Chapter 7 Bankruptcy in New Hampshire

DeBruyckere Roth & Associates, PLLC helps people in New Hampshire file Chapter 7 bankruptcy. As the most common form of bankruptcy for individuals, Chapter 7 entails the discharge of debt and liquidation of all non-exempt assets, which are distributed to creditors. Unlike Chapter 13 bankruptcy, Chapter 7 presumes that the debtor will never be able to pay back creditors. Instead, it offers a chance for a “fresh start.”

The advantages of Chapter 7

For individuals with endless and increasing debt, there are two major advantages to filing Chapter 7 in New Hampshire:

• Automatic stay:almost everybody filing for bankruptcy is familiar with the experience of creditors harassing them for payments. When a person files for bankruptcy, they receive automatic stay, which prohibits creditors from collecting, or trying to collect, payments.
• A fresh start:if your debt has been mounting for a long time, then you may have reached a point where paying it back is unrealistic in your lifetime. Fortunately, Chapter 7 allows you to discharge your debts and maintain possession of exempt assets, such as your home. In New Hampshire, the homestead exemption limit is $100,000 in equity.

If you are looking for a solution to your debt problems, contact us to learn about Chapter 7 in New Hampshire.

How to file Chapter 7 in New Hampshire

Determining your eligibility

In 2005, Congress enacted major changes to the United States bankruptcy code with the Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA). The BAPCPA made it more difficult for individuals to file Chapter 7 by introducing a “means test” to measure eligibility. In fact, the major point of the means test is not terribly strict: a debtor’s income over the previous six months must be found to be less than the state’s median income level. Individuals who do not qualify can consider filing Chapter 13 in New Hampshire, which involves creating a repayment schedule. If you are not sure if you qualify, contact a New Hampshire Chapter 7 attorney at DeBruyckere, Roth & Associates for more information.

Completing the paperwork

Filing for bankruptcy involves filling out a lot of paperwork. DeBruyckere Roth & Associates, PLLC will help you sort through and complete the required documents. For the bankruptcy petition, you will need to provide various information, such as a list of creditors and their claims, a list of your property, living expenses, and sources of income.

Call 978 686-4600 to file Chapter 7 in New Hampshire.