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Can I give a creditor preference in a bankruptcy?

Oct 16, 2019 By: Michael A. Cibik

In bankruptcy, the priority that creditors receive is determined by the type of debt. The first party to be paid is the United States Bankruptcy court who charges fees for filing. Next to be paid is secured creditors, or creditors who hold a lien on property that is in possession of the debtor. Examples of…

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Is filing for bankruptcy bad?

Sep 30, 2019 By: Michael A. Cibik

Bankruptcy sounds like a bad word, but it can be the best thing for you if you can’t pay your bills. Many people wrongly believe that bankruptcy means you lose everything. In fact, bankruptcy usually helps you keep your property and gives you an opportunity to start over.   Many people wonder whether bankruptcy will…

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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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