Bankruptcy

Bankruptcy and My Property Laws in NH

When bankruptcy becomes a possibility, people grow fearful of what may happen to their property. It is important to seek out accurate guidance and information about bankruptcy and how it will affect your property if you are considering filing for bankruptcy. The Law Office of Joseph M. Annutto located in Nashua New Hampshire can determine what property you have and what may be exempt as the bankruptcy process goes forward.

Filing for Exemptions

Filing for bankruptcy exemptions is the best way to protect property. However, if your house is already in the foreclosure stage, it may be liquidated as part of the bankruptcy settlement. For those who are behind in payments or not in foreclosure, the homestead or residential property exemption may be of benefit. This allows a homeowner to exempt up to $120,000 of equity.

What Other Property is Exempt?

Other personal property may be exempt when you file for bankruptcy. Personal property including clothing and bedding can be exempt, as can beds for family members. Appliances such as a stove and refrigerator can be exempt. Tools of the trade, up to $5,000, and sewing machines can be also. Other property that can be saved from liquidation include: military gear and uniforms, books, fuel up to $400, and certain types and numbers of livestock. The livestock that may be exempt are 1 pig, 1 hog, 6 sheep, 1 cow, and 1 oxen. Jewelry up to $500 may also be exempt.

Intangible property may also be exempt when you file for bankruptcy. This can include tax exempt retirement accounts and life insurance policies. Grave plots may also be exempt.

Resources: U.S. Bankruptcy Court

Experienced Bankruptcy Attorney for NH

How bankruptcy will affect property can vary from person to person. It is important to have clear-headed and experienced legal guidance when bankruptcy is being pursued. Our firm understands this may be the most difficult time for you and your family. We will answer questions and investigate what property you have. Then, we will help you protect that property in any way possible. Let us help guide you through the process and work toward regaining your financial footing while holding onto as much hard-earned property as possible. Contact us today to speak with one of our experienced bankruptcy attorneys.

Bankruptcy and Your Credit Score in New Hampshire

Your credit score is an important number that can affect many areas of your life. The better your credit score, the easier it is to obtain all forms of credit, from a car loan, mortgage, or even a cell phone contract. Protecting and working to improve that number should be a goal for anyone. However, if you have filed for bankruptcy in New Hampshire, you may be certain your entire credit report is tainted forever. It is important to understand exactly how bankruptcy will affect your credit score and how you can actively work to protect or improve that number while you regain your financial footing. The Law Office of Joseph M. Annutto can help you understand the relationship between filing for bankruptcy and your credit score.

Credit Score Ratings

Credit scores are used by banks, utility companies, and landlords, just to name a few. The higher your score, the more ‘secure’ you appear on paper when an entity is considering lending you money, credit, or entrusting you to pay back a certain kind of debt. If your score is too low, you appear too risky and may not even be approved for certain types of loans or credit. The score is based on your past payment history, the length of that history, and details of any new credit. Debts that are outstanding are also part of how a score is determined.

How Will Bankruptcy Affect My Score?

Filing for bankruptcy will affect the score, regardless of your situation. But, the extent of how it affects the score varies greatly. If you have reasonably good credit at the time you file your credit score will take a large hit immediately after filing. If you have a low score and a high debt to asset ratio, your credit score will dip slightly as it may already be considered low. Bankruptcy and the affect it has on your credit can last up to 10 years.

There is an up-side to how bankruptcy will impact a credit score for nearly everyone. Once you file, bankruptcy leads to the discharging of some debt. This reduces overall debt load and gives the filer spare money to pay off other debts. The discharging of some debt also leads to a reduction in the debt to income ratio. If you begin paying back other debt on time after filing for bankruptcy, the score will improve quicker.

A Fresh Start

Bankruptcy is designed to be fresh start, not a punishment that prevents you from recovery and impedes the ability to move forward. Attorney Joseph M. Annutto can look at your unique situation and prepare you for how bankruptcy will impact your credit score and what to expect during and after the process takes place. Don’t let fear or misinformation stand in the way of filing for bankruptcy and protecting your credit score for the future.  Contact us today to schedule a free consultation.

Bankruptcy Checklist in New Hampshire

The process of filing for bankruptcy entails very specific steps. You have to be approved and have to understand the overall impact bankruptcy will have on your life and financial future. The Law Office of Joseph M. Annutto can help you get the process started. First, there are certain documents and information you need to provide to see if you qualify and to get the ball rolling towards a fresh start.

What I Need To Bring to a Bankruptcy Appointment

You need to bring the following documents and information to our law office before we can help:

  • Valid ID or ID’s if a couple is filing
  • Social Security Cards
  • 3 years of tax returns
  • Payroll stubs for 6 months
  • Payroll stubs for spouse, even if that spouse isn’t filing for bankruptcy
  • Bank and account statements for the last 6 months
  • Any foreclosure or eviction paperwork or filings against you
  • Any information related to repossession of property
  • Documentation related to any lawsuits
  • Child support and alimony documentation and orders
  • Life insurance documents

Your unique situation may mean there are more documents or information needed to begin the bankruptcy process. Once you have gathered these essential documents and pieces of information, we can assess if bankruptcy is the right choice and which form of bankruptcy will benefit you the most. With the help of the bankruptcy professionals at the Law Office of Joseph M. Annutto, you can feel confident in your financial future and look forward to the fresh start you deserve. Contact us today to schedule a free consultation.

