Chapter 7 Bankruptcy Information
- Chapter 7 Bankruptcy is a liquidation of a debtor’s non-exempt assets – after bankruptcy you are debt free (*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)
- Move forward in a short period of time (approx. 3 months)
- STOP immediately upon filing:
- Old Tax Debt
- Medical Bills
- Vehicle Repossessions
- Annoying Phone Calls
- Business Debts
- Credit Card Payments
- Legal Fees to Former Attorneys
- Wage Garnishments
- PayDay Loans
- Information Subpoena Requests
- Personal Loans
- Gambling Debts
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 – the amount owed is more than your car’s value. 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
- 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.
- Gambling Debts are high and you just cannot pay these back.
My Commitment to My Clients:
- Reachable – you can call me on my cell phone (201) 446-5904
- Respond to your emails/texts quickly
- When I file your Chapter 7 petition, I am with you from the start of the case until the end of your case and beyond.
- Provide expert advice. I am Board Certified in Consumer Bankruptcy by the ABC.
- You have bankruptcy protection immediately, 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
- Meet with you in person for a free bankruptcy consultation
- Before moving ahead, I understand your goals and your financial situation
- Determine if filing bankruptcy is in your best interests
- If filing bankruptcy is not right for you, I will not recommend bankruptcy for you
- Your file gathers no “dust”; there is constant activity – no follow up on me required (see my clients’ reviews)
Ralph A. Ferro, Jr., Esq.
Board Certified in Consumer Bankruptcy Law
I am always reachable on my Cell: (201) 446-5904
I have a 100% success rate with all filed Chapter 7 Bankruptcies
If bankruptcy is not right for you – I will not file your case.
100% of my firm is focused on representing clients in New Jersey Bankruptcy matters.
“Expertise in bankruptcy is essential so clients get the expert advice for their financial future”
*Exempt Assets - You Keep
- $14,875 of household goods & $4,450 equity in car
- Jewelry (will discuss with you)
- All retirement accounts
- Up to $27,900 per spouse home equity
*Non-Dischargeable Debts (cannot eliminate with bankruptcy)
- Alimony/child support
- Tax Debts (certain)
- Sales and Use Taxes
- Debts incurred through Fraud
- Injuries caused by DWI/DUI