Bankruptcy Protection of Your Assets
Examples of Bankruptcy Protection:
- Bank Account: You just found out that a creditor put a lien/levy on your bank account and your funds are frozen.
How can I remove the levy which has my funds frozen?
Filling an immediate bankruptcy petition will place you into bankruptcy protection, unfreezing your funds and allowing you to withdraw the money. - Car: You receive a notice that your vehicle will be repossessed.
What if my car is picked up right after I file for bankruptcy?
Filing an immediate bankruptcy petition will legally prohibit that creditor from picking up your car at that time. You have bankruptcy protection, so your car must be returned to you. - Home: You receive notice of a Sheriff’s sale on your home or investment property, and the sale date is in 3 hours.
How can bankruptcy protection help?
Filing an immediate bankruptcy petition will stop that sale.
- Bank Account: You just found out that a creditor seized funds from your bank account. How can bankruptcy protection help?
Filing an emergency bankruptcy petition will allow you to retrieve this money seized by a creditor shortly before bankruptcy. - Lawsuit: You just received a notice that you are being sued by a credit card company or another creditor and the trial date is the next day.
How can bankruptcy protection help?
Filing an immediate bankruptcy petition will stop that action and you will not have to appear in court. - Wages: You receive a notice that your wages will be garnished in 1 day.
What happens if wages are garnished anyway?
Filing an immediate bankruptcy petition will stop that garnishment. Those garnished wages will be returned to you because of bankruptcy protection.
Bankruptcy Protection - Retirement Savings
It is critical to understand that bankruptcy protection extends to your retirement savings. This means you should not hastily withdraw or cash out your retirement savings to pay off your debts without thoroughly assessing your financial situation. As retirement savings accounts are safeguarded in bankruptcy, they are generally untouchable by creditors. You can also continue contributing to your accounts while in default.
Moreover, when you file for bankruptcy, your retirement savings will remain unaffected, and you can continue contributing to your accounts as usual. It is highly recommended not to withdraw from your retirement savings accounts to pay your debts before exploring all your options.
If you are considering bankruptcy, set up a consultation with me. I am Board Certified in Bankruptcy Law and will provide you with expert advice before liquidating your pension funds.
Bankruptcy Protection - Emergency Bankruptcy Filing
Understanding Emergency Bankruptcy Filing
- An emergency bankruptcy filing—or a “skeleton filing”—is essentially a fast-track way to stop: Your home foreclosure, car being repossessed, wage garnishments, and/or bank levies.
- Instead of submitting your entire bankruptcy petition upfront, you file just the minimum paperwork to get immediate protection from the court. This triggers the automatic stay, halting all collection and actions, at least for the moment.
How It Works:
- I file the essential forms to initiate your case (just enough to prevent the action against you).
- Within 14 days, I will work with you and submit the remaining required documents.
- The skeleton bankruptcy filing gives you breathing room for us to gather paperwork, organize your finances, and work through your options—without the sheriff knocking on your door in the meantime.
Caution: You should Always Use a Bankruptcy Lawyer to file your Emergency Petition
- Filing incomplete papers under pressure opens the door for mistakes—and bankruptcy has stringent deadlines and code that must be followed.
- Any errors or missed deadlines can jeopardize your case and put you right back where you started.
- I can walk you through the process, help prepare your forms, and ensure your rights are fully protected—especially when your creditor, lender, or the sheriff is about to seize your assets.
Call me: Ralph A. Ferro, Jr., Esq. – (201) 446-5904 to get the bankruptcy help you are entitled to by the Federal Government.
I will provide you with a free consultation.
Do not let anyone take your assets without asserting your rights.
I will personally meet with you and provide recommendations for your financial success and which path is right for you.
Ralph A. Ferro, Jr., Esq. Bankruptcy Lawyer
- Call me today to schedule a free in-person bankruptcy consultation. I will advise you on whether filing bankruptcy is the best solution for you and recommend the type of bankruptcy that best suits your specific situation.
