Chapter 13 Bankruptcy
Eligibility: Individuals only – not for Businesses - Debt Limits Increased to $2.75 million*
- Chapter 13 Bankruptcy is a reorganization in which individuals utilize their income, and pay back a portion, or all of their debts.
- Ralph A. Ferro, Jr., Esq. will develop a plan that has an established timeframe of 5 years or less.
- 1 monthly payment to 1 person (Chapter 13 Trustee) satisfies your debts over the plan period.
- Allows you to reorganize past-due tax debt – STOP IRS liens and levies
- Keep your home and reorganize past due mortgage payments and property taxes.
*Expired on June 21, 2024 – Congress did not take any actions to extend.
Read More: Chapter 13 Debt Limits
- Congress did not take action, The debt limits reverted to the following:
- $419,275 is now the unsecured debt limit
- $1,257,850 is now the secured debt limit
Individuals who were formerly eligible for Chapter 13 bankruptcy may now be forced to file a Chapter 11 Bankruptcy.
- STOP immediately upon filing:
- Lawsuits
- Car repossessions
- Late fees
- Annoying creditor telephone calls
- Tax Sale
- Wage garnishments
- Home foreclosure
- Sheriff Sale (can be stopped even hours before the Sale)
- Debt interest
- Annoying collection letters
- Don’t let the bank take your home – If you have past-due mortgage payments, Chapter 13 may be Best for you.
- We will do an emergency Chapter 13 Bankruptcy filing to Stop the Sheriff’s sale.
STOP PROPERTY TAX SALE - SAME DAY
- Don’t let a property tax sale take your home – If you have past-due property tax payments, Chapter 13 may be Best for you.
- We will do an emergency Chapter 13 Bankruptcy filing to Stop the Property Tax sale.
Why File Chapter 13 Bankruptcy Instead of Chapter 7?
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- You are ineligible for a Chapter 7 bankruptcy due to high income or asset issues or a prior Chapter 7.
- Need to catch up with past-due mortgage, past-due property taxes, and/or car payments & want to stay in your home & keep your vehicles
- There is equity in your home and a Chapter 7 would not allow you to keep your home.
- Your income allows you to pay back part of your debts but not all.
Example: You have disposable income of $1,000 per month after your basic living expenses but your minimal monthly credit card payments are $2,500 per month.
In this situation, you have the ability to pay back something to your creditors but not all you owe
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However, payments for your debts are evaluated upon what you can afford.
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Chapter 13 Bankruptcy Attorney Law Firm
Choose a Smaller Law Firm for great results.
Bankruptcy is a specialized field of law – At Ralph A. Ferro, Jr., Esq. Law Offices, we dedicate 100% of our practice to bankruptcy law.
In order to continually share expert bankruptcy advice to my clients, I stay up-to-date with current bankruptcy laws and cases This is evidenced by my being Board Certified as a NJ Bankruptcy Lawyer by the American Board of Certification
You want your doctor to be Board Certified – You should want your Chapter 13 Bankruptcy Lawyer to be Board Certified. Read more to find out why choose a bankrupty lawyer that is Board Certified.
My qualifications, expertise and integrity are reviewed every 5 (five) years in order to continue to meet or exceed rigourous certification standards. I was originally Approved for Board Certification in 2015, reviewed and approved in 2019 and reviewed and approved in 2024.
Ralph A. Ferro, Jr., Esq. - Please read my client reviews - I care about my clients' ...
Chapter 13 Bankruptcy Blog
