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Your Albuquerque bankruptcy lawyer can help you keep your house, car and personal belongings.
Your Legal Helpers sponsoring Albuquerque bankruptcy lawyer concentrates in personal and family financial law. He understands your concerns and knows how to meet your needs. That's why you should contact your Legal Helpers Albuquerque bankruptcy lawyer to discuss your situation and consider the most appropriate strategies.
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If your Albuquerque bankruptcy lawyer suggests that you should file Chapter 7, he may help you protect your home, car and personal belongings. Your Albuquerque bankruptcy lawyer will help you "reaffirm" these debts. Your New Mexico bankruptcy lawyer realizes that mortgage lenders and automobile finance companies are usually more than happy to keep accepting your current monthly payments both before and after a Chapter 7 bankruptcy. The finance companies want to make money, not to repossess your property.
When you reaffirm your debt, the finance company has the comfort of knowing that you cannot file bankruptcy for another eight years, and it can continue to collect the principal plus interest under the original loan agreements. Legal Helpers' bankruptcy lawyers will make all of the arrangements for you to reaffirm your debts on your home, car or other household goods that you are financing. Many credit card companies are also willing to allow you to reaffirm your debt with them and reinstate your line of credit after the bankruptcy.
Now may be the best time to file
Congress has passed a new law that limits your ability to eliminate debt. The credit card companies hired some of the most prestigious lobbying firms in the country to pressure our legislators. The new law affects your ability to get relief under both Chapter 7 and Chapter 13.
Under Chapter 7, the new law prevents you from eliminating your debt if you made at least the median U.S. income and can afford to pay back only 20% of your debt in installments over at least a 5 year repayment plan. What is worse is that the Government determines your ability to make these monthly payments using IRS standards for household expenses, which in many cases are not realistic for each individual.
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