Newark, NJ Personal Bankruptcy Lawyer

When you are considering filing for personal bankruptcy, it can be difficult to distinguish fact from fiction. It's important to understand your options and ignore myths that tend to circulate. An experienced, knowledgeable bankruptcy attorney is your best resource for valid information that is personalized to your case.

Fact or Fiction - The Truth about Bankruptcy

You can always file for bankruptcy - there's no limit.

This is false. If you have filed for either Chapter 7 or Chapter 13 bankruptcy within the past several years, you cannot file again until a certain period of time has passed.

Bankruptcy will lower my credit score.

This is true. Most likely, your credit score is already low if you are considering personal bankruptcy. In many cases, your credit score will actually begin to improve after you file for bankruptcy. Bankruptcy gets you back on your feet as a debt-free consumer. In time, your score will improve. 

I can get rid of all debts through bankruptcy.

This is another myth. Many debts and payments are not dischargeable. They include child support, student loans, and most types of taxes.

You can decide which debts get discharged and which don't.

This is myth. Dischargeable debts are the court's decision and depend on a variety of factors, including whether you file Chapter 7 or Chapter 13. You must list all debts in your bankruptcy petition. If you withhold any information, your case could be dismissed and you could face further penalties under the law.

Personal bankruptcy is only for people who don't want to pay their creditors and carelessly spend their way into debt.

Myth. The majority of filers in the United States originally considered bankruptcy because of unexpected medical bills or the loss of a job. Another reason includes divorce. 

Contact us today for aggressive consumer bankruptcy advocacy with a personalized approach and modest rates. We'll help you make a fresh start.

Albert L. Lancellotti, LLC

Newark Office
17 Academy Street, Suite 707
Newark, NJ 07102
Telephone: 973-273-9880
Fax: 973-273-9838

Passaic County Office
130 Skyline Drive
Ringwood, NJ 07456
Toll-Free: 1-877-273-7300

Albert L. Lancellotti, LLC has offices in Newark, New Jersey and Ringwood, New Jersey and serves clients throughout Bergen County, Essex County, Hudson County, Middlesex County, Monmouth County, Passaic County, Sussex County, and Union County, including Newark, NJ, Elizabeth, NJ, and Morristown, NJ, and throughout Jersey City.