Bankruptcy Exemption Lawyer in New Hampshire

One fear many people associate with bankruptcy is the fear of losing all they own and have worked so hard to obtain. While bankruptcy is disruptive and can result in the loss of all kinds of property, there are many state and federal exemptions that allow you to keep certain property and assets. The exemptions you may qualify for depend on the type of bankruptcy you file and your unique financial situation. The Bankruptcy Attorneys at The Law Office of Joseph M. Annutto can help determine what exemptions you may qualify for and what you can expect as the bankruptcy process unfolds.

Types of Exemptions

There are state and federal exemptions in New Hampshire. Our lawyers will determine which is best to seek in your case. Married couples filing for bankruptcy jointly can double the amount of exemptions they seek. Some of the most common exemptions in New Hampshire include:

  • Homestead or residential property exemption, up to $100,000 of home equity
  • Personal property such as clothing, beds, bedding, stove, refrigerator, sewing machine, and $3,500 worth of furniture
  • $400 worth of fuel
  • Military uniforms or equipment
  • Books
  • Livestock such as 1 pig, 1 hog, 6 sheep, 1 cow, 1 oxen, $300 worth of fowl
  • $500 worth of jewelry
  • Tools of your trade up to $5,000
  • Insurance policies
  • Unemployment and workers compensation benefits
  • Other forms of public assistance
  • Tax exempt retirement accounts

Experienced Bankruptcy Exemption Attorney

The exemptions must be sought by the filer. It is important to have an experienced bankruptcy attorney by your side to explain specific exemptions and how best to protect the assets you have worked so hard to earn. The Law Office of Joseph M. Annutto can provide information and evaluate the assets you have. We will work diligently to protect what you have and help you secure the fresh financial start you deserve. Contact us today to speak with one of our experienced bankruptcy exemption attorneys.

Bankruptcy FAQs in New Hampshire

Bankruptcy can be overwhelming, confusing, and stressful for anyone. Knowing fact from fiction and where to turn for reliable and trusted information is important. The Law Office of Joseph M. Annutto located in Nashua New Hampshire can be the trusted resource you need for answers to any questions about bankruptcy.

Many people often ask the same few questions when they are considering whether it may be time to file for bankruptcy. Some of the most common questions are as follows:

What will happen when I file?

When you first file for bankruptcy, any and all attempts to collect debt by creditors should stop. When the petition is filed and approved, a trustee will liquidate your assets and pay back creditors with the money raised. Or if Chapter 13 bankruptcy is filed, a repayment plan will be approved and you can start paying back debt over a time period of between three to five years. The immediate relief of not receiving threatening phone calls or letters is the first benefit many look forward to after filing.

Will I lose everything?

Chapter 7 bankruptcy will result in liquidation of your assets in order to pay back creditors. However, not everything needs to be liquidated. You can file to have certain property declared exempt. There are state and federal exemptions and you can decide which ones will benefit you most. Chapter 13 bankruptcy allows you to keep your assets and repay debts according to an agreed upon amount and timeline.

How often can I file for bankruptcy?

If you file for Chapter 7 bankruptcy, you can’t file again for a period of eight years. If you file for Chapter 13 bankruptcy, you can’t file again for six years.

Which type of bankruptcy is right for me?

The answer to that question depends on your unique situation. The amount of debt you have, your assets, and your income all can determine what type you qualify for and what type may be in your best interest. One of our bankruptcy attorneys can review your unique situation and determine the best course of action and what type of bankruptcy will benefit you most.

Can I file on my own even if I am married?

Yes, you can file as an individual if you are married. But, it should be noted that even if you file alone, your spouse can still legally be held responsible for your debt. Also, if you file for bankruptcy together as a couple, you can double the amount of exemptions for which you qualify.

The best way to understand the process and decide if bankruptcy, and what type, may be your best option is to let us evaluate your situation. At the Law Office of Joseph M. Annutto, we have the knowledge of New Hampshire bankruptcy laws and can determine what will work best for you. We understand this may be the most difficult time for you and your family. Let us separate fact from fiction, answer questions, and help you get back on track towards financial freedom and stability.

Bankruptcy Laws in New Hampshire

Bankruptcy is a legal process and can be complicated depending on the specific circumstances involved. Because it is a legal process, you need dedicated and trusted legal counsel by you side. The Law Office of Joseph M. Annutto can help navigate your bankruptcy filing and help you understand the bankruptcy laws that may affect your case.

Qualifications

Under the law, you must qualify to file for bankruptcy. Chapter 7 bankruptcy has very specific criteria that must be met before you can file. The means test is a way of determining if you qualify for this type. In New Hampshire, you must have an income lower that the median income in the state for a same sized family before being approved for Chapter 7 bankruptcy. If you earn more, you may still petition the court to approve the bankruptcy, but it may be difficult. If approved for Chapter 7 bankruptcy, the court will appoint a trustee to evaluate the assets and oversee the sale of those assets, along with the task of paying back creditors.

