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New Hampshire addresses the problem of student debt

Debt is a problem that reached historic levels in the last decade. The collapse of the subprime mortgage market triggered a massive recession that dried up the economies of several jurisdictions, including New Hampshire. Residents of the Granite State may expect to carry more than the national average of several types of debt.

One of the most widespread and serious types of debt is student debt, acquired while people spend on their education with private and public loans. Student debt can cause several aftereffects, like long-term financial troubles and loss of required assets like homes and vehicles. The average student in the state is not exactly living free, as he or she can expect to bear $32,000 in debt.

Qualifying for Chapter 7 bankruptcy through the means test

Making the decision to file for bankruptcy may not be easy, but for some people in Nashua filing for bankruptcy is the best way for them to address their overwhelming debts. Some people may want to choose Chapter 7 bankruptcy, in which a person's assets are liquidated and the proceeds are used to pay the person's creditors. After the process is complete, many of the person's debts will be extinguished.

However, it is important to remember that not everyone qualifies for Chapter 7 bankruptcy. In 2005 Congress enacted the Bankruptcy Abuse Prevention and Consumer Protection Act. The act included what is now known as the means test. The means test is used to determine if the debtor has the funds available at the end of each month to pay down at least some of their unsecured debts. If so, then the debtor will generally have to file for Chapter 13 bankruptcy, which establishes a three to five-year repayment plan for paying back debts, rather than liquidating assets to pay for them.

How does Chapter 11 bankruptcy work?

It is easy to think of bankruptcy as the end of a series of financial failures, especially when the pressures of debt have eroded your quality of life. But bankruptcy is designed to be a new beginning and a clean slate for people who are being harassed by creditors or buried under obligations.

  • How do people and businesses qualify for bankruptcy rulings?

A bankruptcy court must approve a bankruptcy plan after an application, which often has a nonrefundable fee. The importance of a first filing is one of the reasons that legal representation is recommended for bankruptcy proceedings. An attorney may be able to lessen the chances of a debt discharge denial.

  • How does a filing work?

Deciding when to compromise during an ongoing divorce

Getting a divorce means something different to everyone. For many people, it is a difficult and emotional process that marks the end of an important time in their life. For others, a divorce could be the foundation on which they build their future. Emotions run rampant. The way that you feel and view divorce will absolutely inform the way that you strategize for and manage your divorce.

If you see it as a way to secure an official referendum against your ex for their behavior in your marriage, you may feel compelled to fight on almost every issue. On the other hand, if you view it as the beginning of a new life, you may want to get it over with quickly and keep things affordable.

What will courts consider when making child custody decisions?

Deciding how to allocate parental rights and responsibilities is essential when parents are divorcing. These decisions can be very emotional, as generally both parties want to spend as much time with their child as possible. While sometimes parents can work out child custody issues on their own, other times they must turn to the court to issue a ruling on child custody. Such rulings will be based on the best interests of the child. Family law courts in New Hampshire will consider several factors when determining how to allocate parental rights and responsibilities.

For example, each parent's current relationship with the child and each parent's ability to have a meaningful relationship with the child in the future may be considered. Each parent's ability to provide for the child's emotional and physical needs may be considered. The child's developmental needs both now and in the future, as well as each parent's ability to provide for these needs, may be considered. How the child can adjust to a new school and community may also be considered.

How does the Granite State manage child custody claims?

What about the children? This question should come at nearly every phase of a divorce between parents. Children are affected by every decision from who looks after them at the end of the school year to who gets specific assets that may eventually go to them. It may not be the biggest consideration for adults in emotional turmoil, but child custody is one of the most important issues they will ever manage.

When does a New Hampshire court have jurisdiction over a child custody matter?

Be aware of the limits of post-divorce bankruptcy filings

Divorce has a significant financial impact on most families. Not only do families have to split the assets they possess in half, potentially diminishing retirement assets and equity in the family home, but divorce proceedings themselves can also prove to be expensive.

In the wake of a protracted and expensive divorce, people may find themselves considering extreme measures to correct their financial circumstances. Working two jobs, pushing back retirement and downgrading one's lifestyle are common approaches. Bankruptcy can start to look like a very appealing option.

Professions specialize to serve divorcing couples

Divorce is a difficult prospect, even when spouses have addressed emotional issues that exist between them. The practical concerns of dividing properties, assets and accounts are hard enough even at the best of times. This is why many professions working with divorce have specialized training or practices focusing on these practicalities.

When divorce rates went up at the end of the 20th century, some new professions began to specialize. Some experienced real estate agents, for example, are certified divorce specialists. Many work with people and their lawyers to arrange the split or sale of a family home while the family is going through changes like divorce.

What do I need to know when filing for Chapter 13 bankruptcy?

Facing up to the fact that you need to take action regarding your finances is tough. There are many potential options in New Hampshire to address your debts, and many people find that filing for Chapter 13 bankruptcy is the best option for them.

Chapter 13 bankruptcy is often the best option when you are an individual debtor who has an income too high to qualify for Chapter 7 bankruptcy. While Chapter 13 bankruptcy is no short solution, often taking up to five years to complete, it does offer a realistic way for you to achieve your goals of becoming debt free.

Communicate through text and email in divorce to protect yourself

Emotions flare in divorce, often leading to explosive interactions between you and your ex. There are likely many simmering frustrations and unfinished arguments from during your marriage that either or both of you desire to rehash.

Unfortunately, communication during divorce can often become heated and unproductive. You and your ex can wind up trapped in a cycle of angry communication that heightens your own state of stress, upsets any minor children in your household and makes the entire process of divorcing more difficult. Letting your emotions run the show is a common but also preventable mistake.

Start Your Case Today

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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