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Debt Relief 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.

How to choose between debt relief and bankruptcy

New Hampshire debtors searching for a debt relief plan might want to consider bankruptcy. But before one goes down that route, there are other alternatives to consider. Each choice has pros and cons that should be weighed, and some options are better suited to different situations.

Filing for bankruptcy in New Hampshire

Many New Hampshire residents struggle to cope financially with a household income that barely covers their monthly expenses. An unexpected illness, injury or layoff may quickly lead to bills becoming unmanageable, and many families facing these challenges resort to using their credit cards to make ends meet. If you are in a situation like this, you likely know how difficult it can be to escape a cycle of debt. You may also be familiar with the relentless nature of debt collection agencies.

Student loan debt up 84 percent since 2008

New Hampshire residents with student loans are among those most likely to make timely payments according to the credit reporting agency Experian. Other states that scored well for student loan repayment in the September 2014 report were Vermont, Massachusetts, Minnesota and North Dakota. However, the credit agency also found that the level of student debt had risen sharply since the 2008 financial crisis, which has led to significant financial challenges for many Americans as they struggle to pay the loans that they took on in college.

Bankruptcy and discharge dates in New Hampshire

When seeking debt relief, it is important to understand that there is a difference between the filing date of bankruptcy and the date that the debt is discharged. For those seeking Chapter 7 bankruptcy, the debt is generally discharged four months after paperwork is filled out and the bankruptcy is approved. For those who seek Chapter 13 bankruptcy or must use Chapter 13 because they are not eligible for Chapter 7, it may take as many as five years for a debt to be discharged.

Millions of Americans have debt in collections

Those who live in New Hampshire may be surprised to learn that 77 million Americans have a debt that is currently in collections. While that number may seem high, there are many reasons why a person could have a debt in collections, and some counted in that number have good credit and may not even know about the debt. This is often the case with those who have medical debt because some people in that situation may assume insurance paid the bill.

Collectors seizing debtor assets through litigation

New Hampshire residents who are struggling with debt should be aware of a practice that appears to have grown substantially among debt collection agencies in recent years. This disturbing trend involves filing lawsuits against debtors with what experts believe is often a presumption that the debtors will never appear in court. Many consumers have reported to attorneys that they have been sued and received default judgments that froze their bank accounts, garnished their wages and set liens on their homes without ever having received notice that legal actions were in progress.

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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