Bankruptcy FAQs

Bankruptcy is not the end…

$635 STARTS YOUR CASE

What is bankruptcy?

Bankruptcy is a law that protects your home, your car, your paychecks and many other assets when you owe money and you cannot pay. There are two types of bankruptcy proceedings. Both proceedings are designed to relieve the debtors of the pressure of debt collection. If the debtors have no income left after their reasonable monthly expenses, they may be a candidate for a Chapter 7 of the Bankruptcy Code. If the debtors qualify, Chapter 7 will grant the debtors a “Fresh Start”, erasing most debts, and allowing the debtors to walk away free and clear of the debts. The other type of bankruptcy is a reorganization. There are several types of reorganizations, but for us consumers, the most widely used is Chapter 13. It allows various types of debt to be restructured into a payment plan and paid over as many as sixty months. Once the ordered plan is completed, a discharge will be granted and the balance of the debts will be erased as ordered by the court.

Will bankruptcy really stop foreclosure?

Yes, the automatic stay provisions of the Bankruptcy Code prevent any creditor actions, including foreclosures and repossessions.

Can I still keep my house if I filed bankruptcy?

Whether filing for bankruptcy can save your home from foreclosure will depend on your particular situation, as well as whether you file under Chapter 7 or Chapter 13. Generally speaking, Chapter 13 provides more protection so you have a better chance of not only stopping foreclosure but also keeping your home.

Will I lose all of my property and assets by filing for bankruptcy?

There is a common misconception that when a debtor is filing for bankruptcy, he or she will lose all of his or her assets. This is simply not true. Although some properties may be subject to liquidation, and specific exceptions will vary from state to state, a debtor is generally allowed to keep a certain amount of personal properties, including cars up to certain value, equity in a home up to a certain amount, clothing, furniture, and many other personal belongings.

Can I continue to operate my business and still file for bankruptcy?

In many cases, yes. It will depend on the type of business and the type of bankruptcy being filed. You need to hire an experienced attorney with the experience necessary to correctly prepare and handle the case.

Can all my debts be erased by filing for bankruptcy?

No, not all debt can be discharged by filing for bankruptcy. Bankruptcy only allows for the discharge of unsecured debt, such as personal loans and credit cards. Other debts like taxes, child support, spousal support, and certain educational loans are not able to be discharged by filing for bankruptcy.

If I file for bankruptcy, does my spouse has to file as well?

No, your spouse is not legally required to file for bankruptcy with you. However in some situations, it may benefit you to file jointly. An experienced attorney can talk to you about your options in this regard.

How can I afford to pay a lawyer to help me in filing for bankruptcy when I can’t pay my bills?

Bankruptcy court has supervision and regulation for fees charged. Our office charges a reasonable fee and also has a payment plan to assist your financial need.

Our Client Testimonials

5.0
Based on 48 reviews
powered by Google
Stewart was great at getting my bankruptcy done FAST! He made the whole process as streamlined and easy as possible. He was great about explaining everything and answering questions as they came up. Definitely very patient, friendly, and easy to work with.
Jennifer Paredes
18:28 01 Oct 20
I was thoroughly impressed by Stewart's ability to quickly handle my parents' bankruptcy through the pandemic. He had EVERYTHING in place for them to virtually review and sign all of the documents, and was phenomenal when it came to helping my computer illiterate parents navigate technology. He was so patient walking them through it all.
Debra Perales
18:24 01 Oct 20
Stewart helped my husband and me with our bankruptcy. Not only was he very affordable, but his service was top notch! He was great about explaining the process, answering any questions we had, and getting everything done very quickly. I've never dealt with such a personable and upfront attorney.
P C
16:49 27 Jul 20
Stewart Lim was very helpful throughout the whole bankruptcy process from start to finish. I shopped around for attorneys but all of the ones I spoke to seemed too corporate. When I spoke to Stewart for the first time he was very down to earth. He was always accessible whether it was thru call, text, or email. Answering all questions I had even questions that did not pertain to my bankruptcy case breaking down everything into terms that I could actually understand. He made my situation seem very manageable and easygoing. Stewart Lim was an easy choice for me and worked out well.
J Camacho
18:53 17 Jul 20
Stewart Lim is the very best attorney you can have on your side. Thank you for all your help!
phadony sary
00:33 16 Jul 20
I'm very fortunate that I found the right attorney. I would definitely recommend Mr. Stewart Lim to any of my friends or family. He's helped me so much with my bankruptcy case. Now I'm debt free.
M B
23:20 23 Jun 20
Stewart Lim is extremely knowledgeable and was able to communicate effectively with me. He is very competent, capable and caring. The follow through was excellent, timely and informative. Everything I could have asked for and more. I highly recommend Stewart Lim to anyone!
Response from the owner 00:22 24 Jun 20
Thank you for your review Marlene.
S M
01:30 05 Sep 19
From start to finish I was given excellent counsel. I started the arduous task of having to file for bankruptcy in May 2019. Mr. Lim was always available to answer any questions I had to streamline the process. In less than 3 months I had my court date and have been relieved of the stress of my debt. Thank you Mr. Lim I would definitely recommend your services to family and friends if they are faced with the tough decision of bankruptcy
Sombo Chet
01:28 31 Aug 19
C H
06:27 12 Oct 18
Stewart Lim was very helpful in assisting me throughout the entire bankruptcy process. He was timely, informative, and detailed. All of my questions were addressed and each step was clearly explained. Every part of this process was seemless for me thanks to Mr. Lim. I highly recommend Mr. Lim if you need help in this area.