Kostopoulos Bankruptcy Law

Category: California

Can Bankruptcy Stop Foreclosure in California?

Posted on by Kostopoulos Bankruptcy Law

If you’re facing foreclosure, you may be wondering: Can bankruptcy stop foreclosure in California?

Yes, filing for bankruptcy can temporarily stop foreclosure in California through the automatic stay, which halts all collection actions, including foreclosure proceedings. This legal protection gives homeowners time to explore their options and potentially save their home.

With decades of experience assisting individuals in financial distress, I’ve helped countless homeowners use bankruptcy laws to stop foreclosure and regain control of their financial future. Let’s examine how Chapter 7 and Chapter 13 bankruptcy affect foreclosure and what you need to know to protect your home.

Continue reading “Can Bankruptcy Stop Foreclosure in California?”

Can Chapter 13 Stop Foreclosure in California?

Posted on by Kostopoulos Bankruptcy Law

If you’re facing foreclosure, you may be wondering: Can Chapter 13 bankruptcy stop foreclosure in California?

Yes, Chapter 13 bankruptcy can stop foreclosure in California. The automatic stay immediately halts foreclosure proceedings, and the structured repayment plan allows homeowners to catch up on missed mortgage payments over three to five years.

With decades of experience helping Californians protect their homes from foreclosure, I’ve assisted countless homeowners in using Chapter 13 to regain financial stability. Let’s explore how this process works and what you need to know to safeguard your home.

Continue reading “Can Chapter 13 Stop Foreclosure in California?”

What to Expect After Filing Chapter 7 Bankruptcy in California

Posted on by Kostopoulos Bankruptcy Law

If you’re considering bankruptcy, you may be wondering: What happens after filing Chapter 7 bankruptcy in California?

After filing Chapter 7 bankruptcy in California, an automatic stay immediately halts all creditor collection efforts, including wage garnishments, foreclosures, and lawsuits. The court will notify creditors of your case, and you’ll be required to attend a 341 Meeting of Creditors before your eligible debts can be discharged.

With decades of experience helping individuals navigate bankruptcy, I’ve guided countless Californians through the Chapter 7 process to achieve financial relief. Let’s break down what you can expect after filing and how to prepare for the next steps.

Continue reading “What to Expect After Filing Chapter 7 Bankruptcy in California”

How Much Does it Cost to File Bankruptcy in California?

Posted on by Kostopoulos Bankruptcy Law

If you’re considering bankruptcy, one of your biggest concerns might be the cost. You may be wondering: How much does it cost to file bankruptcy in California?

As of 2025, the court filing fees for bankruptcy in California are:

  • $338 for Chapter 7
  • $313 for Chapter 13

Beyond court fees, attorney costs can range from $1,000 to $5,000, depending on the complexity of your case. Other expenses may include credit counseling courses and miscellaneous administrative fees.

With decades of experience assisting Californians through the bankruptcy process, I’ve helped countless individuals understand the financial aspects of filing. Let’s explore the full cost breakdown and what to expect when filing for bankruptcy in California.

Continue reading “How Much Does it Cost to File Bankruptcy in California?”

Are There Any Exemptions for Specific Assets in California Bankruptcy Cases?

Posted on by Kostopoulos Bankruptcy Law

If you’re considering bankruptcy in California, you might be wondering: Are there any exemptions for specific assets in California bankruptcy cases?

Yes, California offers specific asset exemptions under two exemption systems: Section 704 and Section 703. The 704 system provides stronger protections for home equity, while the 703 system offers flexibility for personal assets. Exemptions cover vehicles, jewelry, household goods, retirement accounts, and more, ensuring you can retain essential property during bankruptcy.

Having helped countless individuals protect their most valuable assets in bankruptcy, I know how important it is to choose the right exemption strategy. Let’s break down the key asset protections available under California law.

Continue reading “Are There Any Exemptions for Specific Assets in California Bankruptcy Cases?”

How Can I Protect My Assets When Filing for Bankruptcy in California?

Posted on by Kostopoulos Bankruptcy Law

Filing for bankruptcy can be a difficult decision, especially when you’re concerned about losing your assets. How can you protect your assets when filing for bankruptcy in California?

In California, you can protect your assets by using the state’s bankruptcy exemptions, which shield essential property like home equity, vehicles, retirement accounts, and personal belongings. Choosing the right exemption system—either the 703 or 704 set—can help maximize protection and allow you to keep critical assets while discharging eligible debts.

With decades of experience helping clients secure their financial future, I understand the strategies that can help preserve your property during bankruptcy. Let’s explore the best ways to safeguard your assets under California law.

Continue reading “How Can I Protect My Assets When Filing for Bankruptcy in California?”

Can I Keep My Retirement Savings If I File for Bankruptcy in California?

Posted on by Kostopoulos Bankruptcy Law

For those considering bankruptcy, protecting retirement savings is a top concern. You might be asking: Can you keep your retirement account if you file bankruptcy in California?

Yes, you can typically keep your retirement accounts when filing for bankruptcy in California. State and federal laws provide exemptions for most retirement accounts, including 401(k)s, IRAs, and public employee pensions, ensuring they are protected from creditors.

With decades of experience guiding Californians through bankruptcy, I’ve helped many safeguard their retirement savings during financial hardships. Let’s explore how these exemptions work and what steps you can take to secure your future.

