66 East Main Street, 3rd Floor

Little Falls, NJ 07424

Office: 973-200-0988

Direct: 201-446-5904

Fax: 973-689-9558

Email: ralphferrojr@msn.com

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Bankruptcy Frequently Asked Questions

Q.Who can file for bankruptcy in New Jersey?
Q.What is bankruptcy?
Q.Can creditors still call me or send me notes/letters until my NJ bankruptcy is approved?
Q.Will I lose my house, car, and other personal property?
Q.If I file for bankruptcy, does my spouse have to join in the bankruptcy?
Q.Will filing bankruptcy affect my credit rating?
Q.If I have wage garnishments, judgments or my bank account has been levied, is it too late to file for bankruptcy protection?
Q.If I earn over $100,000 gross income per year, can I be eligible for bankruptcy?
Q.Can I keep my retirement account(s)?

Question: Who can file for bankruptcy in New Jersey?

Any person, partnership, corporation, sole proprietorship, may file for bankruptcy.
United States citizenship is not required for filing bankruptcy.

Question: What is bankruptcy?

Bankruptcy is the legal method for a debtor to eliminate or reduce your debts.
Bankruptcy is a way for people or a business that owes 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.
One of the main purposes of the bankruptcy act 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.

Question: Can creditors still call me or send me notes/letters until my NJ bankruptcy is approved?

As soon as you file, all actions by creditors must stop immediately, whether you filed a NJ Chapter 7 or Chapter 13 bankruptcy.

Question: Will I lose my house, car, and other personal property?

Not necessarily. I can discuss that with you when you call me or meet with me for a free bankruptcy consultation. I will be very clear and never leave you guessing or unsure.

Question: If I file for bankruptcy, does my spouse have to join in the bankruptcy?

No. There are many reasons why one spouse would not file or join in the bankruptcy. When you call me, I will advise you what is best for you and your family.

Question: Will filing bankruptcy affect my credit rating?

Unfortunately, it will

If you are a candidate for bankruptcy, you have bad credit now.
Discharge of your current debt may provide the opportunity to rebuild your credit in the future.
Most individuals are able to rebuild their credit within a few years.

Question: If I have wage garnishments, judgments or my bank account has been levied, is it too late to file for bankruptcy protection?

Not at all, as a matter of fact, you should file immediately so you can stop the levies and garnishments immediately.

Question: If I earn over $100,000 gross income per year, can I be eligible for bankruptcy?

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.

Question: Can I keep my retirement account(s)?

Yes - for a qualified retirement account, it is possible. When you call me, I will discuss your specific retirement accounts and their eligibility.

We are a debt relief agency. We provide bankruptcy assistance to individuals under the bankruptcy code.