Attorney Robert H. Prince takes care to provide his clients with high quality services personalized for their unique needs. He is available for professional, courteous, and efficient consultation, Monday through Saturday.
One of the professional services he provides includes: Chapter 7 Bankruptcy
New Hampshire and Massachusetts Chapter 7 Bankruptcy Attorney
Law Office of Attorney Robert H. Prince Services
Bankruptcy in New Hampshire and Massachusetts.
By filing for Chapter 7 bankruptcy in New Hampshire or Massachusetts, you can essentially wipe out many of your debts and begin anew. In short, when you file for Chapter 7 bankruptcy, a bankruptcy trustee gathers and sells non-exempt assets. The proceeds from the sales are used to pay creditors (with a commission paid to the trustee).
Keep in mind that Chapter 7 doesn’t free you from all your debts; child support, alimony, school loans, and other certain items cannot be discharged, for instance. Moreover, if you fail the New Hampshire or Massachusetts means test, you may be ineligible to file for Chapter 7 bankruptcy. Due to the many complications you can encounter during this process, you should highly consider the legal guidance and representation of an experienced New Hampshire bankruptcy attorney.
Are You Eligible For Chapter 7 Bankruptcy
When filing for bankruptcy, perhaps the most common question is, “Do I file for Chapter 7 or Chapter 13 bankruptcy.” In many bankruptcy cases, Chapter 7 is more attractive because it avoids payment plans and lets you discharge your debts much quicker. On the other hand, under Chapter 7 bankruptcy, you may ruin your credit for some time and lose property that is not exempt from sale.
If you decide Chapter 7 is right for you, one of the first steps is to take the “Means Test.” Essentially, this test determines if you are unable to reasonably pay your tests by gauging your income against the state median. If your income is less than the state median — the specific number often depends on the size of the household — you may file for Chapter 7. If your income is too high, according to the test, you may have to file for Chapter 13 bankruptcy.
Benefits and Disadvantages of Chapter 7 Bankruptcy
The first thing you should know about a Chapter 7 bankruptcy is that it will stay on your credit report for up to 10 years (a Chapter 13 bankruptcy only remains on your credit report for up to 7 years). Furthermore, by filing for Chapter 7, you will lose some property. New Hampshire allows residents to choose between federal state exemptions, however, and you can somewhat control the property that you will lose. Some New Hampshire exemptions include:
- Homestead or Residential Property (N.H. Rev. Stat. Ann. §480:1): New Hampshire homestead exemption protects up to $100,000 of equity in a homestead.
- Personal Property: You may often exempt clothing, beds, and bedding; up to $3,500 worth of furniture; stove and refrigerator; up to $400 worth of fuel; military equipment; books; up to $500 of jewelry; and places of worship, among others. Moreover, you can often keep various animals and cattle.
- Motor Vehicles (N.H. Rev. Stat. Ann. §511:2): You can exempt up to $4,000 of equity on one automobile
- Retirement Accounts and Benefits (N.H. Rev. Stat. Ann. §511:2): Often includes IRA, 401(k), educational IRAs, pensions, and other accounts.
- Tools of the Trade (N.H. Rev. Stat. Ann. §511:2): You can often exempt up to $5,000 in tools that you use for work.
- Wildcard (N.H. Rev. Stat. Ann. §511:2): The Wildcard Exemption lets you keep up to $1,000 in property as well as up to $7,000 of value in unused exemptions of fuel, furniture, tools, vehicle, jewelry, and others.
There may be other exemptions suitable to your case as well, and in some situations, the federal bankruptcy exemptions may be more beneficial. Also, it is important to note that most exemption amounts are doubled for married couples filing a joint bankruptcy.
Contact Bankruptcy Attorney Robert H. Prince
Chapter 7 bankruptcy is comprised of endless nuances and considerations, and the amount of diligence and investigation that you put into your bankruptcy often determines the amount of property you’re able to save. As such, Attorney Robert H. Prince is ready to help protect your state and federal rights while providing experienced legal guidance throughout this arduous process.
For a free consultation with Attorney Robert H. Prince, call his office today at (617) 721-9141 or (603) 401-0409.
Serving Rockingham County, NH, Strafford County, NH, Essex County, MA, Middlesex County, MA.