Best Bankruptcy & Debt Lawyers in Portsmouth

About Bankruptcy & Debt Law in Portsmouth, United States

Bankruptcy & Debt law in Portsmouth, United States, covers the legal processes and regulations surrounding individuals and businesses facing overwhelming debt. Bankruptcy provides a way for individuals and organizations to either repay their debts under protection or have some of them discharged. It is essential to understand the local laws and regulations before deciding to file for bankruptcy.

Why You May Need a Lawyer

There are various situations where you may require a lawyer specializing in Bankruptcy & Debt law in Portsmouth. Some common scenarios include facing foreclosure, being harassed by creditors, struggling to manage debt repayments, or needing guidance on the bankruptcy filing process. A lawyer can provide valuable advice, representation, and support throughout your legal proceedings.

Local Laws Overview

Local laws in Portsmouth, United States, regarding Bankruptcy & Debt, include the regulations outlined in the Bankruptcy Code. Individuals filing for bankruptcy must adhere to specific eligibility criteria, undergo credit counseling, and follow the appropriate procedures based on their bankruptcy chapter. It is crucial to understand these laws to ensure a smooth and successful bankruptcy process.

Frequently Asked Questions

1. What are the different types of bankruptcy?

There are primarily two types of bankruptcy for individuals: Chapter 7 and Chapter 13. Chapter 7 involves liquidating assets to repay debts, while Chapter 13 creates a repayment plan.

2. Will bankruptcy wipe out all my debts?

Not all debts can be discharged through bankruptcy. For example, student loans, child support, and certain tax debts may not be eligible for discharge.

3. How will bankruptcy affect my credit score?

Filing for bankruptcy can have a negative impact on your credit score, but it is possible to rebuild your credit over time with responsible financial management.

4. Can I keep any assets if I file for bankruptcy?

There are exemptions that allow individuals to keep certain assets, such as a primary residence or personal belongings, depending on the bankruptcy chapter.

5. How long does the bankruptcy process take?

The timeline for bankruptcy varies based on the type of bankruptcy filed and individual circumstances. Chapter 7 typically takes a few months, while Chapter 13 can last three to five years.

6. Will I lose my job if I file for bankruptcy?

Employers are prohibited from discriminating against employees who file for bankruptcy, so you should not lose your job solely due to bankruptcy.

7. Do I need to attend court if I file for bankruptcy?

Yes, individuals filing for bankruptcy are required to attend a meeting of creditors, where they will answer questions under oath about their financial situation.

8. Can I file for bankruptcy without a lawyer?

While it is possible to file for bankruptcy without a lawyer, having legal representation can greatly increase your chances of a successful outcome and ensure compliance with the law.

9. How much does it cost to file for bankruptcy?

The filing fee for bankruptcy varies depending on the chapter, with Chapter 7 typically costing around $335 and Chapter 13 around $310.

10. Is there a limit to how many times I can file for bankruptcy?

There are time limits between bankruptcy filings, typically ranging from two to eight years depending on the type of bankruptcy previously filed and the new filing.

Additional Resources

For more information on Bankruptcy & Debt in Portsmouth, United States, consider reaching out to the United States Bankruptcy Court for the District of New Hampshire or consulting with local legal aid organizations for assistance.

Next Steps

If you require legal assistance in Bankruptcy & Debt in Portsmouth, United States, it is advisable to schedule a consultation with a qualified bankruptcy lawyer. They can assess your situation, provide personalized advice, and guide you through the necessary steps to address your financial challenges effectively.