Tami
Schneider

Santa Fe Bankruptcy Lawyer

2205 Miguel Chavez Rd., Suite A, Santa Fe, N.M. 87505

Tami Schneider, Bankruptcy Attorney

Santa Fe, New Mexico

Holistic Debt-Help

Frequently Asked Questions

Questions tailored to your particular situation can only be answered through an initial free no-obligation bankruptcy consultation.
Find out if you are a good candidate for bankruptcy.
I will personally speak with you in my office.

Yes, but your spouse’s income will be considered along with your income, to determine if you qualify for a Chapter 7 Bankruptcy.   If you are separated from your spouse, only your income is used to qualify you.

You can eliminate all credit card debt that is over 90 days old on the date that we file your bankruptcy case with the Court.

An emergency bankruptcy petition can be filed within two days, or less.  Your garnishment will halt as soon as your petition is filed with the Court. 

Yes. You will be required to reaffirm your car loan if you want to keep your car.  The interest rate and monthly payment of the reaffirmed car loan will be the same as before the bankruptcy.  If you reaffirm your car loan, the car lender can sue you after the bankruptcy is over if you fail to make your payments. 

Yes. You are required to tell the bankruptcy court about all of your debts.  This includes debts that you cannot get rid of, such as student loans, recent tax debt and child support, and debts that you may not want to get rid of, such as debt owed to your mother or a small loan from your credit union.

Your ownership interest (e.g. 50%, 100%) in your LLC counts as an asset of your personal estate. The answer to this question depends on the Fair Market  Value of the LLC and exemptions which are available to use based upon other assets you may want to protect.  

Often you can keep and continue to operate your LLC if your LLC is of little value or cannot be easily sold.  If the only or primary asset of your LLC is your professional license, such as a real estate broker license, it is doubtful that the bankruptcy trustee will be interested in your LLC.  In this example, your LLC isn’t worth much if you aren’t working for it and your license can’t be sold.

No.  Your LLC is treated as a single entity.  Either the trustee will leave your LLC alone or she will consider selling it.  The Fair market value of your LLC is determined by the combined value of all of its assets and all of its liabilities. 

There will be a 341 Meeting of Creditors about a month after your petition is filed.  This is a short informal hearing held by a bankruptcy trustee, not a judge.  I attend with you.  Creditors are invited to appear, but rarely do. You need to bring your driver’s license and social security card.  You will be placed under oath and asked a few questions, mostly about the property you own.  Approximately twelve hearings are scheduled an hour.   If you live in Santa Fe, Espanola, Taos, Las Vegas and nearby regions in Northern New Mexico, your 341 Meeting of Creditors will be held in the post office building on Federal Place in Santa Fe.

You will need your most recent six months of paycheck stubs, a copy of your most recently filed IRS 1040 with all schedules, bank statements or printouts showing your account balances on the date of the bankruptcy filing, and documents showing income, such as social security and pension statements.

You will have to take two credit counseling classes. You take the first class before you file for bankruptcy and a second class while your bankruptcy case is open.  Classes are available to take on the internet, in person or by telephone.  I can refer you to very inexpensive internet providers.

The negative accounts will still appear, but instead of listing a past due amount, the report will indicate that the account was discharged in Chapter 7 bankruptcy.

Probably not.  The answer depends on what other property you need to protect, how much your artwork is worth and how much your other property is worth.  The bankruptcy trustee will want to know the most recent date when you sold a painting (or other work of art) and the price you received.  

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