Can filing for bankruptcy take my social security away?

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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 your social security benefits are in their own account.  If your social security funds are mixed with other funds, you will have to prove that the money came from social security and not from another source, which can be difficult.

 

Before moving money around, it is best to talk to a lawyer to determine the best steps should take and what type of bankruptcy you should file for.

Michael A. Cibik, Esquire

Michael A. Cibik is a partner at the Philadelphia law firm of Cibik & Cataldo, P.C. He is one of the few bankruptcy attorneys in the Philadelphia area certified by the American Bankruptcy Board.

If you or someone you know is having financial problems, stop worrying and call Michael at (215) 735-1060 for a free consultation.

The post Can filing for bankruptcy take my social security away? appeared first on Cibik & Cataldo.

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Philadelphia, PA 19102
(215) 735-1060
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Will filing bankruptcy eliminate tax debts?

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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 can discharge wage-related income taxes that were due at least three years ago if you filed the related tax returns at least two years ago and the IRS assessment was at least 20 months ago. If you committed fraud or tried to evade paying your taxes, or if you did not file a return, filed late, or the IRS filed a substitute return for you, your taxes may not be eligible for discharge.

 

If your tax debt cannot be discharged, a chapter 13 bankruptcy plan can help you pay it back over time. Even if you can’t get out of your tax debt, bankruptcy can help you get it under control and behind you.

Michael A. Cibik, Esquire

Michael A. Cibik is a partner at the Philadelphia bankruptcy law firm of Cibik & Cataldo, P.C. He is one of the few bankruptcy attorneys in the Philadelphia area certified by the American Bankruptcy Board.

If you or someone you know is having financial problems, stop worrying and call Michael at (215) 735-1060 for a free consultation.

The post Will filing bankruptcy eliminate tax debts? appeared first on Philadelphia Bankruptcy Lawyers.

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Cibik & Cataldo
1500 Walnut St Suite 900
Philadelphia, PA 19102
(215) 735-1060
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Should I file a bankruptcy to delay my foreclosure?

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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 Chapter 7 bankruptcy, you can buy yourself some time because the sale will be legally postponed due to the automatic stay. However, after a few months, the lender will file a motion to lift the automatic stay. At that point, the sale will go forward and you will lose your home.

 

If you would like to keep your home, then filing a Chapter 13 bankruptcy is a better option. This allows you to pay off the late unpaid payments over a repayment plan, however, you will need enough money to make your current mortgage payment as well as the payment plan amount. If you make all payments throughout the payment plan, you can avoid foreclosure and keep your home.

 

Ultimately, bankruptcy can delay and even stop foreclosure on your home.

The post Should I file a bankruptcy to delay my foreclosure? appeared first on Philadelphia Bankruptcy Lawyers.

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Cibik & Cataldo
1500 Walnut St Suite 900
Philadelphia, PA 19102
(215) 735-1060
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Can I sue someone who has filed for bankruptcy?

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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 instances where the lawsuit can continue despite a bankruptcy being filed. For example, filing bankruptcy will not stop a criminal case. Divorce and custody cases are not directly affected by the filing of a bankruptcy. If the person filing for bankruptcy caused a death or injury while intoxicated, the lawsuit against them can usually continue. Also, lawsuits, where debts arise after the filing of bankruptcy, can continue. Meaning if the debtor causes an accident one month after filing bankruptcy and damages your car, you can file a lawsuit against them.

 

For matters arising before the bankruptcy was filed, you may be able to petition the bankruptcy court for relief from the automatic stay so that your lawsuit may continue. Whether the court would grant your request depends on the circumstances.

Michael A. Cibik, Esquire

Michael A. Cibik is a partner at the Philadelphia law firm of Cibik & Cataldo, P.C. He is one of the few bankruptcy attorneys in the Philadelphia area certified by the American Bankruptcy Board.

If you or someone you know is having financial problems, stop worrying and call Michael at (215) 735-1060 for a free consultation.

The post Can I sue someone who has filed for bankruptcy? appeared first on Philadelphia Bankruptcy Lawyers.

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Cibik & Cataldo
1500 Walnut St Suite 900
Philadelphia, PA 19102
(215) 735-1060
https://ift.tt/2J37Vuo