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Chapter 7 Archives

What is chapter 7 bankruptcy and how does it work?

In Chapter 7 bankruptcy, a New Hampshire debtor will have his or her assets liquidated to repay outstanding debts. However, some assets may be exempted from liquidation, which means that they will not be sold to pay off creditors. If a debtor owns property that is secured by a lien or a mortgage, that property may already be pledged to other creditors.

Chapter 7 bankruptcy requirements

When the latest major changes to the bankruptcy code went into effect in 2005, many people in New Hampshire lost the option to file Chapter 7 bankruptcy. The change in the law means that people who can afford to repay some or all of their debts are not able to discharge them through Chapter 7. In order to get the legal protections that bankruptcy provides, they have to file under Chapter 13.

Store allegedly pestered customer for $20 credit card bill

Laws may protect customers in New Hampshire and throughout the country from improper debt collection practices. A woman is claiming that a department store contacted her repeatedly and inappropriately to collect an allegedly overdue $20 credit card bill. The woman's personal debt increased to $100 for this credit card bill because of interest and fees for late payments.

An explanation of personal bankruptcy types

New Hampshire residents who are considering filing for bankruptcy may feel that doing so may save them from otherwise insurmountable financial complications, but some may not fully understand what each category of bankruptcy entails. Understanding the basic aspects of Chapter 7 and Chapter 13 bankruptcies could help such debtors in planning ahead more effectively.

Bankruptcy may be option for anyone, even those with high incomes

During hard financial times, as the last few years have brought for many people in New Hampshire and throughout the country, many people choose to file bankruptcy for debt relief. Mounting debts can be a result of loss of employment, medical bills, divorce or any number of legitimate problems. But most people think of bankruptcy as an option for a person of average or below average income. Surprisingly, even those who make millions may find themselves in the position of needing debt relief.

Be wary of Internet-based bankruptcy preparers

Imagine looking online for a solution to your overwhelming debt and finding a website for an organization that will prepare all of your bankruptcy filings for only a couple hundred dollars. You decide the deal can't be passed up, so you submit your information to the preparer and, shortly thereafter, get back everything you need to file for bankruptcy. After you file it with the courts, you wait for your debts to be discharged, but you are shocked to find that the preparer made some serious mistakes and your filings are going to be thrown out.

Has one basketball player found a way to avoid bankruptcy?

Any major sports fan in Manchester knows that professional athletes don't always have all the money the public would expect. There are numerous stories of major sports starts who have filed for bankruptcy because they have become overburdened with debt. Take, for example, Allen Iverson, one of the most well-known basketball players of the last 20 years. He is underwater in debt, in part because of high child support payments. His ex-wife is asking him to set up a trust of more than 1 million dollars just to cover child support.

How your home factors in to the Chapter 7 equation

It is perfectly natural for any person in a desperate financial situation to consider bankruptcy. One of the first questions they are likely to consider is "how will this filing affect my home?" There are a few things to consider here, specifically in regards to a Chapter 7 bankruptcy filing.

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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