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

Chapter 7 Bankruptcy

Board Certified in Consumer Bankruptcy

New Jersey Bankruptcy Lawyer!

With 28 Years Of Proven results!
"I personally meet with You and represent You!"
"I have never Lost a Chapter 7 Bankruptcy Case"*
"Experience = Results"
NJ Bankrupcty Law Firm
NJ Bankruptcy Law Firm

Ralph A. Ferro, Jr., Esq. Bankruptcy Lawyer

Board Certified in Consumer Bankruptcy Law

Chapter 7 Bankruptcy

Eligibility: Individuals, Corporations, and Business Entities (Sole Proprietors/Partnerships)
  • Chapter 7 Bankruptcy is a liquidation of a debtor’s non-exempt assets (*see below for examples of exempt assets & non-dischargeable debts).
  • Although called liquidation, frequently there are no assets to liquidate and you obtain approval to no longer pay any of your debts
  • If eligible, a person or business has a great opportunity to eliminate debts (both consumer and non-consumer) and move forward in a relatively short period of time (approx. 3 months)
  • STOP immediately upon filing:
  • Levies
  • Lawsuits
  • Old Tax Debt
  • Medical Bills
  • Vehicle Repossessions
  • Liens
  • Annoying Phone Calls
  • Business Debts
  • Credit Card Payments
  • Legal Fees to Former Attorneys
Why File Chapter 7 Bankruptcy?
  • No hope or ability to pay back your debts.
  • Monthly payments & interest keep sinking you deeper into debt.
  • No disposable money left for you and/or your family, after making your monthly payments.
  • High Medical Bills – You may have insurance but deductibles and co-pays resulted in high bills.
  • Personal Guarantees of Loans for Businesses and/or Others.
    • You personally guaranteed a car loan for a friend.
    • Your friend defaulted on the loan and the creditor is looking to you for payment.
    • You personally guaranteed a business debt but the business is closed/no longer in operation and the creditor is looking to you for payment.
  • Repossession of a Car – Your car was repossessed and you owed more than the vehicle was worth. The creditor is requiring you to pay the difference.
  • Car Payment Balance is more than your car is worth; you can get rid of your car and no longer owe car payments.
  • Old Tax Debt – Under certain circumstances, you can get rid of old tax debts owed to IRS or the State of New Jersey
  • You Owe More than Your Home is Worth – you can surrender your home and never be liable for the balance owed – regardless of how many mortgages, lines of credit, home equity loans, etc. exist.
Wage Garnishments Outcome (in about 3 months from start to finish):
  • When I file your Chapter 7 Bankruptcy Petition, I am with you from the start of the case until the end of the case.

  • You have bankruptcy protection – no creditors may contact you.

  • When your Bankruptcy is completed, my clients have debts erased/discharged

  • After only 3 months, you start over with a clean slate and a fresh start.

I meet with you personally and review your situation in-depth to determine:

  • if you qualify for a Chapter 7 & most importantly – whether filing a Chapter 7 Bankruptcy is in your best interests

    for your future success.

    Call me now for a Free Bankruptcy Consultation:

Ralph A. Ferro Jr., Esq. – (201) 446-5904 for Chapter 7 Bankruptcy Help.

  • Examples of:

Exempt Assets: You keep the following & still file Chapter 7 Bankruptcy:

    • Up to $25,150 per spouse of equity in your home;

    • Up to $4,000 equity in a car;

    • Up to $13,400 of household goods;

    • All of your retirement accounts.

Non-Dischargeable Debts: You cannot discharge these Debts by filing Bankruptcy:

  • Alimony Tax Debts (certain) Sales and Use Taxes
  • Debts incurred through Fraud
NJ Bankruptcy Law Office