New Hampshire may be the place to live free or die, but the cost can be high. The Granite State has a higher level of debt per person than the national average, with medical debt and student debt making up the lion's share of financial obligations.
The dark days of the Great Recession have been gone for years, but some problems for people with significant debt remain. Some observers are concerned that 2019 began with a 28 percent increase in bankruptcy filings compared to January of last year.
People in New Hampshire owe more than most Americans per capita, which leads the personal bankruptcy rate in the Granite State to experience occasional highs. Two of the types of debt that are most likely to lead to bankruptcy are student debt and medical debt. One of the prices of New Hampshire's educated population is a higher incidence of student debt.
Many public service professions qualify for federal programs to forgive student debt. Teachers who work in a school serving low-income families for five years or health providers who serve in the National Health Service Corps, for example, can get thousands in student debt forgiven.
Home may be where the heart is, but, when a couple's marriage is on the rocks, it can be a point of contention. During the divorce process, spouses in New Hampshire will need to divide their assets, which can include the family home. Some people may wish to stay in the place where they are familiar, especially if they have children, while others may want to leave the past behind them and set forth anew. It is important for divorcing couples to understand what options they have when it comes to property division and the family home.
One option is for one spouse to keep the home, and either buy out their ex's interest or keep the home in exchange for an equivalent amount of marital assets. However, homeownership can be expensive. Repairs and updates will need to be made from time to time, mortgages need to be paid, and there is also homeowner's insurance and property taxes to contend with. If a spouse wants to fight to keep the family home, they will want to make sure they can afford to do so on a single income.
If you are going through financial difficulties, you may be wondering which of many possible roads you should take. There can be a great deal of confusion in regard to what is the best way to tackle debt. The solution can be different depending on the particular situation you have found yourself in, and this is why it is important that you conduct thorough research on different options.
Chapter 7 bankruptcy is a specific type of bankruptcy that has been created for those who have debts that total more than 40 percent of their income. It is ideal for people in situations where they do not have a high amount of assets that they can leverage to help pay off the debt.
There are many reasons why people get divorced. Some of the most common include money troubles, infidelity and simply falling out of love. Even without some of these reasons, you might be wondering if there are other factors that make it likely you will divorce.
There are certain risk factors that you have no control over that could significantly increase your chances of divorce. Factors that may not seem like they have anything to do with the success of a marriage could actually contribute to your divorce. Here are some divorce risk factors that could cause your relationship to end.
When someone is considering bankruptcy, it is difficult to get past the emotional and rational reactions to the concept. Although it is designed to give solace to people struggling with their financial lives, it can feel like failure if bankruptcy is the best way to get there.
From a logical perspective, it may also seem like a step back from progress if a person has to sell off all remaining assets save a few necessities in order to raise money to pay off debts. Many people do not realize that liquidation, formally known as Chapter 7, is only one of several types of bankruptcy that can lead to a fresh start.
Divorce is always difficult, especially on children. When a child's world is about to be split between two homes and two independent people, New Hampshire courts try to make sure their needs are attended.
What does New Hampshire law say about child custody?
It used to be if a spouse wanted to get the dirt on their wife or husband in a contested custody or divorce case, they had to shell out a lot of money to a private investigator. Now, all it often takes is a perusal of the errant spouse's social media accounts and a few screen-grabs.
If you are engaged in a court battle with a soon-to-be ex or a former spouse, you have to be circumspect about your online exposure. If you fail to reduce your social media footprint and your adversary is able to uncover potentially damaging evidence against you, you will only have yourself to blame.
For those in New Hampshire who are facing overwhelming debt but feel that with enough time they may be able to meet their financial obligations, Chapter 13 bankruptcy may be an option worth considering. However, it is important to note that not all debts can be discharged through Chapter 13 bankruptcy. For example, child support and spousal support delinquencies generally cannot be discharged, even upon completion of a Chapter 13 repayment plan.
One thing Chapter 13 can do, however, is put a temporary halt to collection activities regarding spousal support and child support. This may give the debtor the time needed to set aside financial resources for these debts or to address dischargeable debts, freeing up more income to pay back these delinquencies once the Chapter 13 repayment period is up.
Alimony can be an important tool for making divorces fair when the spouses are on unequal financial footing. It helps people move on into a new life without financial issues added to the emotional difficulties of divorce. The nature of alimony has often been unpredictable, and New Hampshire has just made it easier to understand how alimony is determined.
How was alimony allocated before?
Whether you have a family law issue, an estate planning question or are considering bankruptcy, I can help you find a sustainable solution that provides relief and hope. Schedule your consultation at my Nashua, New Hampshire office today by calling 603-635-4149 or by sending us an email.
We are a debt relief agency. We help people file for bankruptcy relief under the Bankruptcy Code.
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