Four Facts About Bankruptcy Chapter 7 in Ontario CA
If you’re having financial problems, bankruptcy Chapter 7 in Ontario CA, could be the solution you’ve been looking for. Work with Winterbotham Parham Teeple, a PC to contact a lawyer who can provide you with assistance in this scenario. Before calling us at 800.400.9000 for a consultation, continue reading to discover crucial details regarding bankruptcy.
The Purpose of Bankruptcy Chapter 7 in Ontario CA
The goal of bankruptcy Chapter 7 in Ontario CA is for a person who is in a difficult financial situation and cannot pay their debts to have an option to get out. You must first pass what’s known as a “means test,” which determines if your case can continue under bankruptcy law.
If your income is greater than the median income for the state of residence and family size, in some cases, creditors have the right to file a motion requesting that the court dismiss your case under. It is up to the court to decide whether the case should be dismissed.
Most of Your Assets Are Exempt from Bankruptcy Chapter 7 in Ontario CA
Over 90% of our clients keep everything. In Chapter 13, you keep all assets you choose, because most unsecured debts are ‘as if in full’. In both chapters, all assets must be listed at the time of filing.
If You Are Found to Have Taken Part in Certain Improper Conduct Then Your Bankruptcy Will Not Be Discharged
The purpose of filing a Chapter 7 case is to obtain a discharge of your existing debts. If, however, you are found to have committed certain kinds of improper conduct described in the Bankruptcy Code, the court may deny your discharge and, if it does, the purpose for which you filed the bankruptcy petition will be defeated. Proper advice is key to a successful discharge.
Certain Unsecured Debts Cannot Be Discharged in Bankruptcy Chapter 7 in Ontario CA
There are a few exceptions to the rule that most general unsecured obligations can be dismissed in a Chapter 7 bankruptcy. For instance, you will still be responsible for paying back the majority of your back taxes, your student loans, any debt you accrued to pay nondischargeable taxes, spousal support, property settlement payments, the majority of the fines, forfeitures, penalties, and other criminal restitution you owe, as well as debts for injuries sustained or deaths caused as a result of drunk driving.
The bankruptcy court may also rule that a debt is not discharged if a creditor can show that it was caused by fraud, a violation of fiduciary responsibility, theft, or a malicious harm.
Call Us Now if You Want to Speak to an Experienced Bankruptcy Lawyer
Winterbotham Parham Teeple, a PC provides pre-petition planning to assure the highest protection available. Over 90% of our clients keep everything and lose nothing. We achieve this by careful planning and taking special exemptions allowed by law. Call us now at 800.400.9000 to get started.