Four Things You Need to Know About Bankruptcy Chapter 7 in Covina CA
If you are facing financial difficulties, bankruptcy Chapter 7 in Covina CA could be the answer you’ve been searching for. Work with Winterbotham Parham Teeple, a PC to talk to an attorney who can help you out of this situation. In the meantime, keep reading to learn essential factors about bankruptcy and then contact us at 800.400.9000 for a consultation.
Not Everyone Qualifies for Bankruptcy Chapter 7 in Covina CA
The purpose of Chapter 7 bankruptcy in Covina 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.
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.
Bankruptcy Chapter 7 in Covina 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.
Your Attorney Will Explain Various Types of Improper Conduct That Could Impact Your Bankruptcy
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.
Most General Unsecured Debts Are Discharged in Bankruptcy Chapter 7 in Covina CA
There are some exceptions. You may still be responsible for most taxes; student loans; debts incurred to pay nondischargeable taxes; domestic support and property settlement obligations; most fines, penalties, forfeitures, and criminal restitution obligations; certain debts which are not properly listed in your bankruptcy papers; and debts for death or personal injury caused by operating a motor 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
Winterbotham Parham Teeple, a PC provides pre-petition planning to assure the highest protection available. Over 90% of our clients keep everything and lose nothing. We achieve this by careful planning and taking special exemptions allowed by law. Call us now at 800.400.9000 to get started.