New Hampshire Bankruptcy Exemptions

The State of New Hampshire does have federal bankruptcy exemptions available.

The State of New Hampshire allows state residents to choose the federal or state exemption allowances. This creates a choice for the debtor between the most beneficial exemptions per their own case. The best way to determine which exemptions to utilize is to meet with a qualified and proven bankruptcy attorney who can evaluate your individual case and guide you through the process.

There is certain property that is exempt or excluded that the debtor can keep. Based upon your personal situation, personal income and state laws, property and assets exemptions are determined.

This is a list of some of the available exemption in New Hampshire. You can obtain and more detailed list of exemptions by contacting a qualified New Hampshire bankruptcy lawyer in your area. They will be able to list and explain all of the federal and state exemptions. There is certain property, which is excluded or exempt that the debtor can keep based on their specific situation and personal income. An attorney can perform a detailed analysis of your personal situation and advise you of your options. Contact an attorney today.

Assets

Homestead: Real property or manufactured home and the land that it is on (if you own it), to $100,000

Insurance: Homeowners’ insurance proceeds to $5,000, Firefighters’ aid insurance, Fraternal benefit society benefits

Pensions: Tax-exempt retirement accounts, including 401(k)s, 403(b)s, profit sharing, and money purchase plans, SEP and SIMPLE IRAs and defined-benefit plans. Traditional and Roth IRAs to $1,095,000, ERISA-qualified retirement accounts including IRAs and Roth IRAs, Federal created pension (benefits building up), Police officers, Fire fighters, Public employees

Miscellaneous: Property of business partnership, Jury, witness fees, Wages of minor child

Personal Property: Clothing, Cooking and heating stoves, Refrigerator, Cooking utensils, bedding and beds, Books and Bible to $800, Church Pew, Burial plot, Domestic fowl to $300, 1 cow, 6 sheep and their fleece, 4 tons of hay, 1 hog or pig or its meat (if slaughtered), Sewing machine, Motor vehicle to $4,000, Proceeds for lost or destroyed exempt property, Food and fuel to $400, Furniture to $3,500, Jewelry to $500

Tools of Trade: Yoke of oxen or horse needed for farming or teaming, Tools of your occupation to $5,000, Arms, uniforms and equipment of military member

Public Benefits: Unemployment compensation, Workers’ compensation, Aid to blind, aged and/or disabled person, Public assistance

Wages: Earned but unpaid income of spouse, 50 times the federal hourly minimum wage per week, Deposits in any account, designated a payroll account

Wildcard: $1,000 of any property, Unused portion of books and bible, food and fuel, furniture, jewelry, motor vehicle and tools of trade exemptions to $7,000

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