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.
FAQ Tag: Bankruptcy
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.
What are the benefits of filing for bankruptcy?
Bankruptcy offers several benefits:
- Automatic Stay: Immediate stop to creditor harassment, lawsuits, and wage garnishments.
- Debt Discharge: Elimination of most unsecured debts like credit cards and medical bills.
- Fresh Start: The opportunity to rebuild your finances and credit.
- Asset Protection: Some assets can be protected through bankruptcy exemptions.
How do I know if I qualify for bankruptcy?
Qualification for bankruptcy depends on your income, debts, and assets. If you’re struggling with overwhelming debt and unable to meet financial obligations, you may qualify. Kostopoulos Bankruptcy Law offers free consultations to evaluate your situation and discuss potential debt relief solutions, including bankruptcy.
How much does it cost to file bankruptcy?
Bankruptcy filing fees vary depending on the chapter you choose. At Kostopoulos Bankruptcy Law, our Riverside and Oakland offices offer free consultations to discuss your specific case and provide a transparent cost breakdown.
What happens when you file for bankruptcy?
When you file for bankruptcy in Riverside, CA, or any of our Kostopoulos Bankruptcy Law locations, an automatic stay immediately stops creditor harassment. We’ll then guide you through the legal process, which can involve either liquidating assets (Chapter 7) or creating a repayment plan (Chapter 13), ultimately leading to debt discharge and a fresh financial start.