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Frequently Asked Questions About Bankruptcy:
1.
What is bankruptcy?
Bankruptcy refers to a legal process that allows businesses and consumers eliminate and/or restructure debts. For consumers, there are two common types of bankruptcy. In a Chapter 7 Bankruptcy, often referred to as a liquidation, a bankruptcy trustee may liquidate certain non-exempt assets of the consumer to pay creditors. In a Chapter 13 Bankruptcy, the consumer is allowed to repay certain debts over a period of three to five years. Both types of consumer bankruptcy may allow a consumer to eliminate certain debts. An bankruptcy attorney can tell you if you are qualified to file bankruptcy, and which type of bankruptcy is best for you.
2.
Can I keep my home or other property if I file bankruptcy?
The answer to this question depends on your specific financial circumstances and which type of bankruptcy petition you file. In a Chapter 13 bankruptcy, a consumer can repay past-due payments on their mortgage, liens or other debts over a three to five year period, allowing the consumer to "catch up" on the missed payments and keep their property. In a Chapter 7 bankruptcy, some property may be sold to repay creditors. State and federal law provides exemptions for certain property, however, allowing the consumer to keep the exempt property and still discharge their debts.
3.
How can bankruptcy stop foreclosure, bank garnishment and other attempts to collect debts from consumers?
Federal law provides for an "automatic stay" of all debt collection activities when you file your petition. If a creditor or debt collector continues to attempt to collect a debt from you, without the Bankruptcy Court's approval, it could be subject to sanctions or other penalties from the Court.
4.
Can bankruptcy discharge any type of debt?
No. Many consumer debts, such as judgments, personal loans, credit card debt, medical bills, and even certain income tax debt, can be discharged in bankruptcy. There are certain types of debt that cannot be discharged. These include student loans, criminal fines and Court-ordered restitution, child support, and many types of tax debt. A bankruptcy attorney can help you decide if your debt can be discharged.
5.
How much does bankruptcy cost?
The Bankruptcy Court charges a $335.00 filing fee for a Chapter 7 bankruptcy and a $310.00 petition for a Chapter 13 bankruptcy petition. Before filing Bankruptcy, you will also need to obtain credit counseling from an approved agency. The costs for this credit counseling vary depending on the agency you use. If you decide to hire an attorney, you will also pay attorney's fees in addition to Court costs. The fees charged by our vary depending on the type of bankruptcy and the amount of time your case will case will require. For instance, some complex cases may need adversarial litigation to achieve a client's financial goals. The Mays Law Firm PC offers reasonable payment plans for most cases and circumstances.
About Attorney Sean P. Mays
Attorney Sean P. Mays
Attorney Sean P. Mays is the founder of The Mays Law Firm PC. Sean is admitted to the United States District Court for the Eastern District of Pennsylvania, the United States District Court for the District of New Jersey, and the state courts in Pennsylvania, New Jersey and Virginia. Sean has handled a variety of bankruptcy, foreclosure and civil litigation matters in courts throughout Pennsylvania and New Jersey.
Sean received his Juris Doctor (J.D.) in 2009 from the Thomas R. Kline School of Law at Drexel University, where he was a Trustee’s Scholarship recipient. Sean also earned a Master of Laws (LL.M.) in Trial Advocacy from Temple University’s Beasley School of Law.
Before practicing law, Sean served on active duty in the United States Air Force as an imagery intelligence specialist with the Air Intelligence Agency’s 48th Intelligence Squadron located at Beale Air Force Base, CA. Sean earned several awards and commendations, including the Air Force Outstanding Unit Award with Combat "V" and the Air Force Achievement Medal for his service in Operation Enduring Freedom and Operation Iraqi Freedom.