If approved for Chapter 7 bankruptcy, you need to understand the laws pertaining to exemptions. This outlines which type of property and how much you can keep and not have liquidated to pay back creditors.

The laws for Chapter 13 bankruptcy pertain to the timeline and process of getting a repayment plan approved. This type allows you to repay back due debt and keep assets. However according to law, if you fail to live up the agreement, your creditors can begin collections against you and vie for the assets you have.

Preparing For Bankruptcy

There is a court hearing involved before a bankruptcy petition is approved. Understanding what needs done beforehand, what documentation is required, and exactly what terms you are agreeing to is a vital part of the legal process. Bankruptcy Attorney Joseph M. Annutto can help explain the legal process, the laws pertinent to your case, and exactly what you can expect. We have the experience to act in your best interest and the compassion to understand this may be a difficult time for you. Let us be your clear-headed and knowledgeable source for legal information and representation when you want to pursue bankruptcy in New Hampshire.

Bankruptcy Myths in New Hampshire

Bankruptcy is often shrouded in myths and a cloud of misinformation. The changing laws in New Hampshire can also make the process confusing. The most important thing anyone considering bankruptcy can do is to seek out the most up-to-date and true information available. The Law Office of Joseph M. Annutto can separate myth from fact and help you decide the best course of action for your particular situation.

Myth:

The only people who have to file for bankruptcy are those who are failures at handling their finances, those who just can’t live within their means, or those who are squander what they have.

Fact:

Anyone, regardless of how fiscally responsible they may be, can find themselves in a position where bankruptcy is the only option for regaining control over finances. Most people who file for bankruptcy in New Hampshire are hard-working and never expected to be in that position. In fact, the most common reasons for filing bankruptcy include: losing a job unexpectedly, divorce, medical bills, and being hit hard by the recession.

Myth:

If you file bankruptcy, you will lose everything including your house.

Fact:

The purpose of bankruptcy is to help you get the fresh start you need, not to leave you more indigent or without anything you have worked hard to obtain. There are both state and federal exemptions that will give you the chance to keep certain kinds of property. If you qualify for exemptions, you can keep your tools of the trade, home equity up to $100,000, some kinds of personal property, and certain types of livestock. You will also possibly be able to keep certain benefits and tax exempt retirement accounts. Chapter 13 bankruptcy can allow you to keep most assets while you work to repay your debts.

Myth:

Your credit will be ruined forever if you file for bankruptcy.

Fact:

Bankruptcy can remain on your credit report for up to ten years and will affect your credit score. However, just how much of an affect bankruptcy will have varies from person to person. After bankruptcy is filed, certain debts will be discharged. This will improve your debt ratio and possibly free up funds to pay down other debt. While a score may drop at first, it may be easier to gain credit points as you work to stay current with payments and regain your financial footing after you file for bankruptcy.

Myth

People file for bankruptcy as a way to get out of paying back what they owe creditors.

Truth:

Bankruptcy has had a number of stigmas attached to it for a long time. One being that it is the easy way out of having to pay what is owed. You can’t go out and charge a ton of things and then file for bankruptcy to get out of paying. Bankruptcy court must approve your filing and will look closely into spending habits and credit use to prevent anyone from trying to take advantage of the system. While certain debts are discharged, the liquidation process repays many debts. Most creditors will get paid back and you will need to stay current on any payment plans between you and those creditors. Also, certain types of debt can’t be discharged at all. This includes child support, alimony, student loans, some taxes, and any court ordered restitution.

Experienced Bankruptcy Attorney

Before believing in old myths or relying on inaccurate or out-of-date information about bankruptcy in general, talk to the bankruptcy attorneys at the Law Office of Joseph M. Annutto and discover the facts. Our attorneys understand the myths out there and also understand the sensitivity of the matter. We will ensure you know the facts and make the best decision for your particular situation.

Bankruptcy Process in New Hampshire

The bankruptcy process can be complex and confusing. It can be difficult to maneuver without the proper experience or guidance. It is important to understand the ever-evolving bankruptcy laws of New Hampshire and how those laws can affect your individual case. The Law Office of Joseph M. Annutto can be your resource for information, representation, and protection during the bankruptcy process.

The Bankruptcy Process

Understanding the process and knowing what to expect is half the battle when trying to decide if and what kind of bankruptcy may be right for your unique situation. The first step that is required before filing is credit counseling. This needs to be done six months prior to being able to file in New Hampshire. This is a way to help individuals and families get a handle on their financial situation and understand their position clearly.

What Type of Bankruptcy Do I Need?

The next step is to determine what type of bankruptcy may be best. A means test will be done. This determines if a person qualifies for Chapter 7 bankruptcy, the most common kind. A means test is the process of analyzing income and expenses to gauge where you are in comparison to the median income for New Hampshire. If you fall below the median, you can file for Chapter 7. If you are above the median level, Chapter 13 may be the best option. You may still qualify for Chapter 7 after a closer look into your unique situation.

