Uncategorized Archives - Page 3 of 3 - Cibik Law: Philadelphia Bankruptcy Lawyers

25 May Can I Keep My Tax Refund in Chapter 13 Bankruptcy?

Posted at 12:26h in Uncategorized by Cibik 0 Comments

In a Chapter 13 bankruptcy, a person must pay all of their disposable income into their Chapter 13 repayment plan. Disposable income is any income that is not used for reasonable and necessary expenses such as shelter and food. When you receive a tax refund during a...

03 May How to File for Bankruptcy in Philadelphia

Posted at 15:08h in Uncategorized by Cibik 0 Comments

Filing for bankruptcy is a tedious process, so we’ll walk you through the basics. We offer a free consultation for anyone considering bankruptcy where we will discuss your finances, debts, and goals. For some, bankruptcy may not be the best option. For others, you may need assistance learning which type of bankruptcy between Chapter 7, Chapter 11 and Chapter 13 makes the most sense for your financial situation.

22 Apr What Happens When a Home Does Not Sell After a Sheriff’s Auction?

Posted at 15:13h in Uncategorized by Cibik 0 Comments

As the coronavirus pandemic continues, many Americans have been struggling to pay their mortgages and other bills. When a property has unpaid debts associated with it, the city of Philadelphia can sell the property in a Sheriff's sale, which is a type of auction. The money that comes from the sale goes to pay for the unpaid debt, such as delinquent property taxes for other municipal liens. The goal of a Sheriff's sale in Philadelphia is to recover enough money to clear the debt and liens on the property, so the new owner owns the title free and clear. What happens when a home does not sell after a sheriff's auction?

06 Apr Can You be Denied a Chapter 13 Bankruptcy?

Posted at 13:41h in Uncategorized by Cibik 0 Comments

One of the questions new clients frequently ask us is whether they can be denied a Chapter 13 bankruptcy. There are two main ways that you can be denied a Chapter 13 bankruptcy in Philadelphia. First, you may not meet the eligibility requirements to file for Chapter 13 bankruptcy. If your secured and unsecured debt exceeds certain amounts, the bankruptcy court will not take your case. Second, you could be denied during the bankruptcy proceedings due to fraud or other issues that arise.

05 Apr What Are Five More Silly Reasons Not To File For Bankruptcy?

Posted at 14:09h in Uncategorized by Cibik 0 Comments

ANSWER: 1. You can't be sued to collect on a debt. Sure, that Sheriff or Process Server that comes to your door at 5:00 a.m. is a really nice guy, and you'll miss those early morning visits, but the fun has to end sometime. More than ever,...

22 Mar Why Should I File a Chapter 7 Bankruptcy?

Posted at 10:58h in Uncategorized by Cibik 0 Comments

Filing Chapter 7 bankruptcy in Philadelphia, Pennsylvania, gets rid of debts you cannot afford to pay. It gives you a fresh start to recover from a financial crisis. Filing a Chapter 7 bankruptcy can protect some property from creditors while allowing you to rebuild your finances.

04 Mar Legal Tips for Medical Debt Settlement

Posted at 15:21h in Uncategorized by Cibik 0 Comments

Healthcare costs are soaring, and many Americans do not have adequate health insurance coverage. As a result, medical debt is on the rise. A recent study showed that 41% of all working-age Americans — 72 million people — have medical debt problems or are currently paying off medical debt. Additionally, seven million elderly adults also have medical debt. In total, 79 million Americans struggle to pay off medical debt.

04 Feb Legal Strategies for Avoiding a Mortgage Foreclosure

Posted at 13:49h in Uncategorized by Cibik 0 Comments

At the end of December, more than 787,000 Americans had filed for unemployment. Many Americans have been laid off or had their work hours reduced due to the coronavirus pandemic. If you are struggling to pay your mortgage, you are not alone. Many Americans are trying to find a way to continue paying their mortgages during these challenging financial times.

28 Dec The Differences Between Chapter 7 and Chapter 11 Bankruptcy

Posted at 13:21h in Uncategorized by Cibik 0 Comments

Financial experts predict that there could be a sharp increase in bankruptcy filings happening in the next few months. Government shutdowns related to the coronavirus pandemic have caused significant financial challenges for many Americans who have lost their jobs or experienced a decrease in pay. The federal government and state governments have adopted programs to help families who cannot pay their bills.

14 Dec Michael Cibik talks with the Philadelphia Inquirer about bankruptcy as a strategy for Philly restaurants

Posted at 10:57h in Uncategorized by Cibik 0 Comments

Below is a recent Philadelphia Inquirer article, featuring Michael Cibik's thoughts on filing for bankruptcy as a possible best strategy for local Philadelphia restaurant owners.