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Bankruptcy Blog

What is the Second Costly Emotion That Keeps You In Debt?

May 24, 2019 By: Michael A. Cibik

Stubbornness It’s hard to knock stubbornness, even when it keeps people doing foolish things. After all, stubbornness, the drive to finish what you started, is often a virtue. I’m talking about the attitude that says “these are my debts, and by d***n, I’ll get them paid”. Honorable, but not rational. See how long it takes…

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Chapter 13 Bankruptcy Time Bomb: Mortgage Modification?

May 12, 2019 By: Michael A. Cibik

One of the major benefits of Chapter 13 Bankruptcy is the ability to avoid second mortgages that are not secured by any value in your home.  By following standards outlined in the Bankruptcy Code, you can reclassify that loan on your home into the same category as credit cards or other ordinary bills and discharge…

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Should I Reaffirm My Mortgage After Filing For Bankruptcy?

May 11, 2019 By: Michael A. Cibik

Let’s start with what a reaffirmation agreement is and what it is not. Basically, the filing of a bankruptcy kills most contracts; including car purchases and home purchases.  Once the contract is dead, the secured creditor may retrieve its collateral but cannot go after the debtor for any deficiency if the collateral was sold for…

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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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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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