Can I Keep My Tax Refund in Chapter 13 Bankruptcy?
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 Chapter 13 bankruptcy, the trustee may consider those funds as […]
How to File for Bankruptcy in Philadelphia
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, […]
What Happens When a Home Does Not Sell After a Sheriff’s Auction?
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 […]
Can You be Denied a Chapter 13 Bankruptcy?
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 […]
What Are Five More Silly Reasons Not To File For Bankruptcy?
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, Creditors and Debt Collectors are suing people to […]
Why Should I File a Chapter 7 Bankruptcy?
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.
Legal Tips for Medical Debt Settlement
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 […]
Legal Strategies for Avoiding a Mortgage Foreclosure
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 […]
The Differences Between Chapter 7 and Chapter 11 Bankruptcy
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 […]
Michael Cibik talks with the Philadelphia Inquirer about bankruptcy as a strategy for Philly restaurants
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.