These Are the Four Things You Need to Know About Bankruptcy Chapter 7 in Fullerton CA
bankruptcy Chapter 7 in Fullerton 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 Fullerton CA
The purpose of Chapter 7 bankruptcy in Fullerton 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.
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 Fullerton CA Exempts Most Assets
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 Fullerton 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.
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
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.