Bankruptcy Exemptions

How to Maximize Your Assets after Filing for Bankruptcy

Some of your property may be protected through exemption when you file for bankruptcy. New Hampshire allows you to use either state exemptions or federal exemptions. If filing with a spouse, each of you may claim the full amount.

New Hampshire Exemptions

The state exemptions for New Hampshire are listed below. Please note that these exemptions are subject to change every few years, so be sure to check with your bankruptcy attorney before filing!

Homestead:up to $100,000

Motor Vehicle:up to $4,000

Personal Property:

• Personal items (clothing, beds, cooking utensils)
• Appliances (refrigerator and stove)
• Up to $3,500 of furniture
• Up to $800 of books
• Up to $500 of jewelry
• Property up to $1,000
• Burial plot
• Animals: 1 hog, 1 pig, 6 sheep, 1 cow, domestic fowls (up to $300)
• Church pew
• Up to $400 of provisions and fuel

Tools of Trade:up to $5,000

Wages:

• Earned but unpaid wages
• Wages of a minor child
• Payroll account deposits
• Jury and witness fees

Pensions

• Tax exempt retirements accounts
• IRAs and Roth IRAs up to $1,171,150
• Pensions for public employees, firefighters, and police officers
• Federal pensionss
• ERISA

Insurance:firefighters aid, homeowners’ insurance, fraternal benefit society

Wildcard:up to $7,000 for tools of trade, jewelry, furniture, books, or a motor vehicle and $1,000 of property

In addition to all of the above, if you are a member of a business partnership, all property associated with your business may be retained.

For a full list of federal bankruptcy exemptions, please refer to 11 USC § 522. One exemption list may allow you to keep more property than the other, so it is important that you retain a well experienced seasoned attorney to advise you.

Contact Buckley Law Offices, P.C.

If you are considering filing for bankruptcy, you need to obtain guidance. Call Buckley Law Offices, P.C. to receive counsel from an experienced bankruptcy attorney. We have been practicing since 1992 and are focused on effectively addressing your needs. We can help you maximize your assets and keep the property that is important to you. Our firm offers a free case evaluation and you should take advantage of this unique opportunity!