The New Mexico Chapter 13 Plan is a bankruptcy repayment plan that allows individuals to reorganize their debts and establish a payment plan with their creditors. This type of bankruptcy is also known as a wage earner's plan and is used by individuals who have a regular income but are facing financial difficulties. Under this type of plan, individuals must make regular payments to their creditors over a period of three to five years. The New Mexico Chapter 13 Plan typically requires debtors to pay off their debts according to a court-ordered repayment plan. Creditors are paid on a priority basis, with secured creditors such as mortgage and car loan lenders receiving the highest priority. Unsecured creditors such as credit card companies and medical bills receive the lowest priority. The repayment plan is designed to ensure that all creditors receive some payment, and that the debtor can remain current on their debts. Once the repayment plan is approved by the court, it must be followed for the duration of the plan. If the debtor fails to make the required payments, the court may dismiss the case and the debtors may be required to liquidate their assets in order to pay their creditors. There are two types of New Mexico Chapter 13 Plans: traditional and modified. A traditional Chapter 13 Plan requires the debtors to pay back all of their creditors according to the repayment plan approved by the court. With a modified plan, debtors may be able to reduce the amount of debt they must repay and/or extend the length of the repayment plan.
New Mexico Chapter 13 Plan
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