Posts Tagged ‘New Hampshire bankruptcy exemptions’

New Hampshire Bankruptcy Exemptions

New Hampshire bankruptcy exemptions allow debtors to keep certain parts of their properties and assets (or its cash value up to a maximum limit as specified by the law) when they become bankrupt under chapter 7 of the bankruptcy code. Your options are however limited to the exemptions offered by your state; you cannot use the federal set of exemptions in replacement. However, the state laws allow you to use the federal supplemental exemptions additionally.

Wild Card

You can exempt any personal property in addition to the value that is already exemptible under the ‘personal property category’ (see below) up to $1000. For example, you are allowed to exempt up to $4000 of equity in motor vehicles but if you need at least $500 more to keep your vehicle, you can use the additional $500 from your quota of $1000 from wild card exemption. The remaining balance ($500 in this example) can further be used additionally to exempt any other personal property. Besides that quota of $1000, an additional up to $7000 (in aggregate total) of any personal property can be exempted from the unused portion of New Hampshire bankruptcy exemptions in tools of trade, motor vehicle, jewelry, furniture, food and fuel, books, and bibles.

Wages

Earned but unpaid wages of spouse is exemptible in full. Besides that, the state laws allow you to exempt the minimum hourly wage as set under federal laws multiplied by fifty on a weekly basis.

Tools Of Trade

- Yoke of horse or oxen that you need for teaming or farming
- Equipment, arms, and Uniforms of military member
- Up to $5000 in tools of your occupation

Public Benefits

100% of workers’ compensation, unemployment compensation, public assistance, and aid to blind, aged, disabled are exemptible as part of New Hampshire bankruptcy exemptions.

Personal Property

- Sewing machine
- Proceeds for destroyed or lost exempt property
- Up to $4,000 in Motor vehicle
- Up to $500 in Jewelry
- Up to $3,500 in Furniture
- Up to $400 in Food and fuel
- Up to $300 in Domestic fowl
- Deposits in any account provided it is designated a Payroll Account
- Refrigerator
- Cooking and heating stoves
- Clothing
- Church pew
- Burial plot, lot
- Up to $800 in Bibles and other books
- Cooking utensils
- Beds and bedding
- One pig or hog. If you have slaughtered it, you can keep its meat.
- Four tons of hay
- Six sheep & their fleece
- One cow

Pensions

New Hampshire bankruptcy exemptions can be availed in full for Police officers pensions, Firefighters pensions, and any federally created pensions.

Miscellaneous

In the miscellaneous category, you can exempt Wages of minor child, property of business partnership, and witness fees (if any).

Insurance

- Life insurance proceeds (not its cash value) – 100%
- Up to $5,000 in Homeowners’ insurance proceeds
- Fraternal benefit society benefits – 100%
- Firefighters’ aid insurance – 100%

Homestead

The maximum limit of New Hampshire bankruptcy exemptions for homestead properties is $100,000 and is applicable to manufactured housing or any other real property (including the land the property is located on provided you own the land too).

For more detailed information on what kind of exemptions apply to your case, you can consult a qualified and experienced New Hampshire bankruptcy attorney.


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