Continue reading “Can I Keep My Retirement Savings If I File for Bankruptcy in California?”

Start Your Financial Reset
Embrace A Debt-free Future

FAQs About Retirement Savings and Bankruptcy

How does the Means Test affect eligibility?
The Means Test determines whether you qualify for Chapter 7 bankruptcy by comparing your income to the state median. If your income is above the threshold, you must pass additional calculations to demonstrate limited disposable income. Those who don’t qualify for Chapter 7 can explore Chapter 13 as an alternative.
What happens to pensions in bankruptcy?
Pensions are generally protected under federal and state exemptions, particularly if they are ERISA-qualified. However, pensions not covered by ERISA could be subject to creditor claims in a bankruptcy case. Consulting an attorney ensures your specific pension is safeguarded.
Are retirement accounts protected in bankruptcy?
Yes, most accounts, such as 401(k)s and IRAs, are protected under ERISA or state exemptions.
What happens if I withdraw retirement funds before filing?
Withdrawn funds become part of your personal assets and may be subject to creditors.
Can I choose between federal and California exemptions?
No, California requires you to use state-specific exemptions.
How can I rebuild credit after bankruptcy?
Paying bills on time, maintaining a secured credit card, and staying current on your mortgage can help.

Can Military Spouses Get Student Loan Forgiveness in California?

Posted on by Kostopoulos Bankruptcy Law

Military families often face unique financial challenges, and student loan debt can be a significant burden. You might be wondering: Can military spouses get student loan forgiveness in California?

Military spouses in California are not eligible for programs exclusively designed for them but can access federal student loan forgiveness options. These include Public Service Loan Forgiveness (PSLF) and income-driven repayment plans, which forgive remaining balances after qualifying payments.

Continue reading “Can Military Spouses Get Student Loan Forgiveness in California?”

How to Remove a Judgment Lien from Property Chapter 7 in California

Posted on by Kostopoulos Bankruptcy Law

To remove a judgment lien from property in Chapter 7 bankruptcy in California, you can file a motion with the court to avoid the lien if it impairs an exemption. The court will review the property type and the lien’s impact on your exemptions before granting the motion. Alternatively, paying off the debt can also clear the lien.

Continue reading “How to Remove a Judgment Lien from Property Chapter 7 in California”

Start Your Financial Reset
Embrace A Debt-free Future

Frequently Asked Questions

What is a judgment lien?
A judgment lien is a legal claim placed on your property following a court ruling due to unpaid debts, enabling creditors to enforce payment by asserting rights over your assets. This lien remains until the debt is satisfied.
How does Chapter 7 bankruptcy help in removing judgment liens?
Chapter 7 bankruptcy can help remove judgment liens by allowing you to file a motion with the bankruptcy court to demonstrate that the lien is avoidable on exempt property. This process can effectively discharge the lien, providing relief from debt.
What types of property are exempt in California?
In California, certain assets such as primary residences under the homestead exemption, vehicles, and personal property are protected from creditor seizure. This ensures that individuals retain essential assets during financial difficulties.
What are common mistakes to avoid when removing judgment liens?
Avoiding judgment liens requires careful attention; common mistakes include ignoring the lien, lacking credible evidence, and neglecting to consult a bankruptcy attorney, all of which may lead to serious consequences. Ensuring you address these issues effectively is crucial for a successful removal process.
Why is timing important in removing judgment liens?
Timing is essential in removing judgment liens as it can significantly impact your ability to halt creditor actions and organize your finances effectively. Acting promptly can prevent missed opportunities that may lead to unfavorable outcomes, such as foreclosure.

What is a California Statute of Limitations on Medical Debt?

Posted on by Kostopoulos Bankruptcy Law

Medical debt is a concern for many Californians, especially when understanding how long creditors have to take legal action. You might be wondering: What is the statute of limitations on medical debt in California?

In California, the statute of limitations on medical debt is four years under CCP § 337. This period begins from the date of the last payment or the last service rendered, as extended by CCP § 360 in some cases. After this time, creditors cannot sue to collect the debt.

Continue reading “What is a California Statute of Limitations on Medical Debt?”

Start Your Financial Reset
Embrace A Debt-free Future

Frequently Asked Questions

What is the statute of limitations on medical debt in California?
The statute of limitations on medical debt in California is four years from the date of the last payment made. It is essential to be aware of this timeframe to understand your rights regarding debt collection.
Can debt collectors still contact me after the statute of limitations expires?
Debt collectors may continue to contact you after the statute of limitations expires, but they are prohibited from taking legal action to enforce the debt. It is important to be aware of your rights regarding such communications.
How does medical debt affect my credit report?
Medical debt can indeed impact your credit report, but recent changes have provided some relief by delaying the reporting of unpaid debts for at least one year and excluding debts under $500 from being reported.
What are my rights under the Fair Debt Collection Practices Act?
Under the Fair Debt Collection Practices Act, you have the right to be protected from abusive collection practices, including harassment and false statements, as well as the right to receive validation notices and have your privacy respected.
What resources are available for managing medical debt?
Managing medical debt is facilitated through resources such as credit counseling, financial assistance programs, and medical bill advocates. Organizations like the Medi-Cal Member Helpline and the Los Angeles County Department of Public Health provide further support.

Do you have a matter with which our lawyers can help you?

Get a Free, No-obligation Consultation