NJ Bankruptcy Law Firms

66 East Main Street, 3rd Floor
Little Falls, NJ 07424

New Jersey Bankruptcy Lawyer!

With 30+ Years of Proven results!
"I personally meet with You and represent You!"
"I have never Lost a Chapter 7 Bankruptcy Case"
"Experience = Results"
About Ralph A. Ferro Bankruptcy Lawyer

What is Bankruptcy?

What is Bankruptcy?

Written and Verified by Ralph A. Ferro, Jr., Esq.

Before providing you with a description and explanation as you explore bankruptcy as an option, below is a historical aspect of bankruptcy:

Meaning of Bankruptcy:

  • derived from Italian banca rotta, meaning “broken bench”, 
  • stems from a custom of breaking a moneychanger’s bench or counter to signify is insolvency,
  • may be only a figure of speech

Did you Ever Wonder about Bankruptcy Laws in Ancient Times?
or How we Got the Word “Bankruptcy”?

Ancient Greece - Bankruptcy:

  • Bankruptcy Did Not Exist
  • If a man owed and he could not pay, he and his wife, children or servants were forced into debt slavery, until the creditor recouped losses.
  • Servants of the debtor could be retained beyond 5 years and sometimes a lifetime.
  • Athens was an exception, law forbid enslavement for debt; as a consequence, most Athenian slaves were foreigners (Greek or Otherwise).

Old Testament - Bankruptcy:

  • Every 7th year decreed by Mosaic Law as Sabbatical year when the release of all debts that are owed by members of the community (not “foreigners”) was mandated.
  • The 7th Sabbatical year, or 49th year, was then followed by another Sabbatical year known as the year of Jubilee where the release of all debts was mandated, for all (fellow community members, foreigners and the release of all debt-slaves)
Bankruptcy Old Testament

Islamic Teaching - Bankruptcy:

  • According to the Qur’an, an insolvent person was deemed to be allowed time to be able to pay out his debt.  
  • Verse 280, which notes:  “And if someone is in hardship, then let there be postponement until a time of ease.
  • But if you give from your right as charity, then it is better for you, if you only knew.
Quaran Details Bankruptcy

What is Bankruptcy?

Choosing a Bankruptcy Attorney:

Now that you know the history of bankruptcy, let’s explore bankruptcy today.

Rather than search the internet, ask friends or research bankruptcy, meeting with a bankruptcy lawyer is key.     Setting up that first consult is your first steppingstone.  Be sure you do your due diligence in choosing an attorney;

  • obtaining  referrals from others;
  • reviewing the attorney’s website; 
  • determining if your potential bankruptcy attorney devotes his entire practice to bankruptcy law;
  • finding out if that attorney is Board Certified in bankruptcy law, 
  • reading client reviews
  • questioning their success rates.

Bankruptcy law is a specialty where extensive experience is essential with knowledge of Bankruptcy Court and the bankruptcy law should be foremost.

Initial Free Consultation with Attorney:

During my initial consultation with my clients (free bankruptcy consultation), it is essential that my clients understand bankruptcy.  Filing for bankruptcy is an important step and is a step forward.   Many clients come to me thinking they have failed when considering bankruptcy.   Filing for bankruptcy is a step forward and a positive financial decision for your current situation as well as your future. I chose to focus my law practice on bankruptcy law because I take great pride in helping my clients with their financial future.

I have an undergraduate degree in psychology.   I know that compassion is important during this difficult time.    My undergraduate degree demonstrates my interest in how individuals deal with situations.   Each person and situation are unique and so must be the interaction with clients. There are so many emotional aspects at play when someone has financial burdens.   

During our initial consultation, I allow my clients to express their concerns and to get to know me and my style.   I listen carefully to understand what brought them to the current situation.   I work personally with each client; clients are not passed on to an associate.

I provide my cell phone number [(201) 446-5904] so we stay in touch, and clients can feel secure when questions come up.

Filing Bankruptcy:

Bankruptcy is not a solution to everyone’s financial burdens.   During my initial bankruptcy consultation, if I determine that filing bankruptcy is not the right solution for a client, I will not file bankruptcy for that client and tell them why.

The timing and type of bankruptcy are key recommendations that I discuss openly and in detail while reviewing the financials and current situations of clients. After the decision is reached to file bankruptcy, a petition is completed.   My clients do not have to fill out forms and do extensive paperwork preparation.  I handle your entire case and you are kept up to date at each juncture.

As soon as the petition is filed, all collections cease.   Your creditors can no longer contact you.   If any calls/correspondence are received, I take the lead for my clients.

Bankruptcy enables debtors who are not able to pay your bills to either pay back nothing or some amount to their creditors.   If you have crushing debts and just cannot make any headway, you should set up that initial consultation with me.    

Thankfully, our government has a process in place to enable each person to get a fresh start in as little as 90 days, depending on which bankruptcy is filed.

When I recommend the specific bankruptcy for your situation: Chapter 7, Chapter 13 or Chapter 11, you will be in a position to make a great financial recovery in your life.      In filing bankruptcy, not only will you improve your finances but also your business and personal outlook. 

I hope you decide to let me provide details on what is bankruptcy and how it relates to your situation.

Contact me today (201) 446-5904 or schedule a free no obligation bankruptcy consultation today.