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Bankruptcy is a way for people in a certain degree of financial trouble to start over with a clean slate. If you've been planning on filing for bankruptcy in New Hampshire, think of it as a proven system for getting you the fresh start you want. Don't forget that these laws were designed to help, so there's no point in viewing them in a negative way. This page shows you How to File for New Hampshire Bankruptcy.
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Bankruptcy Law and Credit Card Debt Help in New Hampshire (NH)
In this video, attorney Marla Margolis briefly tells of how she's been in business for more than 10 years and can help if you're in financial trouble. She talks about the financial stress of having too much debt, especially if creditors are calling you, and how she can help to relieve that pressure with a bankruptcy filing.
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Introduction
Filings takes place in federal court because bankruptcy falls under the umbrella of federal law in all 50 states across the USA. However, New Hampshire state law may still have a role to play with respect to certain areas of the process, like when determining which assets are exempt from liquidation and at what dollar value. -
Step 1: What is Chapter 7 Bankruptcy?
Chapter 7 bankruptcy is a legal process intended to free an individual facing financial problems from unsecured debt obligations. However, Chapter 7 does not wipe out debt like mortgages or car payments because they are secured by collateral. This type of bankruptcy is also known as liquidation or straight bankruptcy. Many people have concerns about this type of filing due to what they've been told about asset liquidation, but forced sales can likely be avoided if you can pass a means test. Also, a Chapter 13 bankruptcy restructuring is always there as a second option if you decide that Chapter 7 isn't going to be helpful for you. -
Step 2: The Chapter 7 Income Test
To pass the Chapter 7 Bankruptcy means test, you'll need to demonstrate that your household income is less than than the state median for New Hampshire. This figure is determined by the Census Bureau and varies depending on your family's size. The following maximum incomes apply in cases filed after March 15, 2009http://research.lawyers.com/New-Hampshire/Bankruptcy-in-New-Hampshire.html:- Single individual: $55,766
- Two person family: $65,751
- Three person family: $77,008
- Four person family: $93,186
- Five+ person family: $93,186 plus $6,900 for each extra individual over four
Step 3: Chapter 7 Exemptions for New Hampshire
Once you're sure that you'll qualify to file for chapter 7, it's vital that you enlist the help of a bankruptcy attorney so they can review with you all of the exemptions you have a right to use. Though your lawyer will know how to formulate the best strategy for you, here are a just a few of the allowable exemptions in the state of New Hampshire:http://research.lawyers.com/New-Hampshire/Bankruptcy-in-New-Hampshire.html- Household furniture to $3,500
- Homestead or mobile home to $100,000
- Military uniform, arms and equipment
- Tools of your occupation to $5,000
- One cow, yoke of oxen or a horse if required for farming or teaming purposes and up to four tons of hay
- Clothing for yourself and your family
- One automobile to $4,000
- Provisions and fuel to $400
- Any property to $1,000 plus up to $7,000 in any unused exemption amounts from furniture, fuel, books, tools of occupation, automobiles and jewelry
- One hog, one pig, six sheep and their fleece
- Retirement plans
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