These Are the Four Things You Need to Know About Bankruptcy Chapter 7 in Palm Desert CA
If you are facing financial difficulties, bankruptcy Chapter 7 in Palm Desert 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.
Not Everyone Qualifies for Bankruptcy Chapter 7 in Palm Desert CA
The goal of bankruptcy Chapter 7 in Palm Desert 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.
Creditors may be able to make a petition to seek that your case be dismissed if your income exceeds the median level for California adjusted for your family size. The bankruptcy court will next review your case and decide whether or not to grant your case further consideration.
Most of Your Assets Are Exempt from Bankruptcy Chapter 7 in Palm Desert 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
You want to file a Chapter 7 case to discharge your debts. However, keep in mind that if you are found to have taken part in specific types of improper conduct, the court might choose to not discharge your bankruptcy. Essentially, this means that it will not go through. This is yet another reason you need professional advice before filing.
There Are Exceptions to the Unsecured Debts That Can Be Discharged in Bankruptcy 7 in Palm Desert 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 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.