After a means test narrows down what kind of bankruptcy for which you are qualified to file, the necessary paperwork needs to be gathered. This typically includes income statements, bank transactions, expenses, debts, tax returns, lists of property and deeds, and any paperwork pertaining to loans. Other documentation may be needed depending on the case.

This all opens the door to letting us help you file. Once you file, you can decide which property you wish to have declared exempt. We can help you fight for exemption for the assets and property you have worked to own. Then, a hearing before a judge will be set.

Experienced Bankruptcy Attorney Working For You!

It is important to understand the process and to have up-to-date and information. Far too many people try to navigate the bankruptcy process on their own and end up losing property they could have kept or filing for the wrong type of bankruptcy. Our firm will take the time to understand how you have gotten to where you are and we will find how best to help you. The Law Office of Joseph M. Annutto understands no one wants to be in this position. We will explain the process in terms you understand and get the process started with the compassion and honestly you need and deserve.

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.

Chapter 11 Attorney in New Hampshire

Chapter 11 bankruptcy is available to organizations, LLCs, and other entities whose debt exceeds the limits of Chapter 13 bankruptcy. In New Hampshire Chapter 11 bankruptcy can be a means of keeping a business or company operational during distressing economic times. If you feel Chapter 11 bankruptcy might be right for your entity, the Law Office of Joseph M. Annutto can help.

Chapter 11 bankruptcy is more complicated and costly compared to other forms of bankruptcy. However, for some it may be the best option. It is more of a plan to reorganize rather than liquidate a business or entity. The business remains in operation and you, the owner, can still be in charge of day to day decisions.

The Chapter 11 Process

The first step in the process is to file a Plan to Reorganize. This plan is put forth to the creditors and the courts. The creditor and debtor both vote on the plan before it is approved. A disclosure statement also needs to be filed. The debtor is declared “debtor in possession” and he or she still legally controls the operation. There is a specific set of rules drafted. These rules may call for an operations report and tax reporting. The debtor must abide by the rules in order to stay in control of the business or entity. New bank accounts are also opened.

Chapter 11 bankruptcy can benefit both the debtors and the creditors. The creditors often get repaid more after the reorganization than they would have if there was a liquidation of the business. Both parties agree to a fair settlement and the debtor gets to still maintain control of a company in general.

Experienced Chapter 11 Attorney

Any kind of bankruptcy can be disruptive and discouraging, especially for a business owner. Our firm understands the emotional toll and financial stress that can be generated when bankruptcy needs to be filed. With the help of Attorney Joseph M. Annutto, your Chapter 11 bankruptcy filing can be effective, efficient, and as smooth as possible. We will work with you to get the best results and protect you every step of the way. Let us evaluate where you stand and help you venture into the future towards financial stability.

Cost to File Bankruptcy in New Hampshire

The financial strain and anxiety that leads a person to file for bankruptcy can be overwhelming. Knowing what to expect from the process is vital. It is also vital to understand the financial costs of pursuing bankruptcy. The Law Office of Joseph M. Annutto can outline the fees and help you get back on stable financial footing.

Cost Types

The costs involved depend on the type of bankruptcy filed. To file Chapter 7 bankruptcy, the cost is currently $306. Chapter 13 bankruptcy cost $281 to file. Chapter 11 bankruptcy is the most expensive to file and cost $1,717. The cost is a combination of a filing fee, an administrative fee, and a trustee surcharge fee for those filing for Chapter 7 bankruptcy.

Payments can be made in installments if it is difficult to pay all at once. Those filing for Chapter 7 bankruptcy should know the fee may be waived if a judge approves the request to do so. That will be dependent on the details of each case. As far as payment methods, any personal checks or credit cards from the debtor will not be accepted. Other checks, credit cards, or money orders may be used to pay the fee.

Experienced Bankruptcy Attorney Working For You

Having a skilled and experienced bankruptcy attorney by your side to explain fees and the overall costs of bankruptcy can help you prepare ahead of time. Our firm understands the anxiety and worry that may affect you and your family at this time. With our guidance and advice, we can ensure the bankruptcy process is smooth and fair as you prepare for a more stable financial future.

How to Get Out of Credit Card Debt in NH

Credit card debt can be a burden that follows you wherever you go. When credit card debt gets out of control, it can be difficult to climb out from underneath it or know what steps to take to overcome it once and for all. If you feel you are drowning in credit card debt, let the Law Office of Joseph M. Annutto see if we can help.

All debt can spiral out of control for anyone in any income bracket. For some, economic hardship leads to a reliance on credit cards just to get by. You may have to use credit cards to buy food, gas, pay utilities, or for other necessities. Any increases in interest rates or a few added on fees for late or missed payments can cause debt to skyrocket quickly. If this describes your situation, filing for bankruptcy may be a means of dealing with the debt.

Stop Harassing Phone Calls

Once you file for bankruptcy, the harassing calls from credit card companies will stop. Any collection proceedings will also stop. The end to the harassment and fear can help ease anxiety and give you the time you need to focus on fixing the problem.

