Bankruptcy in New Hampshire
If you are filing for bankruptcy in New Hampshire, then you no doubt have plenty of questions. Fortunately, your bankruptcy lawyer will be able to answer your questions and provide you with guidance throughout the process. One of the things that is most important for you to understand throughout the whole process is the subject of the many different exemptions that are afforded to you. When you file under Chapter 7 bankruptcy, your property is subject to be taken by your creditors if it is not declared exempt. Luckily, most property in New Hampshire is an exemption. The following will explain the different kinds of exemptions that you may benefit from
Homestead and insurance exemption
When declaring bankruptcy in New Hampshire, you’ll be pleased to know that you run very little risk of losing your home. Specifically, any real property or manufactured housing is protected up to $50,000 if you own the land that it is built upon. Some types of insurance proceeds are protected by your creditors under New Hampshire state law. Namely, firefighters aid insurance, Fraternal society benefits, and homeowners insurance proceeds up to $5,000.
Exemptions for personal property
One of the largest groups of exemptions for bankruptcy in New Hampshire is personal property. You’ll find that you run little risk of losing your possessions to your creditors. Examples of personal property exemptions in the state include: automobile to $4,000; beds, bedding, and cooking utensils; bibles and books up to $800, church pews, burial plots, clothing, stoves and refrigerators, certain livestock, food and fuel up to $400, furniture up to $3,500, jewelry to $500, and proceeds from property that has been lost or stolen.
Pension and Public benefits exemptions
Pensions that are exempt when you file for bankruptcy in New Hampshire include: federal pensions building up, firefighters, police officers, and public employees. Also exempt are public benefits such as the following: aid to blind, aged, disabled, or AFDC; unemployment compensation, and worker’s compensation.
This is just a small sample of the many different kinds of exemptions that you will be afforded when you file for bankruptcy in New Hampshire. A few of the others that weren’t discussed include: tools of your trade, child support, jury fees, and earned but unpaid wages. With all of these exemptions available, you are certain to be able to hang onto most of your things when you go through the bankruptcy trial.