Worried Your Bankruptcy Will Be Rejected? - Frank J. LaPerch, PC

Worried Your Chapter 13 Bankruptcy Claim Will Be Rejected? Here’s What You Can Do to Improve Your Chances of Success

Filing for Chapter 13 bankruptcy is an intimidating experience, but it is one that can help you wipe your financial slate clean and get a fresh start. Do your best to put whatever trepidations you might have concerning bankruptcy aside and make an effort to fix the problems you currently face. This might be the only way you can build a financial future.

Unfortunately, even if you overcome your concerns about bankruptcy, you could still face challenges. This is why it is so important to work with a professional that understands the bankruptcy process and can help you achieve your goals. Even a minor mistake with the filing process could lead to the rejection of your case, leaving you in worse condition than before you decided to file.

As effective as Chapter 13 can be for someone struggling financially it is not easy. Completing your bankruptcy could be one of the toughest challenges you ever face. Unfortunately, a lot of people who file fail to realize this going into the process and when things do not work out as they intended, they are left wondering what went wrong.

What Can You Do to Increase the Odds Your Chapter 13 will be a Success?

Pay attention when your attorney is explaining the process. Regardless how you feel about your bankruptcy, you need to think about your bankruptcy. You need to really consider if it is the right choice for you and you need to understand the responsibilities you will have throughout the process.

Don’t wait until the last minute when you are up against a financial wall. Many Chapter 13 bankruptcies are filed for defensive purposes: to stop a foreclosure or avoid a trial over a debt. Without enough time to review your financial status the plan could backfire. The more time a bankruptcy attorney has to review the current situation the greater the odds he or she will find a way to help you save what is most valuable to you and to ensure your bankruptcy will go exactly as you imagine.

DIY Bankruptcy

One of the most common reasons Chapter 13 bankruptcies are rejected is because the person filing makes a mistake or gives up. Statistics show about 10% of bankruptcy cases are filed by the debtor. This is called a pro se bankruptcy filing and the majority are unsuccessful. Whether the problem is an inability to argue on your own behalf or you are actually confused about the process and your case is rejected because something is incorrect, your odds of a successful bankruptcy going it alone are pretty low.

For more information about bankruptcy mistakes that can lead to rejection, check out this article from Daily Finance.

The most important thing to remember about bankruptcy in Chapter 13 is that it is a process. You cannot simply file for bankruptcy one day and have all of your debt erased and return to your old life the following day. It is reasonable to assume that a Chapter 13 bankruptcy will take years to complete, but if you are in a financial crisis, this could be the best option.

Have you considered Chapter 13 bankruptcy but you have no idea where to begin? Are you facing a serious financial emergency and you are unsure what to do? We can help. Contact the law office of Frank J. LaPerch, PC at 845.942.5500.

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