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

Call Anytime [24/7]: (201)446-5904 to Speak with:
Ralph A. Ferro, Jr., Esq.

Timing of Filing Bankruptcy is Key
  • Timing of filing your bankruptcy is very important.   There are times you receive bonuses and that skews your income upward.   There are other times that you may be unemployed or underemployed. 
  • With the coronavirus pandemic, many are out of work and incomes are reduced significantly.
  • You may be waiting for the money to come in from unemployment, a grant or government CARES dollars to be able to meet your basic living expenses.
  • Keep in mind that any money you receive from the coronavirus CARES Act is not counted toward your income.
  • You may quality now for a Chapter 7 where you do not pay anything back to your creditors.  If your income was reduced, you may be eligible to file for Chapter 7 when you were not eligible before.
  • With Chapter 13, you pay back something to your creditors based upon your income.   During this pandemic your monthly Plan payments may be much lower due to your reduced income.

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