Category: Bankruptcy

If you are facing wage garnishment from a creditor, Kostopoulos Bankruptcy Law wants to help you learn how to put an end to the financial strain and embarrassment it might be causing. Wage garnishment means that your employer is withholding a certain amount of your paycheck and providing the funds to a creditor to whom you owe a debt. How can you stop wage garnishment in California and find relief from debt collectors?

The answer is bankruptcy. When you file for bankruptcy, collection activities are halted by what is called an automatic stay. Creditors are prohibited to continue any wage garnishment or other debt collection actions under an automatic stay. If they wish to resume, they may petition the court to lift the stay, but only if they have a valid reason for doing so. If the debt is discharged through the bankruptcy filing, creditors may not continue wage garnishment after your case has been concluded.

Important notes about wage garnishment and bankruptcy include:

• Child support or alimony payments that are being garnished from your wages are not covered under the automatic stay
• Under certain conditions, you may be able to recover wages that have already been garnished within a 90-day period before filing
• If your bankruptcy claim is dismissed and the debt for which your wages are being garnished has not been discharged, the creditor may continue with wage garnishment
• There is a chance that creditors may not be alerted of the bankruptcy filing in time to halt garnishments, so you should also alert your company’s payroll department and your local sheriff’s office

To learn more about how to stop wage garnishment in California, contact our Oakland bankruptcy lawyers at Kostopoulos Bankruptcy Law. We can discuss your legal options in a free consultation. Get started by calling us today!

Once you’ve made the decision to file for bankruptcy, it is common to just want to get the entire process over with. But with so many varying opinions, is there any way to know how long it actually takes? There’s no doubt that every case is different and the timeframes vary from person to person. Regardless, the following information can at least give you the barebones of what to expect from start to finish.

How Long Does Chapter 7 Bankruptcy Take?

Chapter 7 bankruptcy can take as little as three months, but may last up to six months depending on the way that you file. In a limited asset case, creditors have nothing to follow up on and everything is said and done in roughly four months. For asset-based filing, the entire process may take longer because there is more to process.

How Long Does Chapter 13 Bankruptcy Take?

Chapter 13 bankruptcy on average lasts 3-5 years. This is due to the repayment plan each individual is required to complete before your debt is discharged. However, the quicker you’re able to repay your debt, the faster you can say goodbye to bankruptcy.

How Long Will an Emergency Bankruptcy Take?

Emergency bankruptcy is exactly what it sounds like: an option for people who want an automatic stay with haste. Not everyone can file, but for those who are interested, the necessary documents must be filled out within 14 days or your case may be dismissed. It’s much quicker than either Chapter 7 or Chapter 13 and is beneficial if you need an automatic stay immediately.

Talk to an Experienced Attorney

No matter what chapter you’re hoping to file for, Kostopoulos Bankruptcy Law wants to meet your needs along the way. Get in touch with our Oakland bankruptcy attorney for representation you can count on!

If you have found yourself struggling under a mountain of debt and are unable to keep up with your financial obligations, you may be wondering whether bankruptcy is right for you. Our firm has represented clients in more than 6,000 bankruptcy filings and we have helped countless individuals in and around the San Francisco become debt free. The Debt Education and Certification Foundation (DECAF) has named us as one of the Top 100 Firms and we are one of only a few firms that has a board certified bankruptcy specialist as part of their legal team. We understand how devastating it can be to find yourself on the edge of financial ruin, with creditors harassing you non-stop, in fear that you will lose your home to foreclosure and with no viable solution in sight. During your initial consultation we will be able review your financial situation, analyze your debt and advise you as to whether you qualify to file for bankruptcy protection.

If you qualify to file for a Chapter 7 bankruptcy, you will be able to discharge the majority of your unsecured debt. Medical debt, credit card debt, personal loans, revolving lines of credit, certain student loans, auto accident claims, personally-guaranteed business debt, past due rent, and past due taxes that are more than 3 years old, are the most common types of debt discharged through Chapter 7. With this type of bankruptcy, our San Francisco bankruptcy attorney will work diligently to help maximize your exemptions to improve your chances of keeping the property and assets you value most.

There are instances in which filing for Chapter 13 bankruptcy may be a more practical option. There are also certain debts which can be discharged in Chapter 13, but not Chapter 7. These include marital debts stemming from a divorce or settlement agreement, court fees, debts resulting from loans taken from a retirement plan, HOA or Co-op fees incurred after filing for bankruptcy and more. In a Chapter 13 bankruptcy you will be required to pay priority debts such as child support, alimony and recent taxes, however other unsecured debt that will not necessarily get paid off as part of your Chapter 13 repayment plan, will be discharged upon completion of your bankruptcy proceedings. If you want to find out which of your debts may be eligible for discharge, call Kostopoulos Bankruptcy Law today.

