Michael A. Cibik, Esq. writes a regular column titled “Understanding Bankruptcy” that appears in the Philly Record. This is that column. The term debt relief agency appears in a legal context for the first time in bankruptcy law in the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 [The Act]. The first chapter of this new bankruptcy…

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Michael A. Cibik, Esq. writes a regular column titled “Understanding Bankruptcy” that appears in the Philly Record. This is that column. QUESTION:   How Do Bankruptcy Exemptions Make the System Work?   When a bankruptcy is filed, the debtor can keep anything that is “exempt.” That always includes household goods and personal effects, and, most of the…

  Pennsylvania Medical Bankruptcy: When to File Due to Medical Debt   No one plans to get sick or get into a debilitating accident. We pay exorbitant amounts for health insurance and health care costs for such events. Depending on the health plan you have, it might only cover a fraction of the medical costs…

  Liquidation is one of the biggest fears of individuals who are facing overwhelming debts. Chapter 7 bankruptcy is achieved through total liquidation of an individual’s assets. Instead of facing liquidation, many debtors decide to set up a repayment plan that reduces their payments into something that fits their debt to income ratio. This is…

  The United States Bankruptcy Court for the Eastern District of Pennsylvania has compiled statistics from 2016 and found that just less than 10,000 people filed for bankruptcy. These are just the filings for a single calendar year. The most common people who file for bankruptcy include individuals and businesses who file under Chapter 7…