Bankruptcy Chapter 7 in Torrance CA

Four Facts About Bankruptcy Chapter 7 in Torrance CA

If you’re having financial problems, bankruptcy Chapter 7 in Torrance 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 Torrance CA

Bankruptcy Chapter 7 in Torrance CA is designed for debtors in financial difficulty who do not have the ability to pay their existing debts. Debtors whose debts are primarily consumer debts are subject to a “means test” designed to determine whether the case should be permitted to proceed under bankruptcy Chapter 7 in Torrance CA.

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 Torrance CA

In a Chapter 7 bankruptcy, nine out of ten of our clients preserve everything. Because unsecured debts are paid “as in full,” if you select Chapter 13, you can keep the assets of your choice. All assets must be disclosed when declaring bankruptcy, irrespective of which of these two chapters you choose.

Certain Improper Conduct Can Keep You from a Successful Bankruptcy

To get your previous debts discharged, you must file a Chapter 7 lawsuit. However, the court may refuse your discharge if it determines that you engaged in specific types of unlawful behavior listed in the Bankruptcy Code. If this happens, the goal for which you filed the bankruptcy petition would be unsuccessful. The secret to a successful discharge is sound guidance.

There Are Exceptions to the Unsecured Debts That Can Be Discharged in Bankruptcy 7 in Torrance 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.

Also, if a creditor can prove that a debt arose from fraud, breach of fiduciary duty, theft, or from a willful and malicious injury, the bankruptcy court may determine that the debt is not discharged.

Call Today to Speak to a Bankruptcy Attorney

You can turn to Winterbotham Parham Teeple, a PC when you need pre-petition planning in order to make sure that your bankruptcy is prepared correctly. More than 90% of our clients get to keep everything and lose nothing. We are able to achieve this for them by planning, reviewing, and ensuring that all special exemptions allowed are taken. Call us at 800.400.9000for a consultation.