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Helping you reduce debt through a Chapter 13 filing

When financial problems hit, it can feel like there is nothing else going on in the world. Debt can be burdensome, and when it becomes overwhelming, individuals in New Hampshire and elsewhere may start to consider debt relief options. While one is hopeful that they can manage it on his or her own by budgeting, the reality is that when debt piles up because of medical bills and other unexpected bills, it can feel like there is no way out. Filing for bankruptcy may seem like a last resort, but it is a real option that could provide an individual with a fresh financial start.

The bankruptcy process can be a solution when it comes to getting rid of certain debts, protecting certain assets and shielding one from creditors. At the Law Office of Paul Petrillo, our legal team understands that dealing with debt is a personal experience that can get emotional and overwhelming. Our law firm is also aware that there are individualized solutions to debt problems.

How the courts dispose of your home in a New Hampshire divorce

There are many ways for the courts to handle your home in a New Hampshire divorce. Quite a few people seem to mistakenly believe that when you divorce, one spouse or the other keeps the home. Some people also think that the person who gets the home will get the full equity in the home, which is actually not a common outcome, as divorce is not a winner-take-all arrangement.

While it is certainly possible for one spouse to assume possession and ownership of the marital home, that is not always the best solution. There are a number of different ways for the New Hampshire family courts to handle the home you shared when you get divorced. Understanding the various ways for the courts to dispose of your real estate can help you make better decisions about your preferred outcome in a New Hampshire divorce.

Child custody factors in New Hampshire

No one aspires to get a divorce. However, it is sometimes the best choice for everyone involved. While spouses may be better off apart, when a household is high in conflict or is a space where parents cannot coexist, it can be beneficial for the children involved to no longer live in such a household. Although this may be a positive step for everyone, it still requires parents to arrive at a workable child custody arrangement.

In New Hampshire, child custody is both legal and physical. This refers to the legal rights of each parent to make major life decisions on behalf of their child. It also refers to where the child lives. This may be split evenly between parents or it can be primarily with one parent.

Preparing for divorce? Answer these money related-questions

You have finally come to the decision that divorce is in your best interest. While you're worried about what the process will throw at you, you realize that tackling it head on is the only way to get through it.

One of the best ways to ease your stress and avoid mistakes is to prepare your finances accordingly. This often starts with answering the following questions:

  • Do you have a clear idea of the assets and debts that will come into play during your divorce? Property and debt division is often a sticking point, so you need to plan accordingly. For example, a list of marital and separate assets will help you protect your rights before and during the divorce process.
  • Have you created a post-divorce budget? Don't assume that the budget you have always used will be good enough after your divorce is in the past. For example, now that you only have one income, you may need to adjust your spending.
  • Have you closed joint accounts and opened individual ones? All joint accounts, such as bank accounts and credit cards, should be closed as soon as possible. While doing so, open individual accounts that you have 100% control over.
  • Are you aware of any hidden assets? Don't let your soon-to-be ex-spouse hide assets from the court, as this stops you from getting everything you deserve. If you're aware of hidden assets, bring them to light as the divorce process begins.
  • Do you need help? For instance, it never hurts to consult with a tax professional when going through divorce, as they can help you understand the impact on your tax situation now and in the future.

Bankruptcy: An option for relieving your debt

If your credit card debt has grown out of control, it's time to start the new year fresh. There are several ways to handle your debt, but it's smart to consider bankruptcy.

If your income is low enough or you have debts that are unsecured, you may want to consider bankruptcy and the fresh start it could give you. A chapter 7 bankruptcy is a good option, because it allows you to eliminate your debts without having to set up a payment plan.

Debt relief starts with a review of your budget

You know you're swimming in debt. You also know that you need to make big changes if you're ever going to reach your financial goals.

Before you do anything else, it's critical to review your budget. This allows you to answer questions such as:

  • How much income do you earn each month?
  • How much are your expenses?
  • How much debt are you currently carrying?
  • What types of debts do you have?

Guiding you through the Chapter 7 bankruptcy process

As the year comes to the end, many things come into focus. Many will look back on how the year was for them, but for others in New Hampshire and elsewhere, their financial situation is the most pressing issue. It may have been a year of medical problems, resulting in growing medical bills. An individual may have lost a job or a loved one. The year could have brought the birth of a child, but with it, many unexpected costs. No matter the cause, when debt becomes overwhelming, individuals and families should understand how they could resolve their debt problems.

At the Law Office of Paul Petrillo, our legal team understands that there are solutions to any debt problem. Being bombarded by bill collectors can make an already difficult time more challenging. And as a means to give an individual peace from these calls and a piece of mind, our law firm is available to help debtors explore their options when it comes to filing for bankruptcy.

Questions to ask your lender if you fall behind on your mortgage

You buy a house with the idea of making every mortgage payment in full and on time, but as the years go by, it's possible you could find your financial circumstances changing for the worse.

If you receive a foreclosure notice from your lender, review it closely and decide what you want to do next. As tempting as it may be to ignore it and hope you turn things around, you're better off communicating with your lender to hopefully find a solution.

How to prepare your finances for the new year

When a new year arrives, it's critical to review your finances with an eye toward making any changes that can improve your situation. While some things will remain the same, others will require your attention.

Here are some of the best ways to prepare your finances for the new year:

  • Review your budget: Not only does this help you better understand how your budget performed last year, but it allows you to make changes for the better in the months to come.
  • Assess your debt: It would be nice to find that you don't have any debt, but this isn't likely to hold true. Assess your debt, paying close attention to any types that are bogging you down, such as large credit card balances.
  • Find new ways to save: Unless you're 100 percent happy with all aspects of your savings, look into new ways to save money. For example, do you have enough money in your emergency account?
  • Focus on retirement: Regardless of your age, you need to be saving money for retirement. A quick review will give you a clear idea of if you're on track to reach your goals or need to adjust your approach so you can save more money.
  • Assess your housing situation: Are you comfortable with how much you pay in rent every month? Are you able to make your mortgage payment? Have you slipped behind on either? You need a place to live, so your housing situation should always be high on your priority list. For instance, if you have reason to believe you could be facing foreclosure in the new year, it's critical to review your circumstances and take steps to prevent this from happening.

Steps to take if your spouse asks for a divorce

Maybe you see it coming or maybe it hits you like a ton of bricks. Either way, if your spouse asks for a divorce, it's critical that you take the right steps without overreacting. It's the moves you make at this point that will dictate what happens down the road.

The first thing you should do is find out why. This will give you a better idea of what to do next, such as going along with the request or asking if it's possible to work things out in counseling.

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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