Many New Hampshire residents struggle to cope financially with a household income that barely covers their monthly expenses. An unexpected illness, injury or layoff may quickly lead to bills becoming unmanageable, and many families facing these challenges resort to using their credit cards to make ends meet. If you are in a situation like this, you likely know how difficult it can be to escape a cycle of debt. You may also be familiar with the relentless nature of debt collection agencies.

If outstanding credit card balances, medical bills or other debts are causing you stress, filing a bankruptcy could be an option worth considering. Filing either a Chapter 7 or a Chapter 13 bankruptcy will put an immediate end to creditor harassment and offer the possibility of a financial fresh start. With our experience in these matters, we can recommend which of these debt relief strategies would be most appropriate for your specific situation.

A Chapter 7 bankruptcy will discharge consumer debt such as credit card bills and medical bills, but it will not eliminate student loan or child support obligations. This is often an attractive option for individuals with limited income and high amounts of unsecured debt. A Chapter 13 bankruptcy involves reducing your debt and then paying it off through a court mandated payment plan. This option makes sense for those of you who do not qualify for a Chapter 7 bankruptcy or wish to protect assets such as real estate.

The bankruptcy laws exist to help those struggling with unmanageable debt. If you would like more information about bankruptcy in New Hampshire, please visit our page dealing with the subject.

Source: Law Office of Paul Petrillo, “Salem Bankruptcy Lawyer“, November 05, 2014