If you are wondering whether bankruptcy may be right for you, we advise you discuss the matter with a certified bankruptcy specialist. Kostopoulos Bankruptcy Law is one of only a few San Francisco law firms that have a bankruptcy specialist on their legal team who has been certified by the American Board of Certification. Having represented clients in more than 6,000 bankruptcy cases, we have the expertise necessary to answer your bankruptcy-related questions and help you navigate through the bankruptcy process.

Done right, bankruptcy can be used as an effective foreclosure defense, a repossession defense, a way to put a stop to creditor harassment and a way to help you get out from under a massive amount of debt. If bankruptcy is not right for you, our firm can also help you avail yourself of another debt relief option that may still be able to give you the peace of mind you deserve. The lawyers at our firm are strong advocates for debtors’ rights and we are here to provide you with a custom strategy designed to help you get back on the road to a full financial recovery.

There are many reasons an individual may want to consider filing for bankruptcy. Some of the most common reasons you may want to consider filing for bankruptcy are:

• You have recently gone through a divorce and you need help getting your finances under control, particularly now that you only have one source of income.
• You have sustained serious injury or required extensive medical care that has left you with a large amount of medical bills, far beyond your ability to pay.
• You or your spouse has lost a job and thus a significant source of income. In situations such as this, we often see people using credit cards or attempting to take out 2nd mortgages and home loans in an effort to pay of basic household expenses.
• You have overextended your credit or maxed out your credit cards and have only been able to make the minimum payment amounts. High interest rates on credit cards could mean that you are not actually paying down your debt but simply paying interest.
• You started a business, but due to the economy or other unforeseen circumstances, you were unable to keep the business alive. While business debt cannot be discharged through a personal bankruptcy, most business debts have a personal guarantee. If you provided your home or other assets as a guarantee that the business loan would be repaid, you can be held liable for that debt.
• Your home is at risk of foreclosure. The housing market fluctuates and when the market goes down it can dramatically reduce the value of your home. You may be unable to keep up with the payments, particularly if you are underwater on your mortgage. In cases such as this, bankruptcy can be used as a foreclosure defense.

Financial problems can happen to anyone. An individual’s race, sex, social stature, career or education have nothing to do with whether he or she may eventually need bankruptcy protection. If you want to alleviate the financial stress you feel and regain control of your finances, you have come to the right place. Our firm can help you pursue true debt relief. Contact a San Francisco bankruptcy lawyer at our firm now to find out more about how bankruptcy can help you become debt free.

Each state has its own laws that dictate the exemptions an individual can claim when filing for bankruptcy. The state of California requires that any individual who wishes to claim certain property and assets as exempt from his or her bankruptcy proceeding, must use the exemptions afforded by state laws. The federal exemptions found in the U.S. bankruptcy code cannot be used here in our state. In certain instances individuals may be able to claim specific “non-bankruptcy” exemptions for a portion of their wages, veteran benefits, Social Security benefits or benefits available to those in civil service jobs.

We advise that any individual who is considering filing for bankruptcy obtain legal counsel before making any final decisions. As a general rule of thumb, those filing for Chapter 7 bankruptcy protection will be able to claim a portion of any real or personal property they occupy, part of the value of a car, truck or other automobile, a limited amount of jewelry, art, equipment, furnishings, tools and other property, as well as a percentage of the wages that were earned up to 30 days prior to filing. All non-exempt property and assets can be liquidated by your bankruptcy trustee and used to pay off unpaid debt. As a result of the various exemption laws, and with the help of a skilled attorney, many individuals will get to retain the majority of their possessions and property.

As each bankruptcy case is different, it is vital that you review your particular situation and individual finances with an experienced San Francisco bankruptcy attorney as soon as possible. The attorneys at Kostopoulos Bankruptcy Law have helped thousands of people file for bankruptcy so as to alleviate their financial woes and get the fresh start they deserve. The Debt Education and Certification Foundation (DECAF) has listed us as one of the Top 100 Firms and we are one of only a few firms who has a certified bankruptcy specialist to guide you through the entire bankruptcy process. We understand how difficult it can be to find yourself on the brink of financial disaster, but with our knowledge staff and legal expertise, you can trust that your case is in good hands. If you want to find out if bankruptcy may be right for you, call our firm so that we can help you review your debt relief options and advise you on how to proceed.

Are you facing a financial hardship? Do you feel overwhelmed by debt? If so, working with Kostopoulos Law Group — Kostopoulos Bankruptcy Law can help! Our team is comprised of caring, experienced and understanding legal professionals who stand ready to ensure that you receive a favorable outcome for your case. We have 10 years of experience handling a variety of bankruptcy-related issues and we may be able to help you as well. If you have been contemplating bankruptcy, we encourage you to work with our team!

Recently, we launched our new user-friendly website, and to correspond with the site, we proudly announce the launch of this new blog. This blog will be updated periodically to provide information and up-to-date content for Oakland residents regarding bankruptcy and our own case results. Check back soon, and in the meantime, contact Kostopoulos Law Group — Kostopoulos Bankruptcy Law and tell us your story. We may be able to help!