Personal Bankruptcy Structures
The vast majority of bankruptcies in the U.S. are personal bankruptcies. According to data from the U.S. Bankruptcy Courts, they received 793,932 personal bankruptcy petitions in 2016. A personal bankruptcy will give a person, the chance to pay off a fraction of their debts either through liquidation
Chapter 7-Liquidation
Chapter 7 allows a debtor to wipe away their debts after they liquidate their assets and give the proceeds to their creditors. Chapter 7 takes less time to complete than other bankruptcy structures. If you decide on liquidation, many of your debts will be discharged, and you are no longer liable for the remaining balance.
Exemptions for Chapter 7 in New Hampshire include:
Automobile up to $4,000
Alimony
Home or property worth up to $50,000
Veterans benefits
Pensions
Personal property including furniture, jewelry, and clothing
Tools of the trade
For a comprehensive list of bankruptcy exceptions visit ??
Chapter 13- Debt consolidation
When you file for Chapter 7 bankruptcy, you are required to pay off your debts over time through a structured repayment plan that your bankruptcy trustee devises. Chapter 13 bankruptcy can take three to five years to complete. Be aware that you will be required to apply all your disposable income towards paying your debt
Bankruptcy Trustees
When you file for bankruptcy, you will be assigned a bankruptcy trustee who will decide the amount you pay towards your debts and will be in charge of paying off your creditors.
Call a Bankruptcy Lawyer in New Hampshire
Don’t let your finances get too far out of control before you get the advice of an expert. USAttorneys.com can connect you with a bankruptcy lawyer near your location in New Hampshire and set up a consultation to hear your options for debt relief.
