Many Americans are struggling financially due to the coronavirus pandemic. An estimated 205 million people are at risk of their utilities being disconnected, and many more are in jeopardy of their vehicles being repossessed and their homes being foreclosed. A significant number of Americans have been laid off or experienced a reduction in their work hours, causing them not to be able to pay their bills on time. Recovering from the coronavirus shutdowns will take time, but Americans who are struggling do have options. One of those options is to file for bankruptcy. Filing for Chapter 13 bankruptcy is a viable option for helping you get back on your feet financially. What happens after you finish paying off a Chapter 13 bankruptcy?
25 November, 2020 /

Let's answer the top-line question right out of the gate: yes, filing for bankruptcy protection can most certainly save your business. The benefits of the bankruptcy laws do not exist solely for big companies. In fact, they can apply with equal effectiveness to save your...

30 October, 2020 /

The question can be taken on several levels. To take it literally: Yes, you can buy a house if you pay all-cash so you don't need a mortgage. Of course, that applies to very, very few individuals who declare bankruptcy under Chapter 7 (or sometimes Chapter...

21 October, 2020 /

Making financial commitments and incurring debts is a normal part of life for any ambitious person. These debts and financial obligations can become a burden for even the most successful people. When the burden becomes too heavy, smart people seek relief by filing for bankruptcy...

07 October, 2020 /

For years, small business debtors struggled to reorganize effectively after filing for Chapter 11 Bankruptcy. However, the signing into law of the Small Business Reorganization Act of 2019 (SBRA) aims to address some of these issues. SBRA (aka new Chapter 11v) will strike a balance...

21 September, 2020 /

Thousands of Pennsylvanians owe money to a bank, finance company, or creditor. The lender, when providing funds, often has a security interest in property owned by the borrower -- a phenomenon known as collateral. Having this security interest provides protection to the creditor in the event...

03 September, 2020 /
Sometimes, the best option you've got is to file for bankruptcy. In many cases, deciding to engage in bankruptcy quickly is a good decision in order to prevent wage garnishment, foreclosure, or repossession. This decision can help you keep more property and reduce the debt you owe.
31 August, 2020 /
Some of the questions you will likely ask yourself before deciding to file bankruptcy include:
  • How much do you owe on your credit cards and are you only making minimum payments?
  • Are you using credit cards wisely or using them to pay for necessities?
  • Do you feel like your finances are out of your control?
  • Are you being contacted by bill collectors on a regular basis?
  • Are you in danger of losing your home to foreclosure?
If your answer to one or more of these questions is yes, then the decision to file bankruptcy may be obvious. However, the challenge may be whether the timing of a bankruptcy filing is right. Timing matters in some cases because filing at the wrong time could mean you lose assets you might otherwise be able to keep, and because filing at the wrong time could hamper negotiations with creditors.
04 May, 2020 /
Cibik Law: Philadelphia Bankruptcy Lawyers