New Hampshire Bankruptcy Lawyer

In the state of New Hampshire, the total number of bankruptcy filings is roughly 4,000 annually. Bankruptcy in the United States is a common occurrence, as businesses and individuals increasingly find themselves in difficult financial situations. 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. Bankruptcy laws can be complicated, due to the many different types of bankruptcy; therefore, 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 that you wish to protect.

A bankruptcy lawyer or attorney will discuss the different types of bankruptcy with you, and help you decide which one is best for you. There are several types of bankruptcy, but the most common for individuals and married couples are Chapter 7 or Chapter 13. Small businesses usually opt for Chapter 11, although there are additional forms of bankruptcy that may apply to family farms or other financial situations. Especially if you have a complicated economic picture, a bankruptcy attorney is the best way to ensure that your assets are protected as you begin the process of filing for bankruptcy relief.

In New Hampshire there are certain bankruptcy exemptions, which is a list of the kinds and values of property that creditors or bankruptcy trustees are legally unable to reach. The debtor is allowed to keep the property that is considered exempt, and what is exempt and the amount that is exempt varies from state to state. In New Hampshire, the homestead or real property or a manufactured home is exempt up to $100,000. Beds and bedding, cooking utensils and clothing are exempt, as is furniture up to $3,500. Home appliances are exempt, as well as provisions and fuel of up to $400. Books are exempt up to $800, an automobile is exempt of up to $4,000. Jewelry is exempt up to $500, and up to $7,000 is exempt for any property for any unused amounts allowed for tools of the trade. Wages and pensions, insurance, public assistance, workers' compensation, unemployment compensation are all exempt.

Once a New Hampshire bankruptcy lawyer or attorney has explained your options, they will oversee your case from beginning to end. In some situations, the individual or business will go before a New Hampshire judge in order to work out a payment plan. They may have a partial or full discharge of most debt, and in some rarer cases, all debts are discharged.

Bear in mind, however, that if you file for bankruptcy, your debts will be discharged, but your credit will be affected 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, since he or she will also have extensive knowledge about other forms of 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, the locator, and the profiles is free. In 2008 New Hampshire had a cumulative 3,868 residents file for bankruptcy, and that number may only grow as difficult economic times get worse.


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