In the state of New Hampshire, the total number of bankruptcy filings is roughly 4,000 annually, and bankruptcy in the United States overall is a common occurrence as businesses and individuals commonly find themselves in impossible financial situation’s that they just cannot get out of without legal help. Bankruptcy protection may be the solution these individuals or businesses are looking for to get debt relief -- but is it the best solution?

Bankruptcy can be defined as the legal inability to pay debts or the state of having been legally declared bankrupt. Obtaining bankruptcy protection can be a grueling process and because bankruptcy laws can be complicated, due to the many different types of bankruptcy, it is highly recommended that you hire a bankruptcy lawyer or attorney to help you with your case – especially if you own a business and have assets.

A bankruptcy lawyer or attorney will discuss the different types of bankruptcy and advise you on which one is best for you. Keep in mind that there are several types of bankruptcy including chapter 7, 11, and chapter 13 (the most common types), and chapter 9, 12, and chapter 15 (less common). Married couples typically utilize chapter 7 and businesses typically utilize chapter 7 and 11.

Once a New Hampshire bankruptcy lawyer or attorney has explained your options, they will oversee your case, beginning to end. In some situations, the individual or business will go before a New Hampshire judge and work out (and agree to) a payment plan. Or, they will have a partial or full discharge of most debt. In some cases, all debts are discharged. If this seems too good to be true, you are correct – it is. If you file for bankruptcy, your debts will be discharged, but your credit will be ruined, and in most cases, for up to 10 years. A bankruptcy lawyer or attorney will explain the risks to you as well as offer other possible alternatives to bankruptcy. Keep in mind that a bankruptcy lawyer or attorney will also (or should) have extensive knowledge about debt management.

If you are ready to contact a New Hampshire bankruptcy lawyer or attorney to explore your options for debt relief, visit the American Bar Association ( ABA ) website. The ABA features a lawyer locator, which allows the user to search bankruptcy lawyer profiles in New Hampshire . Access to the site and profiles is free.

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