Bankruptcy Chapter 7 in Victorville CA

Four Things You Need to Know About Bankruptcy Chapter 7 in Victorville CA

If you are in financial trouble and are not sure how to get out of it, bankruptcy Chapter 7 in Victorville 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.

Understand the Goal of Bankruptcy Chapter 7 in Victorville CA

Chapter 7 bankruptcy in Victorville CA, is intended for debtors who are struggling financially and cannot afford to pay their current bills. A “means test” is used to assess whether Chapter 7 bankruptcy may be allowed in cases where the debtors’ primary obligations are consumer debts.

If your income is higher than the median level for California, adjusted for your family size, then creditors might be able to file a motion to request that your case is dismissed. The bankruptcy court will then consider your case to make a determination about whether or not your case should be allowed to continue.

Most of Your Assets Are Exempt from Bankruptcy Chapter 7 in Victorville 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.

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.

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

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 Us Now if You Want to Speak to an Experienced Bankruptcy Lawyer

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.