Should I File For Bankruptcy?

Which Chapter is Right for Me?

Many individuals facing financial strain often feel that they have nowhere to turn for help. There are often many questions that need to be addressed in a limited amount of time. That is why it is so important for anyone facing financial difficulties to speak with an experienced personal bankruptcy attorney as early as possible. When creditors are constantly calling, and unpaid debts are beginning to pile up, one may begin to feel like normal life is just a memory. In almost all cases The Law Offices of Marc G. Alster has been able to help individuals regain their lives. Living without constant financial strain may seem like a faraway dream, but with help from the Law Offices of Marc G. Alster and the US Bankruptcy Code, getting a "fresh start" is more likely than not, right around the corner.

If three (3) or more of the following apply to you, you should consult a bankruptcy attorney now. If five (5) or more apply to you, you should probably have seen an attorney months ago!

• My debt is over $10,000.00 not including my house and car
• I am frequently late on payments
• I use credit cards for necessities, like food and clothing
• I am thinking about getting a consolidation loan
• I am getting phone calls from collection agents
• I make only minimum monthly payments on credit cards
• Payments are more than 1 month behind to multiple creditors
• I pay 20% interest or more on more than one credit card
• I frequently need to take cash advances
• I am getting sued by more than one creditor
• I am robbing "Peter to pay Paul"
• I have been turned down for additional credit at reasonable rates
• My driver's license is suspended because of surcharges
• I cannot afford auto insurance
• My mortgage or rent payments are always late or are currently behind
• I am getting divorced and cannot pay my bills on time
• My pay is being garnished by a creditor
• I have large medical bills that are not covered by insurance
• I owe income taxes that I cannot currently pay
• I have no savings accounts so to speak
• I have taken large loans against my retirement account to pay bills
• I do not open the mail anymore because I cannot pay the bills
• I have trouble sleeping because of my financial problems
• I have recently been laid off and don't know when I'll return to work
• I have borrowed money from family members to pay bills
• I have returned a vehicle before the term was up and now have a Large deficiency claim from the creditor

What Chapter Should I File?

The most frequently asked question is which type of bankruptcy is right for me? Many people wonder what the difference is between Chapter 7 and Chapter 13 Bankruptcy. Also see articles in this website entitled "Chapter 7 Petition/Process and "Chapter 13 petition/Process"

Chapter 7 Bankruptcy is commonly referred to as a liquidation bankruptcy, if successful, as is the case with the overwhelming majority of clients’ Chapter 7 cases approved by Mr. Alster, all debtors’ general unsecured debts are eliminated entirely.

Chapter 13 bankruptcy is centered on debt reorganization, rather than focusing on general unsecured debt elimination, which is a distinct possibility at the successful conclusion of a Chapter 13 proceeding, Chapter 13 debtors usually are focused on the repayment of past due amounts ("arrears)" owed to a mortgage lender or to secured creditors. The filing of a successful Chapter 13 case will stop foreclosure proceedings while allowing debtors up to 60 months to catch up on mortgage arrearages and other arrearages owed to any other secured creditors. Other Chapter 13 debtors may not qualify for Chapter 7 protection and merely require a lower monthly payment so they can pay off a large or small percentage of their total unsecured debts and then have whatever debt obligations remain discharged at the conclusion of their Chapter 13 case. Chapter 13 is often the perfect vehicle for these individuals as long as they can pay a minimum monthly payment to the Chapter 13 Trustee pursuant to their Chapter 13 plan.

Looking for a lawyer for a bankruptcy case in Hackensack?

The best thing to do is to sit down with an experienced Hackensack bankruptcy attorney to determine which debt relief option works best for you. Call to speak with a Teaneck bankruptcy lawyer at our firm today!