New Hampshire Bankruptcy Laws
The process of going through bankruptcy is protected through federal and state laws. These laws are not the same in every state and can be rather complex. Prior to deciding to file for bankruptcy, make sure you have all the information about how the laws will apply to you. Find answers by speaking with a local bankruptcy lawyer. Complete the free form below to get a free case evaluation with a lawyer in your area.
When you reach a point that you simply cannot stay current with your bills due to overwhelming debt, you may need to file for bankruptcy. New Hampshire bankruptcy laws outline the protections available to you as you enter this process.
New Hampshire Bankruptcy Exemptions
New Hampshire bankruptcy law lists certain exemptions, or items you can keep if you file for bankruptcy. The New Hampshire exemptions are as follows:
- Up to $100,000 for your homestead or a mobile home
- Your family’s clothing, including yours.
- Bedding and your beds
- Up to $3,500 in household furniture
- Your cooking stove, refrigerator, utensils, and a heating stove
- Food, fuel, and other provisions, up to $400
- A sewing machine
- Up to $300 worth of domestic fowls
- One hog, one pig, six sheep, and any fleece they produce
- Military uniforms and gear
- Up to $800 for school books, bibles, and a personal library
- Up to $5,000 for tools of the trade
- Church pew
- Burial lot
- Up to $4,000 for your automobile
- Up to $500 for jewelry
- One cow, one horse, or a yoke of oxen if used for farming or teaming purpose, and up to four tons of hay for the animals
- Up to $1,000 worth of any property, plus $7,000 of any unused exemption from fuel, books, tools of the trade, vehicles, jewelry, and furniture
- 50 times the federal minimum wage per week, changing to all wages after trustee services are in process
- Retirement plans, pension, or bounty money
- Child support
- Public compensation programs
- Life insurance payable to a married woman or third person
- Jury or witness fees
- Up to $5,000 for insurance proceeds or damages to exempt property
New Hampshire Chapter 7 Bankruptcy Law
Chapter 7 bankruptcy is the form of bankruptcy that allows a debtor to discharge most of his or her debts after selling all non-exempt assets. In order to file Chapter 7, you must pass a means test, which requires your income to be at or below the median level in New Hampshire.
New Hampshire Chapter 13 Bankruptcy Law
Chapter 13 bankruptcy allows debtors to try to repay their debts through court ordered and supervised debt repayment structures. This form can work well for those who want to try to repay their debts, who are dealing with debts that cannot be discharged, or who make too much money to file Chapter 7.
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