One of the potential things that can happen when applying for Chapter 7 and Chapter 13 bankruptcy is that the court dismisses your request. This can happen by not filing the paperwork properly when filing for bankruptcy, missing important meetings or deadlines that were necessary to file, failing to make payments towards a repayment plan, or some other reason. While it can be a bad setback, you'll need to know about what will happen afterward.
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Before you decide that bankruptcy is what you need, there are many things you need to consider. You are likely to already have misunderstandings of what a bankruptcy can and cannot do for you. The following are just a few things you should know about bankruptcy that you may not be aware of.
You will need to qualify for a bankruptcy
A few years back, congress decided to tighten the bankruptcy laws because they believed too many people were taking advantage of these laws to get out of the responsibility to pay back their debts.
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