These Are the Four Things You Need to Know About Bankruptcy Chapter 7 in Temecula CA
If you are in financial trouble and are not sure how to get out of it, bankruptcy Chapter 7 in Temecula CA might be the solution you’ve been searching for. At Winterbotham Parham Teeple, a PC we can help you find a way out. Keep reading to learn some of the most important things you should know about this type of bankruptcy and then contact us at 800.400.9000 if you require a consultation.
Not Everyone Qualifies for Bankruptcy Chapter 7 in Temecula CA
The purpose of Chapter 7 bankruptcy in Temecula CA is to give someone who is in a precarious financial condition and unable to pay their bills a way out. You must first pass a “means test,” which establishes whether your case can proceed in accordance with bankruptcy law.
In specific situations, creditors have the right to submit a petition asking the court to dismiss your case if your income is higher than the median income for the state in which you live and the size of your household. The court will determine whether or not to dismiss the bankruptcy.
Most of Your Assets Are Exempt from Bankruptcy Chapter 7 in Temecula CA
More than 90% of our clients keep every item. Because most unsecured debts are treated “as if in whole” under Chapter 13, you are allowed to keep whatever assets you choose if you file Chapter 13. All assets must be stated at the time of filing in both chapters.
If You Are Found to Have Taken Part in Certain Improper Conduct Then Your Bankruptcy Will Not Be Discharged
You want to file a Chapter 7 case to discharge your debts. However, keep in mind that if you are found to have taken part in specific types of improper conduct, the court might choose to not discharge your bankruptcy. Essentially, this means that it will not go through. This is yet another reason you need professional advice before filing.
Certain Unsecured Debts Cannot Be Discharged in Bankruptcy Chapter 7 in Temecula CA
While most general unsecured debts can be discharged in a Chapter 7 bankruptcy, there are some exceptions. For example, you will still have to pay most back taxes, your student loans, any debts you incurred to pay nondischargeable taxes, spousal support, property settlement payments, the majority f fines, forfeitures, penalties, and other criminal restitution you owe, debts that were not listed correctly in your papers, and debts for personal injury and/or wrongful death that stem from operating a vehicle while intoxicated.
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
To ensure the best protection possible, Winterbotham Parham Teeple, a PC offers pre-petition planning. More than 90% of our clients maintain their whole investment. This is accomplished via meticulous preparation and the use of all legal exemptions. To begin, call 800.400.9000 right away.