NH Excemptions?

[Aguyintrouble]

What is the name of your state? New Hampshire

Hello all.

Met with a couple lawyers, and all of them agreed that we should proceed to a chapter 7 filing. I guess my troubles may have an end soon.

I took a look at the laws in New Hampshire, and had a couple questions. Was wondering if someone could shed a little light on it for me.

First - the NH Excemptions are here:

http://www.gencourt.state.nh.us/rsa/html/LII/511/511-2.htm

I don't see a property excemption for equity, but my lawyer tells me it's 100k of equity per person.

If my wife and I are filing jointly, can we double the amounts shown in that URL? What is of particular interest is XVIII, which allows me interest in any property up to 1k in value, and up to 7k of excemptions not taken in a mess of others. This seems to me that I can protect some money in the bank too, my tax refund, and such - but the amount depends on if I can double that to 14k in protected funds, or not. I don't have 14k in the bank at all, but I do tend to get 5-6k back in my return.

Many many thanks! This forum alone has made it a little easier to sleep at night as I know there are others out there with similar issues.

 

[Ladynred]

Here's another listing of the NH exemptions:

http://www.bankruptcyaction.com/nhexemptions.htm

They say nothing about husband and wife being able to double the exemptions. Those states that allow doubling are usually VERY clear about it.

You do have a pretty good wildcard you can use in the sections noted where you have not used the exemptions UP TO $7,000, plus the $1000 wildcard itself.

You can use this to exempt cash and possibly your refund, but with a 5-6K refund, you can expect a fight from the Trustee over it. That big a refund is quite a nugget for a Trustee !

 

[bigun]

And Good God Almighty you can keep your pigs and chickens too! Not seen that one before.

one hog and one pig, and the pork of the same when slaughtered; Six sheep and the fleeces of the same; one cow; a yoke of oxen or a horse, when required for farming or teaming purposes or other actual use; and
hay not exceeding 4 tons;
domestic fowls not exceeding $300 in value

 

[JETX]

Personally, I like the following site.... as it gives accurate exemptions PLUS the applicable statute:
http://www.thebankruptcysite.com/bankruptcy-exemptions/newhampshire.php

For example, the website tells us that the applicable statute on homestead exemptions is:
http://www.gencourt.state.nh.us/rsa/html/XLIX/480/480-1.htm

 

[Aguyintrouble]

Chickens, ox, etc...

New Hampshire's a bit backwards I think when it comes to some of the excemptions, but at least we get to choose what we'll use the excemptions on.

I do suffer from a lot of irrational fears right now. Finances have bothered me quite a bit for the past 18 months, while we've been attempting to pay some of these creditors back with a consolidation program. I keep thinking that the trustee is going to pull my bank records for a year and find out that we spent money on something that they're not going to like and my case will be dismissed, and I'll loose my house. I laid awake last night dreading the idea of the trustee sending someone over to evaluate our valuation of the goods we own now.

I would gladly hand over the refund we're expecting if that means getting free and clear from debt right now. I don't have any issues at all with that.

We're living paycheck to paycheck now, and most of the savings we've built up over the years is gone. We're net negative each month now...I'm sure most on here have similar situations at times.

Thank you for the replies.

 

[Ladynred]

Unless there's something in your papers that looks REALLY suspicious, the Trustee is likely to ask for no more than 3 months of bank statements. They also do not send people to your home to do an inventory and check up on your valuations. The Trustee's don't have the staff for that kind of thing.

Unless you're behind on your mortgage, having a BK dismissed wouldn't result in the loss of your house either.

JetX, I used to use that same site all the time for the exemptions, but even after their massive refurbishment of the site, they STILL have NOT updated the exemptions for states where they've been changed recently. I like the site, but if their data is out of whack, I don't want to depend on them.

 

[JETX]

JetX, I used to use that same site all the time for the exemptions, but even after their massive refurbishment of the site, they STILL have NOT updated the exemptions for states where they've been changed recently. I like the site, but if their data is out of whack, I don't want to depend on them.

I had noticed that.... and the reason why I will usually take a look at the specific statute that they refer to.
I suggest using it as a 'tool'.... to provide additional information for research, especially since we can't be expected to know the laws for all states.

 

[bigun]

I'm sorry, I didn't mean to hijack the thread and I certainly wasn't making light of your situation. I'd just never seen livestock as an exemption.
Hell, I'd have $300 worth of chicken and and a few slabs of ribs and some boston butts in my freezer. For sure I'd milk every nickel worth of exemptions.

 

[JETX]

I'd just never seen livestock as an exemption.

Then you will be tickled crapless to see the Texas exemptions:
the following animals and forage on hand for their consumption:
(A) two horses, mules, or donkeys and a saddle, blanket, and bridle for each;
(B) 12 head of cattle;
(C) 60 head of other types of livestock; and
(D) 120 fowl;

 

[bigun]

I love Texas!

 

[Ladynred]

These old exemptions REALLY need to be updated for the CURRENT economy of each state. While I'm sure LOTS of people in TX can use the exemptions for their livestock and tack, ranching isn't THE major occupation or business in Tx.

The same goes for NH. While I'm sure there are farmers in NH that would benefit from those exemptions, for most people they're pretty ridiculous. Who the heck OWNS a church pew any more ????

Some states have some really interesting exemptions that speak to the economy of the times when the laws were drafted.