Regain Your Financial Stability
If you have acquired a significant amount of debt, it can be difficult to know what to do or where to turn for help. In time, creditors can take legal action and you may find yourself with garnished wages, property liens, frozen accounts, and seized assets. The prospect of these repercussions alone can be extremely stressful, but there are options available which can help you recover your financial stability. If you are considering bankruptcy as an option for debt relief, contact the Little Ferry bankruptcy attorney at The Law Office of Marc G. Alster today. The firm will personally work with you to dispel common bankruptcy myths and help you regain your financial freedom.
Is Bankruptcy Right for My Situation?
No two situations are alike and the decision to pursue bankruptcy should not be taken lightly. The first step is to understand the forms of bankruptcy which exist and consult with an attorney regarding eligibility requirements. Mr. Alster will work with you to review your financial situation and plans to decide which option is right for you.
Common forms of bankruptcy include:
Chapter 7: This route may be suitable for people who have an enormous amount of debt with no end in sight. Under Chapter 7, bankruptcy will discharge the majority of your debts in their entirety. However, it may also require that you give up some of your property and assets. Consulting with a lawyer may allow you to hold on to as many of your things as possible.
Chapter 13: Only a portion of your debt will be eliminated under chapter 13 bankruptcy. The main use of this route is to reduce a person’s overall debt in order that they may establish a reasonable repayment plan. Typically, remaining debt will be scheduled for a repayment period of three to five years.
It is important to note that while bankruptcy can be an invaluable financial tool, it will not discharge all forms of debt. Certain debts such as those involved in child or spousal support may not be eligible for reduction or elimination through bankruptcy. For more information about if the debts which are covered or which form of bankruptcy is right for you, contact The Law Office of Marc G. Alster today.
Secure Your Financial Future – Call
Have you acquired a significant amount of debt and are unsure if you will be able to pay it off? It is never too late to start planning for the future and to take control of your finances. The process of bankruptcy can be daunting and many people may be hesitant to explore their options. The Little Ferry bankruptcy attorney at The Law Office of Marc G. Alster has been helping those in debt find relief for more than two decades.
Schedule a free consultation with our Little Ferry bankruptcy attorney today.