Allenstown, NH (PRWEB) August 24, 2012
David Osterman, an attorney who offers debt solutions in New Hampshire, recently offered key tips for consumers who are considering bankruptcy as an solution for a distressing financial situation. Mr. Osterman, who has helped thousands of New Hampshire families with legal and financial issues for over 30 years, recently discussed how bankruptcy can give individuals and married couples a fresh start.
Many consumers believe that if they turn to bankruptcy for financial relief, then they will lose a majority of their personal property. In an effort to dispel the misconceptions and fears surrounding bankruptcy, attorney David Osterman offered solid information.
"Most people can file for bankruptcy without losing their home, vehicle or personal property," said attorney, David Osterman. "Typically, most property is exempt and cannot be removed in a New Hampshire bankruptcy."
Mr. Osterman went on to explain that the most common exemptions include up to $200,000.00 in home equity, personal wardrobes, household furniture and appliances, sewing machines, Bibles, library collections, livestock, and cemetery plots. Mr. Osterman noted that automobiles and tools of a trade are also usually protected. There are also several other exemptions, including retirement funds.
Mr. Osterman also explained the benefits of both Chapter 7 and Chapter 13 Bankruptcy. Chapter 7 bankruptcy is the easiest one. However, consumers who have a large amount of property that would not be exempt in a Chapter 7 bankruptcy should consider filing for Chapter 13 bankruptcy. With a Chapter 13 bankruptcy, the consumer has three to five years to make monthly payments to their creditors through the bankruptcy court and assets are protected during that time.
In addition to consumer bankruptcies, the law practice of David Osterman also defends collection lawsuits, stops abusive collection practices, and conducts credit report review and repair. David Osterman has appointments available in Concord, Allenstown and Manchester, New Hampshire. For further information about the legal services that David Osterman offers, visit his website at http://www.dsostermanlaw.com.
About the company:
Attorney David Osterman has been assisting New Hampshire residents since 1983. Osterman specializes in helping families facing difficult legal and financial situations. Attorney Osterman focuses his practice on the financial difficulties facing the many New Hampshire residents who have been badly hurt by the prolonged downturn in the United States' economy. For more information visit his website at http://www.dsostermanlaw.com.