Hackensack NJ Bankruptcy Law Firm

Ralph A. Ferro, Jr., Esq. Law Firm –  is Your Reliable Bankruptcy Source Serving both Individuals and Businesses in Hackensack, NJ.

Bankruptcy is a frightening proposition. However, by learning the ins and outs of this financial tool, you will see it as a strategic tool for financial freedom.   At our office, we work hard to help you navigate the complicated bankruptcy world for clients in Hackensack, NJ.

Bankruptcy: A New Beginning

Contrary to common opinion, bankruptcy is not the end of the world. It is a fresh start, a way out of severe debt. When handled well by a lawyer specializing in bankruptcy, it is a legal process that will assist individuals and organizations in eliminating or repaying some of their obligations while being protected by the federal bankruptcy court.

Understanding Your Options in Chapter 7 vs. Chapter 13

Individual bankruptcy falls into two main categories: Chapter 7 and Chapter 13.

• Chapter 7 Bankruptcy

Sometimes known as “liquidation bankruptcy,” it allows debtors to erase unsecured obligations while keeping significant assets.

• Chapter 13 Bankruptcy 

On the other hand, Chapter 13 is a reconstruction bankruptcy designed for debtors with regular income who can repay a portion of their obligations through a repayment plan.

Choosing the appropriate chapter is determined by your financial condition, goals, debt, and income characteristics.

Bankruptcy Filing Procedures

There are several steps involved in filing for bankruptcy.

• Credit Counseling: You must complete a credit counseling course from a source recognized by the U.S. Trustee Program of the Department of Justice.
• Petition Filing: Your Bankruptcy attorney submits your bankruptcy petition to the court, together with documents outlining your assets, obligations, income, and expenditures.
• Appointment of a Trustee: The court appoints a trustee to manage your case.
• Creditor’s Meeting: You and your attorney meet with the trustee and any creditors who wish to attend.
• Debtor Education: Take a debtor education course after filing but before receiving a discharge.
• Discharge: Your responsibility for the majority of debts is officially removed.

Choosing the Best Bankruptcy Lawyer 

You should personally meet with an attorney.   An in-person initial consultation.    I meet with each of my clients personally, and I stay with the case from the start to the end.  Not only is obtaining advice about filing bankruptcy important, but also choosing an attorney you feel comfortable with and can put your trust in.

The correct bankruptcy attorney can make or break the case and the success of your bankruptcy proceedings. The attorney should be well-versed in the bankruptcy code, have strong negotiation abilities, and be of high professional integrity.   Ralph A. Ferro, Jr., Esq. is Board Certified in Consumer Bankruptcy Law by the American Board of Certification (ABC).

A Path to Financial Stability After Bankruptcy

Your financial path does not have to finish with bankruptcy.   If you take the appropriate actions, you may restore your credit and emerge from bankruptcy with a brighter, more stable financial future.

Several tactics, ranging from budgeting to credit management, might assist you in regaining financial stability. Bankruptcy, with careful planning, can be a stepping stone to a financially secure future.

To summarize:

• Bankruptcy is a feasible alternative for individuals or corporations who are in debt.
• You can turn this difficult situation into a fresh financial start by:
  • learning its processes,
  • dealing with an experienced attorney, and
  • planning for life after bankruptcy.

Remember that bankruptcy is not about failure, but finding a method to overcome financial difficulties.

You should feel confident in the bankruptcy lawyer you choose.   Not only should the bankruptcy lawyer have bankruptcy expertise but also should be a good fit for your specific needs and style.     

At Ralph A. Ferro, Jr., Esq. Law Firm, we offer a free bankruptcy consultation.   

See why choosing a smaller bankruptcy law office provides important benefits to you.

Read my client reviews and hope you contact us to make an appointment to meet in person. 

Ralph A. Ferro, Jr., Esq. Law Firm is proud to represent clients in the City of Hackensack  in Bergen County, NJ.

Hackensack, NJ is:

• the most populated municipality and the County seat of Bergen County. 

• only 13 miles from our office in Little Falls, NJ, and easily accessible from Route 80 or Route 46 for your Hackensack NJ Bankruptcy Law Firm help.