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filing bankruptcy in NH

Is It Time for You to Declare Bankruptcy?

The coronavirus outbreak has forever changed the way people live. From mom-and-pop stores that had to close down because of control measures to countless individuals who lost their jobs for related reasons, the outbreak has made it difficult for many people to pay for bills, debts, and mortgage payments.

If you’re in this situation right now, you may have already considered declaring bankruptcy. It can help reduce your debts and keep bill collectors at bay. But it also affects your credit score and your ability to acquire a loan in the future. Our bankruptcy lawyer in NH helps you determine the pros and cons so that you can be confident with making your next move.

The Fundamentals of Bankruptcy

Bankruptcy may be a way for you to get out of debt when you know that it’s otherwise close to impossible for you to get out of. People usually file for Chapter 7 or Chapter 13 bankruptcy.
Chapter 7 bankruptcy liquidates non-exempt assets and discharges all unsecured debts. Under this form of bankruptcy, you keep most, if not all, of your assets. Alternatively, Chapter 13 bankruptcy is available if your income it too high for Chapter 7 or you have too many assets, but most all people are within the Chapter 7 limits. 

Both bankruptcies would be on your record for seven to 10 years.

If there’s one thing you have to keep in mind about filing your bankruptcy, it’s that the price of financial freedom can have negative consequences on your financial record. An experienced lawyer may ease the impact. They’ll help you rebuild your credit score.

The Perfect Time to Declare Bankruptcy

Contrary to the common assumption that businesses are the ones who typically declare bankruptcy, it’s individuals who file bankruptcy more often. Many people take this opportunity to start over when they no longer have the income to pay for a mortgage, credit cards, or car loans.

There’s no “ideal time” to file for bankruptcy. But if you’re struggling financially and you no longer have the means to meet your financial obligations in the coming years, now may be the best time to ask the court for relief with some of your loans, mortgages, bills, and others qualified expenditures.

An Alternative Option to Bankruptcy

Bankruptcy is designed to help turn around the seemingly hopeless situation of people who are buried under student loans, car loans, credit card debt, and mortgage payments. But it’s understandable for you to be hesitant about declaring bankruptcy. It will affect your credit score.

When you’re unsure about filing for bankruptcy, seek other options to ease your financial burden. Some creditors may be willing to negotiate payment terms. They may even accept a decrease in payments over time rather than risk not getting anything at all. Debt settlement and debt management programs can also help with your financial challenges. 

Let Our Bankruptcy Lawyers Help

Our Chapter 7 and Chapter 13 bankruptcy lawyers help you learn about debt control strategies that allow you to make the most of bankruptcy protection. Request an online free consultation today.