Lodi Chapter 7 Bankruptcy Attorney
Located in Bergen County, Lodi, New Jersey, is a vibrant community known for its rich history, diverse population, and close-knit neighborhoods. With a population of approximately 26,000 residents according to the 2020 U.S. Decennial Census, Lodi is a bustling suburban area just west of New York City.
The town boasts a mix of family-owned businesses, affordable housing options, and locally celebrated parks, making it an ideal location for families and individuals alike. With a median income of roughly $84,000 according to the 2023 American Community Survey from the U.S. Census Bureau, Lodi is often seen as an affordable option for many people looking to live in New Jersey.
However, despite the attractiveness of the area and its proximity to New York City, roughly 16% of residents in Lodi live below the poverty line (compared to 9% for the state of New Jersey). As such, many residents experience financial challenges at some point.
Whether it's due to job loss, medical expenses, or unexpected circumstances, debt can quickly accumulate and become overwhelming. For individuals and families facing these challenges, bankruptcy may provide a way to alleviate the burden of debt and create a fresh start.
The Law Office of Marc G. Alster understands the economic pressures that many Lodi residents face. Whether you're dealing with overwhelming credit card debt, medical bills, or a sudden loss of income, Attorney Marc G. Alster is committed to helping Lodi residents regain financial stability and work toward achieving financial security.
Lodi Chapter 7 Bankruptcy Resources
Who Qualifies for Chapter 7 Bankruptcy Relief?
Overview of the Chapter 7 Bankruptcy Process
Protecting Debtors' Assets: Trustee Duties & Obligations
Reasons to File for Bankruptcy
How to Prepare for a Chapter 7 Bankruptcy Hearing
The Importance of Hiring an Attorney
While it is possible to file for bankruptcy without legal representation, consulting with an experienced bankruptcy attorney is highly recommended. Bankruptcy can be complicated and filing without proper guidance can often result in costly mistakes, a denial of your bankruptcy petition and even loss of very significant assets such as Chapter 7 bankruptcy filer's home.
An experienced Chapter 7 bankruptcy attorney like Marc G. Alster can help you navigate the process to make sure that clients/debtors are aware of any serious risks, such as the likelihood of significant assets such as the debtor's home being at risk by filing a Chapter 7 petition, that all required paperwork is completed accurately and on time, and to otherwise represent your best interests in Court and with creditors throughout your case.
Attorney Alster has over 30 years of experience practicing bankruptcy law in New Jersey and has helped numerous clients discharge their debts, while avoiding any significant risk of losing a significant asset, through the Chapter 7 bankruptcy process.
The Basics of Chapter 7 Bankruptcy
Chapter 7 bankruptcy, also known as "liquidation bankruptcy," is a type of personal bankruptcy that allows qualifying individuals to discharge most of their unsecured debts, such as credit card debt and medical bills, and start fresh with their finances without risking the loss of any material assets. However, if a debtor's' assets cannot be protected by the Bankruptcy Code's exemptions the Chapter 7 Trustee appointed by the Bankruptcy Court can sell a debtor's' non-exempt assets to pay off creditors. See other article in this website under the Bankruptcy Overview section entitled, "Bankruptcy Exemptions".
Most debtors filing for Chapter 7 bankruptcy, are entitled to keep all of their assets, because the equity they have in any significant asset usually falls below the Bankruptcy Code's exemptions for primary residences, cars, and personal belongings. So, most debtors don't have to worry about losing any significant asset.
To qualify for Chapter 7 bankruptcy relief in Lodi, New Jersey, and anywhere else for that matter, debtors will be required to pass a "Means Test. This test compares your income to the median income in New Jersey and determines whether you have enough disposable income to pay off your debts. If your income is below the state median, you will likely qualify for Chapter 7 bankruptcy relief. See other article in this website under the Bankruptcy Overview section entitled "The Bankruptcy Means Test".
The Role of a Bankruptcy Trustee
Once you file for Chapter 7 bankruptcy, a trustee is appointed by the court to oversee the case and make decisions related to your property liquidation and debt repayment. The trustee's primary responsibility is to make sure creditors are paid as much as possible while still allowing you to retain your exempt assets. See other article in this website under the Bankruptcy Overview section entitled, "Bankruptcy Exemptions".
If you have concerns about how a bankruptcy trustee may handle your case, an experienced bankruptcy attorney can provide guidance and representation throughout the process.
What Debts Can Be Discharged in a Chapter 7?
Most unsecured debts, including credit card bills, medical debts, personal loans, and certain utility bills, can be discharged under Chapter 7 Bankruptcy. However, some debts like child support, student loans, and most tax obligations are generally not dischargeable.
How Will Chapter 7 Bankruptcy Affect My Credit Score?
Filing for Chapter 7 Bankruptcy will likely cause a significant, temporary drop in your credit score, and it will remain on your credit report for up to 10 years. However, you can improve your credit soon after completing the bankruptcy process as you are no longer burdened by unmanageable debt. Most successful Chapter 7 debtors can significantly rebuild their credit within 1 or 2 years of receiving the Bankruptcy Court's sought after Discharge Order. See other article in this website under the Bankruptcy Overview section entitled, "Rebuilding your Credit".
What Happens After Chapter 7 Bankruptcy?
Once Chapter 7 bankruptcy is complete, all of your remaining general unsecured debts will most likely be discharged, with few exceptions. See paragraph above entitled "What Debts Can be Discharged in a Ch. 7). This means that you are no longer personally liable for those discharged debts, and creditors cannot attempt to collect them. This discharge provides a financial reset, allowing you to rebuild your credit and work toward a more stable financial future.
Why Choose The Law Office of Marc G. Alster?
The Law Office of Marc G. Alster understands that filing for bankruptcy can be a challenging and emotional process. Attorney Alster is committed to providing compassionate and personalized legal services to clients in Lodi and throughout Bergen County.
The firm will take the time to thoroughly review your financial situation and provide guidance on whether Chapter 7 bankruptcy is the best option for you. Attorney Alster will work closely with you throughout the entire process to make sure all the necessary paperwork is filed accurately and on time, represent you in court hearings, and advocate for your rights when dealing with creditors.
Schedule a Consultation with a Lodi Chapter 7 Bankruptcy Attorney Today
If you are a resident of Lodi, New Jersey, and are considering filing for Chapter 7 bankruptcy, contact The Law Office of Marc G. Alster for knowledgeable legal representation. The firm represents both individuals and businesses dealing with overwhelming debt and is committed to helping you regain financial stability.
Located in Hackensack, New Jersey, The Law Office of Marc G. Alster serves clients in Lodi and throughout Bergen County, including Paramus, Ridgewood, and Teaneck. Contact the office today to schedule an initial consultation. In a