Best Bankruptcy & Debt Lawyers in New Hampshire

About Bankruptcy & Debt Law in New Hampshire, United States

Bankruptcy and debt law in New Hampshire is designed to help individuals and businesses who are struggling to pay back their creditors. The law provides several legal options to manage, reduce, or eliminate debt through federal bankruptcy filings or negotiations with creditors. Bankruptcy allows individuals or businesses to get relief from overwhelming debts, but it also comes with important consequences, such as potential loss of property and a significant impact on credit scores. New Hampshire follows federal bankruptcy regulations, but it also has unique exemptions and specific state rules that can affect how bankruptcy law is applied.

Why You May Need a Lawyer

Although it is possible to file for bankruptcy or negotiate debts without legal assistance, a lawyer can help you navigate the complexities of bankruptcy law, ensure you understand your rights and responsibilities, and maximize the protections available to you under both state and federal law. Common situations where legal help is valuable include:

• Facing foreclosure on your home or repossession of your vehicle
• Threatened with wage garnishment or bank account levies
• Overwhelming credit card, medical, or personal loan debt
• Receiving constant calls or letters from debt collectors
• Business debts you cannot repay
• Attempting to negotiate settlements with creditors
• Uncertainty about whether bankruptcy is the right choice for your situation

Local Laws Overview

Bankruptcy cases in New Hampshire are governed primarily by federal law, specifically the United States Bankruptcy Code. However, New Hampshire residents should be aware of key state-specific aspects:

• State Exemptions: New Hampshire allows residents to choose between federal and state bankruptcy exemptions, which determine what property you can protect from creditors. State exemptions may apply to certain types of personal property, equity in your home, tools of your trade, and more.
• Chapter 7 and Chapter 13: The most common types of individual bankruptcy are Chapter 7 (liquidation of nonexempt assets) and Chapter 13 (repayment plan). Eligibility for each depends on your income and other factors.
• Automatic Stay: Filing for bankruptcy triggers an automatic stay, which temporarily stops most collection actions, including lawsuits, wage garnishments, and foreclosure proceedings.
• Means Test: To file for Chapter 7 bankruptcy, New Hampshire residents must pass a means test based on household income and expenses.
• Debt Counseling: Before filing, you must complete credit counseling and, after filing, a financial management course approved in New Hampshire.

Frequently Asked Questions

What types of bankruptcy can individuals file in New Hampshire?

Most individuals in New Hampshire file under Chapter 7 or Chapter 13 of the United States Bankruptcy Code. Chapter 7 provides for liquidation of certain assets to pay debts, while Chapter 13 establishes a repayment plan for individuals with regular income.

What assets can I keep if I file for bankruptcy?

This depends on whether you choose federal or New Hampshire state exemptions. Many filers are able to keep their home, vehicle, retirement accounts, and modest personal property, but the exact items and values are subject to exemption limits.

Will filing for bankruptcy stop creditor harassment?

Yes, the automatic stay triggered by filing for bankruptcy immediately prohibits most creditors from contacting you, filing lawsuits, or taking collection action while your bankruptcy case is pending.

How long does bankruptcy stay on my credit report?

A Chapter 7 bankruptcy typically remains on your credit report for 10 years, while a Chapter 13 stays for seven years from the date of filing.

Can I file for bankruptcy without a lawyer?

It is possible to file for bankruptcy without legal representation, but the process can be complex and mistakes are common. Consulting a bankruptcy lawyer can help avoid costly errors.

Am I eligible for Chapter 7 bankruptcy in New Hampshire?

Eligibility depends on your household income and passing the means test. If your income is below the median for New Hampshire and you meet other requirements, you may qualify. Otherwise, you may consider Chapter 13.

What debts can be discharged in bankruptcy?

Most unsecured debts, such as credit card bills and medical expenses, can be discharged. Some debts, including child support, most student loans, and recent taxes, are generally not dischargeable.

Can bankruptcy prevent foreclosure on my home?

Filing for bankruptcy usually halts foreclosure temporarily through the automatic stay. Chapter 13 can help you catch up on overdue payments, possibly allowing you to keep your home if you can maintain future payments.

How much does it cost to file for bankruptcy?

Court filing fees are typically several hundred dollars. Attorney fees vary depending on the complexity of your case and the type of bankruptcy. Some attorneys may offer payment plans.

How do I start the bankruptcy process in New Hampshire?

Begin by gathering your financial records, completing a credit counseling course, and consulting with a qualified bankruptcy attorney. Your attorney can prepare and file the necessary forms and represent you throughout the process.

Additional Resources

If you need more information or assistance regarding bankruptcy and debt issues in New Hampshire, the following resources may be helpful:

• United States Bankruptcy Court - District of New Hampshire
• New Hampshire Legal Assistance
• New Hampshire Bar Association Lawyer Referral Service
• Local credit counseling agencies approved by the U.S. Trustee Program
• Consumer Financial Protection Bureau

Next Steps

If you believe bankruptcy or debt relief might be necessary for your situation:

• Gather your financial documents, including debts, assets, income, and expenses
• Seek a consultation with a bankruptcy attorney who has experience with New Hampshire cases
• Consider completing a credit counseling course from an approved provider
• Discuss the advantages and disadvantages of different debt relief strategies with your attorney
• Follow your lawyer's guidance carefully and keep all court dates and deadlines