No one enters a business thinking it will fail and they will end up researching bankruptcy law in New Mexico. However, things don’t always work out how we plan and there may come a time when filing for bankruptcy in New Mexico becomes the best option for your and your business.

Research the bankruptcy laws in New Mexico before you begin the make a decision about filing for bankruptcy. You want to have a complete understanding of the process and what you have to lose and gain from filing for bankruptcy in New Mexico. Before filing for bankruptcy keep in mind and the following:

1. Filing for bankruptcy offers you an opportunity to start anew. Look at it as a new beginning instead of an ending.
2. Understand how New Mexico bankruptcy law is going to affect your current business and any possible future business endeavors.
3. Examine the decisions you made that brought you the point of needing to file for bankruptcy. Analyze the situation so you know what went wrong and so you won’t make the same mistakes again.
   

Action Steps
The best contacts and resources to help you get it done

Know the exemptions you have under NM bankruptcy law

You should know the exemptions you have available under New Mexico bankruptcy laws. Homestead, insurance and pensions are just some of the property concerns you want to investigate before you make a decision to file for bankruptcy in New Mexico.

I recommend: Personal Bankruptcy Information has a chart with all of the available exemptions in New Mexico and links to other New Mexico bankruptcy law information. The Bankruptcy Site has a page that covers the available exemptions in New Mexico.

Understand the process of bankruptcy in New Mexico

Filing for bankruptcy has changed drastically with the passage of the 2005 bankruptcy laws. You may not be eligible to file for Chapter 7 bankruptcy. If you have a valuable asset you want to keep that isn't covered under the exemptions, Chapter 13 may be a better option for you anyway.

I recommend: Lawyers.com covers all aspects of the bankruptcy process in New Mexico. New Mexico Bankruptcy.com also has information on the bankruptcy process.

Hire a good New Mexico bankruptcy attorney to get you through the process

There's no filing for bankruptcy without a good New Mexico bankruptcy attorney. There are plenty of high quality New Mexico bankruptcy lawyers to choose from, find one that is a good fit for you and your business.

I recommend: New Mexico Bankruptcy Lawyers.com has a wealth of information on New Mexico bankruptcy attorneys. The Law Office of George Dave Giddens, P.C., is one of many New Mexico bankruptcy law firms that can help you with your bankruptcy filing.

Tips & Tactics

Helpful advice for making the most of this Guide

• •  Review your assets and debt before filing for bankruptcy in New Mexico. Property that you can't claim as an exemption may be sold to pay off to your creditors. Be sure to claim all property that you are eligible to keep as exempt or the exemptions will not be given.