According to the New Mexico Bankruptcy Records, it is ranked at the 43rd position among the 51 states of the United States of America pertaining to the cases of bankruptcy filed for the year 2008. All the types of filings such as bankruptcy under New Mexico Chapter 7, bankruptcy under New Mexico Chapter 11 and bankruptcy under New Mexico Chapter 13 are included in filing bankruptcy in New Mexico. There were more 3000 such cases filed in 2008. The last year's New Mexico bankruptcy filings accounted for a national statistics representation of 0.30 %. This contribution led to an increase in the total bankruptcy cases filed across United States, which noticed a significant rise of more than 28% than the figure in 2007.
In the year 2005, President Bush Jr. enforced the law called Bankruptcy Abuse Prevention and Consumer Protection Act. It was put into practice from the month of April after the president signed the bill. This law restricts the individual access to the different bankruptcy courts in United States. Few alterations were included in later and were made to effect from the month of October in 2005. Those changes are provided below,
- New prohibition under the cases filed under Chapter 7
- Payments for the cases filed under Chapter 13 payments were increased
- Latest assumptions were considered against different types of debtors and that too with enhanced penalties
- In order to balance the challenging benefits a reduction in the judicial discretion was ordered
Search for New Mexico Bankruptcy Records
Filing for Bankruptcy in New Mexico is mainly done under two Chapters, 7 and 13. The New Mexico Bankruptcy Records suggests that the other two Chapters 11 and 12. Bankruptcy laws in New Mexico dominate the New Mexico bankruptcy court and the records reflect that dominance.
New Mexico Bankruptcy Law Chapter 7 or the Straight Bankruptcy is used to get rid of all types of debts except the ones listed under the same. Most cases filed under Chapter 7 Of New Mexico bankruptcy laws are usually non asset based cases. The eligibility for filing the bankruptcy file under Chapter 7 is determined by the State Of New Mexico Bankruptcy law. If the income of an individual residing in New Mexico falls below the calculated median income of the state then that person is eligible. An individual would not be eligible under Chapter 7 if after deduction the expenses mentioned under this chapter he can pay up to US$ 100 per month for 5 years to the unsecured creditors.
The other Chapter under which you can file your bankruptcy case as per the New Mexico Federal Bankruptcy laws is Chapter 13. This is also known as the Wage Earner Bankruptcy and it is used to device a repayment scheme in order to repay all of the debts incurred by the person filling a case for bankruptcy in New Mexico over a long period of time. The time period is usually fixed from 3 to 5 years. The state of New Mexico Bankruptcy Court for correctness and flexibility must review the plan.
New Mexico Bankruptcy records are available online and can be accessed online through PACER or Public Access to Court Electronic Records. The United States Administrative Department also offers information on bankruptcy records in New Mexico. The fee charged against this facility of providing access to some key documents is a negligible amount. As a result these are some of the most frequently visited websites, used by lawyers and other legal professionals. Therefore if one is looking for these records, you know that the best place to find them is on the government maintained websites. The records are categorically maintained and therefore the person who is conducting the search can determine the exact nature of the bankruptcy that has been filed. It is easy to find out whether the case has been filed against Chapter 7 or Chapter 13 of the bankruptcy laws.
The availability of such important documents on the Internet has made it easy to conduct a search. Even if you are out of town and need to search for some document associated with the bankruptcy procedure, you can do so by logging into the respective websites and procure all relevant data.