Hello and thank you for allowing me the opportunity to assist you.
According to the online calculator found HERE, you make about $1200/month more than the median family income for a family of 3 in New Mexico. That means you don’t automatically qualify for a Chapter 7 bankruptcy. You can still qualify, however, if you don’t have enough disposable income to pay off your debts. Your disposable income will be determined by subtracting allowed expenses (as determined by an IRS list of expenses) from your monthly income. As you can imagine, this can be fairly complicated, so to find out for sure you’re going to have to consult with a bankruptcy attorney in-person so he can review each of your expenses.
The requirements for a Chapter 13 bankruptcy are not as limiting, so assuming your unsecured debt is under $300k, your secured debt is under $900k, and you have a stable income, then you qualify for a Chapter 13.
I suggest you consult with a bankruptcy attorney in-person (he should give a free initial consultation) so he can review your situation in detail and help you choose the best option.
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