Chapter 7 Bankruptcy
In most circumstances, a Chapter 7 bankruptcy will allow you to be absolved from the responsibility of paying most debts. Chapter 7 is the common term which refers to the section of the United States Code which governs this type of bankruptcy protection.
In most cases, you will not be able to file a Chapter 7 if you have already been discharged under Chapter 7 in the last 8 years. Although, if you filed a bankruptcy within this time frame, you should understand that other alternatives may be available under the bankruptcy code. Depending on your household income and family size, you may be forced to repay your debts in a Chapter 13 filing.
Under Chapter 7, you are allowed to keep the personal and real property which the court deems you necessary for you to give yourself a fresh start. In the majority of circumstances in New Hampshire, people are allowed to keep their homes if they do not have more than $200,000 dollars of equity as a married couple or $100,000 dollars of equity as a single person.
People are also often able to keep their retirement plans, automobiles of modest value and vehicles that have little equitable value. General personal items, including ordinary household furniture, appliances, and consumer electronics also remain in their possession.