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What is the difference between Chapter 7 and Chapter 13?

Sep 18, 2019 By: Michael A. Cibik

Chapter 7 is a liquidation bankruptcy. You don’t pay your debts back, but you may have to give up certain property in return. To qualify for a Chapter 7 bankruptcy, you have to meet certain income requirements. If you make too much money, or if you want to keep your property, you can file a…

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What Happens When I File a Bankruptcy?

Sep 11, 2019 By: Michael A. Cibik

If you are about to file bankruptcy, your finances are probably disorganized. Your creditors are calling you, charging you crazy fees, and suing you, among other things. Once you file for bankruptcy, your finances become more organized because the automatic stay goes into effect, which means that your creditors can no longer take collection activity…

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In a Chapter 13 Bankruptcy: Can I Pay One Debt Better Than Others?

Sep 05, 2019 By: Michael A. Cibik

Everyone with debts has at least one bill they’d like to pay, even if they can’t pay them all.  So, if you are already filing Chapter 13 bankruptcy and repaying some debt, why not treat some better than others?   Sometimes that is allowed and sometimes not.  It’s a complicated issue because, at the heart…

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Why did Philadelphia Energy Solutions File for Bankruptcy?

Aug 29, 2019 By: Michael A. Cibik

Philadelphia Energy Solutions (PES) filed for Chapter 11 bankruptcy protection, its second such filing in less than two years, after a fire  prompted it to close the largest refinery on the U.S. East Coast. Following the June 21 explosions and blaze, PES started shutting down the 335,000 barrel-per-day Philadelphia plant without a planned restart. Some…

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What Is the Great Computer Myth on Credit Reporting?

Aug 21, 2019 By: Michael A. Cibik

We need to know all the debts you owe or might possibly owe in order to put a Bankruptcy case together. One mistake debtors often make as we get into deeper debt is to stop looking at the bills and notices. It’s stressful enough to have debt collectors calling, so we stop reading or keeping…

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Why File Chapter 7 Business Bankruptcy?

Aug 16, 2019 By: Michael A. Cibik

Corporations and LLC’s don’t get a discharge in a Chapter 7 bankruptcy, so what’s the point of filing? Ensuring that business assets go to pay payroll, benefits, and taxes is a compelling reason.   Chapter 7 is a liquidation proceeding; the trustee appointed by the court will gather up and sell the corporation’s assets and…

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