Chapter 7, Chapter 13 and Bankruptcy Alternatives in Teaneck
Are you facing serious financial problems, at risk of losing your home through foreclosure, threatened with repossession of your vehicle or other possessions, or dealing with constant creditor calls, letters and threats of legal action? It is time to make a decision and get your life back on track. When you no longer have any hope of being able to pay your bills, you have the opportunity to start over financially through filing bankruptcy. At our law firm, The Law Office of Marc G. Alster, we have over 23 years of experience assisting those who are struggling with debt, through filing bankruptcy or other alternatives. We have assisted countless people in the area to get a fresh start through filing for bankruptcy. We can help you too. We offer a free initial consultation so you can find out more about our firm and your options to resolve your individual financial situation.
Debt Relief: What Will Work Best for You?
We urge you to get accurate information and avoid the common bankruptcy myths. For example, did you know that if you max out your credit cards less than 90 days prior to filing, those debts will not be eligible for discharge? It is important to get guidance so you get the absolute greatest benefit out of filing for bankruptcy. The outcomes can vary, based upon how your attorney manages the situation. We know the Chapter 7 process and the Chapter 13 process thoroughly, and can advise you about the strategy to employ for your individual case. You may have questions about bankruptcy & spouses or the benefits of bankruptcy. We can help you understand every detail about filing for bankruptcy, what to expect in life after bankruptcy, and will answer all of your questions, including "should I file for bankruptcy?" There could be an alternative that better serves you. We offer a range of services in debt relief, including mortgage loan modifications. If you are threatened with foreclosure, we have a great deal of experience in foreclosure defense and mediation.
Financial problems can create havoc in your personal life and even in a marriage. The federal government allows those who are unable to pay their debts a fresh financial start through bankruptcy. There are many benefits that you could expect, including the ability to discharge your unsecured consumer debt, including credits cards, medical bills, overdue utility bills, personal loans and many others. At the end of the bankruptcy process, these debts are discharged – you no longer owe them, and are completely free of the obligation. This is the most significant advantage to filing Chapter 7.
In filing Chapter 13, the process is far different. This is commonly called "wage-earners bankruptcy" as in order to qualify you must have steady income from work, whether as an employee or through self-employment. Your debts will be paid off over a 3 – 5 year period, at the end of which, any remaining amount owed will be discharged. This is the form of bankruptcy most often used for those who don't meet the requirements for Chapter 7, or for those who want to keep a home that is in foreclosure, but there are overdue mortgage payments.
What Assets Will I Keep?
For a large majority of our clients, there is no loss of any possessions when filing for bankruptcy. Your assets and liabilities as well as your eligibility to file for bankruptcy are evaluated through the means test. In this test, it will be determined if you are below the state median, and if so, you will qualify for Chapter 7. There are several exemptions when you file for bankruptcy with regard to the value of property that will not be liquidated. These include property (individual) valued at $21,625 or (joint) 43,250. Your vehicle value that is exempt from liquidation is $3450 (individual) or $6900 (joint). Your household goods that will be exempt are at a value of $11,525 (individual) and $23,050 (joint). There is also what is termed a "wildcard" which is the value of any property you own, at $11,975 (individual) and $23,950 (joint). Almost all of the clients we serve lose absolutely nothing – except their debts.
Filing Bankruptcy in Teaneck? We Are Here to Help.
There has been a great increase in fly-by-night companies moving into the area offering services to those who are facing foreclosure or need to file bankruptcy. It can be dangerous to get involved with some of these companies, as they charge fees – which may be the last you hear from them. It is extremely important that you are not scammed by any of these firms, and that you get help from a trusted Teaneck bankruptcy attorney that will give you accurate bankruptcy information, can advise you about alternatives, and is ethical and dedicated to assisting those in the Teaneck area that are in serious financial trouble. Call, We can advise you, give you true information, and if we are involved in representing you, we do everything possible to help you get the most benefit out of the process of filing for bankruptcy.
Contact our firm for more information and for a free initial consultation.