Bankruptcy Chapter 7 in Placentia CA

Four Facts About Bankruptcy Chapter 7 in Placentia CA

If you’re having financial problems, bankruptcy Chapter 7 in Placentia 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.

Understand the Goal of Bankruptcy Chapter 7 in Placentia CA

The goal of bankruptcy Chapter 7 in Placentia 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.

Creditors may be able to make a petition to seek that your case be dismissed if your income exceeds the median level for California adjusted for your family size. The bankruptcy court will next review your case and decide whether or not to grant your case further consideration.

Bankruptcy Chapter 7 in Placentia CA Exempts Most Assets

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.

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.

Certain Unsecured Debts Cannot Be Discharged in Bankruptcy Chapter 7 in Placentia CA

A few things are exceptions. Most taxes, student loans, debts incurred to pay nondischargeable taxes, domestic support and property settlement obligations, the majority of fines, penalties, forfeitures, and criminal restitution obligations, some debts that were improperly listed in your bankruptcy documents, and debts for fatalities or injuries brought on by driving while intoxicated may still be your responsibility.

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

When you require pre-petition preparation to make sure that your bankruptcy is properly prepared, you can turn to Winterbotham Parham Teeple, a PC. More than 90% of our clients maintain what they have and suffer no losses. This is what we are able to do for them by organizing, examining, and making sure that any specific exemptions that are permitted are used. For a consultation, contact us at 800.400.9000.