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Frequently Asked Questions

27 Years Proven results in New Jersey Bankruptcy Law

"I have never Lost a Chapter 7 Bankruptcy Case"*
"I personally meet with you and represent you!" "Experience = Results"

There is no limit on income. The amount of income you earn determines your eligibility for different Bankruptcy Chapters.

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Set up a free consultation to discuss your bankruptcy options so that the garnishments can be stopped immediately.

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Set up a free consultation to discuss your bankruptcy options so that the levy can be lifted and any money taken can be returned to you.

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Set up a free consultation to discuss your bankruptcy options and stop collections immediately.
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Yes, Chapter 13 may be an option for you.
Set up a free consultation to discuss your bankruptcy options.
Call: Ralph A. Ferro, Jr., Esq. (201) 446-5904

Yes, Chapter 13 may be an option for you.
Set up a free consultation to discuss your bankruptcy options.
Call: Ralph A. Ferro, Jr., Esq. (201) 446-5904

Yes.
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Yes.
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In a Chapter 7 Bankruptcy, you will generally want to stay current with debts secured by assets you want to keep (e.g. your car, your home).
In a Chapter 13 Bankruptcy, you continue to make your regular house payments after filing bankruptcy, but any arrearages/past due payments are included in your Chapter 13 Plan payments.
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You need to include all creditors that do not have a zero balance.
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You should not incur any additional debt once you know you are going to file Bankruptcy.
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This varies based upon the creditor as to whether they offer a reaffirmation agreement or not.
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Typically, only their income information is needed as part of household income.
If there are joint debts, these joint debts must be disclosed.
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Call: Ralph A. Ferro, Jr., Esq. (201) 446-5904

Yes.
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Typically, 3-4 months from start to finish – however, the day you file you have instant bankruptcy protection.
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Yes.
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Yes, all debts must be included in your Bankruptcy Petition.
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In most cases, you include the most recent 6-12 months of your salary and divide by that number to arrive at an average monthly salary.
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Yes, but extremely unlikely due to the stringent requirements with current laws in place.
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Yes
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No, child support and/or alimony cannot be discharged.

You may add a creditor post-petition; there may be additional fees associated with doing so.
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This is the amount of money left after deducting your living expenses from all sources of your income.
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Any person, partnership, corporation, sole proprietor or limited liability company may file for bankruptcy.
You must live in New Jersey and/or own property in New Jersey.
United States citizenship is not required to file bankruptcy.
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  • Legal method for a debtor to eliminate or reduce debts.
  • Way for people or a business that owe more money than they can pay to either work out a plan to repay the money over time or to have their debts completely eliminated.
  • Most debtors who file for bankruptcy are granted a total discharge of all debts.
  • Purpose of Bankruptcy Code is to relieve the honest debtor from the weight of oppressive indebtedness and to provide the debtor with a fresh start to build a financial future.
Set up a free consultation to discuss your bankruptcy options.
Call:   Ralph A. Ferro, Jr., Esq. (201) 446-5904
As soon as you file any bankruptcy chapter in New Jersey, all actions by creditors must stop immediately.
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Not necessarily. I assure you that I will be clear and never leave you guessing or unsure about what items you will lose. No one lost a house under my watch unless they wanted to leave their house.
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No. There are many reasons why one partner would not file or join in the bankruptcy.
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Temporarily it will.

  • If you are a candidate for bankruptcy, you most likely have bad credit now.
  • Discharge of your debts will provide you with the opportunity to rebuild your credit moving forward.
  • Individuals are generally able to rebuild their credit in a short period of time.

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No definitely not. You should file as soon as possible so you can stop the levies and garnishments immediately.
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  • Yes, it is possible. However, this evaluation requires a thorough analysis of what you own, what you earn and what you owe to determine eligibility.
  • In fact, several of my clients earned over $100,000 per year and successfully filed for bankruptcy.

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Call: Ralph A. Ferro, Jr., Esq. (201) 446-5904

Yes.
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Yes.
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