How Can I Find Out If A Bankruptcy Has Been Dismissed ?
Laws related to bankruptcy are probably one of the most complicated and diverse. There are so many aspects and factors to consider before, while and even after filing for bankruptcy. One such thing to look out for is the chances of dismissal of your bankruptcy petition. If certain factors are found in your application and the related documents for bankruptcy, it stands a chance of being dismissed by the judge. |
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One of the prime factors for dismissal of bankruptcy (as filed under Chapter 13) is the inability of the debtor to repay his loans back to the bankruptcy trustee in time. However, this does not happen the first time you miss repaying the debt in time. Upon the first failure of timely payment, you are given a stipulated period of time, usually an extension of 21 days, to do so. If you manage to do so, then your reorganization plans continue as intended before and your assets are also protected. Else, your plan stands a chance of being dismissed under Chapter 13 of bankruptcy. And if that do happen, then a new set of restrictions are laid for you to deal with.
If met with such a situation where the debtor fails to repay even in the extended time frame, he thinks of liquefying his assets under Chapter 7 to deal with Chapter 13 of bankruptcy. At this point, it is essential to take the advice of a good bankruptcy lawyer to bail you out wisely. However, in certain cases, taking extreme legal steps like going to court is not advisable. One such example is if your bankruptcy is dismissed due to failure of repaying one installment even after timely repayment all the others in the past. There are fewer chances of you emerging winner. And moreover, you have bankruptcy and rebuilding to deal with.
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Post bankruptcy, the primary focus of the debtor should be to rebuild his credit history positively. But this sometimes poses to be a problem as the concerned person has a lot of things to deal with after filing for bankruptcy. These things include his mental and emotional aspects too. However, all those need to be taken under control to start a new life post bankruptcy.