Rejection Due to Repayment Plan

Have you recently been rejected for Chapter 13 bankruptcy? If so, there are several reasons why this may have happened.

If the court did not find your repayment plan feasible, you may have been rejected. When you decide to file for Chapter 13 bankruptcy, you must be able to prove that you can make your payments over a three to five year period, to settle your debts. Should the court decide that this is not possible based on your current financial situation, you could easily be rejected.

Although some of your debts are discharged under Chapter 13 bankruptcy, you must be able to pay off a significant portion of them. Reviewing your income, assets and debts, the court will decide whether this is possible. Should you be rejected once, you can file again. The next time, however, you should work with a bankruptcy attorney to create a more realistic repayment plan.

To get assistance as you draft your repayment plan, contact our firm and work with a San Antonio bankruptcy lawyer today.