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Bankruptcy Blog


Should You Try to Keep Your Home When You File Bankruptcy?

Jul 08, 2015 By: Mike Cibik

Filing bankruptcy, of course, is a personal financial strategy that should help you and your family eliminate or restructure debt and move forward with a liveable household budget. Many bankruptcy filers own a home and usually they want to do everything possible to keep that home. In Chapter 7, this often means signing a reaffirmation…



How Many Times Can You File Chapter 7 Bankruptcy?

Jul 07, 2015 By: Mike Cibik

Chapter 7 exists to help you get out of debt quickly and easily. Tally up your bills, make sure you pass the means test, account for any non-exempt assets, and away you go. There are, however, limits on how often you can get a discharge. Under the U.S. Bankruptcy Code, you must wait 8 years…



Is Tax Withholding the Way to Balance Your Budget?

Jul 02, 2015 By: Mike Cibik

In the last week or so I’ve had no fewer than three clients tell me that they changed their payroll tax withholding to claim the maximum deductions because it was the “only way to pay the bills.” I’ve seen people do that, and tried to help them fix the consequences, for many years, but lately…



Can you keep a credit card out of bankruptcy?

Jun 26, 2015 By: Mike Cibik

The Bankruptcy Code requires a debtor to list all creditors in his bankruptcy schedules. However, a “creditor” is typically defined as someone to whom the debtor owes money. Specifically, 11 U.S.C. § 101(10)(a) defines a creditor as an “entity that has a claim against the debtor that arose at the time of or before the…



If you don’t have information about an asset, can you just put down “unknown”?

Jun 17, 2015 By: Mike Cibik

The short answer is that you can file your bankruptcy case without all your information, meaning it is possible to do it, however I don’t recommend it under most circumstances. First and foremost, filing bankruptcy without having all the information you need could get you into a lot of trouble or complicate your case, depending…



Do both you and your spouse have to file for bankruptcy?

Jun 11, 2015 By: Mike Cibik

In cases where both a husband and wife have a lot of debt, either individually or jointly, it may make sense and save money for both spouses to file a joint bankruptcy case… but it is never a requirement.


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