The New Mexico Voluntary Petition — Form 1 is a legal document used in bankruptcy cases to initiate the filing process in the state of New Mexico. This petition is filled out by an individual or a business entity to declare their intention to seek relief under the bankruptcy code. Keywords: New Mexico, voluntary petition, Form 1, bankruptcy cases, filing process, individual, business entity, bankruptcy code, relief. There are three types of New Mexico Voluntary Petition — Form 1, based on the bankruptcy chapters they pertain to: 1. Chapter 7 Voluntary Petition: This petition is filed by individuals or businesses who wish to liquidate their assets to repay their debts. It involves the sale of non-exempt property, and any remaining eligible debts are discharged. Keywords: Chapter 7 bankruptcy, liquidation, assets, debts, discharged. 2. Chapter 11 Voluntary Petition: This petition is primarily used by businesses seeking reorganization to continue their operations while repaying their debts. It allows the debtor to propose a repayment plan to creditors, with a focus on restructuring and profitability. Keywords: Chapter 11 bankruptcy, reorganization, operations, repayment plan, creditors, restructuring, profitability. 3. Chapter 13 Voluntary Petition: This petition is commonly filed by individuals or sole proprietors who have a regular source of income and seek to reorganize their debts. It involves a repayment plan over a designated period, typically three to five years, without necessitating the liquidation of assets. Keywords: Chapter 13 bankruptcy, regular income, reorganize debts, repayment plan, designated period, liquidation. It is important to understand the specific type of bankruptcy case and the corresponding New Mexico Voluntary Petition — Form 1 that aligns with the debtor's situation. Seeking legal counsel or utilizing resources provided by bankruptcy courts can help ensure the completion of the correct form and compliance with all relevant regulations.
New Mexico Voluntary Petition - Form 1
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How to fill out New Mexico Voluntary Petition - Form 1?
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Debts not discharged include debts for alimony and child support, certain taxes, debts for certain educational benefit overpayments or loans made or guaranteed by a governmental unit, debts for willful and malicious injury by the debtor to another entity or to the property of another entity, debts for death or personal ...
Under Chapter 7, the debtor can keep certain exempt assets, but the trustee then liquidates the remaining assets. In this case, the trustee will sell (or liquidate) the debtor's property, if applicable, to pay off the qualifying debt. While Chapter 7 liquidates, Chapter 13 rearranges, as previously noted.
Voluntary Petition for Individuals Filing for Bankruptcy It contains some basic information about you (including your name and address), what type of bankruptcy you're filing, whether your debts are mostly consumer debts, and whether you have any nonexempt assets.
The court may deny a chapter 7 discharge for any of the reasons described in section 727(a) of the Bankruptcy Code, including failure to provide requested tax documents; failure to complete a course on personal financial management; transfer or concealment of property with intent to hinder, delay, or defraud creditors; ...
Voluntary bankruptcy is a type of bankruptcy where an insolvent debtor brings the petition to a court to declare bankruptcy because they are unable to pay off their debts. Both individuals and businesses are able to use this approach.
Here's an overview of the steps involved in filing for Chapter 7 bankruptcy. Find an attorney. ... Attend credit counseling. ... Petition and prepare paperwork. ... A trustee is appointed to your case. ... Meet with your creditors. ... Complete debtor education course. ... Confirm your eligibility. ... Nonexempt property is liquidated.