These Are the Four Things You Need to Know About Bankruptcy Chapter 7 in Laguna Niguel CA
If you’re having financial problems, bankruptcy Chapter 7 in Laguna Niguel CA, could be the solution you’ve been looking for. Work with Winterbotham Parham Teeple, a PC to contact a lawyer who can provide you with assistance in this scenario. Before calling us at 800.400.9000 for a consultation, continue reading to discover crucial details regarding bankruptcy.
Understand the Goal of Bankruptcy Chapter 7 in Laguna Niguel CA
The goal of bankruptcy Chapter 7 in Laguna Niguel CA is for a person who is in a difficult financial situation and cannot pay their debts to have an option to get out. You must first pass what’s known as a “means test,” which determines if your case can continue under bankruptcy law.
If your income is greater than the median income for the state of residence and family size, in some cases, creditors have the right to file a motion requesting that the court dismiss your case under. It is up to the court to decide whether the case should be dismissed.
Most of Your Assets Are Exempt from Bankruptcy Chapter 7 in Laguna Niguel CA
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.
If You Are Found to Have Taken Part in Certain Improper Conduct Then Your Bankruptcy Will Not Be Discharged
The purpose of filing a Chapter 7 case is to obtain a discharge of your existing debts. If, however, you are found to have committed certain kinds of improper conduct described in the Bankruptcy Code, the court may deny your discharge and, if it does, the purpose for which you filed the bankruptcy petition will be defeated. Proper advice is key to a successful discharge.
Certain Unsecured Debts Cannot Be Discharged in Bankruptcy Chapter 7 in Laguna Niguel CA
A few things are exceptions. Most taxes, student loans, debts incurred to pay nondischargeable taxes, domestic support and property settlement obligations, the majority of fines, penalties, forfeitures, and criminal restitution obligations, some debts that were improperly listed in your bankruptcy documents, and debts for fatalities or injuries brought on by driving while intoxicated may still be your responsibility.
If a creditor can demonstrate that portion of your debt was caused by fraud, theft, deliberate or malicious harm, or a violation of fiduciary responsibility, the court may not be able to discharge your obligation.
Call Us Now if You Want to Speak to an Experienced Bankruptcy Lawyer
To ensure the best protection possible, Winterbotham Parham Teeple, a PC offers pre-petition planning. More than 90% of our clients maintain their whole investment. This is accomplished via meticulous preparation and the use of all legal exemptions. To begin, call 800.400.9000 right away.