What is exempt from bankruptcy in New Hampshire?

If considering filing Chapter 7 bankruptcy in the state of New Hampshire, debtors must consider a number of elements beforehand, in order to file a favorable bankruptcy claim. One of the most relevant of these issues revolves around creating an exemptions strategy based on the exemptions allowed by the New Hampshire Revised Statutes Annotated. The state of New Hampshire does not allow exemptions per the federal exemptions list. The following outlines some of the most commonly cited exemptions in New Hampshire Chapter 7 cases, but in practice, a wide number of exemptions exist, which may be applicable to your individual case. The only definitive method of determining what specific exemptions are applicable in your Chapter 7 filing, in light of the assets currently held, is through a bankruptcy lawyer.

• New Hampshire carries a homestead exemption of up to $30,000, with the caveat that a debtor must own the land where the primary residence is located

• Insurance benefits are exempt in a limited number of cases in New Hampshire, including homeowners insurance benefits up to $5,000, public safety workers benefits entirely, and fraternal benefit society income entirely

• Pensions of firefighters, police officers, teachers, and most federally created pension programs are exempt

• A long list of personal property exemptions is in place, which carry specific values exempt pegged to each item. One of the most notable includes exemptions for automobiles at a value up to $4,000

• Public benefits, such as workers compensation and unemployment benefits, are exempt

• Wages are exempted at the court's discretion, typically based on the federal minimum wage amount

• No wildcard exemption exists in the state of New Hampshire

If considering Chapter 7, you must consult with a bankruptcy lawyer to address a number of issues, aside from the overall exemptions strategy. Contact a bankruptcy lawyer in the state of New Hampshire to learn more about your bankruptcy options today.