Best Bankruptcy Lawyers in New Hampshire

About Bankruptcy Law in New Hampshire, United States

Bankruptcy is a legal process designed to help people and businesses in New Hampshire who are facing overwhelming debt. It allows individuals to either eliminate their debts entirely or to create a plan to repay them under the protection of the federal bankruptcy court. Bankruptcy in New Hampshire is governed by federal law, primarily under the United States Bankruptcy Code, but it also incorporates specific local procedures and exemptions that can impact how cases are filed and resolved within the state.

Why You May Need a Lawyer

Filing for bankruptcy can be complex and confusing, especially for those unfamiliar with the legal system. Common situations where individuals might require a bankruptcy attorney include:

• Struggling to pay off credit card debts, medical bills, or personal loans
• At risk of losing your home to foreclosure
• Facing wage garnishment or threats from debt collectors
• Owning a small business that cannot meet its debt obligations
• Trying to understand which bankruptcy chapter (Chapter 7, 11, or 13) is right for your situation
• Needing clarification on which assets can be protected
• Worried about the impact of bankruptcy on your future credit and assets

A bankruptcy lawyer can help you determine whether bankruptcy is the right solution, explain your rights and responsibilities, and ensure all paperwork is filed correctly to avoid mistakes that could result in delays or case dismissal.

Local Laws Overview

Although bankruptcy is primarily governed by federal law, New Hampshire residents must follow specific state-related rules and exemptions, which can significantly affect the outcome of a case. Some key local aspects include:

• Exemptions: New Hampshire has its own set of exemptions, including protections for certain amounts of equity in your home (homestead exemption), personal property, tools of the trade, and retirement accounts. You can choose either the federal or state exemption list, but you cannot mix and match between the two.
• Means Test: To qualify for Chapter 7 bankruptcy, you must pass a means test that compares your income to the state's median income for a household of your size.
• Local Procedures: Bankruptcy cases in New Hampshire are handled by the United States Bankruptcy Court for the District of New Hampshire, which has its own filing procedures and requirements for both individuals and businesses.
• Bankruptcy Chapters: The most common types of bankruptcy filed are Chapter 7 (liquidation of nonexempt assets) and Chapter 13 (repayment plans), but Chapter 11 (reorganization) is also available for businesses or individuals with substantial debts or assets.

Frequently Asked Questions

What types of bankruptcy can I file for in New Hampshire?

The most common types are Chapter 7, Chapter 13, and for some businesses or individuals with higher debts, Chapter 11 bankruptcy. Chapter 12 is also available for family farmers and fishermen.

Will filing for bankruptcy stop collection calls and lawsuits?

Yes. Filing for bankruptcy triggers an "automatic stay," which immediately stops most collection actions, including phone calls, letters, lawsuits, garnishments, and foreclosures.

Can I keep my home and car if I file for bankruptcy in New Hampshire?

It depends on the amount of equity you have and which exemptions you use. Many filers are able to keep their homes and cars if the value is within the exemption limits.

What debts can be discharged in bankruptcy?

Most unsecured debts, such as credit cards, medical bills, and personal loans, can be discharged. Certain debts, such as student loans, child support, alimony, and some taxes, are generally not dischargeable.

How will bankruptcy affect my credit score?

Your credit score will likely decrease after you file for bankruptcy and the filing will appear on your credit report for up to 10 years. However, bankruptcy can also help you start rebuilding your credit by clearing overwhelming debts.

Do married couples have to file bankruptcy together?

No. While married couples can file jointly, it is not required. Depending on whose name the debts are in and ownership of assets, sometimes only one spouse needs to file.

How long does a bankruptcy case take in New Hampshire?

A typical Chapter 7 case takes about 3 to 6 months from filing to discharge. Chapter 13 cases usually last 3 to 5 years, as they involve a repayment plan.

Will I lose all my property if I file for bankruptcy?

No. Many people are able to keep most or all of their property due to bankruptcy exemptions. A bankruptcy lawyer can help you understand what assets may be at risk.

Do I have to go to court for my bankruptcy case?

Usually, you will need to attend a meeting of creditors (called a 341 hearing), but most filers never have to appear before a judge unless there are unique complications.

Can I choose state or federal exemptions in New Hampshire?

Yes. New Hampshire allows bankruptcy filers to choose between the state’s own exemptions or the federal exemptions, but you must use one system or the other in its entirety.

Additional Resources

There are several helpful resources and organizations available to people in New Hampshire considering bankruptcy:

• United States Bankruptcy Court for the District of New Hampshire: The official court handling all bankruptcy filings in the state.
• New Hampshire Bar Association: Offers lawyer referral services and general legal information.
• 603 Legal Aid: Provides free or low-cost legal help to qualifying individuals within New Hampshire.
• Consumer Financial Protection Bureau: Offers advice on debt management and understanding your rights.
• New Hampshire Housing Finance Authority: Can help homeowners facing foreclosure or struggling to make mortgage payments.

Next Steps

If you are considering bankruptcy or have questions about your options, consider taking the following steps:

• Gather your financial documents, including income, expenses, debts, and assets.
• Consider attending a local bankruptcy information session or workshop, often offered by legal aid organizations or the local court.
• Contact a New Hampshire bankruptcy attorney for an initial consultation to discuss your specific situation.
• Ask questions about the process, what to expect, and how bankruptcy will affect your future finances and property.
• If you qualify for legal aid, reach out to organizations like 603 Legal Aid for assistance.

Taking the first step toward resolving your debt situation can provide significant relief and clarity. A qualified bankruptcy lawyer can help you navigate the process, protect your rights, and lay the groundwork for a financial fresh start.