Four Facts About Bankruptcy Chapter 7 in West Covina CA
bankruptcy Chapter 7 in West Covina 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 West Covina CA
The goal of bankruptcy Chapter 7 in West Covina 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.
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 West Covina 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.
Certain Improper Conduct Can Keep You from a Successful 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.
Certain Unsecured Debts Cannot Be Discharged in Bankruptcy Chapter 7 in West Covina 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.
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.