New Hampshire Bankruptcy Information
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Filing Chapter 13 Bankruptcy in New Hampshire
Chapter 13 Bankruptcy will allow you to work with your New Hampshire Bankruptcy Attorney and court appointed trustee to develop a three to five year repayment plan to repay your creditors. Many times the repayment plan may have more favorable debt repayment options. The repayment plan will be managed by the trustee and monitored by the court. A plus to filing bankruptcy in New Hampshire, is creditors are not allowed to continue debt collection efforts outside of the debt repayment plan. There may be exceptions for debt collection efforts for non-dischargeable debt.
Federal bankruptcy laws have outlined certain debts that are considered exempt. Exempt assets are assets that will be retained through the bankruptcy process, allowing you to start over. Although exemptions have been outlined in federal bankruptcy laws, many states have developed their own list of exempt assets. You may have the choice, depending on where you live, to choose either the state of federal bankruptcy list. Certain states however, allow only the state exemption list to be used.
In the state of New Hampshire, you can not use the federal exemption list when filing bankruptcy, only New Hampshire State Exemptions can be used.
File Chapter 7 Bankruptcy in New Hampshire
Individuals, corporations, partnerships, and married couples may all qualify to file Chapter 7 Bankruptcy. Chapter 7 Bankruptcy in New Hampshire is the most common bankruptcy and can be used to discharge your most unsecured debt with in four to six months. When filing Chapter 7 Bankruptcy, there is a liquidation of your assets by an appointed trustee, who will use the proceeds from the sale of your assets to pay your creditors. Creditors will be paid based on a priority rating determined by federal bankruptcy law.
In 2005, the Bankruptcy Prevention and Consumer Protection Act (BAPCA), made it more difficult to file Chapter 7 Bankruptcy in New Hampshire. The BAPCA requires an income test, additional credit counseling prior to filing bankruptcy, and completion of financial management course prior to the dismissal of your debt. The goal of the BAPCA was to encourage more individuals to file Chapter 13 Bankruptcy and repay a portion or all of their debt. To determine if you qualify for filing Chapter 7 Bankruptcy, you will have to pass an income test.
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