Chapter 7 Attorney in New Hampshire
The decision of whether or not to file for bankruptcy can be overwhelming and distressing for an individual and a family. In New Hampshire, many hard-working citizens have found themselves in a position of having to file for Chapter 7 bankruptcy in order to get the fresh financial start they need and deserve. Before filing, it is best to get the facts and discuss your situation with a knowledgeable and experienced bankruptcy attorney. Let the Law Office of Joseph M. Annutto see if we can help you through this difficult time.
Chapter 7 bankruptcy is the most common type filed by individuals. You have to pass a means test in order to qualify for this type of bankruptcy. A means test evaluates your income in comparison to other New Hampshire residents. If you fall below the median income based on your family size, you can qualify for Chapter 7. If you fall above the median income level for your family size, it will take special approval through the courts to approve a Chapter 7 bankruptcy filing.
What is Chapter 7 and How it Can Help Me?
Chapter 7 bankruptcy is essentially a clean slate. Your assets are liquidated and the money is used to pay off creditors or settle other debts, giving you the chance to start over fresh. A trustee is appointed. That trustee collects and sells the assets, then distributes the money to creditors. There are exemptions to what assets need to be liquidated, meaning you don’t have to lose everything you have worked for. Those exemptions can include equity in a homestead, tools of the trade, and personal belongings such as beds and clothes. Other exemptions include certain amounts of fuel, jewelry, and some livestock. The exemptions approved may vary with each case. You will still have to pay on your home and car once bankruptcy is filed.
Some debts are discharged completely under Chapter 7 bankruptcy. Credit card debt may be completely wiped out. Even though a great deal of debt can be wiped out with Chapter 7 bankruptcy, there are certain debts that can’t be discharged. Child support, alimony, and certain taxes will not be discharged. Payments of support must be kept current or legal consequences may occur. Other debts that won’t be discharged include student loans and any court ordered restitution.
Benefits to Hiring a Bankruptcy Lawyer
Chapter 7 bankruptcy is often clouded in myths and false information. The laws also change and evolved over the years. In order to get the most factual and up-to-date information about how bankruptcy can affect your finances, you need to turn to an attorney who has the experience and compassion to guide you through the process. Attorney Joseph M. Annutto handles Chapter 7 bankruptcy cases and can get you the quick results and answers you need. We will evaluate your unique situation and determine the best course of action so you can get back on your feet and move forward.