The affects bankruptcy will have credit card debt depend on the type of bankruptcy filed. If you qualify for Chapter 7 bankruptcy after a means test, credit card debt can be discharged. This means you will not have to pay it back. If you file for Chapter 13 bankruptcy, you are essentially agreeing to a repayment plan. You may have to pay back all or some of the credit card debt over a period of three to five years.

Free Debt Relief Consultations

bankruptcy attorney from the Law Office of Joseph M. Annutto can look over your financial situation and determine the best course of action for dealing with your credit card debt. Before another dime in fees rises or another missed payment sets you back any further, let our firm see if we can help you get out from under credit card debt.

Debt Relief Attorney in New Hampshire

Anyone can acquire debt. Anyone’s debt can get out of control and become impossible to manage, regardless of income bracket or lot in life. No one is immune to the possibility of getting in over his or her head. While some people may be able to get themselves back on track, others may need legal help to do so. The Annutto Law Office located in Nashua New Hampshire can help you get back on stable financial footing and find the debt relief you need.

Don’t Put it Off!

The worst mistake those in debt tend to make is waiting too long to seek outside help. Debt can have a snowball effect that transcends your bank account and negatively impacts every area of life, from your job to your family life. When it becomes unmanageable and affects these areas of life, it is time to take charge by asking for help. Without help, debt can simply cause more stress and fear for years to come.

Debt Relief Options

Bankruptcy can be the debt relief solution you need. One immediate benefit to filing for bankruptcy is that harassing calls from debt collectors will stop. This alone can alleviate a lot of the stress associated with debt. Chapter 7 bankruptcy can result in a discharge of many types of debt, particularly credit card debt. Chapter 13 bankruptcy can give you the extra time you need to pay back debt. Typically, Chapter 13 involves a repayment plan spanning three to five years. Both options give you back control and give you the sense of accomplishment knowing the debt is being handled rather than growing.

Free Debt Relief Consultations!

The only way to find debt relief is to ask for help and deal with the debt before it grows another day. Attorney Joseph M. Annutto understands being in debt is not a sign of failure or a character flaw. We have the compassion needed to help those struggling. We can customize our services to meet your specific needs and help devise a plan that protects you and your assets while tackling the debt. When you want to be hopeful for the future rather than fearful of phone calls or what impact debt is having on your credit, give our firm a call. Let us help you through this difficult time.

Eliminate a Second Mortgage – New Hampshire

When you are struggling financially, any kind of debt looming over your head may be a source of anxiety and fear. For many on the verge of or in the middle of filing for bankruptcy, keeping up with a mortgage may be nearly impossible. If you have a second mortgage, that debt may be difficult to keep up with also. The Law Office of Joseph M. Annutto can evaluate your options and possibly help you eliminate a second mortgage.

How to Eliminate a Second Mortgage thru Bankruptcy

There are clear guidelines that you must meet to qualify for certain types of bankruptcy. Once you are able to file, there are still guidelines as to what debt may be discharged, or eliminated, and what kind of debt you have to repay either partially or in full. In order to qualify for eliminating a second mortgage, certain criteria must be met. If your first mortgage exceeds the value of your property, your second mortgage may be categorized as unsecured debt. Essentially, this means your house is underwater and not worth what you owe on the first mortgage, much less what you owe when both mortgages are combined. If it is seen as unsecured debt when you file for bankruptcy, it may be completely discharged just as credit card debt can be.

Not all types of bankruptcy will allow for the elimination of a second mortgage. It may only be considered when you file for Chapter 13 bankruptcy.

Experienced Attorney Working For You

Attorney Joseph M. Annutto can help evaluate your financial picture and help you decide the best course of action. If we feel Chapter 13 bankruptcy is the best option for your financial future, we will do all we can to eliminate a second mortgage. Our firm understands how this kind of debt can be demoralizing, stressful, and leave you feeling like you have failed. Let us help you get the fresh start you need and deserve. Eliminating a second mortgage may help you get back on your feet faster and get moving forward again.

Foreclosure Law Attorney in New Hampshire

The foreclosure process can be scary and stressful for any individual or family. If there is the potential for foreclosure on your home or if the process has already started, you need to be aware of the foreclosure laws in New Hampshire. The Law Office of Joseph M. Annutto can help explain the laws and find the most effective and beneficial way to deal with your home foreclosure situation.

Types of Foreclosures

In New Hampshire, there is both judicial and non-judicial foreclosure. It is vital to know which one can be or has been filed against you.

Judicial foreclosure is when a lender files a complaint in court. The court issues a decree of sale before the foreclosure process can begin. In this situation, the court can give the homeowner a set time period to catch up on payments. If the homeowner misses the payments or simply doesn’t pay, the court can then order the property to be sold.

Non-judicial foreclosure entails a clause in a mortgage agreement. A mortgage agreement between a homeowner and lender may have a Power of Sale Clause. This clause means foreclosure can be sought and executed without court involvement. The lender has the right to sell the property. The lender must send a certified notice of sale to the homeowner at least 25 days before the date of sale. This is much quicker than a judicial foreclosure.

You can avoid a home foreclosure if a Chapter 13 is filed. This will stop the sale and cancel the foreclosure. A timeline is set for the homeowner to pay back the missed or late payments and regain financial footing, while staying in the home.

