Frequently Asked Questions
Board Certified in Consumer Bankruptcy
New Jersey Bankruptcy Lawyer!
With 29 Years Of Proven results!
"I personally meet with You and represent You!"
"I have never Lost a Chapter 7 Bankruptcy Case"
"Experience = Results"
"I have never Lost a Chapter 7 Bankruptcy Case"
"Experience = Results"
Ralph A. Ferro, Jr., Esq. Bankruptcy Lawyer
Board Certified in Consumer Bankruptcy Law
FAQs (Frequently Asked Questions About Bankruptcy)
All of the questions and answers to the basic questions are new to my clients.
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 frequently asked questions (FAQs) with answers. You can read through these to obtain some insight. The questions and answers will be sufficient for you to gain an understanding of the process and answers to your particular situation. This list of questions is not all-inclusive. Bankruptcy is a specialized field of law with specific terms.
Bankruptcy Attorneys have a strict code of conduct.
- Bankruptcy has very specific rules. The United States Bankruptcy Code are the governing rules as to bankruptcy law. However, I do not recommend that clients seek to learn about their particular bankruptcy issues by searching the internet, consulting with friends, making assumptions, and/or looking at other cases.
- Each bankruptcy situation has specifics related only to you, I hope to be able to answer some questions you may have via our FAQs (Frequently Asked Questions) section. If you have questions related to filing bankruptcy, check out our frequently asked questions (FAQs), and I also offer a free bankruptcy consultation.
I will set up an in-person free bankruptcy consultation and provide details pertinent to your situation.
I will take the time to provide you with accurate legal advice. 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 reach out.
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. A bankruptcy Plan can be put into place with the correct Bankruptcy Chapter.
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The levy can be lifted and any money taken can be returned to you with the appropriate Bankruptcy Chapter filing.
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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.
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Yes, Chapter 13 may be an option for you.
Set up a free consultation to discuss your bankruptcy options.
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Yes.
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Yes.
Set up a free consultation to discuss your bankruptcy options.
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Set up a free consultation to discuss your bankruptcy options.
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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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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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Set up a free consultation to discuss in more detail.
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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.
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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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Yes. Retirement Accounts are protected in bankruptcy.
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Yes.
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