chapter 13: Chapter 13 bankruptcy is for those who have regular income and can pay off their debt. In Chapter 13 bankruptcy, the debtor keeps their property and pays off their debts over a period of several years.
- If you own a business, you may also file for Chapter 7 bankruptcy. However, the business will be dissolved instead of reorganizing. Businesses are also eligible for Chapter 11, which allows them to reorganize or liquidate their assets to pay off any debt. Debtors in Chapter 11 may cancel certain contracts with creditors if it makes financial sense.
Individuals who earn a certain income may not be eligible for Chapter 7 or Chapter 13. These debtors still have the option to file for Chapter 11. Every financial situation is unique, and we can talk you through your options and help you develop a plan for success.
Don’t Wait; Call Today
If you are considering bankruptcy, don’t hesitate to contact our Albuquerque office for a free initial consultation. Together, we can determine what is the best option for you. Call us at 505-563-5508 or fill out our contact form.