Foreclosure laws can be complicated for the average homeowner. Plus, many facts about the foreclosure process are often misunderstood and many myths still surround the process. Knowing the latest laws and the process in general is vital for a homeowner. Attorney Joseph M. Annutto can separate fact from fiction and explain how foreclosure laws may impact your particular situation. Let us hear the details of your foreclosure and see how we can help either save your home or help you move forward after a home foreclosure. With compassion and a dedication to protecting your rights, our firm can help you through this difficult time.

How Filing Bankruptcy Can Help You – NH Bankruptcy Laws

When thinking about bankruptcy, it is only natural to have many questions about the process and what may happen. Bankruptcy may or may not be the right option for your particular economic situation. Before making a decision, it is essential to have trusted and experienced legal advice and guidance. The Law Office of Joseph M. Annutto can explain how filing for bankruptcy can help you.

Benefits to Filing Bankruptcy

Some of the benefits of filing for bankruptcy are immediate and others will become evident as you get back on your feet. One of the first immediate benefits is a stoppage of harassing collection attempts. Your creditors will have to stop calling you or trying to reach you by mail for settlement of debts. A bankruptcy filing also puts a halt to any foreclosure action or home sale. Another way bankruptcy can help you is by halting attempts to garnish your wages. Once harassment or relentless collection attempts are stopped, you can focus on the next step and get some much needed reprieve from the calls and letters.

Types of Bankruptcy

Chapter 7 bankruptcy results in a great deal of debt being discharged. This includes credit card and other unsecured debts. Having these debts wiped out essentially gives you a fresh start and the clean slate you need to regain some financial confidence. While your credit will be damaged somewhat, the damage will not be ongoing and you will have the ability to reestablish your financial reputation.

Chapter 13 bankruptcy can help you keep assets, including your home. By filing for Chapter 13 bankruptcy and setting up a repayment plan with your creditors, you get to keep what you want and get three to five years to pay back your debts. This gives you the benefit of time to get back on track and handle your finances responsibly. By negotiating with creditors and setting up a repayment plan, the damage done to credit will stop and you can begin repairing that damage.

Chapter 11 bankruptcy can help business owners. This form of bankruptcy allows a business or entity owner to stay in control of day to day operations and decisions. This also helps a business owner settle debts without having to liquidate all he or she has worked for or built.

Experienced Bankruptcy Attorney

Bankruptcy can be a useful tool and help people from all walks of life. It can be the best way to keep debt from snowballing and further damaging credit and causing more stress on individuals, families, or business owners. Our firm knows no one ever plans to be in a position where bankruptcy is the best option. However, when you are in that position, we can help ensure you get the best advice and guidance. Our bankruptcy lawyers can navigate the situation with you and be the compassion and trusted representation you need during this difficult time. Let us review your situation and see how filing for bankruptcy can help you.

Means Test Laws in New Hampshire

The need to file for bankruptcy can come at an emotional and stressful time. While you may feel you have no other option but to file, there are certain steps you must take and certain criteria you must meet in order to start the process. If you wish to file for Chapter 7 bankruptcy, the most common type, you must first pass a means test. The Law Office of Joseph M. Annutto can help you navigate a means test and see where you stand. Then, we can help you move forward depending on the outcome of the New Hampshire means test.

What is a Means Test?

A means test basically compares your income to others in New Hampshire. In order to qualify for Chapter 7 bankruptcy, you must be below the median income level for the state. If your income is above that median number, you can try to file for Chapter 11 or 13 bankruptcy. Even if you score above the median, you may still be able to pursue Chapter 7 bankruptcy, but the court will want to hear about any extenuating circumstances or reasons you think you should be considered for Chapter 7.

The number is determined based on income level and the number of people claimed in the household. It also takes certain expenses into consideration, such as food, housing, childcare, and transportation. Currently in New Hampshire, the median income for a single person is just above $55,000. For a married couple, it is just above $67,000. The income guideline rises with each child in the household.

Experienced Means Test Attorney

Our firm can look over your documentation and determine where you stand in comparison to others in New Hampshire. We can apply the means test and then further explain your options. With our help, you will know you stand and be better prepared to move forward and file for the type of bankruptcy that is right for you. Let us help you navigate the means test and help you get back on stable financial footing.

Stop Collection Calls – Bankruptcy Attorney for NH

When you are in debt and owe money to numerous creditors, you have rights. You have the right to be protected from abusive credit collection calls and harassment. The Law Office of Joseph M. Annutto can put an end to collection calls and help you get back on stable financial footing.

Collection calls and harassment can be emotionally draining and physically stressful as well. Calls to your work and others may impact your reputation and career goals. Threats can be frightening as some collectors may threaten jail time, wage garnishment, or other forms of punishment that are beyond their legal rights. The calls may even be offensive and filled with abusive language. Some collection callers use deceit and lies to force compliance.

Collection Call Protection

Because of the lines collection callers have crossed and the stress it has caused good citizens, the Fair Debt Collection Practices Act was enacted. This act protects you from the above behaviors and threats. If you are harassed, the creditor doing the harassment is breaking the law and we can seek enforcement of consequences.

