Four Things You Need to Know About Bankruptcy Chapter 7 in Yorba Linda CA
If you are in financial trouble and are not sure how to get out of it, bankruptcy Chapter 7 in Yorba Linda CA might be the solution you’ve been searching for. At Winterbotham Parham Teeple, a PC we can help you find a way out. Keep reading to learn some of the most important things you should know about this type of bankruptcy and then contact us at 800.400.9000 if you require a consultation.
Understand the Goal of Bankruptcy Chapter 7 in Yorba Linda CA
The purpose of Chapter 7 bankruptcy in Yorba Linda 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 Yorba Linda 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.
Certain Improper Conduct Can Keep You from a Successful Bankruptcy
To get your previous debts discharged, you must file a Chapter 7 lawsuit. However, the court may refuse your discharge if it determines that you engaged in specific types of unlawful behavior listed in the Bankruptcy Code. If this happens, the goal for which you filed the bankruptcy petition would be unsuccessful. The secret to a successful discharge is sound guidance.
There Are Exceptions to the Unsecured Debts That Can Be Discharged in Bankruptcy 7 in Yorba Linda 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 believes that some of your debt came from fraud, theft, willful or malicious injury, or breach of fiduciary duty, and they can prove it, then they could keep the court from discharging your debt.
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.