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Restructuring and insolvency law in New Hampshire helps individuals and businesses address financial distress and manage debts. These laws provide legal frameworks for reorganizing financial affairs, protecting assets, and dealing with creditors. Whether you are facing bankruptcy, considering a business reorganization, or working to avoid insolvency, understanding your options is essential. New Hampshire follows federal bankruptcy laws with some unique state-specific practices and exemptions, making local knowledge important for an effective resolution.
Many situations may require you to consult with a restructuring and insolvency lawyer in New Hampshire. Common reasons include:
Legal counsel can help you understand all options, complete complex paperwork, and defend your interests with creditors, trustees, and courts.
In New Hampshire, bankruptcy and insolvency matters are governed primarily by federal law, especially the United States Bankruptcy Code. Cases are filed in the United States Bankruptcy Court for the District of New Hampshire. However, state law remains relevant in the following areas:
Because laws and procedures can frequently change, working with a knowledgeable New Hampshire attorney is important for staying up to date.
Individuals typically file under Chapter 7 (liquidation) or Chapter 13 (reorganization), while businesses may use Chapter 7 or Chapter 11 (business reorganization). Each type has specific eligibility requirements and effects on debt.
You may choose either New Hampshire state exemptions or federal bankruptcy exemptions. Common exemptions include home equity, certain personal property, retirement accounts, and vehicles up to a specified value.
A Chapter 7 bankruptcy typically stays on your credit report for ten years, while a Chapter 13 bankruptcy remains for seven years from the filing date.
Not necessarily. If you are current on your mortgage and meet the requirements for New Hampshire's homestead exemption, you may be able to keep your home. However, your equity and type of bankruptcy filed can impact this outcome.
No. Once you file for bankruptcy, an automatic stay generally stops most collection actions by creditors, including phone calls, letters, lawsuits, and wage garnishments.
The homestead exemption protects up to $120,000 of equity in your primary residence from most unsecured creditors in bankruptcy or collection actions in New Hampshire.
Yes, but there are specific waiting periods and eligibility requirements that depend on the chapter previously filed and discharged.
Generally, student loans are not automatically discharged. Discharge is only granted in cases of "undue hardship" and requires a separate court proceeding.
Restructuring typically involves negotiating with creditors and reorganizing business operations and debts, either in or out of court. Bankruptcy is a formal legal process that may involve liquidation or court-approved reorganization.
While it is possible to file on your own, bankruptcy law is complex and mistakes can have long-lasting impacts. Most people benefit from the guidance of an experienced restructuring and insolvency attorney.
If you are seeking more information or assistance regarding restructuring and insolvency in New Hampshire, consider these helpful resources:
If you are experiencing financial distress or are considering bankruptcy or business restructuring, an experienced New Hampshire attorney can explain your options and recommend a tailored course of action. Gather all relevant financial documents, make a list of your debts and assets, and schedule a consultation with a qualified restructuring and insolvency lawyer. Do not delay seeking help, as quick action may help preserve your assets and reduce legal risks. Professional guidance is crucial for navigating local laws and ensuring the best possible outcome.
