Bankruptcy > Bankruptcy FAQs
Answers to your questions regarding Bankruptcy, Foreclosure, and other common issues
In an area as complex as Bankruptcy, it’s natural to have questions regarding whether or not your debts will be discharged and even whether or not you need an attorney to assist with your Bankruptcy case.
Below, you’ll find our frequently asked questions where you can discover answers to your most pressing questions, including:
- Will my debts be cancelled if I file for Bankruptcy?
- What is an Automatic Stay?
- What is “Exempt Property”?
- Do I really need an attorney to file my Bankruptcy?
Will my debts be cancelled if I file for Bankruptcy?
While some chapters of Bankruptcy Law do in fact cancel your debts, not all will. Chapter 7 Bankruptcy, also known as liquidation, allows you to discharge most debts except for certain debts, like child support.
Under Chapter 13 Bankruptcy, you can also discharge most debts but only after you’ve completed repayments as specified by your Plan. The amount of said repayments are usually based on your ability to pay.
If you would like more information regarding the different chapters of Bankruptcy Law or want to discuss your specific situation and which chapter you might qualify for, please contact our firm.
An Automatic Stay automatically occurs upon filing your Bankruptcy Petition.
The Stay prevents creditors, attorneys, and Collection Agencies from contacting you or suing you to repay debts. Should a creditor ignore an Automatic Stay, they will be subject to serious penalties.
“Exempt Property” is property that is not subject to creditor claims and that you can legally keep as part of your Bankruptcy. There are specific exemptions set forth by both Federal and State law.
If you file Chapter 7 Bankruptcy, some examples of property you might be entitled to keep include:
- Motor vehicles (depending on the value)
- Most furniture and household items
- Jewelry (depending on the value)
- Your pension and all other deferred compensation accounts such as 401(k)s
- Some or all of the equity in your home
- Necessary tools for your trade
You can choose either Federal or State exemptions as part of your Bankruptcy. Please note that it is best to speak with a Pennsylvania Bankruptcy attorney to ensure you’re making the right decision for your unique needs.
Do I really need an attorney to file my Bankruptcy?
As is the case in most legal matters, you can file for Bankruptcy without an attorney. However, you’re running the risk of your case being dismissed if you file incorrectly.
As such, it’s vital that you hire an experienced, reputable Bankruptcy attorney to handle your case from beginning to end. At Adelstein & Kaliner, LLC, we provide comprehensive support, resolving all legal or financial challenges you encounter to give you the fresh start you deserve.
Discuss your unique needs with our team of professional Bankruptcy attorneys
If you’ve been considering Bankruptcy and have additional questions regarding your case, the team at Adelstein & Kaliner, LLC can provide the assistance and support you need.
Contact us today at (215) 230-4250 to discuss your specific situation and take advantage of a free phone consultation or to schedule your free, in-office consultation. Of course, you can also schedule your consultation by contacting us online.
