Four Things You Need to Know About Bankruptcy Chapter 7 in Orange CA
If you’re having financial problems, bankruptcy Chapter 7 in Orange 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.
The Purpose of Bankruptcy Chapter 7 in Orange CA
The purpose of Chapter 7 bankruptcy in Orange 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 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 Orange 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.
Your Attorney Will Explain Various Types of Improper Conduct That Could Impact Your 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.
Most General Unsecured Debts Are Discharged in Bankruptcy Chapter 7 in Orange 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 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 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.