Hard financial times can lead to excessive stress and anxiety-filled moments. This article hopes to equip you with information that will assist you in relieving the burden and introduce you to filing bankruptcy in New Hampshire. Also, we aim to tell you about other options that are instrumental in getting out of debt. During a 12-month period, ending June 30th, 2019, New Hampshire had 1,305 Chapter 7 and 522 Chapter 13 filings.
Here, we aim to elaborate on the primary aspects of Chapter 13 bankruptcy in New Hampshire and to start us off, why Chapter 13 bankruptcy in New Hampshire specifically? Well, New Hampshire is our point of concern because some bankruptcy elements are New Hampshire-based and others are nationally specific. Before we delve further into New Hampshire’s specific details, we can first look at what entails a Chapter 13 bankruptcy and how it differs from a Chapter 7 bankruptcy.
Chapter 13 Bankruptcy:
This type of bankruptcy is also referred to as ‘wage earners’ bankruptcy. Here, debtors seek the help of lawyers to agree on a repayment arrangement in installments that will run from 3 to 5 years. Why do the majority of people prefer Chapter 13?
- They earn way too high to file for Chapter 7
- They own highly valuable assets
- They just fancy going with Chapter 13
Chapter 7 Bankruptcy:
This type of bankruptcy is also named ‘liquidation bankruptcy’, and it is mainly popular with debtors with no power to pay their debts. By filing for Chapter 7, the debtors get the option of discharging their debts. Here is some general information about Chapter 13:
- You can be done with Chapter 7 in as little as three months.
- It is an inexpensive debt relief method
- You must be eligible to file for Chapter 7
With the help of our calculator, you can get an estimate of your Chapter 13 payment arrangement in addition to learning if you are eligible for Chapter 7. By now, you are conversant with the differences between the two types of bankruptcies. Now, we can continue with Chapter 13 bankruptcy in New Hampshire. In this article, we will look at the following:
- Chapter 13 and Chapter 7 Bankruptcy Plan Payment in New Hampshire
- Chapter 13 and Chapter 7 Bankruptcy New Hampshire Exemptions
- Chapter 13 and Chapter 7 Bankruptcy New Hampshire Trustees
- New Hampshire Bankruptcy Districts and Court Locations
- Should I pursue a Chapter 13 or Chapter 7 Bankruptcy in New Hampshire?
Chapter 13 Bankruptcy Plan Payment in New Hampshire
The Chapter 13 bankruptcy New Hampshire plan payment estimate utilizes the particular New Hampshire expenses, for instance, the New Hampshire Bankruptcy Allowable Living Expenses and the New Hampshire Administrative Expense Multiplier, plus the IRS National expense figures.
From our experience, we have discovered that lots of people desire to know if they are eligible for Chapter 7. They also love to know their Chapter 13 payment plan. If you plan a personal estimation of a Chapter 13 bankruptcy, it can prove to be a challenge because of the complicated bankruptcy forms used.
To help you, we created a calculator to assist you in determining if you are eligible for Chapter 7 and your kind of plan payment in a Chapter 13 bankruptcy.
How does the calculator work?
- The Quick Calculator: This takes very few minutes, but it doesn’t give you a broader picture; therefore, our advice is you opt for the more thorough calculator.
- More Precise Estimate Calculator: This will give you access to our more accurate calculators. Please keep in mind that the provided figures are approximated. In case you need exact numbers, consulting an experienced lawyer is the best idea.
New Hampshire Means Testing
The calculator shown above factors-in New Hampshire means testing data given here, to establish if you are an eligible candidate for a Chapter 7 bankruptcy. Also included in the table are the details for the New Hampshire Means Test for cases filed on or after November 1 2020
|# of People||Annual Income|
Chapter 13 Bankruptcy New Hampshire Exemptions
Before you make up your mind if Chapter 13 is your best option, be sure whether you own any property higher than the exemptions. While you might be eligible for Chapter 7, you might own a massive equity position in property. In such a case, you might have to choose debt settlement or Chapter 13.
When filing for bankruptcy in New Hampshire, you must consider the state’s statutes and bankruptcy exemptions. In the event you own property that is higher than the New Hampshire exemption, it is likely that the asset will be liquidated. Here are the common New Hampshire bankruptcy exemptions. If you need a comprehensive list, we advise you to check the 2010 New Hampshire Statutes Government site.
Chapter 13 Bankruptcy New Hampshire Trustees
The work of administering the bankruptcy case and liquidation of the debtor’s non-exempt assets falls to the trustee. Note that there are plenty of Chapter 7 trustees but not that many Chapter 13 trustees. Here are the Chapter 13 bankruptcy trustees in New Hampshire.
|Lawrence Sumski||(603) 624-0574|
Chapter 7 Bankruptcy New Hampshire Trustees
|Michael S. Askenaizer||(603) 594-0300|
|Victor W. Dahar||(603) 622-6595|
|Edmond J. Ford||(603) 433-2002|
|Olga L. Gordon||(617) 457-4000|
|Steven M. Notinger||(603) 417-2158|
|Timothy P. Smith||(603) 623-0036|
New Hampshire Bankruptcy Districts and Court Locations
New Hampshire has one bankruptcy district in its state. The district is located in Concord. With the current information that you possess, where would you visit specifically for filing of Chapter 13 bankruptcy in New Hampshire?
Should I File For a Chapter 13 Bankruptcy in New Hampshire?
For those overwhelmed with debt, are not eligible, or don’t prefer Chapter 7, Chapter 13 bankruptcy in New Hampshire is a suitable alternative. Remember that there are other options other than bankruptcy, including debt settlement and debt management. On that note, it is advisable to explore all the choices, especially the advantages and disadvantages before making up your mind.
You can count on our Chapter 13 calculator to compare your alternatives, offer you the pros and cons. Besides, you can utilize the calculator as a research tool or as a resource.
Debts can place constant stress and frustration on your shoulders. We sincerely hope that this article has provided invaluable assistance in your journey to debt freedom.