How to Stop Collection Calls

The quickest and easiest way to stop collection calls is to let us handle the situation. We can negotiate with your creditors and work to find a fair settlement. Once bankruptcy is filed, the calls legally have to stop. Before you fear another day of calls or let a creditor intimidate you into agreeing to pay what you can’t or fear the consequences, let us take a look at your situation. We will evaluate your debt, work with your creditors, and take all the steps needed to immediately put an end to the harassment. Once the calls stop, we can help you refocus your energy on solutions for your debt problems. Attorney Joseph M. Annutto understands your credit and debt problems do not speak to your character and you deserve respect while trying to get back on your feet. Our firm will fight for your rights and fight for the respect you deserve. Let us help you move forward and end the collection calls you may have put up with for far too long.

Stop Creditors from Garnishing Wages in New Hampshire

When you are struggling to get ahead or stay above water financially, the thought of a creditor garnishing your wages may be distressing. You work hard for the money you earn to support a family or provide yourself with the basic necessities of life. Wage garnishment is a loss of control over those earnings and can be demoralizing. The Law Office of Joseph M. Annutto can help stop creditors from garnishing wages.

It may come as a relief to know that it isn’t easy for a creditor to garnish you wages. That creditor must first get a court order to do so. Only wages that have been earned but not paid can be garnished. In order to keep garnishing your wages after two weeks, a creditor must return to court again to seek a new order. This process requires creditors to constantly seek another order for each garnishment. This process can be quite a deterrent for some creditors.

It should be noted certain debts can be garnished without a court order. Child support, taxes, and student loan debt can all be garnished without that order.

What is Protected from Garnishment?

Certain income is protected from garnishment in New Hampshire. Social security is protected from garnishment unless the debt is child support, alimony, or federal taxes. Other exemptions for garnishment include pensions and retirement accounts for state workers, police, fire fighters, and federal employees. However, the protection for federal pensions only exist until the money is in your account. Once in your hands, it can be garnished. Firefighters insurance is also exempt from garnishment. Other protected sources of income or support include workers’ compensation, unemployment benefits, and aid for the blind, the aged, and the disabled.

If your income isn’t exempt and there are actions being taken toward garnishing wages, you need to know how to stop it. The first thing that may protect your hard-earned money is negotiating with creditors. Our attorneys can negotiate on your behalf and agree to a payment plan that saves you from garnishment. If bankruptcy is filed, any move towards garnishment will stop immediately. Bankruptcy automatically stops all actions to collect debt while the process unfolds. Our firm can put a bankruptcy filing into motion quickly to help you get some stability and breathing room while we determine how best to help you overall.

Experienced Bankruptcy Attorney

Attorney Joseph M. Annutto has the experience, knowledge of current garnishment laws, and the compassion needed to protect your income and help you get back on your feet. Let us review your situation and put an end to any attempts to garnish your wages as soon as possible.

Stop Foreclosures on Your Home in New Hampshire

There may be nothing scarier than the thought of a home foreclosure. Losing the roof over your head and the place your family calls home can affect every aspect of your life. When financial times are rough and losing your home is a possibility, you need to know how to stop a home foreclosure and who to turn to for help. The Law Office of Joseph M. Annutto in Nashua New Hampshire can be your source for advice and representation during what may be the most difficult time in your life.

Have You Received a Letter of Foreclosure?

It is important to act quickly if you have been served with a certified letter of foreclosure or if you are behind in your mortgage payments. The first and easiest option to stop a home foreclosure is to work with your lender. You may be able to negotiate a plan to pay back the past due mortgage and fees. You may also qualify for a loan modification. This can either result in lower and more manageable payments or a lower interest rate. If you are approved, it may be easier to keep up with the mortgage while you work to regain stable financial footing.

How to Stop Foreclosure

Bankruptcy is another way to stop home foreclosure. Filing for Chapter 13 is one tool that will allow you to stay in your home and put an end to any foreclosure filing. This type of bankruptcy will give you three to five years to pay back due debt, including mortgage payments. It is an approved payment plan to deal with all of your debt while you get to keep your home. Chapter 7 is another option to stop home foreclosure. However, you may still have to give up your home but it will temporarily halt the foreclosure process. This can give you time to make the necessary preparations or regain some stability in other areas.

Regardless of which option you choose or which one is best for your situation, you need to act quickly. Foreclosure can happen quickly in New Hampshire and you need to understand the process and your rights before it is too late to react. Attorney Joseph M. Annutto can put a stop to the foreclosure and help you get back on track with your finances. We know this may be the most stressful and difficult time in your life. Let us be the clear-headed and knowledgeable source of support and guidance you need to stop a home foreclosure.

What Property Can I Keep After Bankruptcy?

The first thing many people wonder when they file for bankruptcy is what property they may be able to keep and what they will lose. Each case is different and can be complicated as it moves forward. The Law Office of Joseph M. Annutto can review your individual situation and determine what property you will be able to keep if you file for bankruptcy.

