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Bankruptcy Blog

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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closed sign hanging on door for store

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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co-signing-a-loan

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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