For years bankruptcy was seen as a sort of “get out of jail free card” where you could run up all the debts you wanted then have them wiped away. What many people don’t realize is that bankruptcy law has changed a lot since 2005 and it is now entirely possible to be denied. If you are considering filing for bankruptcy and you can’t run the risk of being denied, you need to contact an expert in bankruptcy law.
An experienced bankruptcy attorney will know all of the ins and outs of the process so they can act as a guide and answer any questions you may have.
There are 5 ways that your bankruptcy filing can be denied and they can all be prevented by the intervention of a bankruptcy lawyer. They include:
- Failure to meet requirements – The bankruptcy process has various requirements that you must meet to continue on. For Chapter 7 you must pass a means test, Chapter 13 uses a five year plan and both require you to attend a credit counseling program. Failure to meet any of these will result in denial.
- Incorrect paperwork – There is a lot of paperwork involved in filing for bankruptcy. They need to be filled out correctly, on time and sent to the appropriate person. A bankruptcy attorney can really help with this portion of the filing.
- Fraud – As mentioned above, some people will try to run up a lot of debt and then file for bankruptcy to get out of it. Since 2005, creditors have the option to bring this to the courts attention in order to get a filing denied.
- Wrong type of debt – Not all types of debt can be discharged through bankruptcy. If you have judgments against you, student loans or tax obligations then bankruptcy is not an option.
- Dishonesty – You must disclose all of your assets when asked by the court. Any attempt to hide assets through omission or even by mistake will be grounds for denial.
One of our experienced attorneys at C. Golden and Fleming can make sure that your bankruptcy isn’t discharged for the reasons mentioned above. A lot of the time we see clients that have attempted to file on their own, and have made one of more of these mistakes. We don’t want you to learn the hard way that bankruptcy is no simple task. Call today for your FREE bankruptcy consultation.