Types of Bankruptcy

The type of bankruptcy filed plays a huge role in the property that can be kept or considered exempt. If Chapter 13 bankruptcy is filed, you can keep your property. Chapter 13 bankruptcy is essentially an agreement to repay debts over a period of three to five years. If you stick to the repayment plan, you get to keep the property in question. With this form of bankruptcy, you can keep your home, car, and any other asset you agree to pay for over the time period approved by the courts.

Chapter 7 bankruptcy is a type of liquidation and you could lose property you have worked hard to acquire. However, there is property that is considered exempt and you can keep these items under certain circumstances. Exemptions can be either federal or state. You can pick which to pursue. In New Hampshire, the exemptions are pretty clear. You can keep up to $100,000 in home equity. You can also keep what is commonly known as “tools of the trade” valued up to $5,000. There are personal belongings that may also be safe from liquidation under the exemption laws. Beds and bedding can be kept and home furnishings valued at up to $3,500 also. $500 in jewelry can be exempt from liquidation. Benefits such as unemployment, retirement plans, and public assistance are also safe from being taken to repay creditors. Under Chapter 7, a certain amount of livestock can be kept. The livestock exemption breaks down to 6 sheep, 1 pig, 1 hog, a horse, and a cow.

Filing Bankruptcy with Your Spouse

When you file for exemptions as a means of keeping property, the amount of the exemption is doubled if you file bankruptcy with a spouse. This basically means you will get to keep more property.

Attorney Annutto knows how hard you have worked to earn all you have. We also know bankruptcy can be distressing and confusing. If you are unaware of the property laws or exemptions, you can end up losing property you may have been able to keep. Let our trusted and experienced bankruptcy attorneys review your situation and see what property you may be able to keep as we help you regain your financial footing. Contact us today to schedule a free consultation.

Will Bankruptcy Affect My Credit? – Bankruptcy NH

Bankruptcy can be complicated and the impact it can have on an individual’s or a family’s credit can vary widely. Regardless of what type or the details of your situation, bankruptcy will have affect your credit. The bankruptcy attorneys at the Law Office of Joseph M. Annutto can help determine how bankruptcy will affect your credit and we will work to minimize the negative effects.

If you are filing for bankruptcy, your credit is already in trouble. How much depends on the amount of debt you have and the amount of money you make—your debt to income ratio. If you have pretty good credit and file for bankruptcy, your credit score will take a deep dip. However, if you have a high debt to income ratio, a large amount of debt and a small amount of income, your credit score will dip slightly. Any bankruptcy filing will remain on your credit report for up to ten years.

Benefits of Filing Bankruptcy

The one positive about filing for bankruptcy and how it will relate to your credit is that once you do file, the damage to your credit will stop. By letting your financial troubles compound, your credit only worsens. Bankruptcy basically nips that damage in the bud as it puts an end to collection attempts by creditors. If you file for Chapter 7 bankruptcy, your assets are liquidated and creditors are paid with the money raised and distributed by a trustee. Those debts are then wiped off your credit report. This helps you reestablish credit and prevent further damage. If you file Chapter 13 bankruptcy, you agree to a repayment plan that can last up to five years. This wipes out collection attempts, late fees, and fees for missed payments.

Rebuilding Credit

Once bankruptcy is filed, you may find you qualify for credit fairly quickly. This gives you the chance to start rebuilding your financial reputation. Our firm can review your specific situation and evaluate exactly what impact bankruptcy will have on your credit both in the long-term and short-term. As your trusted resource for honest information and representation, attorney Joseph M. Annutto can help you get back on track and on the path to rebuilding what you have lost.

Will Bankruptcy Wipe Out All Of My Debt? - Bankruptcy NH

The short answer to whether bankruptcy will wipe out all debt is no. Bankruptcy can be a useful tool for re-establishing credit, saving assets, and getting the clean slate you need to move forward after tough financial times. And yes, a great deal of debt can be wiped off your credit report. However, there are types of debts that can’t be discharged and wiped out regardless of the type of bankruptcy filed. The Law Office of Joseph M. Annutto can evaluate your situation and determine what kind of debt can and can’t be wiped out for you.

Benefits of Chapter 7 Bankruptcy

Chapter 7 Bankruptcy allows for the discharging of debt, meaning you never have to pay back that particular debt. Debt that can’t be discharged includes:

  • Child support
  • Alimony
  • Court fines
  • Court-ordered restitution
  • Some types of tax debt
  • Most student loan debt
  • Secured debt, such as mortgage debt
  • Loans or debt accumulated through some type of fraud
  • Debt acquired within 6 months of filing for bankruptcy
  • Debts not reported or filed as exempt

Experienced Bankruptcy Attorney

A trusted attorney needs to evaluate where you stand and what debts you actually owe. Our firm has the experience and compassion needed to pursue resolutions that will work in your best interest. We can work with you and fight to wipe out as much debt as possible. Bankruptcy can be the best chance you have to get back on stable financial ground. Let us discover what debt can be wiped out and help prepare you to deal with debt that can’t be wiped clean from your credit. With Attorney Joseph M. Annutto in your corner, you can get the fresh start you need and the second chance you deserve.