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Navigating Bankruptcy in New Hampshire: Your Trusted Defense Lawyers

Introduction: Understanding the Emotional Toll

Facing bankruptcy can feel like you’re caught in a storm with no end in sight. The emotional and financial stress can be overwhelming, leaving you feeling isolated and uncertain about the future. But here’s the good news: you don’t have to go through this alone. At Delancey Street, we understand the challenges you’re facing, and we’re here to help you navigate through these turbulent times. Our team of experienced New Hampshire bankruptcy defense lawyers is committed to providing you with the support and guidance you need to regain control of your financial future.

Common Concerns and Misconceptions

Bankruptcy is often surrounded by myths and misconceptions that can deter people from seeking the help they need. Let’s address some of the most common concerns:

• “I’ll lose everything I own.” This is a widespread fear, but it’s not entirely accurate. Bankruptcy laws allow you to exempt certain assets, meaning you can keep your home, car, and retirement accounts in many cases (see RSA 511:2 for specific exemptions).
• “Everyone will know I’ve filed for bankruptcy.” Unlike other legal proceedings, bankruptcy filings are not published in newspapers. Only your creditors and co-debtors are notified.
• “My credit will be ruined forever.” While a bankruptcy filing does stay on your credit report for up to 10 years, many people find that their credit score improves after filing because their debt-to-income ratio is reduced.

What is Bankruptcy?

Bankruptcy is a legal process designed to help individuals and businesses that can no longer pay their debts. It offers a fresh start by either liquidating assets to pay off debts or creating a repayment plan. In New Hampshire, there are two primary types of bankruptcy filings:

• Chapter 7 Bankruptcy: Known as “liquidation bankruptcy,” this involves selling non-exempt assets to pay off creditors. It’s most suitable for those with significant unsecured debt and few assets. However, certain debts like child support and student loans cannot be discharged.
• Chapter 13 Bankruptcy: This type allows you to keep your property while repaying debts over a 3-5 year period. It’s ideal for individuals with a steady income who can afford to make regular payments.

The Legal Nuances of Bankruptcy in New Hampshire

Navigating the legal landscape of bankruptcy can be complex, but our team is here to simplify it for you. Here are some key legal details and procedural nuances:

• Automatic Stay: Upon filing for bankruptcy, an automatic stay goes into effect, halting all collection activities, including foreclosures and repossessions (11 U.S.C. § 362).
• Means Test: To qualify for Chapter 7 bankruptcy, you must pass a means test, which compares your income to the median income in New Hampshire. If your income is below the median, you qualify for Chapter 7; otherwise, you may need to consider Chapter 13.
• Credit Counseling: Before filing, you must complete credit counseling from an approved agency. This requirement ensures that you understand all your options and the consequences of bankruptcy.
• Trustee Role: A trustee is appointed to oversee your case. In Chapter 7, the trustee will liquidate non-exempt assets, while in Chapter 13, they will manage your repayment plan.

Client Stories: Real-Life Examples

Let’s take a moment to share some anonymized client stories to illustrate how we’ve helped individuals like you:

• John’s Journey: John, a small business owner, was drowning in debt after a series of unfortunate events. With our help, he filed for Chapter 7 bankruptcy, allowing him to discharge most of his debts and start fresh. Today, John is back on his feet, running a successful business.
• Mary’s Fresh Start: Mary, a single mother, was facing foreclosure on her home. We guided her through the Chapter 13 process, creating a manageable repayment plan that allowed her to keep her home and provide stability for her children.

Why Choose Delancey Street?

At Delancey Street, we pride ourselves on our compassionate and personalized approach. Our team of skilled bankruptcy defense lawyers will work tirelessly to protect your rights and help you achieve the best possible outcome. Here are a few reasons to choose us:

• Expertise: With years of experience in bankruptcy law, we have the knowledge and skills to handle even the most complex cases.
• Personalized Service: We understand that every situation is unique, and we tailor our services to meet your specific needs.
• Compassionate Support: We know how stressful bankruptcy can be, and we’re here to provide the emotional support you need throughout the process.

Take the First Step Today

If you’re struggling with debt and considering bankruptcy, don’t wait to seek help. Contact us today to schedule a free consultation with one of our experienced New Hampshire bankruptcy defense lawyers. Together, we can explore your options and create a plan to help you regain control of your financial future. Remember, you don’t have to face this alone—Delancey Street is here to help.

Conclusion: Embrace a Brighter Future

Bankruptcy is not the end—it’s a new beginning. With the right legal guidance, you can overcome your financial challenges and build a brighter future. At Delancey Street, we’re committed to helping you every step of the way. Reach out to us today and take the first step towards financial freedom. Your fresh start is just a phone call away.

Tables and Additional Information

Types of Bankruptcy

Common Bankruptcy Myths

For more detailed information and personalized advice, contact us at Delancey Street. We’re here to help you navigate the complexities of bankruptcy and find the best path forward.