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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.