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Four Things You Need to Know About Bankruptcy Chapter 7 in Lancaster CA
If you’re having financial problems, bankruptcy Chapter 7 in Lancaster 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.
Not Everyone Qualifies for Bankruptcy Chapter 7 in Lancaster CA
The purpose of Chapter 7 bankruptcy in Lancaster 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 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.
Bankruptcy Chapter 7 in Lancaster 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.
Certain Improper Conduct Can Keep You from a Successful Bankruptcy
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.
Most General Unsecured Debts Are Discharged in Bankruptcy Chapter 7 in Lancaster 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.
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 Today to Speak to a Bankruptcy Attorney
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.
