Serving New Hampshire and Massachusetts residents, Notinger Law is ready to assist you with any bankruptcy filing need. When it comes to filing bankruptcy, we specialize in Chapter 7 and Chapter 11 for individuals and businesses. We have more than 25 years of experience in the industry and can easily provide you with more information on bankruptcy for the individual. When it comes to the bankruptcy filing, you need to learn the basic terminology in order to know what you are getting in to. Bankruptcy exemptions are one area in which individuals need to understand before filing for assistance.
Understanding Bankruptcy Exemptions
For most people, when thinking about bankruptcy, they think that everything will be taken away after filing. This is not true. There are bankruptcy exemptions, which allows you to keep the property or personal belongings even though you file for assistance. Understanding the exemptions helps you to decide if filing for Chapter 7 or Chapter 11 bankruptcy for your individual needs is the right option.
In the state of New Hampshire for example, certain property is exempt from being taken away by creditors when you decide to file for bankruptcy assistance. Most everyone who does decide to file will be able to keep their home. In the state, individuals are exempt up to $120,000 of home equity and double that amount for a married couple that files for bankruptcy.
The homestead exemption will protect the equity in the home. As long as you can keep paying your mortgage, you should be able to keep your home. An IRA can also be exempt along with pension plans, retirement accounts, etc. Items used in the household are also considered exempt such as beds, appliances you need, cookware, clothing, fuel, food, etc. This will depend on your specific circumstances.
To be able to retain your property, you need careful exemption planning. This can be done with a qualified bankruptcy attorney. At Notinger law, we have the knowledge and experience to assist you with your bankruptcy filing needs. With more than 25 years of experience in Chapter 7 and Chapter 11 cases, we know the law and can assist in ensuring your entitlement to bankruptcy exemptions.
Reviewing Your Assets
During the bankruptcy process, we will carefully review your assets to explain your rights. If you have non-exempt assets, then our attorneys will explain your options to you. There are alternatives available and as the average citizen, you are most likely unaware of legalities involving bankruptcy. With our experienced attorneys by your side, we can find alternatives so that you can live comfortably and hopefully be able to maintain your possessions.
There are so many misconceptions about the exempt property, that you may not have the right idea about what you are able to retain during a bankruptcy filing. Let our experienced attorneys provide you with the correct information when reviewing your case. Any questions can be answered so that you fully understand the process and feel comfortable moving forward.