66 East Main Street, 3rd Floor
Little Falls, NJ 07424 (201)446-5904

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Ralph A. Ferro, Jr., Esq.

Chapter 13

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Ralph A. Ferro, Jr., Esq.

Board Certified in Consumer Bankruptcy Law

26 Years Proven results in NJ Bankruptcy Law

Free Consultation Call (201) 446-5904 (24/7)

          "I have never Lost a Chapter 7 Bankruptcy Case" *

          "I personally meet with you and represent you!"

          "Experience = Results"


Filing Chapter 13 Bankruptcy

  • Individuals only – not for Business entities

Chapter13A Chapter 13 Bankruptcy is a reorganization where individuals pay back a portion or all of their debts over a specific period of time (called your Plan) not to exceed 5 years. Many individuals find that they can pay back some of their debts but not all. One contributing factor could be that the interest rates are so high which results in rising outstanding balances to outrageous minimal monthly payments.  You are getting deeper and deeper in debt.

Some examples of when Chapter 13 would be filed instead of Chapter 7:

You got behind on your mortgage payments and want to prevent foreclosure. You want to keep your house. Past due mortgages payments can be spread over a period of time not to exceed 5 years and foreclosure is stopped.

  1. Your net income exceeds your basic (allowable) living expenses. It could be that you have disposable income of $1,000 per month after you pay your basic living expenses but your minimal monthly credit card payments are $2,500 per month. In this situation, you have the ability to pay back the creditors something but not all you owe.
  2. At the end of the Plan Period, you receive a discharge/release for all the amounts that you were not able to pay.
  3. When I meet with you I can determine whether Chapter 7 or Chapter 13 is best for your financial future. My goal is to help my clients succeed.



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66 East Main Street, 3rd Floor
Little Falls, NJ 07424
Direct: 201-446-5904
Fax: 973-689-9558
Email: ralphferrojr@msn.com

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