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December 2014 Archives

Chapter 13 debt reorganization in New Hampshire

For some debtors in New Hampshire who are considering bankruptcy as a possible solution to overcoming unmanageable debt, Chapter 13 debt reorganization may be a viable option. In Chapter 13 bankruptcy, the debtor enters a repayment plan lasting between three and five years, during which time he or she will be required to make all scheduled payments to the estate. At the estate's close, the remaining unsecured debts will then be discharged.

Dealing with unsecured creditors in New Hampshire

When a borrower is unable to make a credit card payment, it is possible that the issuer could seek a wage garnishment or seek a lien on certain property. However, creditors cannot do so on their own. Instead, a creditor must first obtain a judgment and then seek a court order asking permission to garnish wages or place a lien on property. If a garnishment is granted, the law states that a maximum of 25 percent of wages can be garnished each pay period.

Tips for avoiding home foreclosure

If a New Hampshire homeowner is in a grim financial situation that might lead to a home foreclosure, a variety of methods can be followed to avoid such an outcome. Because each method requires different resources and actions, homeowners should take their time and consider consulting a professional before making a final decision.

Stripping a mortgage lien in a New Hampshire bankruptcy

The bankruptcy court may strip a creditor's lien on a property as part of the bankruptcy process if it is from an unsecured debt. Second mortgages often become unsecured debt as part of Chapter 13 bankruptcy proceedings in cases where the property has very little or no equity. Chapter 7 bankruptcy usually leaves them as secured debt, preventing the debtor from avoiding foreclosure due to a default on a second mortgage.

Medical debt consequences

Many people in New Hampshire find themselves in a situation in which an unexpected illness or medical emergency results in a mountain of medical bills. Even those who have insurance may find themselves suddenly overwhelmed by unexpected medical debt.

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