When a person files for bankruptcy, there is no guarantee that their request will be accepted. While a person may have the right to file for bankruptcy, the bankruptcy courts may still reject a debtor’s case if it doesn’t meet the necessary qualifications. It is helpful for a debtor to know some of the reasons their bankruptcy request may be turned down in order to prevent these rejections.
If you’re thinking about filing for bankruptcy, you may want the help of an experienced attorney to bolster your case. For more information regarding your options as you begin the bankruptcy process, contact the Joliet bankruptcy lawyers of the Law Offices of Stuart B. Handelman, P.C. today by calling 815-722-2201.
You Should Know That Chapter 7 and Chapter 13 Requirements Differ
When a debtor considers filing for bankruptcy, they should know the difference between Chapter 7 and Chapter 13 bankruptcy. Because of the means test, a person considering Chapter 7 bankruptcy may find their request rejected due to their income. Similarly, the repayment plans of Chapter 13 bankruptcy can lead to bankruptcy rejection due to a poorly put-together plan.
You Should Know That Creditors Have Bankruptcy Rights
A debtor filing bankruptcy has special legal protections that prohibit creditors from harassing them and, in some cases, from foreclosing on their property. However, creditors also have rights under bankruptcy. Some creditors may file for protection over their loans, preventing a person from discharging these debts. In some cases, these creditor rights can make Chapter 13 repayment plans difficult to draft and get passed by a bankruptcy trustee.
If you’re on your last leg financially, bankruptcy might be the right choice for you. To discuss your case in further detail, contact the Joliet bankruptcy attorneys of the Law Offices of Stuart B. Handelman, P.C. at 815-722-2201.