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Salem Bankruptcy Law Blog

How does bankruptcy affect child support in New Hampshire?

Between legal fees, a new place and child support, divorce has already hurt your bank account. Whether you were already in a bad place before, have not recovered from the divorce costs or have experienced a financial disaster, bankruptcy may now be in your future.

With so much debt to worry about, you may wonder how declaring bankruptcy will affect your child support obligations. Do they go away or become lower? Do you have to continue paying when you are broke? Understanding New Hampshire laws can help prevent you from getting yourself into further financial trouble.

Helpful tips to prevent foreclosure

Missing more than three mortgage payments can put you in a precarious situation. You will likely hear from your mortgage company and it won't be a pleasant conversation. A Notice of Default (NOD) will likely be sent to you, letting you know that foreclosure is on the horizon. If you've defaulted on your mortgage, here's how you can prevent foreclosure in New Hampshire.

One of the first options you have in preventing foreclosure is to file for bankruptcy. When you file for bankruptcy, you will stop the foreclosure process immediately. You will also stop all creditors from contacting you in an attempt to collect on any debt they are owed. Bankruptcy does not end the foreclosure process entirely. It only stops the process for a period. It gives you time to find a new job or put yourself in a more favorable financial situation.

Sharing child custody supported by new research

The old adage is that a child receives the most support when in a two-parent situation. That adage seems to be true even when it comes to child custody arrangements. As difficult as child custody can be, some new research shows that sharing child custody is the best option for all parties involved.

The research was conducted by Wake Forest University. In the report, a professor of adolescent psychology said that children of all ages should be in situations that involve shared parenting unless the child needs to be protected from abuse or neglect.

What is unsecured debt?

No one ever said life would be easy. In fact, it only gets harder as you get older. One thing that makes life so difficult to live is when debt accrues. Debt is commonly accrued when buying a car, a home or going to school. It can also be accrued through unpaid medical bills, unpaid utility bills and through the use of credit cards.

Unsecured debt is defined as any type of loan you acquire that is not backed by some type of asset. For example, a secured debt would be your mortgage. The mortgage is backed by your home, an asset. If you fail to pay your mortgage, the financial institution will take possession of your home.

Liquidating assets to pay down debt in New Hampshire

Struggling with debt can be a debilitating issue. Debt, which comes in many forms, can create quite a bit of stress and put you in a hole that you might never be able to climb out of no matter how hard you try. There are plenty of options for getting out of debt, one of which is to liquidate your assets in Chapter 7 Bankruptcy. Today, we will discuss how liquidation can help you start to pay down your debt.

The main goal of liquidating assets in an effort to pay down debt is not just to pay down the debt, but to create some sort of monthly cash flow once again. Cash flow is an important part of life and living on a budget. You need cash flow in order to make a budget work. You need to take a long look at your debt, your current income and your finances as a whole before deciding whether or not liquidating assets will work for your situation.

Don't forget to include these important items in a prenup

Getting married is a milestone moment in life, but it should never be treated lightly. Even though marriage is a fun, exciting time, you cannot forget to plan for your future. Not every marriage will go on forever, baked in happiness. That is why it's important to consider a prenuptial agreement. Here are some important items to put in your prenup in New Hampshire.

One of the most important items you shouldn't forget to include in your prenuptial agreement is how to divide debt. This can be debt acquired individually prior to the marriage and debt acquired during the marriage. You will want to explain that debt before marriage remains individual debt and debt during the marriage is joint debt that must be divided equally, unless some other agreement can be made.

The best way to communicate with your spouse during divorce

Divorce proceedings are notorious for contention and he-said-she-said arguments. While there are amicable ways to divorce, they do not apply to every case. Dealing with a deceitful, manipulative or uncooperative spouse requires litigation.

Still, there are times when you must communicate with your spouse directly and not through lawyers. Modern technology has increased the number of communicative methods you can choose. Which ones are best to use when you are getting a divorce?

How does medical debt affect bankruptcy filings?

Medical debt is a major factor in consumer bankruptcies, with 43 million residents of the United States struggling with unpaid medical bills that negatively affect their credit ratings, the Consumer Financial Protection Bureau reports.

Some industry insiders believe that medical debt is the driving force behind as much as 26 percent of consumer bankruptcies.

How does social media impact divorces?

Social media is becoming a prevalent component of many people's lives. In fact, a report in USA Today showed that around 58 percent of adults living in the United States have a Facebook account. Additionally, there are many other social media channels, such as Twitter, Instagram and Snapchat.

For people going through a divorce, it may be tempting to vent frustrations on Facebook and social media in general. However, statements made on social media frequently come up in court and can influence a judge's decisions, meaning that divorcing couples should be mindful of what they post.

How to acquire back child support in New Hampshire

Changes in life such as a divorce can turn you into a single parent within the blink of an eye. In most divorce cases, an agreement is reached between the two parties about who will pay child support, for how long and for a set amount. When the payments are not made, or stop being made, the intended recipient can use different methods to acquire back payments.

If the amount of money owed to you is in the thousands of dollars, you can request the court that issued the child support order to place a lien on the other parent's property.

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