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Why did Philadelphia Energy Solutions File for Bankruptcy?

Aug 29, 2019 By: Michael A. Cibik

Philadelphia Energy Solutions (PES) filed for Chapter 11 bankruptcy protection, its second such filing in less than two years, after a fire  prompted it to close the largest refinery on the U.S. East Coast. Following the June 21 explosions and blaze, PES started shutting down the 335,000 barrel-per-day Philadelphia plant without a planned restart. Some…

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What Is the Great Computer Myth on Credit Reporting?

Aug 21, 2019 By: Michael A. Cibik

We need to know all the debts you owe or might possibly owe in order to put a Bankruptcy case together. One mistake debtors often make as we get into deeper debt is to stop looking at the bills and notices. It’s stressful enough to have debt collectors calling, so we stop reading or keeping…

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Does it Make a Difference if I File Bankruptcy Before the End of the Month?

Jul 25, 2019 By: Michael A. Cibik

If your income is above the median income for your household size in your state, you must complete a “means test” when you file your bankruptcy petition. To determine whether you are above or below the median income, your gross income for the six-month period prior to the month you file bankruptcy is considered.  …

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What Are The Risks of Co-Signing a Loan?

Jul 17, 2019 By: Mike Cibik

Co-signing a loan is a dangerous thing. Too many people end up in bankruptcy due to debts they just co-signed for, so here are a few points worth considering before co-signing for a friend or family member. 1. There is a reason they need a co-signor. A professional lender does not think they will pay…

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Should I Be Worried About Going to My Meeting of Creditors?

Jul 01, 2019 By: Michael A. Cibik

After you file a bankruptcy case, you are required to attend a Meeting of Creditors. This is scheduled for about a month after your petition is filed and is usually the only appearance you will need to make during the bankruptcy process. Should you be nervous about it? Probably not, especially if your bankruptcy lawyer…

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Will Bankruptcy Stop the Creditor Calls?

Jun 20, 2019 By: Michael A. Cibik

Yes, the minute you file bankruptcy, the Bankruptcy Court issues an order telling all of your creditors to leave you alone. No more phone calls. No more collection letters. No more lawsuits. No garnishments. No repossessions. No foreclosures. Nothing. No actions whatsoever against you or your assets. This order has a name. It is called…

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