Helping Clients Find Debt Relief for More than 20 Years
If you have built up a significant amount of debt, it can be difficult to know what to do in order to pay it off. Debt collectors may even sue you in court and, if successful, can take actions such as seizing your property or garnishing your wages. Living under the constant restraints and pressures of debt can put individuals under severe stress and if you are ready to regain your financial stability, bankruptcy is an option to consider. The Maywood bankruptcy attorney at the Law Office of Marc G. Alster is only a phone call away and will consult with you to determine the best course of action for your financial situation.
Filing for Bankruptcy: Chapter 7 & Chapter 13
Every person has a unique financial situation and what may be right for one person will not work for another. There are, however, two common forms of bankruptcy which fit the needs of most people who are seeking debt relief. Chapter 7 Bankruptcy allows for the discharge of a debtor's general unsecured debt such as credit cards. In exchange, a debtor may be required to sell certain assets in order to pay creditors. Mr. Alster works with clients filing for Chapter 7 bankruptcy to maximize the assets which they are allowed to keep. To qualify, a debtor must not make more than a specified amount of money per year.
Under Chapter 13 bankruptcy, a person’s debt is reduced and reorganized. This form of bankruptcy is designed for those with a steady income who do not qualify for Chapter 7 and can afford the monthly payments of a repayment plan. Typically, a repayment plan will be set for three to five years after which time, individuals will be debt free. A benefit of Chapter 13 bankruptcy is that debtors are not required to sell their assets or possessions.
Mr. Alster is highly knowledgeable of the laws and regulations surrounding all forms of bankruptcy and can advise you regardless of how complex your situation. The firm can also consult with clients and advise on several alternatives to bankruptcy such as loan modifications, creditor workouts, and foreclosure defense and mediation.
Are You Ready to Be Debt Free? Call
Filing for bankruptcy can be a legally and emotionally complicated process and if you would like to know if bankruptcy is right for you, the Law Office of Marc G. Alster can help. The firm has helped thousands of clients to set the foundation for a better financial future and is highly rated by past clients. If you are ready to take the first steps towards becoming debt free, do not hesitate to contact the Maywood Bankruptcy Attorney Marc G. Alster today.
Schedule a free consultation to learn about your options.