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Bankruptcy Blog

Is The Trillion Dollar Student Loan Industry Exempt From Bankruptcy?

May 10, 2019 By: Michael A. Cibik

In 2010, the annual volume of new student loans reached 100 billion dollars. There is now more than a trillion dollars in student loan debt on the books and this type of debt is growing rapidly. A new economic crisis is about to emerge. Student loan debt cannot be discharged in bankruptcy except under the…

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What is the First Costly Emotion That Keeps You In Debt and from Filing Bankruptcy?

May 09, 2019 By: Michael A. Cibik

Emotions, not reasons, keep people from filing bankruptcy and starting fresh. My fellow bankruptcy lawyer Jay Fleischman has it backwards when he says that for his clients, the decision to file is “purely emotional”. Emotions stand between debtors and a rational decision that their debts can never be repaid and that bankruptcy is the solution….

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How Can Your Fiancee Lose the Engagement Ring in Your Bankruptcy Case?

May 05, 2019 By: Michael A. Cibik

Even men with debt problems fall in love, and when they do, many of them will come up with a way to give their beloved a nice engagement ring.  Often, heaven and earth will be moved in the search for the proper ring, and the result could be a very expensive engagement ring.  If the…

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Filing For Bankruptcy Again? Watch Out For These Pitfalls!

May 03, 2019 By: Michael A. Cibik

If you’re back in debt after a bankruptcy, you’re not alone. With millions of people having gone through the bankruptcy system in the past decade or so, it’s inevitable that at least some will find themselves back in tough times. Add to that the troubles of the past four years or so and you’ve got…

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Budgeting After Bankruptcy–How Do I Save $1,000 per Month?

May 02, 2019 By: Michael A. Cibik

First, maybe your goal isn’t $1,000 per month.  It might be $500 a month-and it might also be a higher number like $1500 per month. What you need to save depends on your financial circumstances (income, children, years to retirement, other financial needs, etc.). But let’s call your “number” $1,000 a month for purposes of…

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Was Bank Of America Sanctioned For Discharge Violation?

Apr 30, 2019 By: Michael A. Cibik

Bankruptcy Judge Arthur B. Briskman recently smacked Bank of America to the tune of $12,500.00 for violating a debtor’s discharge.  The award included $2,500.00 in attorney’s fees.  Shockingly, Bank of America did not attend the evidentiary hearing set by the Court.  However, even if they did attend, I doubt there was much they could have…

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