Bankruptcy FAQ Part 3: What To Expect Afterwards & How It Affects Your Future
Mikita & Roccanova | Personal & Business Bankruptcy Blog
by Mikita & Roccanova
3y ago
In this three-part series, we’re answering some common questions about bankruptcy, including what debt is (and isn’t) affected, what to expect from the process, and finally, how bankruptcy affects your future. It’s understandable to have concerns about your ability to recover financially after such a significant step, but it helps to be prepared so you’ll understand the risks and be armed with the knowledge you need to make the most of your fresh start. Can I get a credit card again after filing bankruptcy? The simple answer is: yes. But as with most things in life, the reality is not as simpl ..read more
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Bankruptcy FAQ Part 2: What To Expect From The Process
Mikita & Roccanova | Personal & Business Bankruptcy Blog
by Mikita & Roccanova
3y ago
In part 1 of this series, we talked about which debts do and don’t qualify for discharge and some important things to know about your responsibilities. In this article we’re going to talk about common questions related to the process itself, from what the different chapters mean to what happens as your case progresses. Next up we’ll talk about what happens after bankruptcy, but if you have any questions in the meantime you can always get in touch with us for a free consultation. How do I start the bankruptcy process? There are a series of requirements that you must fulfill in order to successf ..read more
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Bankruptcy FAQ Part 1: Your Debt, Risks And Responsibilities
Mikita & Roccanova | Personal & Business Bankruptcy Blog
by Mikita & Roccanova
3y ago
If you’re stuck under a mountain of debt and feel like you’ll never find your way to the light, you may be considering bankruptcy. And that means you probably have a thousand questions about what to do and how your choices will affect you now and into the future. Here are answers to some common questions and concerns about filing bankruptcy in New Jersey, but you should always contact your attorney for counsel that pertains to your specific situation. This is a three-part series that covers topics of debt (what is affected and what is not), the process (how it works), and your future (what to ..read more
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Declaring Bankruptcy: Is Chapter 7 Or 13 Right For You?
Mikita & Roccanova | Personal & Business Bankruptcy Blog
by Mikita & Roccanova
3y ago
By the time you start thinking about bankruptcy you’re probably already in the midst of financial hardship. That kind of hardship can take a serious emotional toll, not to mention its effects on your self-esteem. All that means is that by the time you really need to be thinking about bankruptcy, it’s probably the worst time to try to make objective decisions. If you’re feeling overwhelmed by debt, first take a moment to stop and remind yourself that your hardship is not a reflection of you, but of the circumstance you find yourself in. In fact, we’ve debunked several of the more common myths a ..read more
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What NOT To Do Before Filing Bankruptcy
Mikita & Roccanova | Personal & Business Bankruptcy Blog
by Mikita & Roccanova
3y ago
If you’ve lost a job, been through a divorce or are overwhelmed by medical expenses, you may be considering bankruptcy. Depending on your circumstances, you may choose the debt reorganization of Chapter 13 or complete debt forgiveness of Chapter 7 as the most effective option. Either way, there are some things that you should NOT be doing prior to filing that could adversely affect your outcome. So if bankruptcy seems like it may be a viable option, stop and take stock. Knowing what to expect can help prepare you for the best possible result. Don’t Max Out Your Credit Cards If you’re already i ..read more
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Save Your Home With Chapter 13 Bankruptcy And Lien Stripping
Mikita & Roccanova | Personal & Business Bankruptcy Blog
by Mikita & Roccanova
3y ago
After the real estate collapse in 2008, many homeowners found themselves deep in debt. The terms “underwater” and “bankruptcy” became commonplace, as loan payments became too high to bear and the prices of homes plummeted. As more and more individuals defaulted on their loans, Chapter 13 bankruptcy became a popular option. It includes a key provision that allows for lien stripping, which can relieve you of the burden of second or third mortgages on an underwater property. In fact, for those currently facing this seemingly insurmountable debt burden, lien stripping can mean the difference betwe ..read more
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10 Common Misconceptions About Bankruptcy
Mikita & Roccanova | Personal & Business Bankruptcy Blog
by Mikita & Roccanova
3y ago
Declaring bankruptcy isn’t something most people want to think about, whether for personal or business reasons. But the reality is that sometimes it’s necessary – and it may even be your best option when debt mounts. There are myriad misconceptions about bankruptcy, many of which can prevent someone from seeking relief. These are 10 common misconceptions and the truth about them. We’ll be covering each of these in more depth in future posts, but if you have questions in the meantime you can contact us for a free consultation and let us put your mind at ease. 1. I’ll Lose Everything If I File F ..read more
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