The words “filing bankruptcy” or “bankruptcy protection” or “Stop foreclosure” or “Chapter 7 Bankruptcy”, “Chapter 11 Bankruptcy”, “Chapter 11 Subchapter V” and/or “Chapter 13 Bankruptcy” can create confusion to individuals in financial distress which is why I try to answer some questions below in the frequently asked questions (FAQs) section. The majority of the time bankruptcy clients are not regular long-term clients and not repeat clients. Clients come to me for a way to improve their situation, learn, gain new spending habits, and move forward.
Compiled below is a list of the basic bankruptcy frequently asked questions (FAQs) with answers. You can read through these to obtain some insight. The questions and answers will allow you to gain a preliminary understanding of some of the basics of the bankruptcy process and may provide answers to your particular situation. This list of questions is not all-inclusive.
Bankruptcy is a specialized field of law with specific terms. Contact me Ralph A. Ferro, Jr., Esq. for a Free Bankruptcy Consultation to learn more. My law practice is 100% focused on NJ Bankruptcy Law.
I will set up an in-person free bankruptcy consultation and provide details and legal advice pertinent to your situation.
When we meet, you can be sure that I will take the time to provide you with accurate legal advice and understand your financial situation and goals.
You should never file bankruptcy without a complete understanding of bankruptcy. I am here for you, call me today for bankruptcy protection.
If you have any questions not listed in our frequently asked questions (FAQs) section, please don’t hesitate to call me (201) 446-5094.
There is no limit on income. The amount of income you earn determines your eligibility for different Bankruptcy Chapters.
Call to discuss your options: Ralph A. Ferro, Jr., Esq. (201) 446-5904
Set up a free consultation to discuss your bankruptcy options so that the garnishments can be stopped immediately. A bankruptcy Plan can be put into place with the correct Bankruptcy Chapter.
Call: Ralph A. Ferro, Jr., Esq. (201) 446-5904
The levy can be lifted and any money taken can be returned to you with the appropriate Bankruptcy Chapter filing.
Call: Ralph A. Ferro, Jr., Esq. (201) 446-5904
There is no limit on income. The amount of income you earn determines your eligibility for different Bankruptcy Chapters.
Call to discuss your options: Ralph A. Ferro, Jr., Esq. (201) 446-5904
Set up a free consultation to discuss your bankruptcy options so that the garnishments can be stopped immediately. A bankruptcy Plan can be put into place with the correct Bankruptcy Chapter.
Call: Ralph A. Ferro, Jr., Esq. (201) 446-5904
The levy can be lifted and any money taken can be returned to you with the appropriate Bankruptcy Chapter filing.
Call: Ralph A. Ferro, Jr., Esq. (201) 446-5904
Set up a free consultation to discuss your bankruptcy options and stop collections immediately.
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, 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.
Set up a free consultation to discuss your options.
Call: Ralph A. Ferro, Jr., Esq. (201) 446-5904
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.
Set up a free consultation to discuss your bankruptcy options.
Call: Ralph A. Ferro, Jr., Esq. (201) 446-5904
You need to include all creditors that do not have a zero balance.
Set up a free consultation to discuss in more detail.
Call: Ralph A. Ferro, Jr., Esq. (201) 446-5904
You should not incur any additional debt once you know you are going to file Bankruptcy.
Set up a free consultation to discuss in more detail.
Call: Ralph A. Ferro, Jr., Esq. (201) 446-5904
This varies based upon the creditor as to whether they offer a reaffirmation agreement or not.
Set up a free consultation to discuss in more detail.
Call: Ralph A. Ferro, Jr., Esq. (201) 446-5904
Typically, only their income information is needed as part of household income.
If there are joint debts, these joint debts must be disclosed.
Set up a free consultation to discuss in more detail.
Call: Ralph A. Ferro, Jr., Esq. (201) 446-5904
Yes.
Set up a free consultation to discuss your bankruptcy options.
Call: Ralph A. Ferro, Jr., Esq. (201) 446-5904
Chapter 7 Bankruptcy: Typically, 90 days from start to finish
Chapter 13 – Typically the case is confirmed in 90 days and can last up to 5 years
– however, the day you file you have instant bankruptcy protection.
Set up a free consultation to discuss in more detail.
Call: Ralph A. Ferro, Jr., Esq. (201) 446-5904
Yes.
Set up a free consultation to discuss in more detail.
Call: Ralph A. Ferro, Jr., Esq. (201) 446-5904
Yes, all debts must be included in your Bankruptcy Petition.
Set up a free consultation to discuss in more detail.
Call: Ralph A. Ferro, Jr., Esq. (201) 446-5904
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.
Set up a free consultation to discuss in more detail.
Call: Ralph A. Ferro, Jr., Esq. (201) 446-5904
Yes, but extremely unlikely due to the stringent requirements with current laws in place.
Set up a free consultation to discuss in more detail.
Call: Ralph A. Ferro, Jr., Esq. (201) 446-5904
Yes
Set up a free consultation to discuss in more detail.
Call: Ralph A. Ferro, Jr., Esq. (201) 446-5904
No, child support and/or alimony cannot be discharged.
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.
Set up a free consultation to discuss in more detail.
Call: Ralph A. Ferro, Jr., Esq. (201) 446-5904
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.
Set up a free consultation to discuss in more detail.
Call: Ralph A. Ferro, Jr., Esq. (201) 446-5904
No. There are many reasons why one partner would not file or join in the bankruptcy.
Set up a free consultation to discuss in more detail and I will advise you what is best for you and your family.
Call: Ralph A. Ferro, Jr., Esq. (201) 446-5904
Temporarily it will.
Set up a free consultation to discuss in more detail.
Call: Ralph A. Ferro, Jr., Esq. (201) 446-5904
No, definitely not. You should file as soon as possible so you can stop the levies and garnishments immediately.
Set up a free consultation to discuss in more detail.
Call: Ralph A. Ferro, Jr., Esq. (201) 446-5904
Set up a free consultation to discuss in more detail.
Call: Ralph A. Ferro, Jr., Esq. (201) 446-5904
Yes. Retirement Accounts are protected in bankruptcy.
Set up a free consultation to discuss in more detail.
Call: Ralph A. Ferro, Jr., Esq. (201) 446-5904
Yes.
Set up a free consultation to discuss in more detail.
Call: Ralph A. Ferro, Jr., Esq. (201) 446-5904
There is no limit on income. The amount of income you earn determines your eligibility for different Bankruptcy Chapters.
Call to discuss your options: Ralph A. Ferro, Jr., Esq. (201) 446-5904
Set up a free consultation to discuss your bankruptcy options so that the garnishments can be stopped immediately. A bankruptcy Plan can be put into place with the correct Bankruptcy Chapter.
Call: Ralph A. Ferro, Jr., Esq. (201) 446-5904
The levy can be lifted and any money taken can be returned to you with the appropriate Bankruptcy Chapter filing.
Call: Ralph A. Ferro, Jr., Esq. (201) 446-5904
DISCLAIMER
The information you obtain at this site is not, nor is it intended to be, legal advice regarding your individual situation.
We invite you to contact us and welcome your calls and communications. Contacting us does not create an attorney-client relationship.
