Chapter 7 Bankruptcy In New Hampshire
If you are considering filing bankruptcy in the State of New Hampshire you need to understand the New Hampshire laws and the exemptions that apply to your assets.
Chapter 7 bankruptcy is one of the quickest forms of bankruptcy and is available to individuals and married couples. The process may take as little as 3 to 6 months. Debts that may be discharged include credit cards, medical bills, utility bills and more. Basically any unsecured debt can be discharged during the chapter 7 proceedings. Many assets can still be retained by the debtor. Certain items such as homes, cars, pensions, social security or damages awarded during a personal injury case may be exempt. Chapter 7 may only be filed once every 6 years.
Businesses, corporations and LLCs may also utilize chapter 7.
Chapter 11 Bankruptcy In New Hampshire
Chapter 11 allows businesses to reorganize their debts and financial obligations while retaining their assets. Normally the business is allowed to conduct business as usual however in rare circumstances a trustee may be appointed. Chapter 11 gives the debtor an automatic stay against the actions of its creditors. During this time period creditors may not file a civil suit, bring collection actions, file liens or foreclose on properties. Being very complex in nature it is highly recommended that you contact a qualified Chapter 11 bankruptcy attorney to handle your case.
Filing Chapter 13 In New Hampshire
Chapter 13 allows individuals that own property in the State of New Hampshire to pay off their debt over a period of several years. This is know as a type of reorganization bankruptcy and allows those with a steady income the opportunity to pay off their debt and still retain ownership of their property. You may be able to stretch out your payments and your creditors may also be more inclined to reduce the amount of your payments. Payment plans are normally centered around your disposable income, that is, the income that you have available after having paid for the necessities of life. The bankruptcy court will appoint a trustee or plan administrator whose role is to collect and disperse payments to your creditors.
When To Declare Bankruptcy In New Hampshire
If you are constantly bombarded by collection calls, behind on your bills and unable to meet your financial obligations it may be time to consider filing bankruptcy.
Understand Your New Hampshire Bankruptcy Options
Bankruptcy will affect your credit and make it nearly impossible to obtain financing on future purchases for a period of up to 10 years. Declaring bankruptcy now, gives you more time to rebuild your future credit.
Note that you can not file bankruptcy on student loans or other obligations such as child support or alimony.
It is important to understand your options. If you are considering bankruptcy contact any of the New Hampshire bankruptcy attorneys that we have listed on our site.