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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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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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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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