A Quick Guide to Filing for Bankruptcy in New Hampshire
Legal Rights Advocates, PLLC is a law firm that helps clients file for bankruptcy in New Hampshire. Our team of attorneys, over the years, has helped countless clients understand bankruptcy better and file after looking at other options and choosing the one that suits them the best.
If you are interested in learning more about how to file for bankruptcy, including Chapter 7, in New Hampshire, call us at (855) 254-7841 for immediate assistance.
Filing for Chapter 7 Bankruptcy in New Hampshire? Read our guide to help you. Before we start though, a few words of caution:
- Filing for bankruptcy is never an easy decision. You will likely mull over it and need to analyze other ways out before you zero-in on choosing bankruptcy as the way out.
- Bankruptcy filing, even if it is Chapter 7 or in the state of New Hampshire, does consist of detailed paperwork. You need to be thorough and accurate in your paperwork because it has a bearing on whether or not your filing will be accepted.
- If you are not aware of the law on bankruptcy, you may be likely to miss out on critical details in a bankruptcy such as exemptions allowed to you, or the debts that may not be allowed a discharge in this type of bankruptcy.
Filing Chapter 7 Bankruptcy in New Hampshire
Pre-filing essentials
- In the six months prior to filing for bankruptcy, you will need to complete credit counseling from an agency that is approved by the U.S. Trustee within New Hampshire.
- Apart from credit counseling, you will also need to take a debtor education course which is part of the process as well.
The Process of Filing
- Analyze the exemptions allowed to your case under the bankruptcy laws of the state. Choose federal exemptions over state ones, if applicable.
- Complete the forms and paperwork as accurately as possible. These will be reviewed by the court-appointed trustee.
- You will get notified by the court if your petition is successful. Your creditors will also be informed. Not all your debts will be discharged in full. Some may be put on a schedule of repayment.
Why You May Need a Professional’s Help
- Filing for bankruptcy includes filling in forms that require you to provide all information regarding your finances.
- One of the forms includes a ‘means test’. This includes filling up a fairly long form that will determine your eligibility for Chapter 7 bankruptcy in New Hampshire.
- The ‘means test’ will compare your income with the median income for a household similar to yours within New Hampshire. If your income is less than the median, you will be eligible for Chapter 7.
- In case your income is above the median income, you will need to provide a detailed account of your expenses, payments on secured debts, etc.
- Critical steps, such as meeting creditors, etc., may need you to be informed better. Your lawyer or attorney can help you prepare for these meetings, ensuring your petition is strengthened by it, instead of weakened.
Which is the right form to fill out for Chapter 7 bankruptcy filing in New Hampshire? How do you determine the median income of a household of your size? These and other questions can be answered better and more accurately by a professional.
If there are inaccuracies in the information provided by you, there is a chance of your efforts are filing going fruitless.
A professional who understands bankruptcy laws in New Hampshire will also be closely aware of the exemptions allowed. New Hampshire laws allow you to choose from federal bankruptcy exemptions if you do not want the state ones. The exemptions differ in terms of amount of money. Your bankruptcy lawyer or attorney will be best placed to explain this to you and help you make a choice. Remember, you will need to see both, New Hampshire state exemptions and the Federal Bankruptcy Exemptions for Chapter 7 before you make your choice.
