The 10 Most Common Reasons People File for Bankruptcy Bankruptcy is nothing to be ashamed of. Many people find themselves on the brink of bankruptcy through no fault of their own. Bankruptcy can affect any person regardless of age, race, education level, and background. You are not alone – many people have been in your shoes and gotten a fresh start. Here are […]

Understanding the Repossession Laws in Pennsylvania Here at Cibik & Cataldo, we want our clients and those who need answers to their questions, to understand, in layman’s terms, what is going on in their lives. That’s why we work diligently to make what can be quite confusing as understandable as possible. The laws concerning repossession are exceptionally complicated in some […]

Should You Reaffirm Your Mortgage When Filing for Bankruptcy? If you choose to file for bankruptcy under Chapter 7 of the U.S. Bankruptcy Code, one option you may be urged to consider is signing a “reaffirmation” of your obligation to make mortgage payments. You should not make that decision without the advice of your attorney. Each year, about three-quarters of a million Americans, […]

Can filing for bankruptcy take my social security away? A major concern for filing bankruptcy is whether your social security funds can be taken from you.  The good news is that social security benefits are exempt and therefore protected in bankruptcy.   This means you can continue to receive ongoing payments as well as payments you received prior to filing for bankruptcy if […]

Will filing bankruptcy eliminate tax debts? Once you file for bankruptcy, the automatic stay will go into effect. This means that creditors, including the IRS, cannot continue to collect money from you.  After the bankruptcy, the IRS can resume collection unless the debt has been paid in full or discharged.   Some tax debt can be discharged in bankruptcy. You […]

Should I file a bankruptcy to delay my foreclosure? If you fall behind on your mortgage payments, you may be at risk for foreclosure. If you are facing foreclosure, bankruptcy may help. Once you file either a Chapter 7 or Chapter 13 bankruptcy, the court will issue an automatic stay. This causes creditors to cease collection from you immediately.   By filing a […]

Can I sue someone who has filed for bankruptcy? Bankruptcy’s automatic stay stops most lawsuits once the bankruptcy is filed. Typically, you will not be able to file a lawsuit if it relates to certain debts which include: personal loans, credit card balances, medical bills, utility bills, unpaid rent, unpaid car payments, home foreclosures or accidental personal injury cases.   There are some […]

Do both spouses have to file for bankruptcy? Married couples can file together in a joint bankruptcy that combines both spouses’ debts and property into the same case. The overall goal is to discharge your debt and keep more of your property. In most cases, filing together will allow you to accomplish this. When only one spouse files, the spouse who does […]

Can I give a creditor preference in a bankruptcy? In bankruptcy, the priority that creditors receive is determined by the type of debt. The first party to be paid is the United States Bankruptcy court who charges fees for filing. Next to be paid is secured creditors, or creditors who hold a lien on property that is in possession of the debtor. Examples […]

What is a Chapter 11(v) Bankruptcy? In the new year, businesses in debt will have new options to help keep the doors open and get debt relief. Last month, President Trump signed a bi-partisan bill into law that amends Chapter 11 of the bankruptcy code to allow businesses with less than $2.7 million in debt to file a special reorganization plan, which […]

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