Four Things You Need to Know About Bankruptcy Chapter 7 in Van Nuys CA
If you’re having financial problems, bankruptcy Chapter 7 in Van Nuys 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.
Understand the Goal of Bankruptcy Chapter 7 in Van Nuys CA
The purpose of Chapter 7 bankruptcy in Van Nuys 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.
Bankruptcy Chapter 7 in Van Nuys CA Exempts Most Assets
Over 90% of our clients keep everything. In Chapter 13, you keep all assets you choose, because most unsecured debts are ‘as if in full’. In both chapters, all assets must be listed at the time of filing.
Your Attorney Will Explain Various Types of Improper Conduct That Could Impact Your 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 Van Nuys 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.
Also, if a creditor can prove that a debt arose from fraud, breach of fiduciary duty, theft, or from a willful and malicious injury, the bankruptcy court may determine that the debt is not discharged.
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.