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Bankruptcy Blog

What is the Second Costly Emotion That Keeps You In Debt and from Filing Bankruptcy?

May 24, 2019 By: Michael A. Cibik

Stubbornness It’s hard to knock stubbornness, even when it keeps people doing foolish things. After all, stubbornness, the drive to finish what you started, is often a virtue. I’m talking about the attitude that says “these are my debts, and by d***n, I’ll get them paid”. Honorable, but not rational. See how long it takes…

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Chapter 13 Bankruptcy Time Bomb: Mortgage Modification?

May 12, 2019 By: Michael A. Cibik

One of the major benefits of Chapter 13 Bankruptcy is the ability to avoid second mortgages that are not secured by any value in your home.  By following standards outlined in the Bankruptcy Code, you can reclassify that loan on your home into the same category as credit cards or other ordinary bills and discharge…

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Should I Reaffirm My Mortgage After Filing For Bankruptcy?

May 11, 2019 By: Michael A. Cibik

Let’s start with what a reaffirmation agreement is and what it is not. Basically, the filing of a bankruptcy kills most contracts; including car purchases and home purchases.  Once the contract is dead, the secured creditor may retrieve its collateral but cannot go after the debtor for any deficiency if the collateral was sold for…

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Is The Trillion Dollar Student Loan Industry Exempt From Bankruptcy?

May 10, 2019 By: Michael A. Cibik

In 2010, the annual volume of new student loans reached 100 billion dollars. There is now more than a trillion dollars in student loan debt on the books and this type of debt is growing rapidly. A new economic crisis is about to emerge. Student loan debt cannot be discharged in bankruptcy except under the…

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What is the First Costly Emotion That Keeps You In Debt and from Filing Bankruptcy?

May 09, 2019 By: Michael A. Cibik

Emotions, not reasons, keep people from filing bankruptcy and starting fresh. My fellow bankruptcy lawyer Jay Fleischman has it backwards when he says that for his clients, the decision to file is “purely emotional”. Emotions stand between debtors and a rational decision that their debts can never be repaid and that bankruptcy is the solution….

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How Can Your Fiancee Lose the Engagement Ring in Your Bankruptcy Case?

May 05, 2019 By: Michael A. Cibik

Even men with debt problems fall in love, and when they do, many of them will come up with a way to give their beloved a nice engagement ring.  Often, heaven and earth will be moved in the search for the proper ring, and the result could be a very expensive engagement ring.  If the…

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