Nobody likes being in debt. Knowing that you owe money is always stressful.
When that debt grows out of control, that feeling goes from stress to terrible fear. It can start to feel like a weight sitting on your shoulders. It can be unbearable.
That's why so many people are filing bankruptcy. Getting a Chapter 7 or Chapter 13 fresh start is like taking a deep breathe after being under water. It's a breath of fresh air.
Whether you're facing overwhelming debt, vehicle and property repossessions,excessive student loans, or foreclosure on your home, you need a Newark bankruptcy attorney with the knowledge and experience to help you find the relief you need.
Chapter 7 Bankruptcy "A Fresh Start"
Chapter 7 bankruptcy provides relief to debtors by granting a discharge of certain debts to give an individual the opportunity to reset their financial circumstances. While bankruptcies dropped significantly in 2020, financial experts believe the short-term effects of COVID-19 relief may have only delayed several more to come.
Chapter 13 Bankruptcy
Known as the wage earners plan, Chapter 13 of the Bankruptcy Code provides for an adjustment of debt to be repaid by an individual with regular income. Chapter 13 Bankruptcy enables individuals to develop a plan to repay all or a portion of their debts. This can range from 1% to 100%, depending on the debtor's circumstances.
Student Loan Debt Help
Student loan debt has become the second largest debt in America, passing $1.6 trillion as of March, 2021.
By 2023, 40% of borrowers are expected to default on their loans. It is possible to get help with your student loans.
Foreclosure and Mortgage Loan Modifications
According to the Federal Deposit Insurance Corporation (FDIC)
Every three months, 250,000 new families enter into foreclosure.
One child in every classroom in America is at risk of losing their home because their parents are unable to pay their mortgage.
More than 6 in 10 homeowners delinquent in their mortgage payments are not aware of services that mortgage lenders can offer to individuals having trouble with their mortgage. As an experienced and knowledgeable bankruptcy attorney, Michelle Labayen has handled countless foreclosures, as well as loan modifications.
It's not too late to save your home!
The Law Offices of Michelle Labayen, PC Can Help You Through the Stresses and Pitfalls of The Bankruptcy Process
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Anyone can qualify to file for bankruptcy. There isn't an exact amount of debt or financial difficulty required. You don't have to show insolvency or meet a certain standard.
You should always speak with a lawyer before beginning the bankruptcy process to ensure it's the best option for you. Michelle Labayen is a knowledgeable and experienced bankruptcy attorney with offices in Newark, NJ and New York, NY.