These Are the Four Things You Need to Know About Bankruptcy Chapter 7 in Anaheim CA
If you’re having financial problems, bankruptcy Chapter 7 in Anaheim 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 Anaheim CA
The purpose of Chapter 7 bankruptcy in Anaheim 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 Assets Are Exempt in Bankruptcy Chapter 7 in Anaheim 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
To get your debts forgiven, you want to file a Chapter 7 lawsuit. However, keep in mind that the court could decide not to discharge your bankruptcy if it is shown that you participated in a certain form of inappropriate behavior. In essence, this indicates that it won’t be approved. You should seek expert guidance before filing for another purpose.
There Are Exceptions to the Unsecured Debts That Can Be Discharged in Bankruptcy 7 in Anaheim 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.
If a creditor believes that some of your debt came from fraud, theft, willful or malicious injury, or breach of fiduciary duty, and they can prove it, then they could keep the court from discharging your debt.
Call Us Now if You Want to Speak to an Experienced Bankruptcy Lawyer
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.