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FREQUENTLY ASKED QUESTIONS

FAQ

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Frequently Asked Questions about Bankruptcy

  • What is Bankruptcy and How Does it Work?

    Think of bankruptcy as your financial "reset button." It's a legal way to wipe out debt and get a fresh start. In California, you're in luck! Our state offers some of the most generous bankruptcy exemptions, allowing you to keep your money, investments, and even your retirement funds.


    Discover your fresh start

    What really happens when you file bankruptcy?

  • What Are the Different Types of Bankruptcy?

    There are several types of bankruptcies, each intended for different types of debtors, from individuals, to businesses, to property owners, to millioniares and billionaires. The two most common types are a Chapter 7 bankruptcy and a Chapter 13 bankruptcy. Our Los Angeles and Riverside County bankruptcy attorney has options tailored to your unique situation. Our expert bankruptcy lawyers will guide you to the best path for your fresh start.


    Learn more

  • How Does Bankruptcy Affect Your Credit Score?

    Yes, bankruptcy affects your credit, but it's the first step in your credit makeover! Our savvy bankruptcy attorneys have proven strategies to rebuild your credit faster than you'd think.


    Rebuild your credit

  • How Long Does Bankruptcy Stay on Your Credit Report?

    Bankruptcy stays on your credit report for up to 10 years, but don't let that scare you! With the right moves, you can start improving your credit score long before it's removed, and as soon as you've already filed. Remember, a bankruptcy and zero debt looks much better and will give you a much higher credit score than a bunch of unpaid and unmananageable debt, collections, judgments, and other negative items on your credit report and no bankruptcy. 


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  • Can I File for Bankruptcy if I Have a Job?

    Absolutely! Having a job doesn't disqualify you from reclaiming your financial freedom. Qualifying for bankruptcy depends on other aspects like your family size, the average income of that family size in the same county, your living expenses, the type of debt you have, and several other factors. We'll help you understand how your income may not even be a factor at all.


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  • Can I Keep My House if I File for Bankruptcy?

    YES! You can keep your home and castle! California's generous homestead exemption protects a surprisingly high amount of home equity. You can file for bankruptcy and still keep your home sweet home. 


    Protect your home

  • How Much Does It Cost to File for Bankruptcy?

    The cost in hiring a lawyer to file a bankruptcy varies. Not everyone has the same case and work involved. That's why Shield Law Group, APLC provides an absolutely free consultation to go over your specific situation. We can then give you a flat up front fee for you to decide on. There are no hourly fees or secret costs. But whatever the price, it'll be pennies on the amount of debt we will be wiping out for you.  Consider it a business decision and an investment in your financial future. Our consultations will give you a clear picture of the fees involved. At the very least, you'll get some questions answered even if you choose not to hire us. 

  • What Debts Can Be Discharged in Bankruptcy?

    Nearly all unsecured debts will get wiped out in a Chapter 7 bankruptcy. Say goodbye to those pesky credit card bills, collection companies, personal loans, and medical expenses! Even if you are at fault for a car accident and don't have the insurance to cover it, bankruptcy will protect you (as long as no drugs or alcohol were involved). Even most taxes will get wiped out. Things that aren't dischargeable are child or spousal support obligations, court fines or fees, and student loans in most cases. Otherwise, unsecured debts can be wiped out, giving you the clean slate you've been dreaming of.


    Wipe out your debts


    In addition, secured debts like car loans, furniture loans, jewelry loans and other loans that are considered liens on propery also get wiped out. You'll no longer be personally responsible for those debts. All the lender can do is get the property or asset, but nothing else from of you directly. Even better, if you want to keep that car or furniture, or other asset, just keep making the payments. 


    Contact us for more details on how this works. 

  • Can I File for Bankruptcy Without a Lawyer?

    You could, but why risk making a mistake and putting yourself in a worse off situation than before the bankruptcy? Our seasoned bankruptcy attorneys will do the hard work the for you, ensuring you get the most out of your bankruptcy. All you need to do is imagine the feeling of having zero debt. 


    Why you need a lawyer

    Why it's worth the money

  • How Does Bankruptcy Affect My Ability to Get Credit or a Loan in the Future?

    Bankruptcy isn't a lifetime scar. It is a band-aid.  With smart financial planning, you'll be back in the good graces of lenders before you know it. In fact, you'll start getting credit card and loan offers in the mail almost as soon as you file. But remember to be responsible with them and only use them if you can pay them in full each month, only to get that available credit to boost your credit score. Within two years, you can even qualify for a home loan!


    Get back on track

  • What is the Wildcard Exemption?

    The Wildcard is your financial superhero! It allows you to protect up tp $33,650 of equity in any asset or combination of assets or on top of other specific exemptions. It's like having a financial safety net! If your assets don't reacj that amount, the easier and less costly your case will become.


    Discover the wildcard

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