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Bankruptcy Blog

Can filing for bankruptcy take my social security away?

Nov 22, 2019 By: Michael A. Cibik

A major concern for filing bankruptcy is whether your social security funds can be taken from you.  The good news is that social security benefits are exempt and therefore protected in bankruptcy.   This means you can continue to receive ongoing payments as well as payments you received prior to filing for bankruptcy if your…

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Will filing bankruptcy eliminate tax debts?

Nov 20, 2019 By: Michael A. Cibik

Once you file for bankruptcy, the automatic stay will go into effect. This means that creditors, including the IRS, cannot continue to collect money from you.  After the bankruptcy, the IRS can resume collection unless the debt has been paid in full or discharged.   Some tax debt can be discharged in bankruptcy. You can…

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Should I file a bankruptcy to delay my foreclosure?

Nov 12, 2019 By: Michael A. Cibik

If you fall behind on your mortgage payments, you may be at risk for foreclosure. If you are facing foreclosure, bankruptcy may help. Once you file either a Chapter 7 or Chapter 13 bankruptcy, the court will issue an automatic stay. This causes creditors to cease collection from you immediately.   By filing a Chapter…

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Can I sue someone who has filed for bankruptcy?

Nov 06, 2019 By: Michael A. Cibik

Bankruptcy’s automatic stay stops most lawsuits once the bankruptcy is filed. Typically, you will not be able to file a lawsuit if it relates to certain debts which include: personal loans, credit card balances, medical bills, utility bills, unpaid rent, unpaid car payments, home foreclosures or accidental personal injury cases.   There are some instances…

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Do both spouses have to file for bankruptcy?

Oct 25, 2019 By: Michael A. Cibik

Married couples can file together in a joint bankruptcy that combines both spouses’ debts and property into the same case. The overall goal is to discharge your debt and keep more of your property. In most cases, filing together will allow you to accomplish this. When only one spouse files, the spouse who does not…

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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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