No one starts a career or makes an investment thinking about how it could go wrong. Smart financial moves often involve risk, and some people can lose everything without making any predictable mistakes. This is one of the reasons that bankruptcy allows people with heavy debt to attempt to start over and recover from the past.

People and businesses in New Hampshire have several options for the right type of bankruptcy. Chapter 13 allows for many assets to be retained while debt is restructured to be paid off over future months and years. Chapter 7 often involves the selloff of any nonvital assets through a trustee who works with creditors to settle liabilities.

Business debt can weigh on individuals, and many people who file for personal bankruptcy are trying to resolve debts incurred while starting, owning or closing a business. Five entities filed for business-related bankruptcy in New Hampshire during November 2018, and four of them were people.

Bankruptcies in the Granite State are slightly down from last year, with monthly averages of filings dropping from 152 to 146. In a positive sign, November 2018 saw the least filings in New Hampshire since bankruptcy laws were changed in 2005.

People considering bankruptcy as a way to end creditor harassment and settle debts once and for all may consider legal representation before and during the filing process. An attorney can help people suffering under debt to analyze their possible choices, including restructuring and other pre-bankruptcy options, and help with filing to possibly increase the chances of a successful filing in bankruptcy court.