Four Things You Need to Know About Bankruptcy Chapter 7 in La Puente CA
If you are facing financial difficulties,bankruptcy Chapter 7 i in La Puente 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.
Understand the Goal of Bankruptcy Chapter 7 in La Puente CA
Bankruptcy Chapter 7 in La Puente CA is designed for debtors in financial difficulty who do not have the ability to pay their existing debts. Debtors whose debts are primarily consumer debts are subject to a “means test” designed to determine whether the case should be permitted to proceed under bankruptcy Chapter 7 in La Puente CA.
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 of Your Assets Are Exempt from Bankruptcy Chapter 7 in La Puente CA
Over 90% of our clients keep everything. In Chapter 13, you keep all assets you choose, because most unsecured debts are ‘as if in full’. In both chapters, all assets must be listed at the time of filing.
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.
Certain Unsecured Debts Cannot Be Discharged in Bankruptcy Chapter 7 in La Puente 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 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.