When debt becomes difficult to manage, the right bankruptcy option
depends on more than how much you owe. Kostopoulos Bankruptcy Law
helps individuals and families in Chino Hills evaluate Chapter 7 and
Chapter 13 based on their debts, income, property, and financial
circumstances.
Bankruptcy may provide legal protections and a way to address
qualifying debts, but the appropriate option depends on your individual
circumstances.
Kostopoulos Bankruptcy Law helps Chino Hills residents evaluate Chapter 7
and Chapter 13 and understand what filing could mean for their debts and
property.
Chino Hills Bankruptcy: At a Glance
When Debt Becomes More Than a Monthly Payment
Some people begin researching bankruptcy after months or years of trying
to keep up. Others reach that point after a job change, medical expense,
lawsuit, vehicle problem, or another financial setback.
You may want to discuss:
Credit card debt
Medical bills
Collection accounts
Wage garnishment
Vehicle repossession
Mortgage arrears
Chapter 7 or Chapter 13?
Chapter 7 and Chapter 13 are different legal paths.
Income, property, secured debt, unsecured debt, prior filings, and other
circumstances can affect which option should be considered.
Chapter 7 Bankruptcy
Chapter 7 is generally used by qualifying individuals seeking
a discharge of eligible debts.
Eligibility can depend on income and other factors. Property also
needs to be evaluated because exemptions determine what property can
be protected in a bankruptcy case.
Owning a home, vehicle, retirement account, or other property does not
automatically mean you will lose it. The value of the property,
applicable exemptions, liens, and other circumstances all matter.
Chapter 13 Bankruptcy
Chapter 13 allows qualifying individuals with regular income
to address certain debts through a court-approved repayment plan.
Chapter 13 may be worth considering when someone needs time to catch
up on certain secured debts or protect property while dealing with
financial obligations.
For someone behind on a mortgage or vehicle loan, the details of the
debt and proposed repayment plan are particularly important.
Questions Worth Asking Before Filing
Consider:
Which debts are creating the most pressure?
Do I qualify for Chapter 7?
Would Chapter 13 provide a better solution?
What happens to my home or vehicle?
The answers depend on your individual circumstances. Kostopoulos
Bankruptcy Law can help you understand those options before you decide
how to proceed.
Chino Hills Bankruptcy Resources
If you’re researching your options, these resources can help answer some
of the questions that commonly come before a bankruptcy filing.
What Are the Eligibility Criteria for Filing for Bankruptcy?
Understand some of the factors that can affect bankruptcy eligibility.
How to Stop Creditor Harassment
Learn how bankruptcy may affect collection activity and creditor contact.
What Happens to Your Home After Bankruptcy in California?
Explore issues that can affect a California homeowner considering bankruptcy.
California Bankruptcy Services
Explore bankruptcy information and services for California residents.
Talk With a Chino Hills Bankruptcy Lawyer
If debt has become difficult to manage, a bankruptcy consultation can
help you understand your options before you decide whether to file.
Kostopoulos Bankruptcy Law can review your debts, income, property, and
financial circumstances and explain how Chapter 7 or Chapter 13 may apply
to your situation.