Chapter 7 bankruptcy involves liquidating non-exempt assets to pay off debts. It’s often a faster process, ideal for those with limited income in Flint, MI, or other locations we serve. Kostopoulos Bankruptcy Law can help you determine if Chapter 7 is the right solution.
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What’s the difference between Chapter 7 & 13 bankruptcy?
Chapter 7 involves liquidating assets to pay off debts, while Chapter 13 allows you to keep assets and repay debts over time. The best option for you depends on your income, debts, and assets. Our attorneys can help you determine the right path.
What happens at the 341 meeting of creditors?
The 341 meeting is a brief hearing where creditors can ask you questions about your debts and assets under oath. Your attorney will be present to represent you and ensure the process goes smoothly.
Will I Have to Go to Court for Bankruptcy?
Yes, you’ll typically need to attend a 341 meeting of creditors in bankruptcy court. However, it’s usually a brief meeting where your attorney will represent you. Kostopoulos Bankruptcy Law will prepare you for the meeting and ensure a smooth process.
Can bankruptcy stop wage garnishment?
Yes, filing for bankruptcy triggers an automatic stay, immediately halting wage garnishment and other collection actions. Our attorneys can help you utilize bankruptcy to protect your wages.
Can I discharge my medical bills in bankruptcy?
Yes, medical bills are generally dischargeable in bankruptcy, providing significant relief from overwhelming medical debt.
What debts can be discharged in bankruptcy?
Bankruptcy can discharge most unsecured debts like credit card debt, medical bills, personal loans, and certain business debts.
What debt cannot be removed by declaring bankruptcy?
Certain debts like most student loans, child support, alimony, and some taxes are typically non-dischargeable. Kostopoulos Bankruptcy Law can clarify which debts you can eliminate through bankruptcy.
What disqualifies you from filing bankruptcies?
Factors like high income, recent prior bankruptcies, or failure to complete credit counseling can disqualify you. Our attorneys in Oakland, CA, and other locations can help you understand the eligibility requirements.
How Long Does it Take to File Bankruptcy?
The timeline for filing bankruptcy depends on the chapter you choose. Chapter 7 typically takes 4-6 months, while Chapter 13 can take 3-5 years. Kostopoulos Bankruptcy Law can streamline the process and guide you through each step.