Saddle Brook

Serving New Jersey for More than Two Decades

Making the choice to file for bankruptcy is never easy and must be given careful consideration as it may not be the right choice for every situation. However, when a person has accumulated a stifling amount of debt that is impossible to repay, filing for bankruptcy can have many benefits. If you are ready to take the first step towards your financial freedom, Saddle Brook Bankruptcy Attorney Marc G. Alster can help. Attorney Alster has more than two decades of experience helping clients to settle debts and work through bankruptcy. Every case will be different and the firm can help you to decide what legal options are right for you.

Choosing the Best Option: Chapter 7 & Chapter 13

The two most common forms of bankruptcy in New Jersey are Chapter 7 and chapter 13, so called for the sections of the United States Bankruptcy Code they are taken from. While there are many other sections and laws which regulate bankruptcy in the U.S., most needs of private consumers will fall under one of these two chapters. The best legal option will be different for every case and will largely depend on a person's financial situation and goals.

For those who have few to no assets, Chapter 7 can be the best option. Under this form of bankruptcy, the state will assign a Trustee to liquidate a debtor's assets to repay creditors. In return, and upon completion of a case, a person's unsecured debt will be discharged. If a person does not possess any assets whatsoever or their property is considered exempt, the state can continue with the bankruptcy and discharge their debt just the same. Not everyone will qualify for chapter 7 and applicants must meet financial requirements and enroll in a debt counseling program from an approved provider. Those who do qualify will want to meet with an attorney to discuss how a bankruptcy will affect their assets and financial goals.

When applicants are in a financial situation that allows them to make payments on debts or they do not qualify for Chapter 7 bankruptcy, filing under chapter 13 may be an option to consider. Instead of a complete discharge of debts, a court will order the reduction and restructure of debts to see that creditors receive payments. Generally, the terms of this bankruptcy will involve the creation of a 3 to 5 year plan over which a part of the overall debt will be repaid. After this time, remaining debts will be discharged. There are also certain restrictions and rules for chapter 13 bankruptcies and Mr. Alster can review your financial situation to see which option is right for you.

Seeking Relief from Debt? Call

There are many myths about bankruptcy which may prevent individuals from filing even when it may be the best option. While the process and laws surrounding bankruptcy can be complex, it does not have to be difficult and you will not lose all of your property. If you have considered bankruptcy as an option for debt relief but have been unsure what actions to take next, the Law Office of Marc G. Alster can help. Lead Saddle Brook Bankruptcy Attorney Marc Alster can personally consult with you and help determine your financial goals, eligibility for bankruptcy, and what legal options are best for your situation.

Schedule a free consultation and free yourself from debt.