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Chapter 7 Archives

Lawsuit, lost contract drive TV repair company into bankruptcy

Many companies in Salem may have the resources needed to fight against litigation. However, small businesses often find themselves driven deep into the debt when trying to defend themselves from lawsuits. While vindication may ultimately come in court, the money spent to fend off a company’s legal troubles could make the potential of an economic recovery virtually impossible.

Explaining the wildcard exemption

When people file for Chapter 7 bankruptcy protection in Salem, their immediate concerns often surround their personal property, specifically how much of it they will and will not be able to keep. Both state and federal laws have put exemptions in place that allow bankruptcy filers to protect their equity and ownership in certain items, such as their homes, cars, and some high-dollar assets. In New Hampshire, those filing for bankruptcy are allowed to choose which exemption guidelines they’ll follow. Yet the question of which exemptions to apply is often overshadowed by concerns over what, if any, protections are afford for assets not considered to have a high financial value.

Understanding Chapter 7 bankruptcy exemptions

Many of the Salem clients who come to us here at The Law Office of Paul Petrillo seeking Chapter 7 bankruptcy protection worry that they could potentially lose everything. If you are considering filing for a Chapter 7 bankruptcy, you should know that the law has provisions which will allow you to retain the items needed to continue to support yourself and your family. Understanding New Hampshire’s bankruptcy exemption policy may help you in deciding whether or not a Chapter 7 will be able to provide you with the sort of debt relief that you need.

Chapter 7 the only viable option for distressed energy company

When one hears of businesses seeking bankruptcy protection in Salem, the automatic assumption may be that they are filing under Chapter 11. After all, doing so typically allows them to restructure their businesses in hopes of carrying on after their bankruptcy cases have been discharged. However, if a company is unable to find a restricting agreement that is suitable in assisting in the in repayment of debts and then providing a sound structure in the future, than it may be left with little choice but to crease its operations altogether and file for Chapter 7 protection.

Understanding lien avoidance

The primary concern of most of the clients with whom we at the Law Office of Paul Petrillo assist in filing a Chapter 7 bankruptcy is what assets they are allowed to keep. In most cases, you are able to keep your home and most of your personal property. Yet what if a creditor has filed a lien against one of these assets? Simply filing for bankruptcy does not automatically invalidate the lien. Rather, you need to file a lean avoidance motion with the court.

The Chapter 7 Homestead Exemption

Every year, mounting debt forces countless residents in Salem and throughout the rest of New Hampshire into bankruptcy. Of the bankruptcy options available, an overwhelming majority of cases are filed under Chapter 7 guidelines. Indeed, caseload information from the U.S. First Circuit Court shows that of the 2,257 bankruptcies filed in New Hampshire from June 2014 to June 2015, over 76 percent where Chapter 7. In a Chapter 7 bankruptcy, the court appoints a trustee in order to liquidate certain assets owned by the filer to assist in repaying creditors.

Divorce and bankruptcy

For many couples both in Salem and throughout the rest of the U.S., financial struggles are among the top reasons for divorce. In some cases, those struggles may not only prompt a separation, but also bankruptcy. When divorcing couples are facing bankruptcy, the most common question that most ask is whether they should file before or after they are divorced.

The tax implications of a Chapter 7 bankruptcy

When Salem residents incur massive debts, often the most viable solution is to declare a Chapter 7 bankruptcy. Indeed, many across the country turn to this form of relief every year. According to CreditSlips.org, over 124,000 bankruptcy cases had already been filed through February of this year. However, there are certain debts that cannot be discharged through a Chapter 7 bankruptcy. Certain types of taxes are included among them.

Travel company turns to Chapter 7

When a business owner faces tremendous financial challenges, they may be unsure of what to do next. Overwhelming debt can make daily life difficult and leave companies looking for a fresh financial start in Salem, and across New Hampshire. For businesses struggling with debt, it is extremely important to take a close look at every option on the table. There are a variety of ways to find debt relief and for some firms, filing for Chapter 7 is a wise decision.

Looking at the Chapter 7 process for businesses

When a business is struggling with debt, they may experience a number of hardships every day and have no idea of how to address their financial challenges. Fortunately, there are a variety of debt relief options that can help those who are in this position tackle overwhelming debt and look forward to a fresh financial start. In Salem, New Hampshire, and around the nation, it is very important for any business that is going through this to take action as soon as possible.

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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