What assets can I protect in a Chapter 11 bankruptcy?

In a Chapter 11 Bankruptcy Law in New Hampshire, there are many assets that can be protected. These assets can range from homes, cars, retirement accounts, and any remaining after liquidation of nonexempt assets. When filing for bankruptcy, the court will decide which assets to liquidate and which assets to exempt. Exempt assets include certain types of equity in homes, cars, or retirement accounts. These will be protected from liquidation by the court and can remain in the individuals possession. Other items such as cash, stocks, and bonds will be liquidated to pay off debt. Individuals can also protect their personal effects and any items that are needed to produce an income, such as tools, business supplies, and vehicles. Additionally, New Hampshire has a wildcard provision which allows individuals to protect up to $6000 of any asset not otherwise protected. Chapter 11 Bankruptcy Law in New Hampshire also allows individuals to protect their right to receive payments from certain sources such as Social Security, Veterans Benefits, Workers Compensation, and unemployment benefits. These sources are essential for individuals to pay bills, and the court will protect any money received from them. Overall, Chapter 11 Bankruptcy Law in New Hampshire provides a way for individuals to protect their assets in a bankruptcy filing. With the help of a bankruptcy attorney, individuals can find out exactly what assets they can protect and the best way to do so.

Related FAQs

What assets can I protect in a Chapter 11 bankruptcy?

Related FAQs

Related Blog Posts