Four Things You Need to Know About Bankruptcy Chapter 7 in Santa Ana CA
bankruptcy Chapter 7 in Santa Ana 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.
The Purpose of Bankruptcy Chapter 7 in Santa Ana CA
The purpose of Chapter 7 bankruptcy in Santa Ana 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.
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 Santa Ana CA
Nine out of ten of our clients keep everything in a Chapter 7 bankruptcy. If you choose Chapter 13, you can keep the assets you choose, due to the fact that unsecured debts are what’s known as “as in full.” Regardless of which of these two types of bankruptcies you file, all assets must be listed when you file.
Your Attorney Will Explain Various Types of Improper Conduct That Could Impact Your 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.
Most General Unsecured Debts Are Discharged in Bankruptcy Chapter 7 in Santa Ana 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.7