Chapter 7 Bankruptcy
Board Certified in Consumer Bankruptcy
New Jersey Bankruptcy Lawyer!
"I have never Lost a Chapter 7 Bankruptcy Case"*
"Experience = Results"
Ralph A. Ferro, Jr., Esq. Bankruptcy Lawyer
Board Certified in Consumer Bankruptcy Law
Chapter 7 Bankruptcy
- 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
Chapter 7 Bankruptcy Blog
