Four Things You Need to Know About Bankruptcy Chapter 7 in Corona CA
bankruptcy Chapter 7 in Corona CA may be the answer you’ve been looking for if you’re having financial problems and don’t know how to solve them. We at Winterbotham Parham Teeple, a PC can assist you in locating an exit. Continue reading to understand some of the most crucial details of this kind of bankruptcy, and if you need a consultation, get in touch with us at 800.400.9000.
Understand the Goal of Bankruptcy Chapter 7 in Corona CA
Chapter 7 bankruptcy in Corona 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.
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.
Most Assets Are Exempt in Bankruptcy Chapter 7 in Corona 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 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 Corona 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
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.