Morristown, New Jersey, Bankruptcy Attorney
Free Initial Consultation
Is Bankruptcy Right for You?
Bankruptcy can seem daunting, and you may have many questions about the process. You may wonder if you qualify, whether the benefits of bankruptcy outweigh the consequences, how much it costs and how long it takes. At the Morristown law office of David Alan Ast, P.C., we are committed to helping you understand your rights under the bankruptcy law.
For over 25 years, attorney David Ast has successfully guided people just like you through the legal process. He will take the time to review your financial situation, thoroughly assess your debts and assets, and answer your questions to determine whether bankruptcy is the right choice for you.
Get the fresh start you need. Contact us online or call 973-984-1300 to schedule a free initial consultation with experienced bankruptcy lawyer David Ast.
What is the Difference Between Chapter 7 and Chapter 13?
Chapter 7 bankruptcy, also known as "liquidation bankruptcy" or "straight bankruptcy," is a viable option for people who have amassed unmanageable unsecured debt such as credit card expenses or medical bills. Chapter 7 discharges most unsecured debt, with some exceptions.
In today's economy, many individuals face the prospect of foreclosure. If you own a home or have significant assets, or you are seeking to prevent a mortgage foreclosure, you may want to consider a Chapter 13 bankruptcy. This allows you restructure your debts to pay back creditors over time. Chapter 13 is also available for clients whose level of income or assets disqualify them from Chapter 7.
In addition, our firm can assist clients who are facing foreclosure to seek mortgage modifications.
Can My Business File for Bankruptcy?
If your business is no longer profitable, and you have been unable to keep up operations, you can achieve debt relief for your business through a Chapter 11 bankruptcy. A business bankruptcy allows you to liquidate assets, pay creditors where possible and eliminate debts.
Because Chapter 11 involves a complex reorganization of your business debts, it is critical to work with an bankruptcy lawyer whose knowledge and skill is backed by decades of experience. Attorney Ast has the know-how it takes to help you successfully navigate a Chapter 11 filing.
Mistakes to Avoid
If your debt is mounting and you think bankruptcy may be your only option, avoid the following mistakes:
- Don't run up credit cards thinking debt will be wiped out.
- Don't repay family members for debts owed since creditors can file to get the money back.
- Don't use retirement funds to pay of debt: there are substantial tax penalties associated with early withdrawal.
- Don't transfer property to relatives.
- Don't use a debt settlement agency to negotiate a lower rate or payment schedule since all payments for the first six months go to the debt settlement company, NOT creditors.
- Don't use home equity to pay off a credit card.
Do I Need an Attorney?
An attorney can help assess your financial status and make sure that bankruptcy is the right option for you. We can answer questions related to the Bankruptcy Abuse Prevention and Consumer Protection Act (BAPCPA) and advise you of your options (including non-bankruptcy alternatives) to resolve your financial problems. If you decide that bankruptcy is right for you, we will file your documentation in a timely and effective manner to help you secure your fresh financial start as soon as possible.
Contact David Alan Ast, P.C. to schedule a free consultation with an experienced bankruptcy lawyer. We offer flexible hours, Monday through Friday, with all meetings by appointment. Evening hours are also available by appointment. Our office is conveniently located across the street from the Morris County Mall.
David Alan Ast, P.C.
Attorney at Law
222 Ridgedale Avenue, 3rd Floor
P.O. Box 1309
Morristown, NJ 07962
Phone: 973-984-1300
Toll-free (New Jersey): 800-339-1348
Fax: 973-984-1478