Bankruptcy is a difficult possibility to face. Many years of work and investment must have gone awry for a person to have a high enough level of debt to consider it. But bankruptcy can easily happen to conscientious people with a modest living, and it can happen due to circumstances out of their control.

Many former homeowners in New Hampshire remember the sting of the Great Recession. Although history will dictate it began ten years ago, the Granite State was seeing signs of a depressed housing market before then. A New Hampshire economist warned of a “housing roulette” with easy credit as early as 2005.

A decade later, the state has recovered with low unemployment and foreclosure down from a record high of nearly 4,000 in 2010. But many who remember losing a job and home also recall filing for personal bankruptcy and working hard to restore their credit.

Bad times may not be entirely behind for many homeowners in New Hampshire. The economist who attempted to sound the alarm in 2005 said recently that, “If we had a severe economic downturn and significant increases in interest rates … we could be in trouble again.”

It may sound like a failure, but a bankruptcy can be a fresh start for people suffering under debt if the filing is handled well and approved by the bankruptcy court. People facing debt are counseled to avoid going it alone to try and save short-term sums. An attorney can help review the particulars of your assets as well as your debts and may increase the chances of a successful filing.