Four Things You Need to Know About Bankruptcy Chapter 7 in Palmdale CA
bankruptcy Chapter 7 in Palmdale CA may be the answer you’ve been looking for if you’re having financial problems and don’t know how to solve them. We at Winterbotham Parham Teeple, a PC can assist you in locating an exit. Continue reading to understand some of the most crucial details of this kind of bankruptcy, and if you need a consultation, get in touch with us at 800.400.9000.
Not Everyone Qualifies for Bankruptcy Chapter 7 in Palmdale CA
The goal of bankruptcy Chapter 7 in Palmdale 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 Palmdale 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 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.
Most General Unsecured Debts Are Discharged in Bankruptcy Chapter 7 in Palmdale CA
While most general unsecured debts can be discharged in a Chapter 7 bankruptcy, there are some exceptions. For example, you will still have to pay most back taxes, your student loans, any debts you incurred to pay nondischargeable taxes, spousal support, property settlement payments, the majority f fines, forfeitures, penalties, and other criminal restitution you owe, debts that were not listed correctly in your papers, and debts for personal injury and/or wrongful death that stem from operating a 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 Us Now if You Want to Speak to an Experienced Bankruptcy Lawyer
You can turn to Winterbotham Parham Teeple, a PC when you need pre-petition planning in order to make sure that your bankruptcy is prepared correctly. More than 90% of our clients get to keep everything and lose nothing. We are able to achieve this for them by planning, reviewing, and ensuring that all special exemptions allowed are taken. Call us at 800.400.9000 for a consultation.