These Are the Four Things You Need to Know About Bankruptcy Chapter 7 in Huntington Beach CA
bankruptcy Chapter 7 in Huntington Beach 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.
Not Everyone Qualifies for Bankruptcy Chapter 7 in Huntington Beach CA
Chapter 7 bankruptcy in Huntington Beach 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 Assets Are Exempt in Bankruptcy Chapter 7 in Huntington Beach 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 previous debts discharged, you must file a Chapter 7 lawsuit. However, the court may refuse your discharge if it determines that you engaged in specific types of unlawful behavior listed in the Bankruptcy Code. If this happens, the goal for which you filed the bankruptcy petition would be unsuccessful. The secret to a successful discharge is sound guidance.
There Are Exceptions to the Unsecured Debts That Can Be Discharged in Bankruptcy 7 in Huntington Beach 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.
The bankruptcy court may also rule that a debt is not discharged if a creditor can show that it was caused by fraud, a violation of fiduciary responsibility, theft, or a malicious harm.
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 800.400.9000 for a consultation.