Don’t let your debts sink your ship. Filing for bankruptcy allows you to start over.

Living with debt can be unbearable. Due to all the upheaval in your life, many things have gone wrong. Money was already tight. This has nearly capsized your ship; you are definitely taking on water. What can you do to make things better?

You fear you will have to declare bankruptcy. As scary as this is, there are many reasons to consider bankruptcy. The most important one is that filing for bankruptcy will enable you to “start over.”

In many ways bankruptcy is not the end, but the beginning. Here are some ways that bankruptcy can make life easier when bankruptcy is the best option for you:

  1. You can focus on moving forward. You don’t have to worry about getting calls from collection agencies. In fact, your creditors can’t contact you at all during your bankruptcy filing.
  2. Your pay check will be yours again. Your pay can no longer be garnished during bankruptcy.
  3. Certain kinds of debt disappear. Credit card debt, debt from medical bills, personal loans and many other types of debt are forgiven. Remember that bankruptcy can’t get rid of your student loans. It also can’t get rid of your child support obligations.
  4. You may be able to renegotiate you mortgage and car payments.

Many New Mexicans are living and working with demoralizing amounts of debt. You have options you can pursue to get the debt relief you need. One viable option may be bankruptcy. You do not have to struggle with debt and harassing phone calls from collection agencies. Bankruptcy may be an option but you need to learn more about your specific situation. A bankruptcy attorney can help you understand your options and work to get you a fresh start.